Question 1

How do I open a business account?

Accepted Answer

There are a few easy ways to open a business account with RBC: 
- Online: For business chequing accounts, you can open your account online in less than 15 minutes.
- By Phone: Call 1-866-864-7929
- In Person: Find a branch at https://maps.rbcroyalbank.com/

Question 2

Can I open a business bank account online?

Accepted Answer

You can open select RBC business accounts online in less than 15 minutes—including the RBC Digital Choice Business Account, RBC Flex Choice Business Account and RBC Ultimate Business Account. Once you complete your application, you'll automatically receive your business bank account number. However, you'll need to visit a branch to verify your identity and activate your account.

Question 3

What do I need to open a business bank account?

Accepted Answer

Whether you choose to open a business account online, by phone or in person, you'll need to bring the following information to an RBC branch to verify your identity:
- One of three Government-issued IDs, such as a Canadian Passport, Canadian Driver's Licence or Canadian Permanent Resident Card
- A business registration document, such as Articles of Incorporation, Certificate of Existence or Master Business License
Need to register or incorporate? RBC and Ownr* have teamed up to help you register and incorporate your business for less. Learn more at https://www.rbcroyalbank.com/business/beyond-banking/business-registration-and-incorporation.html.
*Ownr is a business of RBC Ventures Inc., a subsidiary of Royal Bank of Canada

Question 4

What is commercial banking?

Accepted Answer

Commercial banking refers to all the banking services tailored to help grow and optimize businesses by facilitating things like term loans, lines of credit, deposit accounts, payment processing, trade, foreign exchange and other business solutions. A commercial or business bank account can help you separate your business and personal finances; show suppliers, vendors and customers that your business is legitimate; and help your business build credit.

Question 5

Do business bank accounts earn interest?

Accepted Answer

It depends on the type of business bank account you have. With a Royal Business Premium Investment Account or an RBC Business Essentials Savings Account, you can earn interest on the funds in your account and enjoy easy access to your cash. Our AgriInvest Account for eligible agricultural clients and Business Trust Account also earn interest.

Question 6

Do I need a business account for my small business?

Accepted Answer

Yes—even a small business is considered a separate legal entity that requires a business bank account. At RBC, this also applies to a sole proprietor operating under their own name. There's no minimum balance needed to open most small business accounts at RBC and your account could include a higher overdraft limit than your personal account.

Question 7

How do I qualify for an RBC business or commercial credit card?

Accepted Answer

It depends on the type of RBC credit card, the program you apply for, and whether you’re an existing RBC client already. RBC offers credit cards for small, medium, or large businesses. To find the right credit card for your business needs, and the documentation required to be eligible, explore our business and commercial programs or use our Digital Business Tool at https://apps.royalbank.com/uaw0/your-digital-business-advisor?need=cards to get a recommendation for your business.

Question 8

Does a business or commercial credit card build my business credit score?

Accepted Answer

Yes, your business-related expenses, payments, and usage habits will help in building your business credit score for future financing needs.

Question 9

Do I need a separate credit card for my business?

Accepted Answer

A business or commercial credit card dedicated to your business needs is a great idea. Depending on the credit card and program selected, a business or commercial credit card offers numerous benefits such as:
- Keeping track of business expenses and simplifying tax filing
- Maximizing cash flow with an interest-free grace period (17 - 21 days depending on the type of credit card)
- Building better relationships with suppliers by paying on time
- Getting access to multiple credit cards for employees to help manage expenses and payments
- Building your business credit score for future credit needs
- Earning rewards with built-in programs such as Avion Rewards or Cash Back with eligible cards
- Redeeming Avion points for personal use or reinvesting them back into the business.

Question 10

Does a business or commercial credit card affect my personal credit score?

Accepted Answer

No, your business or commercial credit card will not affect your personal credit score. Your business credit score is built off the financial history of the business itself, not your personal spending habits. The business or commercial credit card should be registered under your business name for tax purposes as well as to build your business credit score.

Question 11

Why should I get a credit card for my business?

Accepted Answer

Whether you’re a start-up or an established business, you’ll need to manage cash flow, pay suppliers, track business expenses, and more. A business or commercial credit card gives you access to business-specific benefits such as extended days payable, simplified reporting and controls, and accelerated rewards, all while building credit for future borrowing needs. Compare some of the business and commercial credit cards RBC has to offer, or explore our business advice section to get solutions and savings that can help your business thrive.

Question 12

Can I use my personal RBC credit card for business expenses?

Accepted Answer

Yes, you can use your RBC personal credit card for business expenses, but a business credit card will simplify tracking your business expenses, making payments, managing cardholders and filing taxes. A business credit card is also essential for building credit for your business, which can help you access business loans in the future. Plus, with many of our RBC business or commercial credit cards, you could benefit from the Liability Waiver Program, which protects businesses against certain unauthorized charges that may be made by employee cardholders.

Question 13

What is RBC PayEdge?

Accepted Answer

RBC PayEdge is an innovative accounts payable platform that automates payments to suppliers by integrating with your accounting system.
RBC PayEdge reduces manual tasks, seamlessly connects to leading accounting and ERP platforms, and optimizes the reconciliation and approvals processes.
Ready to automate payments to your suppliers?
Enjoy effortless payments with RBC PayEdge.

Question 14

What is accounts receivable?

Accepted Answer

Accounts receivable is money owed to a business by clients or customers for products or services that have been provided and invoiced.

Question 15

How can RBC’s accounts receivable solutions help my business?

Accepted Answer

RBC’s accounts receivable solutions can help you simplify your collections process and maximize cash flow by making it easier for customers and others to pay you. Plus, reduce or eliminate trips to the bank with a wide range of electronic payment solutions and quickly access funds by having payments automatically deposited to your RBC business account.

Question 16

What is accounts payable?

Accepted Answer

Accounts payable is money a business owes to its suppliers or vendors for goods and services it has purchased. These funds are typically due in the short-term. Money owed to employees is not considered part of accounts payable.

Question 17

How can RBC’s accounts payable and payroll solutions help my business?

Accepted Answer

RBC’s accounts payable and payroll solutions can help you save time and money, benefit from better tracking and security, and know your cash position at any given time, so that you can make more informed, on-the-spot decisions.

Question 18

What is an ACH payment?

Accepted Answer

An Automated Clearing House (ACH) payment—also known as an electronic funds transfer (EFT)—is used to send Canadian or U.S. dollar electronic payments to Canadian banks and/or electronic U.S. dollar payments to U.S. banks requiring a currency conversion.

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