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.
FAQs
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.
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.
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.
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.
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