How do I open a business account?

There are a few easy ways to open a business account with RBC: - Online: For business chequing accounts, you can open your account online in less than 15 minutes. - By Phone: Call 1-866-864-7929 - In Person: Find a branch at https://maps.rbcroyalbank.com/

Can I open a business bank account online?

You can open select RBC business accounts online in less than 15 minutes—including the RBC Digital Choice Business Account, RBC Flex Choice Business Account and RBC Ultimate Business Account. Once you complete your application, you'll automatically receive your business bank account number. However, you'll need to visit a branch to verify your identity and activate your account.

What do I need to open a business bank account?

Whether you choose to open a business account online, by phone or in person, you'll need to bring the following information to an RBC branch to verify your identity: - One of three Government-issued IDs, such as a Canadian Passport, Canadian Driver's Licence or Canadian Permanent Resident Card - A business registration document, such as Articles of Incorporation, Certificate of Existence or Master Business License Need to register or incorporate? RBC and Ownr* have teamed up to help you register and incorporate your business for less. Learn more at https://www.rbcroyalbank.com/business/beyond-banking/business-registration-and-incorporation.html. *Ownr is a business of RBC Ventures Inc., a subsidiary of Royal Bank of Canada

What is commercial banking?

Commercial banking refers to all the banking services tailored to help grow and optimize businesses by facilitating things like term loans, lines of credit, deposit accounts, payment processing, trade, foreign exchange and other business solutions. A commercial or business bank account can help you separate your business and personal finances; show suppliers, vendors and customers that your business is legitimate; and help your business build credit.

Do business bank accounts earn interest?

It depends on the type of business bank account you have. With a Royal Business Premium Investment Account or an RBC Business Essentials Savings Account, you can earn interest on the funds in your account and enjoy easy access to your cash. Our AgriInvest Account for eligible agricultural clients and Business Trust Account also earn interest.

Do I need a business account for my small business?

Yes—even a small business is considered a separate legal entity that requires a business bank account. At RBC, this also applies to a sole proprietor operating under their own name. There's no minimum balance needed to open most small business accounts at RBC and your account could include a higher overdraft limit than your personal account.

How do I qualify for an RBC business or commercial credit card?

It depends on the type of RBC credit card, the program you apply for, and whether you’re an existing RBC client already. RBC offers credit cards for small, medium, or large businesses. To find the right credit card for your business needs, and the documentation required to be eligible, explore our business and commercial programs or use our Digital Business Tool at https://apps.royalbank.com/uaw0/your-digital-business-advisor?need=cards to get a recommendation for your business.

Does a business or commercial credit card build my business credit score?

Yes, your business-related expenses, payments, and usage habits will help in building your business credit score for future financing needs.

Do I need a separate credit card for my business?

A business or commercial credit card dedicated to your business needs is a great idea. Depending on the credit card and program selected, a business or commercial credit card offers numerous benefits such as: - Keeping track of business expenses and simplifying tax filing - Maximizing cash flow with an interest-free grace period (17 - 21 days depending on the type of credit card) - Building better relationships with suppliers by paying on time - Getting access to multiple credit cards for employees to help manage expenses and payments - Building your business credit score for future credit needs - Earning rewards with built-in programs such as Avion Rewards or Cash Back with eligible cards - Redeeming Avion points for personal use or reinvesting them back into the business.

Does a business or commercial credit card affect my personal credit score?

No, your business or commercial credit card will not affect your personal credit score. Your business credit score is built off the financial history of the business itself, not your personal spending habits. The business or commercial credit card should be registered under your business name for tax purposes as well as to build your business credit score.

Why should I get a credit card for my business?

Whether you’re a start-up or an established business, you’ll need to manage cash flow, pay suppliers, track business expenses, and more. A business or commercial credit card gives you access to business-specific benefits such as extended days payable, simplified reporting and controls, and accelerated rewards, all while building credit for future borrowing needs. Compare some of the business and commercial credit cards RBC has to offer, or explore our business advice section to get solutions and savings that can help your business thrive.

Can I use my personal RBC credit card for business expenses?

Yes, you can use your RBC personal credit card for business expenses, but a business credit card will simplify tracking your business expenses, making payments, managing cardholders and filing taxes. A business credit card is also essential for building credit for your business, which can help you access business loans in the future. Plus, with many of our RBC business or commercial credit cards, you could benefit from the Liability Waiver Program, which protects businesses against certain unauthorized charges that may be made by employee cardholders.

