Business Bank accounts

Your guide to Digital Commerce Bank’s business accounts in Canada

Piyush Singh

25.06.24 (updated more than 1 year ago)

Read time 3 minutes

Digital Commerce Bank is a prominent digital payments provider in Canada. In addition to providing free online and mobile banking for both individuals and businesses, it provides a range of products and services like digital wallets, card services, and API developer tools. However, having an account at DCBank can bring you high transfer fees amongst expenses you could avoid. We will look at all of this in detail.

We’ll also look at Wise as a more affordable and secure way to send money overseas. With a pay-as-you-go fee structure andmid-market exchange rates, Wise is ideal for businesses that want to operate globally.

An overview of the guide
Digital Commerce Bank’s Business Account in Canada Key Features of Corporate Banking with Digital Commerce Bank in Canada Fees Charged by DCB in Canada for Business Account Users Foreign Currency Processing with DCB Business Accounts in Canada Looking for a Business Account That Could Do More? Check out Wise!

Digital Commerce Bank’s Business Account in Canada

The Digital Commerce Bank’s corporate banking account offers value and flexibility for your business in Canada.

Key Features of Corporate Banking with Digital Commerce Bank in Canada

The following are the key features of a DCBank corporate banking account¹:

Complete business banking solution
No minimum balances required
Free online and mobile banking
Free statements available online
Secure deposits and access to your funds anytime, anywhere

The Corporate banking account also charges monthly fees and limits you to a maximum of 50 Interac e-Transfers per month.

Fees Charged by DCB in Canada for Business Account Users

Service	Fees²
Monthly account fees	49.95 CAD
Interac e-Transfer	1.50 CAD
Incoming domestic wire transfers	19.99 CAD
Outgoing domestic wire transfers	19.99 CAD
Transfer of funds to another DCB account holder	9.99 CAD

Looking to avoid fees where you can? Check out Wise

Foreign Currency Processing with DCB Business Accounts in Canada

Digital Commerce Bank bills customers according to the transaction’s currency rate. This means the confirmed transfer may not match the exchange rate. This can impact :

The fee charges levied on the transaction
The amount disbursed in the currency conversion
The amount of time needed to finish the transfer

Depending on your transfer route, DCBank may also use other service providers to convert currency, which can incur additional costs.

Receiving a transfer from overseas via DCBank could impact :

The amount you receive post-transfer
The time it takes to receive your funds

The corporate banking agreement also states that currency conversion is required because the account holds your money in Canadian dollars. This is also why you could lose money while converting currencies.

Looking for a Business Account That Could Do More? Check out Wise!

If you are looking for an alternative to your Digital Commerce Bank’s corporate banking account, you might want to consider Wise. Wise for Business offers many of the same advantages with some additional offers.

Opening a business account at Wise is free, online and easy! With Wise, you don’t lose money to monthly subscriptions or have it held up as minimum balance. You pay only for what you use. Here’s what you get for the essential and complete version for a one-time fee of 55 CAD:

Features	Essential features - without registration fees	All features for a one time payment of 55 CAD
Send money to over 70 countries	✅	✅
Wise Business Card	✅	✅
Holding and converting money across 40 currencies at the mid-market rate	✅	✅
Minimal fees starting at 0.48%	✅	✅
Local account details to receive payments in over 20 currencies	❌	✅
Direct debit to make recurring payments	❌	✅

You can always upgrade from the essential features to avail all Wise business features for a one-time payment of 55 CAD

Experience owning a Wise business account
with our demo >>>

It only takes a few minutes to set up your multi-currency account, and make the most of the mid-market exchange rate.

Step 1. Enter information relevant to yourself and your business.
Step 2. Share essential information about your business. This includes

Business registration
The business registered and trading addresses
The industry you’re in
Online presence
Name, date of birth, country of residence - for all stakeholders
Documents proving ownership of the business

Step 3. Enter essential information to verify your identity
Step 4. Set up and make a transfer as indicated on your account. Alternatively, you could pay the one-time fee and get account details in over 10 currencies.
Step 5. Wise sends you a confirmation email within 10 working days.

In case you add team members to the business account, they will need to be verified too.

Wise's has been reviewed and appreciated on public platforms such as:

Trustpilot Canada: 4.3/5 stars with 256,776+ reviews
Play Store Canada: 4.7/5 stars with 1.28M+ reviews

To Sum it Up

While Digital Commerce Bank’s corporate account has advantages, infrequent use could lead to losses due to high fees. Furthermore, DCB charges currency rates that are higher than the mid-market rates.

On the other hand, Wise offers a multi-currency account with no inflated rates or high fees, saving businesses millions monthly. Wise also allows payments to non-Wise users via email or bank account. All international transactions occur at the mid-market exchange rate.

For a flexible, transparent global payments provider, check out Wise today!

Sources:

1 - Digital Commerce Bank | Bank Accounts (dcbank.ca)
2 - Account Fees (dcbank.ca)
3 - DCBank Corporate Account Agreement

*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.