EQ Bank business account

EQ Bank is an exclusively online Canadian bank created by Equitable Bank, a federally regulated Schedule I bank established in 1970. EQ Bank provides various investment and savings options, such as high-interest savings accounts, guaranteed investment certificates (GICs), and tax-free savings accounts (TFSAs). Additionally, EQ Bank has partnered with TransferWise to offer cost-effective international money transfer services. It is currently Canada's ninth-largest independent bank.

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Trademark Disclaimer : EQ Bank* is a trademark of EQ with whom Remitbee Incorporated ("We," "Us," "Our") has no direct or indirect association in marketing, sales or customer service. Indeed, the enclosed contents are provided only for information and comparison purposes. We further state that all third-party products, services, company names and logos remain the property of their respective holders. Use of them here in this article does not imply any affiliation with or endorsement by them.

How To Open an EQ Bank Account?

EQ Bank does not offer business accounts at the moment. However, they are known to have the best savings account deals across Canada. They also offer US Dollar accounts for smoother USD-CAD exchange transactions. Here's a guide to opening an account online:

Visit their website to start
Provide your name and email
Check your email and input the passcode sent to verify
Provide your mobile number and input verification code
Choose the account type you wish to open
Follow the instructions if asked to verify your identity

Eligibility to Open an EQ Bank Account

To open an EQ Bank account, you must:

Be a Canadian resident
Be of legal age
Have a social insurance number (SIN)

Required Documents for EQ Bank Account Application

When opening an EQ Bank account online, be sure to have the following:

Your social insurance number (SIN)
Valid photo ID
Your personal and active email and phone number (for security purposes)

EQ Bank Account Options

EQ Bank offers various savings and US Dollar accounts online. Here's a summary of their main account types:

Savings Plus Account

Most transactions are free. Some limitations apply on number of linked accounts, joint accounts, and maximum transaction amounts. Learn more.

Tax-Free Savings Account (TFSA)

No fee on everyday transactions. Transactions limited to CAD currency. Account limit: $200,000, EFT limit: $100,000. Learn more.

Regular Savings Plan (RSP) Account

Free with features similar to TFSA. Account limit: $1,000,000. Learn more.

US Dollar Account

No standard banking fees. Some limitations on number of transactions. Learn more.

Consider Remitbee for Your Business Account Needs

Consider Remitbee Business Account for your business, as EQ Bank currently does not offer them. Like EQ Bank, we provide free services and competitive foreign exchange rates. Remitbee only takes 0.3% to 0.6% of the conversion, giving you the highest possible amount from currency exchange. Remitbee Business Account lets you:

Send up to $100k a day
Transfer at least $500 free of charge
Send and receive money fast
Get the highest exchange rate
Ensure a 100% money-back guarantee

Opening a Remitbee Business Account is hassle-free, similar to setting up a personal account. Provide proof of address to verify your business account. For details, see this guide.

Other Bank Business Accounts

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