RBC Digital Choice Business Account: Ideal solution for SMEs
In Canada, the choice of corporate 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 Package for Business, 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 ProCheque)
- 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, fund 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. Next, you’ll have an in-branch appointment 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:
Benefits
- 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
While the downsides point to plenty of extra fees, we reiterate that this is an ideal chequing account for your SME if you predominantly use digital banking for your transactions. If so, you won’t have to pay these extra 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. This way, you can earn points RBC Avion Rewards on your business purchases and expenses, while enjoying generous welcome bonuses.
- Annual fee
- $175
- Our valuation
- $525Milesopedia first-year estimate First-year valueWelcome bonus$525Total$525Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
- Welcome offer
- 35,000 points
Milesopedia first-year estimateFirst-year valueWelcome bonus$525Total$525Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
on RBC's website
- Annual fee
- $120
- Our valuation
- $300Milesopedia first-year estimate First-year valueWelcome bonus$300Total$300Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
- Welcome offer
- 20,000 points
Milesopedia first-year estimateFirst-year valueWelcome bonus$300Total$300Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
on RBC's website
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 Summum Package for Business.
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 Card, to earn points RBC Avion Rewards on business expenses.
To discover other bank account offers, visit our best 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 in-branch appointment 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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