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RBC Digital Choice Business Account Package Review for 2024

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Key Takeaways

  • The RBC Digital Choice Business Account Package offers Unlimited Moneris deposits, allowing business owners to receive customer credit or debit payments.
  • Canadian residents with a sole proprietorship or a private corporation company (non-subsidiary) can apply for this RBC bank account online. 
  • Paper statements, cash deposits, and excess Interac e-Transfer transactions are charged per transaction.

The RBC Digital Choice Business Account Package is ideal for those who do most of their business banking activities online or on their phones. 

For $6 a month1, this RBC bank account offers unlimited electronic debit and credit transactions2, unlimited Moneris deposits, no minimum balance, and 10 free outgoing Interac e-Transfers monthly4.  

It also offers features that help you manage your business, such as requesting payments from clients and tracking business spending. 

This article covers everything you must know about the RBC Digital Choice Business Account Package, including its benefits, downsides, fees, and application process. 

Benefits of the RBC Digital Choice Business Account Package

These are the main benefits of the RBC Digital Choice Business Account Package

Unlimited Electronic Debit and Credit Transactions 

Enjoy unlimited electronic transactions, including pre-authorized payments, point-of-sale transactions, and bill payments. Standard fees apply to other transaction types, such as Pay Employees & Vendors (PEV) and Interac e-Transfer transactions that surpass the allotted ten free ones per month. 

Unlimited Electronic Cheque Deposits 

Put money into your business faster by enjoying unlimited electronic cheque deposits3 using your mobile device. You can use the RBC Mobile App, ChequePro, and RBC ATM to deposit cheques to RBC. 

Unlimited Moneris Deposits

Make it easy to receive payments from your clients by enjoying unlimited Moneris deposits. With this feature, your clients can pay you in-store, on the road, or online through debit or credit card. You can also set up an Autodeposit or send payment requests as needed. 

10 Outgoing Interac e-Transfer Transactions Monthly

Enjoy 10 free outgoing Interac e-Transfer transactions sent through the RBC Edge platform or RBC Online Banking for business. All other Interac e-Transfer services, such as Autodeposit and Request Money Fulfillment, are excluded. 

Services Beyond Banking

Access services beyond banking that can help you improve or start your business. RBC offers access to over 20 partners that provide mentorship to entrepreneurs, free online courses, Payroll Solutions, and more non-banking benefits to RBC Business Chequing Account holders. 

Downsides of the RBC Digital Choice Business Account Package

Although the RBC Digital Choice Business Account Package has plenty of benefits, there are a few downsides to this business banking account: 

  • It has a monthly fee of $6. 
  • Services apart from the free benefits mentioned are charged with fees per use. 

RBC Business Account Fees

Apart from the $6 monthly fee, certain account transactions, account statement requests, withdrawals, and transfers are charged per use. 

Here’s a table that summarizes what fees you can expect when using this RBC account:

Service Fees
Interac e-Transfer transactions over the 10 free allocated ones $1.50 each
Paper deposits and credit transactions$2.50 each
Cash deposits$2.25 or $5.00 per $1,000 deposited (depending on how you deposit the money) 
Paper statement without images$4.00
Paper statement with images$5.00

How to Apply For the RBC Digital Choice Business Account Package 

To open the RBC Digital Choice Business Account Package online, you must meet the following requirements:

  • Be a Canadian resident over the age of majority. 
  • Not have an existing business account with RBC (for online applications). 
  • Have a registered sole proprietorship or a private corporation company registered in Canada that’s not a subsidiary (for online applications). 

If you meet all these requirements, simply complete the bank’s online application to open this bank account. After doing so, you’ll immediately receive your business bank account number. 

You may need to visit an RBC branch in person to verify your identity and activate your account. 

In such cases, make sure to bring a Government-issued ID (passport, driver’s license, or permanent resident card) and a business registration document such as a Certificate of Existence, Articles of Incorporation, or Master Business License to the bank. 

