Banking in Canada
Big Five stability, a fast-growing fintech layer — and the US corridor
Canadian banking is dominated by the Big Five chartered banks (RBC, TD, Scotiabank, BMO, CIBC), which offer broad access but slower, document-heavy onboarding. A new layer of fintechs (Float, Loop, Wise) now serves startups and cross-border SMBs faster and at lower FX cost.
Find my Canada account →Top business accounts — Canada
| Bank | |||||
|---|---|---|---|---|---|
| Free · 64% | None · 64% | 3 days · 58% | 78/100 · B | ||
| CA$6 · 56% | None · 56% | 9 days | 53/100 · C | ||
| CA$5 · 56% | None · 56% | 10 days | 53/100 · C | ||
| CA$7 | None · 56% | 11 days | 51/100 · C |
Who regulates banking in Canada
Office of the Superintendent of Financial Institutions — federal prudential regulator of banks.
Canada Deposit Insurance Corporation — insures eligible deposits at member institutions.
Financial Consumer Agency of Canada — consumer-protection and market-conduct oversight.
Financial Transactions and Reports Analysis Centre — AML/KYC and money-services oversight.
Canadian residents & corporations
Widest access across the Big Five and fintechs; in-branch or digital onboarding, typically days to a couple of weeks for incorporated businesses.
Non-resident / foreign owners
Harder at chartered banks — a resident director and Canadian address are usually expected. Fintechs require Canadian incorporation; always verify current eligibility with the provider.
Entity types (Corporation, Sole Prop, Partnership)
Federal or provincial corporations, sole proprietorships and partnerships are all bankable; a Business Number (BN) and incorporation documents are core requirements.
Best business banks — Canada
See all →- ✓Directly serves your need: business acct.
- ✓Strong approval odds for your profile (~74%).
- ✓Directly serves your need: business acct.
- ✓Directly serves your need: business acct.
- ✓Directly serves your need: business acct.
Best for startups & SMBs
See all →- ✓Directly serves your need: business acct.
- ✓Matches: startup, digital.
- ✓Directly serves your need: business acct.
- ✓Directly serves your need: business acct.
- ✓Directly serves your need: business acct.
Best for cross-border / US-CAD
See all →- ✓Directly serves your need: fx.
- ✓Matches: multi-currency, cross-border, fx.
- ✓Directly serves your need: fx.
- ✓Matches: multi-currency, cross-border, fx.
Canada banking — frequently asked
Can a non-resident open a Canadian business account?
It is difficult at the Big Five chartered banks, which generally expect a resident director and a Canadian address. The practical route is to incorporate in Canada first, then use a fintech (e.g. Float, Loop) or a bank that supports your structure. Always verify current eligibility with the provider before applying.
What is a Business Number (BN)?
A Business Number is the 9-digit identifier the Canada Revenue Agency (CRA) assigns to a business for tax and program accounts (GST/HST, payroll, import/export). Banks ask for it — alongside Articles of Incorporation — when opening a business account.
Big Five bank vs fintech — which is right for my business?
A Big Five bank (RBC, TD, Scotiabank) gives the broadest access, branch service, treasury and trade finance, but onboarding is slower and FX spreads are wider. A fintech (Float for cards/spend, Loop for multi-currency/US-CAD) onboards in days with lower cross-border cost, but a narrower product range. Many Canadian SMBs run both.