Is the DBS Multi Currency Account not available in Canada? Here’s an alternative
With DBS not catering to Canadian customers, the Wise multi currency account might be one you consider.
Scotiabank offers a range of business accounts for business owners in Canada, including options for small businesses to access easy payment options and manage cash flow.
Read your guide to Scotiabank business accounts, including how a Scotiabank account could improve your business process in Canada and overseas.
We’ll also take a look at Wise as an alternative money service business that you can use with or without your Scotiabank small business accounts.
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It’s easy to apply for a small business account at Scotiabank, but the requirements will be slightly different depending on which account you choose.
You’ll need to be at least 16 years old to open a business account. You’ll also need to be a Canadian resident, and you can only open an account in your own name.
We’ve put together a step-by-step guide to opening a Scotiabank small business account.
Step 1. Before you get started, make sure you have all relevant information to hand. This includes personal ID for all owners, a document confirming your company’s name, and your Canada Revenue Agency registration number
Step 2. Head online and pick the business account of your choice
Step 3. Complete the online application form
Step 4. It shouldn’t take long for you to apply online - but you can visit a branch if you have any problems¹
There are a few different types of businesses - and it’s important to correctly register your company with Scotiabank.
A sole proprietorship is an unincorporated business with just one owner. If you want to set up this kind of business with Scotiabank, you’ll need to contact your local Scotiabank Small Business Advisor for an appointment.
You’ll also need to provide some documents for your sole proprietorship:
If you’ve had your business for longer than 12 months, you’ll also need one of the following:
A partnership is a type of business with general and limited partners - meaning your company has more than one owner. Make an appointment with your local Scotiabank Small Business Advisor to get started with your partnership.
You’ll need to bring some documents with you:
You’ll also need a few extra documents if you’ve been trading for longer than 12 months:
A corporation is a large business or several companies authorized to work together as a single entity. If you’re registering your business as a corporation with Scotiabank, you’ll need to set up an appointment with your local Small Business Advisor for further details.
You’ll also need the following documents:
If you take donations from the public, you’ll need to provide your Canada Revenue Agency registration number.⁴
If you run a Not-for-Profit Association, this means you don’t earn profit as an owner. Any money you make goes back into the organization - and Not-for-Profit Associations typically provide charitable services.
Make an appointment with your local Scotiabank Small Business Advisor to get started.
You’ll need a few documents to register your Not-for-Profit Organization:
You’ll also need your Canada Revenue Agency registration number if you intend to take donations from the public.⁵
There are a few different business accounts available for Scotiabank customers depending on your business type and your individual needs.
We’ve detailed each account, including any Scotiabank business account fees to consider.
The Right Size Account can help you manage your business cash flow and access convenient banking options.
Account | Key Features |
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Right Size Account for business |
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There are some fees to consider before opening your Scotiabank Right Size Account for business.
Fee Type | Pricing |
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Monthly fee | 6 CAD |
Cost per transaction |
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The Select Account for Business lets you manage your everyday business transactions.
Account | Key Features |
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Select Account for Business |
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There are 4 different Select Account for Business plans. If you maintain your minimum monthly balance, Scotiabank waives any fees. We’ve put together information about the fees associated with each plan.
Scotiabank’s Select Account for Business | Account Fee⁸ | Minimum Balance⁸ |
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Plan A | 20 CAD | 20,000 CAD |
Plan B | 40 CAD | 35,000 CAD |
Plan C | 75 CAD | 45,000 CAD |
Unlimited | 120 CAD | 75,000 CAD |
Select Account for Business | Transactions allowed |
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Plan A | 25 |
Plan B | 70 |
Plan C | 125 |
Unlimited | Unlimited⁸ |
The ScotiaOne Account Plan for agriculture provides effective banking options for agri-business or personal transactions.
Account | Key Features |
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ScotiaOne Account Plan for Agriculture |
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There are some fees associated with this account.
Fee Type | Pricing |
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Monthly fee | 25 CAD |
Additional monthly transactions | If you exceed your monthly limit, you’ll be charged on a “pay-per-use” basis.⁸ |
The Scotiabank Professional Plan Plus account is aimed at those conducting a large number of business transactions per month.
Account | Key Features |
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Scotia Professional Plan Plus Account |
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There are some monthly fees to consider before setting up your Scotia Professional Plan Plus account.
Fee Type | Pricing |
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Monthly fee | 38 CAD |
Additional monthly transactions | If you exceed your monthly limit, you’ll be changed on a “pay-per-use” basis.⁸ |
The Basic Business Account is a great option if you want to manage your money in both Canadian and US dollars.
Account | Key Features |
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Basic Business Account |
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We’ve put together some information about monthly fees for the Basic Business account at Scotiabank.
Fee Type | Pricing |
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Monthly fee | 10.95 CAD |
Deposits to USD business accounts | You may be subject to deficiency fees⁸ |
The Scotia Community Account Plan is designed for registered charities and community groups. This account can improve your cash flow with convenient online banking options.
Account | Key Features |
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Scotia Community Account Plan |
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There are a few fees to consider before opening your Scotia Community Account Plan.
Fee Type | Pricing |
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Monthly fee | 3 CAD |
Additional monthly transactions | If you exceed your monthly limit, you’ll be changed on a “pay-per-use” basis⁸ |
The Wise Business Account is your handy alternative to banking. Conduct all your business transactions from one place, including:
And lots more! With Wise, it is easier than ever to manage your company’s cash flow.
Wise is a great choice for all kinds of businesses - and it is regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Service Business (MSB).
Enjoy flexible payments across the world. Send your money at the standard mid-market rate and avoid hidden exchange rate fees with every transaction.
To start exploring your business spending options, check out Wise.
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*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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