RBC Digital Choice Business Account Package Alternatives

If you’re looking for accounts similar to the RBC Digital Choice Business Account Package, these are currently the best options in the market. 

Loop Corporate Account

The Loop Corporate Account offers a no-FX credit card that determines your credit limit based on the scale of your business. 

The standard account has no monthly or annual fees and allows you to provide your business team members easy access to funds through virtual corporate cards with flexible spending rules, unlimited approval flows, and automatic integration with certain accounting software. 

Loop Corporate Card

Rewards: Earn cash back on purchases, can hold multiple currencies (GBP, CAD, EUR, and USD), variable credit limit of up to $1 million, 55 days to make a payment; applying won’t affect your credit score.

Welcome offer: N/A

Cards: Free account gets up to 20 virtual cards and 2 physical cards; extra physical cards for $5 each.

Annual fee: $0 (Free plan). For additional premium features, you can get the Loop Plus for $49 CAD/month or $199 CAD/month for Loop Power.

Tangerine Business Savings Account

If you want to grow your business savings, the Tangerine Business Savings Account will be one of the best options for you. This no-fee account offers a great saving rate of up to 3.05% and doesn’t require a minimum balance, giving you flexibility on when and how you want to spend your business’ cash. 

Scotiabank Select Account for Business

The Scotiabank Select Account for Business is a bank account that can send/receive Interac e-Transfer transactions. It offers 4 types of plans with varying fees, allowing you to choose the transaction limits that suit your business. 

This account’s monthly fee ranges from $20 to $120, depending on your chosen plan. But you can get your fee rebated if you maintain your plan’s suggested minimum balance.

BMO Business Builder 1 Account

This chequing account costs $22.50 monthly and is ideal for small businesses that require moderate transactions monthly. With this account, you can conduct 35 transactions, send 2 Interac e-Transfer transactions, and enjoy unlimited Moneris transactions a month. 

Is the RBC Digital Choice Business Account Package For You? 

If you need a business account that mainly deals with electronic transactions, the RBC Digital Choice Business Account Package can be an affordable option. It offers many helpful banking features and services that can be handy in growing your business’ finances and standing. 

Open an RBC Business Account

FAQs 

What is the minimum balance for an RBC business account? 

RBC Business accounts typically do not require a minimum balance. However, for some accounts, such as the Royal Business Premium Investment Account, you’ll need to meet a minimum balance requirement if you want to earn interest. 

What is the RBC business account incentive? 

RBC business account holders can explore special offers beyond banking services that can accelerate their business growth. Those services include discounts to select business software, access to free online courses, and mentorship programs. 

How long does it take to open an RBC business account? 

It takes less than 15 minutes to open an RBC business account online. However, you may be asked to come to one of the bank’s branches in person to verify your identity. 

How much is the e-transfer fee for an RBC business account? 

For the RBC Digital Choice Business Account Package, your first 10 e-Transfer transactions of the month will always be free. But you’ll be charged $1.50 per transaction for the rest that follows. 

Related:

Top Banking Offers for June

Stop paying monthly fees with a free chequing account + $400 bonus

Get $400 cash bonus when you direct deposit $100 for three months.

Unlimited debits, online bill payments and Interac e-Transfer transactions.

No monthly account or transaction fees.

Get a high interest rate on your savings (6.00% interest rate offer).

Get the TOP spending and savings account with 5% rewards and $20 bonus

Instant approval and a $20 welcome bonus when you make your first purchase.

Earn up to 5% unlimited cashback on purchases while paying no fees!*

Earn 5.00% interest on your entire account balance.

Free debits, e-Transfers, bill payments, budgeting app, and access to credit building.

Earn a regular 4.00% interest on your savings account

Earn up to 4.00% interest on every dollar when you set up a direct deposit.

Free access to a hybrid account with unlimited transactions & e-transfers.

Access to a prepaid card that pays 0.5% cashback on all purchases.

No monthly or annual account fees; free ATMs in Canada.

Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

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