RBC PayEdge is an innovative accounts payable platform that automates payments to suppliers by integrating with your accounting system. RBC PayEdge reduces manual tasks, seamlessly connects to leading accounting and ERP platforms, and optimizes the reconciliation and approvals processes. Ready to automate payments to your suppliers? Enjoy effortless payments with RBC PayEdge.

What is accounts receivable?

Accounts receivable is money owed to a business by clients or customers for products or services that have been provided and invoiced.

How can RBC’s accounts receivable solutions help my business?

RBC’s accounts receivable solutions can help you simplify your collections process and maximize cash flow by making it easier for customers and others to pay you. Plus, reduce or eliminate trips to the bank with a wide range of electronic payment solutions and quickly access funds by having payments automatically deposited to your RBC business account.

What is accounts payable?

Accounts payable is money a business owes to its suppliers or vendors for goods and services it has purchased. These funds are typically due in the short-term. Money owed to employees is not considered part of accounts payable.

How can RBC’s accounts payable and payroll solutions help my business?

RBC’s accounts payable and payroll solutions can help you save time and money, benefit from better tracking and security, and know your cash position at any given time, so that you can make more informed, on-the-spot decisions.

What is an ACH payment?

An Automated Clearing House (ACH) payment—also known as an electronic funds transfer (EFT)—is used to send Canadian or U.S. dollar electronic payments to Canadian banks and/or electronic U.S. dollar payments to U.S. banks requiring a currency conversion.

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Need to Borrow Money to Finance Business Growth?

Strengthen your business with access to capital, from new hires to new equipment, growth plans to growing opportunities, explore monthly payments and interest costs for a range of business loans.

Our business loan calculator will help you determine the monthly payment and interest costs for various business loans.

Loan Amount Please enter amount between $1,000 and $9,999,999

Annual Interest Rate Missing Annual Interest Rate

Repayment Period Please enter payment period between 1-25 years.

Purpose of Loan Please choose a loan purpose.

Your Results

Monthly Payment

$1,001.24

And the total interest costs are:

$100,374.16

Based on your information, here are a few options to explore:

Term Loan

Finance your large-scale purchasing and/or consolidate debt with a fixed or variable rate loan at a selection of set terms.

More Details

Call to apply by phone:

1-800-769-2511

Canada Small Business Financing Loan

For businesses looking to purchase or improve their assets for a new or expanding operations. This government-sponsored loan program offers up to $1,000,000 to small businesses in Canada

More Details

Call to apply by phone:

1-800-769-2511

Amortization Table Loan 1

Month	Payment	Interest	Balance

Estimate My Business Chequing Account Fees

Use this two-step calculator to find the right business chequing account based on your banking activity.

Tell us about your business transaction and cash deposit needs and we'll show you the business account that gives you the best value and provide an estimate of your total monthly cost.

Each month, how often do you:

Send, deposit or receive paper transaction ( cheques, drafts or cash)

(0-50)

Send Interac eTransfer transactions

(0-30)

Send or receive other electronic transactions

100

(0-100)

Get Started

Each month, how much cash do you deposit:

Inside the branch (with a teller)

50000

(0-50000)

At the ATM or Night and Day deposit box

50000

(0-50000)

Show Result

Digital Choice Business Account

Variable Fees + Monthly Fee:

$80.88 + $6.00

Total Monthly Cost^{Legal Disclaimer 2}:

$86.88

Unlimited electronic debits and credits^{Legal Disclaimer 1}
Unlimited electronic cheque deposits^{Legal Disclaimer 5}
10 free outgoing Interac e-Transfer^{Legal Disclaimer ‡} transactions^{Legal Disclaimer 2}
Unlimited Moneris^{Legal Disclaimer ‡} deposits

Save 40% on transactions made through RBC Online Banking, the RBC Mobile app and RBC ATMs^{Legal Disclaimer 1}
Only pay for what you use – no minimum or maximum transaction limits
Unlimited Moneris^{Legal Disclaimer ‡} deposits

Unlimited electronic debit and credit transactions^{Legal Disclaimer 1}, and electronic cheque deposits^{Legal Disclaimer 5}
500 outgoing Interac e-Transfer transactions^{Legal Disclaimer 2}
Free cash deposits up to $25,000
100 free paper transactions per month
Monthly fee waiver with $75,000 minimum daily balance^{Legal Disclaimer 6}
Unlimited Moneris^{Legal Disclaimer ‡} deposits

View Additional Featuresopens in a new window

Find a Branch or ATM Near You

Over 800 branches open longer, award-winning convenience

^{® /}™

Trademark(s) of Royal Bank of Canada.

