RBC Digital Choice Business Account: Ideal solution for SMEs

To the point Do you know of many business bank accounts with fees as low as $6/month? In this article, we explain why the RBC Digital Choice Business Account is the ideal solution for SMEs.

What is the RBC Digital Choice Business Account? How do I open an RBC business account?

Pros and cons of the RBC Digital Choice Business Account Pros Cons

Combine the benefits of RBC business account with a RBC business credit card Other RBC bank accounts for SMEs Bottom Line

In Canada, the choice of business accounts is rather limited compared to personal accounts. What’s more, monthly fees are often very high, which can be onerous for small and medium-sized enterprises (SMEs). With this in mind, RBC offers an affordable bank account for businesses. It’s the RBC Digital Choice Business Account, with unlimited electronic transactions and fees as low as $6/month. In this article, we introduce you to this RBC bank account for businesses, including product details, pros and cons and our product review.

What is the RBC Digital Choice Business Account?

The RBC Digital Choice Business Account is an ideal chequing account for your small business if your banking needs are relatively straightforward and you make most of your transactions online. The fees for this RBC business account are very affordable at only $6 per month. But that doesn’t mean that the functions offered are limited. On the contrary…

With this business bank account, you get :

Unlimited electronic transactions for debit and credit (e.g. online bill payments, pre-authorized payments, point-of-sale transactions, etc.).
Unlimited digital cheque deposits (includes cheques deposited using the RBC Mobile App, RBC ATMs and ChequePro)
Unlimited Moneris deposits (to offer your customers the convenience of online or in-store card payments)
10 free Interac e-Transfers (limited to outgoing Interac e-Transfer transactions sent through RBC Royal Bank’s Business Online Banking or RBC Advantage platforms – excludes automatic deposits, cash requests, etc.).
Free electronic account statements

Plus, you get Petro-Canada gas savings when you link your eligible RBC corporate cards to your Petro-Canada card.

However, you must pay for products and services that are not included in your package, such as cash deposits, paper account statements and incoming Interac e-Transfer transactions. Additional charges apply if you exceed the maximum number of transactions included in the package.

How do I open an RBC business account?

To open this RBC business account, you can start filling out your application online. You will then have an appointment at your local RBC branch to validate your documents and complete the account opening process. When your account is ready for use, you’ll be able to access it through RBC Online Banking.

Pros and cons of the RBC Digital Choice Business Account

Here are the pros and cons of the RBC Digital Choice Business Account:

Pros

Low monthly fees
Unlimited electronic transactions for debit and credit operations
Unlimited digital cheque deposits
Unlimited Moneris deposits
10 outgoing transactions Free Interac e-Transfer

Cons

Interac transfer fee after 10 outgoing transfers and for incoming transactions
Fees for paper account statements
Fees for paper deposit and credit transactions and cash deposits

Although the downsides point to a lot of extra fees, we reiterate that this is an ideal checking account for your SME if you predominantly use digital banking for your transactions. If this is the case, you won’t have to pay these additional fees.

Combine the benefits of RBC business account with a RBC business credit card

Do you have a credit card for your business? You could combine the benefits of the RBC Digital Choice Business Account with a Royal Bank of Canada (RBC) business credit card. For example, the RBC Avion Visa Infinite Business Card. That way, you can earn RBC Avion Rewards points on your business purchases and expenses, while enjoying generous welcome bonuses.

Other RBC bank accounts for SMEs

If your business needs become more complex, or if you carry out both paper and electronic transactions, you may want to consider another RBC banking account, such as the RBC Ultimate Business Account Package.

For more information, please visit the “Business” section of our website.

Bottom Line

In short, RBC offers an affordable bank account for businesses. The RBC Digital Choice Package for Business, priced at just $6/month, includes unlimited electronic transactions and unlimited Moneris deposits. It’s the ideal chequing account for your SME if you mainly use digital banking services for your transactions. You can also combine the benefits of this bank account with a corporate credit card, such as the RBC Avion Visa Infinite Business Card, to earn RBC Avion Rewards points on business expenses.

To find out about other bank account offers, visit our best bank account offers page.

How do I open my RBC business account?

To open your RBC business account, such as the RBC Digital Choice Business Account, you must start by completing your online application. You will then have an appointment at your local RBC branch to validate your documents and complete the account opening process.

What type of bank account should I choose for my business?

If you are a business owner, you must open a business account. At RBC, you have several choices of business accounts, including the RBC Digital Choice Business Account, which is an ideal solution for SMEs.

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Review type : Products

Vincent Morin

My name is Vincent and I've been a stay-at-home parent to two young boys since achieving financial independence in 2021 (FIRE). Previously, I worked for 12 years in financial technology for a major US investment bank (G-SIB). I'm passionate about personal finance, stock market investing, reading, writing, cycling and gardening. I'm also the founder of Retraite 101, a personal finance blog followed by over 20,000 people on social networks and quoted in several media, blogs and finance books. Despite early retirement, I continue to write about personal finance to share my passion with Quebecers and motivate them to take charge of their finances.

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