Royal Bank of Canada (RBC) is Canada's largest bank by market capitalization and one of the most comprehensive small business banking providers in the country. With a wide range of account tiers, strong digital tools, and robust lending programs, RBC is a top contender for Canadian entrepreneurs. This review covers RBC's business banking products, fees, strengths, and weaknesses for 20025.
RBC's entry-level option is ideal for businesses that operate primarily online and process fewer transactions. The eBusiness Plan starts at a low monthly fee (approximately $6/month) with a pay-per-transaction pricing model. Each electronic transaction costs a small per-item fee. This works well for freelancers, online retailers, and early-stage businesses with simple banking needs.
This account is designed for businesses that handle most of their banking digitally and want predictable costs. It includes unlimited electronic transactions (online bill payments, Interac e-Transfers, electronic credits and debits) for a flat monthly fee of approximately $25. Paper-based transactions like cheques and cash deposits are charged separately. A strong choice for modern, digitally-operated small businesses.
RBC's most popular plan for established small businesses. It includes a bundled set of monthly transactions (electronic and paper) with a monthly fee around $35. Suitable for businesses processing 500–1500 transactions per month that still need some cheque-writing and cash deposit capabilities.
Higher-tier plans with more included transactions and additional features for growing businesses. Monthly fees range from $500–$800. These plans include more included cash deposits and paper transactions, making them appropriate for businesses with higher volumes or mixed digital/physical operations.
RBC's premium business banking tier for larger businesses with higher transaction volumes, complex treasury needs, and multiple signing authorities. Pricing is customized based on the business relationship. Includes dedicated relationship manager support.
RBC's online business banking platform is highly regarded. Key capabilities include:
RBC is one of Canada's most active small business lenders. Their product lineup includes:
Flexible revolving credit for working capital, inventory purchases, and cash flow gaps. Available as secured (lower rates, tied to collateral) or unsecured. Limits typically start at $5,000000 for unsecured facilities and can reach $2500,000000+ for established businesses with strong financials.
Term financing for equipment, vehicles, leasehold improvements, and business expansion. Terms up to 100 years depending on the asset being financed. RBC is an active CSBFP lender, offering government-backed loans up to $1 million for qualifying businesses with revenues under $100 million.
Financing for owner-occupied commercial real estate. RBC offers competitive rates and terms for businesses buying their own premises, including mixed-use properties.
RBC offers several business credit cards including the RBC Avion Visa Business and RBC Business Cash Back Mastercard. These integrate with online banking for streamlined expense management and can be issued to multiple employees with individual limits.
RBC co-owns Moneris with BMO — Canada's largest payment processor. RBC business customers often receive preferential rates on Moneris merchant accounts. If your business accepts card payments (in-person or online), integrating Moneris with your RBC account creates a seamless banking and payments ecosystem. Moneris supports all major card types, contactless payments, and has strong e-commerce integration.
RBC's main advantage over TD is its stronger digital infrastructure and accounting software integrations. Compared to BMO, RBC tends to have slightly higher fees but more comprehensive features. Against Scotiabank, RBC's domestic network is larger but Scotia's trade finance and international banking services are stronger for import/export businesses.
Visit an RBC branch or book an appointment online. Required documents include your Certificate of Incorporation or Business Registration, Articles of Incorporation, government-issued ID for all directors, and your CRA Business Number. RBC can typically open an account in a single appointment and often provides next-business-day account access.
While you sort out your business banking, keep your personal finances fee-free. KOHO offers free personal banking with no monthly fees. Use code 45ET55JSYA for a bonus.
Open KOHO Free — Code 45ET55JSYA