^‡

® The INTERAC logo and INTERAC e-Transfer are registered Trade-marks of Interac Corp.

^†

All other trademarks are the property of their respective owner(s).

The business loan calculator assumes: (i) a constant interest rate throughout the repayment period and (ii) that interest payments will be made monthly for both payment types (Principal Plus Interest or Blended). The calculations produced do not account for, among other things, the following factors that may impact repayment: (i) non-scheduled payment reductions such as lump sum payments, (ii) Business Loan Insurance Plan premium payments, (iii) leap years, (iv) maturities on dates other than payment due dates or (v) interest adjustments.

The calculations and amortization schedule produced are: (i) based on the data you have entered and its accuracy and completeness, (ii) based on assumptions that are believed to be reasonable, and (iii) for estimation purposes only and should not be relied upon for specific financial or other advice. When you make your credit application, interest rates may have changed or may be different due to information contained in your application, and if you are approved for an RBC loan, the term for which the loan is available may not match the repayment period entered by you. Due to the foregoing, the payment schedule produced by the business loan calculator may differ from an actual payment schedule.

Royal Bank of Canada does not make any express or implied warranties or representations with respect to any information or calculations in connection with this business loan calculator. Royal Bank of Canada will not be liable for any losses or damages arising from any errors or omissions in any information or calculations, or any action or decision made by you in reliance on any information or calculations.

Air Travel Reward redemptions from the Air Travel Redemption Schedule start at 35,000 Avion points for a round trip long-haul flight to almost anywhere in Canada or the United States, exclusive of Hawaii or Alaska, with a maximum ticket price of $750. All applicable taxes, service fees and surcharges are the responsibility of the traveller. For more details, including information on redeeming for first class and business class seats, visit: www.avionrewards.com/travel/index.html. For general redemption terms, conditions and restrictions that apply to the Avion Rewards program, please visit: avionrewards.com or call 1-800 ROYAL 1-2 (1-800-769-2512 ).

Includes the standard fees for posting electronic debit or credit transactions to the account and excludes any other services and transactions such as Interac e-Transfer transactions, Pay Employees & Vendors (PEV), cheques and cash deposited at RBC ATMs for which standard fees and charges apply.

Only includes outgoing Interac e-Transfer transactions sent on the RBC Online Banking for business or RBC Edge platforms. Excludes all other Interac e-Transfer services such as Autodeposit, Request Money, Request Money Fulfillment and Bulk Interac e-Transfer service. Standard fees and charges apply for transactions exceeding the number included in the account package.

Standard fees and charges apply for services and transactions exceeding the number included in the account package.

Fee waiver applies only to the monthly package fee when the minimum daily balance is held for the entire month.

Includes cheques deposited through the RBC Mobile app, RBC ATMs and ChequePro.

Fee waiver applies only to the monthly package fee when the minimum daily balance is held for the entire month.

Includes unlimited number of items deposited via an RBC branch, RBC ATM, RBC Mobile Cheque Deposit or Night and Day Deposit. Cost of processing an electronic credit or paper deposit to the account still applies, unless otherwise included.

The Night and Day Deposit service may not be available in all areas. Fees and charges may vary based on location. Other fees and charges may apply.

To receive the 35,000 Welcome Avion points (“Welcome Points”), your application must be approved by us. The Welcome Points will appear on your first credit card statement after your application has been approved. Only the primary business owner on the account is eligible for the Welcome Points; additional business owner(s) and cardholder(s), existing RBC Avion Visa Infinite Business cardholders, as well as existing RBC Avion Visa Business cardholders, applying for or transferring to the RBC Avion Visa Infinite Business credit card, are not eligible for this offer. This offer may not be combined or used in conjunction with any other offer. Royal Bank of Canada reserves the right to cancel, modify or withdraw this offer at any time, including if we suspect that you may be manipulating or abusing it, or engaging in any suspicious or fraudulent activity, as determined by Royal Bank of Canada in its sole discretion.

10)

Annual cash back cap: $650.

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