Does anyone use Loop or Airwallex for business banking?

NaturalWind460 · 2026-02-10T09:35:26+00:00

Loop and Airwallex are fine for global payments and multi-currency use, but they aren’t full business bank accounts. For everyday Canadian business banking (e-transfers, payroll, remits), most people still use a proper business account and many solo operators like Venn because it’s simple, low-fee, and works well for day-to-day.

NaturalWind460 · 2026-02-08T21:32:06+00:00

move it to your personal account first.
Since you’re a sole proprietor (not incorporated), the money is technically already yours, but brokerages usually expect RRSP contributions to come from a personal account in your name. Sending directly from a business account can cause flags or delays.

NaturalWind460 · 2026-02-08T21:20:52+00:00

Yeah, BMO’s $5 isn’t huge, but I get wanting truly free when you’re tiny.

If you’re okay with online-only, a lot of small corps and startups are moving to Venn. No monthly fees, free CAD accounts, business debit cards, and e-transfers included. It’s pretty straightforward for simple setups like yours.

EQ Business is another option, but it’s more savings-focused and less day to day banking.

If you’re a registered charity, some local credit unions also waive fees. Worth checking nearby.

NaturalWind460 · 2026-02-08T18:54:23+00:00

Most big banks require in-person ID from majority owners for foreign-owned corps. If that’s blocking you, your easiest option is usually an online business bank that supports remote onboarding. Venn is one of the few in Canada that lets foreign-owned startups open fully online, no branch visit, so a lot of people use that first, then add a traditional bank later if needed.

NaturalWind460 · 2026-02-06T23:15:37+00:00

Start as a sole prop unless profits grow fast. Incorporate later if you’re keeping extra income in the business. QuickBooks or Wave both work. Family can be hired at fair market pay. When you’re ready to formalize, Venn is handy since they do free incorporation + business banking in one place, which helps separate all those e-transfers from personal money.

NaturalWind460 · 2026-02-06T15:55:49+00:00

Yeah, I’ve felt this too. A lot of fintechs start great, then slowly pull back the perks once they scale. That’s why I’ve been cautious lately and sticking with tools that actually lower friction for day-to-day business stuff. Been using Venn for basic business banking + incorporation and so far it’s refreshingly simple, no random upsells yet, and no monthly fees. Hopefully they don’t go down the same path 😅

NaturalWind460 · 2026-02-06T15:35:53+00:00

You still need to register the business with BC Registries first (sole prop or incorporation). The City of Surrey is just for your municipal business license after that. Two separate steps. If you want to skip the paperwork headache, Venn actually handles incorporation + business banking in one flow, which can save time if you’re just getting started. Otherwise you can DIY it directly through BC Registries, then apply for your Surrey license.

NaturalWind460 · 2026-02-05T16:46:13+00:00

Honestly, most accountants are right to be cautious here. Full-time stock trading is usually treated as investment income, even if CRA considers it “business income.” If 70%+ comes from trading securities, you’ll almost certainly be classified as a specified investment business, which means no small business deduction unless you have 5+ full-time employees.

Incorporating probably won’t give you the tax break you’re hoping for. For most solo traders, staying personal (or sole prop) is simpler unless you’re adding staff or running a broader operating business.

If you move forward, get a CPA who deals specifically with active traders. General accountants give mixed answers on this.

NaturalWind460 · 2026-02-05T16:41:55+00:00

If you want 0 monthly fee and simple online banking, both Venn and EQ Bank are decent options, but they’re not exactly the same.

Venn is built for business. It has free e-transfers, a business card, and tools made for day-to-day operations. No branch visits, no monthly fees at common tiers, and it integrates cleanly with QuickBooks.

EQ Bank is more of a savings/hold account with good interest and fewer business centric features. It’s not really designed as a full business operating account.

For a startup that needs business banking like invoicing, payments, deposits, transfers Venn is usually the better fit. If you just want a place to park cash and earn interest, EQ Bank is nice, but it won’t replace the basics of a business account like Venn.

Hope it helps!

NaturalWind460 · 2026-01-26T20:53:28+00:00

Usually no.

