Your bank account choice affects how fast Stripe and Shopify pay you, what you pay on USD transactions, and whether you can hold international revenue without converting it immediately. The Big 6 aren't always the right call.
Most Canadian ecommerce guides recommend opening a Big 6 business account and calling it done. That's fine if you're selling only in CAD and don't mind $20–35/month in fees. For anyone dealing with USD revenue, international customers, or multiple payment processors, there are better options — some of them free.
This covers what ecommerce merchants actually need, what each account type costs, and which payment processors work with which accounts. The Wise gotcha is at the bottom — read it before you set up Stripe payouts.
Not what a brick-and-mortar business needs. Specifically:
RBC has a partnership with Shopify — if you're a Shopify merchant, RBC occasionally offers waived or discounted banking fees as part of the partnership. Worth checking directly with RBC if Shopify is your platform.
USD accounts are available but cost extra. FX rates are standard Big 6 — meaning 2.5–3% above mid-market, which adds up if you're converting significant USD revenue monthly.
TD has a Square partnership that periodically includes banking benefits for Square merchants. Same core limitations as other Big 6: monthly fees, mediocre FX rates, but strong branch network and established credibility for loan applications.
The main reason to choose Big 6 for ecommerce: if you're planning to apply for a business line of credit, SBL loan, or BDC financing in the next 12 months, having a Big 6 account with transaction history helps. Fintech accounts don't carry the same weight in lending decisions.
Airwallex is FINTRAC-registered in Canada and holds CAD, USD, and 13 other currencies natively. You get local bank details in 60+ countries — meaning a US account number for receiving USD from Stripe without converting it. When you actually want CAD, you convert at mid-market rate + 0.5–1%, compared to 2.5–3% at the Big 6.
For a merchant doing $10,000/month in USD revenue, the FX difference alone is $150–250/month saved versus a Big 6 account. At that scale, Airwallex essentially pays for itself many times over.
Stripe payouts work directly to Airwallex. Shopify Payments payouts also work. The accounting integrations (QuickBooks, Xero) are solid.
Canadian-founded, no-fee business banking. Has direct Shopify and Stripe integration. Less internationally capable than Airwallex — better for merchants selling primarily to Canadians who want to avoid Big 6 monthly fees without the complexity of a multi-currency setup.
The gotcha: Wise is not a bank — it's a regulated money service business. Stripe Canada does not support Wise as a direct payout destination for CAD payouts. PayPal payouts to Wise work; Stripe CAD payouts do not.
Where Wise is useful: as a parallel account for USD revenue conversion. If you receive USD from PayPal or international transfers into your Wise USD account, converting to CAD via Wise costs roughly 0.4% — far better than Big 6 rates. Use it alongside a proper bank account, not as your primary Stripe payout account.
Worth mentioning for Ontario and BC merchants specifically: Meridian (Ontario) and Coast Capital (BC) both offer business accounts at lower fees than the Big 6 — typically $12–18/month. They lack the ecommerce-specific partnerships and international FX tools of fintech options, but if you prefer a Canadian credit union and mostly sell in CAD, both are solid alternatives to RBC/TD.
| Account | Monthly Fee | USD/Multi-Currency | Stripe CAD Payouts | FX Rate |
|---|---|---|---|---|
| RBC / TD / BMO | $18–35 | Add-on only | ✓ | +2.5–3% |
| Airwallex | $0 | Native (60+ countries) | ✓ | +0.5–1% |
| Venn Finance | $0 | Limited | ✓ | Competitive |
| Wise Business | $0 | Yes (US local details) | ✗ (not Stripe CAD) | +~0.4% |
| Meridian / Coast Capital | $12–18 | Limited | ✓ | +2–2.5% |
There are real reasons to choose RBC or TD despite the fees:
Airwallex as your primary business account (receive Stripe payouts, hold USD natively, convert at competitive rates). Add a Big 6 account if you need it for lending credibility. Use Wise as a supplementary tool for PayPal USD conversion if relevant.
This setup costs roughly $0/month in banking fees versus $250–420/year with Big 6 alone — and saves on FX if you have any USD revenue.
For processor-specific fee breakdowns, see the payment gateway fees comparison. For a full Helcim review including payout timing and bank account requirements, see the Helcim Canada review. If you're managing multi-currency revenue at scale, see the chargeback guide for how bank account type affects dispute management.