Scotiabank is Canada's third-largest bank and one of the most internationally connected financial institutions in the country. For Canadian small business owners — especially those with international trade, import/export, or cross-border operations — Scotiabank's global reach and trade finance capabilities make it a compelling choice. This review covers Scotiabank's business banking products, fees, and how it stacks up for small businesses in 2025.
Scotiabank's entry-level business account with a low monthly fee and pay-per-transaction pricing. Suitable for businesses with very low transaction volumes — under 20–25 transactions per month. A good starting point for new sole proprietors or very early-stage incorporated businesses.
One of Scotiabank's most flexible offerings, the Right Size Account allows business owners to select the transaction bundle that best matches their actual usage. You choose from different tiers of included transactions and pay a corresponding monthly fee. This customizable structure means you're less likely to be over or under-paying compared to fixed-tier plans at other banks. Monthly fees range from approximately $22–$65 depending on the selected bundle.
A mid-tier account designed for businesses with moderate transaction volumes. Includes a set number of monthly transactions across electronic and paper categories. Monthly fees are competitive within the Big Five range. Suitable for businesses processing 50–150 transactions monthly.
Scotiabank's premium business chequing account with unlimited electronic transactions. Monthly fees start around $60. Best suited for high-volume businesses that process most of their transactions digitally. Cash deposits and paper cheques may still have per-item or per-dollar fees at this tier.
Scotiabank's business online banking platform is called ScotiaConnect. It provides:
Revolving credit for working capital needs. Available in secured and unsecured formats. Scotia is competitive on pricing for businesses with strong banking relationships and good financials. Lines of credit start at $5,000 for simple unsecured facilities.
Term loans for equipment, vehicles, leasehold improvements, and business acquisition. Scotiabank participates in the Canada Small Business Financing Program (CSBFP), offering government-backed loans up to $1 million for eligible businesses.
Competitive commercial real estate financing for owner-occupied properties. Scotia's commercial mortgage team is experienced across most Canadian markets.
Scotiabank's strongest differentiator for business banking is its trade finance suite. Products include letters of credit, documentary collections, trade guarantees, and export financing through Export Development Canada (EDC) partnerships. If your business imports goods from Asia, Latin America, or Europe, or exports Canadian products internationally, Scotiabank has capabilities that other Big Five banks match but don't surpass.
Scotiabank offers the Scotia Momentum for Business Visa and the Scotiabank Passport Visa Infinite Business Card. The Passport card is particularly notable for international business travellers, offering no foreign transaction fees — valuable for businesses that regularly pay in foreign currencies.
Scotiabank's Scene+ loyalty program now extends to business customers. Eligible business transactions can earn Scene+ points redeemable for travel, entertainment, and merchandise. While not the most generous business rewards program in Canada, it adds value for business owners who are already earning Scene+ points on personal banking.
Scotiabank is the ideal choice for:
Visit a Scotiabank branch with your incorporation documents, government-issued ID for all directors, and your CRA Business Number. Scotiabank also offers a preliminary online application for some account types that speeds up the in-branch process. Account opening typically takes one business day once all documents are received.
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