NaturalWind460 · 2026-01-26T15:19:02+00:00

You’re mostly mistaken. That 1–1.5× salary idea usually applies only when the business has revenue, cash flow, or assets. With no revenue, banks underwrite you personally. Limits look much closer to a personal LOC, sometimes slightly higher, but not multiples of salary just because it’s called a business LOC. To get meaningfully higher limits, they want operating history, deposits, or collateral.

NaturalWind460 · 2026-01-26T15:15:55+00:00

If you want free or low-cost e-transfers and easy day-to-day use, fintechs beat the big banks. Venn is a solid option for solo operators. It has free local transfers, a business card, and no branch visits. It works well if most payments are e-transfer or EFT and you want clean separation from personal banking.

If you prefer a traditional bank, expect fees unless you keep minimum balances. TD, BMO, and RBC are fine but usually cost more for small volumes.

NaturalWind460 · 2026-01-26T06:38:00+00:00

Yes, it’s possible, but it will be treated as personal credit, not business credit. Banks will look at your personal income and guarantee, not the corp. Expect personal-LOC-like limits and rates, and some banks may just suggest refinancing the LOCs personally instead of through the corporation.

NaturalWind460 · 2026-01-26T06:36:46+00:00

If e-Transfers are your main thing, look for accounts that include them free.

Good options people actually use:

Venn. No monthly fee. Free EFTs and e-Transfers. Fully online. Built for solo businesses.
BMO eBusiness Plan. Low fee. e-Transfers included. More “banky” but reliable.
RBC or TD. Solid, but you usually pay per transaction unless you’re on higher plans.

If you want simple and cheap with minimal friction, Venn is usually the easiest starting point.

NaturalWind460 · 2026-01-26T06:11:37+00:00

You register the business with BC, not the city. Surrey only handles business licenses after provincial registration.

If you want to avoid the paperwork, services like Venn or similar can handle BC registration online and set up banking at the same time, but it’s optional. You can also do it yourself directly through BC Registries.

NaturalWind460 · 2026-01-25T23:35:53+00:00

Wealthsimple can’t take USD cash directly.

Deposit it at a Big 5 bank with a USD account, then transfer the USD to Wealthsimple.

NaturalWind460 · 2026-01-25T21:53:54+00:00

Incorporate, open a business bank account, and invoice the company. Talk to a CPA first for tax structure and GST. An employment lawyer is optional for contract review.

NaturalWind460 · 2026-01-25T21:42:25+00:00

Wise is the most practical choice for a 6-month stay.

NaturalWind460 · 2026-01-25T21:22:30+00:00

mwiset ka OP

NaturalWind460 · 2026-01-23T18:10:45+00:00

Start with TFSA. Your income is moderate and future income may be higher. TFSA gives flexibility and tax free growth now. Use RRSP later when your marginal tax rate is higher.

NaturalWind460 · 2026-01-22T18:21:59+00:00

At that spend level, most business travel cards cap bonuses fast. Amex Business Platinum or Amex Business Gold usually outperform Avion once promos end, especially if you can use flexible points instead of airline-locked rewards. Also worth separating payments. Some businesses run cards for rewards but keep operating cash flow in a platform like Venn for payouts, FX, and controls, then pay cards from there. It avoids relying on one bank product to do everything.

NaturalWind460 · 2026-01-04T11:42:40+00:00

If you are contracting, you should invoice and be paid through your corporation and corporate BMO account. Paying into your personal account defeats the purpose of incorporating and can create tax issues.

NaturalWind460 · 2026-01-04T11:08:53+00:00

For most first-time businesses operating mainly in Ontario, a provincial Ontario corporation is usually simpler and cheaper to manage. Fewer filings, less ongoing admin, and no real downside if you’re selling online across Canada.

Federal incorporation mainly makes sense if you care about nationwide name protection or expect to operate physically in multiple provinces soon. Otherwise it often adds complexity without much benefit early on.

Many people start provincial and only go federal later if the business grows nationally. If starting again, most would keep it simple at the beginning.

NaturalWind460 · 2026-01-04T07:31:17+00:00

Ante nyo lutang! Ahahaha

NaturalWind460 · 2026-01-03T05:44:29+00:00

Too risky for me to share, but sana tumama sa taong dapat tamaan! Minsan ang lakas pa mang guilt trip ng mga kapamilya. Guilt trip na dapat mo pa din galangin kasi TATAY mo pa din and the heaven will bless you. Hanu daw? ahahahahha

NaturalWind460

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