Why you might bank with a traditional bank
Independent review, not affiliated with Venn or any bank. This is general information, so check each bank's current fees and terms.
Reasons a small business might prefer a bank or credit union
- Cash and cheque deposits. Venn says it can't take cash or cheques (source). Banks with branches can.
- Branches and a person to talk to. For example, BMO's business page offers branch help and relationship managers by phone (BMO business). Venn's general support is chat and email, with a phone number listed for lost or stolen cards only (source).
- Lending. Big banks list business loans, lines of credit and credit cards with real credit limits on their business pages. We found no loans or lines of credit from Venn (source), only a charge card that must be paid in full each statement (source). Ask your bank about government-backed Canada Small Business Financing Program loans.
- Other services. Merchant services, payroll and international banking are often available from the same institution. Check each bank's page below.
- Direct deposit insurance. The big five are banks themselves and CDIC members. BC credit unions are provincially regulated (BCFSA).
- Track record. In our view, a long history and a physical presence count for something when your business money is at stake.
The honest downside
Traditional banks often charge monthly account fees and per-transaction fees, while Venn's Essentials plan is $0 a month (Venn pricing). We haven't listed bank fees here, so compare current fee schedules on each bank's site.
Alternatives to consider
Each line was checked against the provider's official page on Oct 21, 2026. No fees are quoted. Compare current terms yourself.
Big banks
- RBC Business: may suit you if you need branches, a business trust account, foreign currency accounts or business credit cards, all of which RBC's business page lists.
- TD Business Banking: may suit you if you need cheque deposit options and in-person appointments; TD's page lists cheque deposit solutions and booking an appointment.
- BMO Business: may suit you if you want branch help or a relationship manager, plus business lending and credit cards.
- Scotiabank Small Business: may suit you if you need loans, credit lines, merchant services or a cash and coin service.
- CIBC Business: may suit you if you want business credit cards (Aventura, Aeroplan and Costco options are listed) and Interac e-Transfers of up to $25,000 for business.
- National Bank Business: may suit you if you need an operating line of credit, overdraft protection, term loans or equipment financing.
BC credit unions
- Coast Capital Savings Business: may suit you if you want dedicated business advisors, phone support (Mon–Fri, 8 AM–5:30 PM) and a business line of credit; it says eligible members could be approved for up to $35,000, subject to lending criteria.
Online and fintech options
- EQ Bank Business: may suit you if you want an online business account from a bank rather than a non-bank platform.
- Wise Business: may suit you if you deal in many currencies; its page lists 22 currencies and support by phone, email or chat.
- Float: may suit you if you mainly need corporate cards and expense controls; it lists unlimited CAD and USD cards.
- Loop: may suit you if you want corporate credit cards and global accounts; its page mentions FX-free credit cards and CDIC-protected global accounts.
Left out: Vancity, because its page wouldn't load for us, and KOHO, because we couldn't find a business account page.
Small-business pages
- CIBC Business
- RBC Business
- TD Business Banking
- BMO Business
- Scotiabank Small Business
- Canadian Credit Union Association (to find a credit union)