The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: Le0 on February 23, 2015, 09:16:08 AM
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I am looking to make my business a little more official. I can also apply to a few grants, but having a separate account for the business is a requirement. I have already gotten out of personal bank fees because I keep a minimum amount in the account.
But what is the best account for business? I am tempted to just us PC.
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Variables specific to your business will factor in: how many transactions per month, what type, etc.
If you will be receiving USD money through PayPal, RBC seems to be the best option last I checked (about two years ago). For some reason, this is the only Canadian bank that can skip an extra conversion that PayPal will otherwise impose.
I recently moved to TD, and am unhappy with it -too many errors on their part.
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I use PC Financial for my business transactions, which are very limited. It really helps with the bookkeeping at year end to have the business transactions all in one separate account.
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Interesting information about RBC. I'm not sure how many transactions I am looking at to be honest. Right now I receive at least 2 a month. I imagine that will go up once I move into the business full time.
I will also have to check the place I am getting a grant from, maybe they require a specific kind of account, but otherwise I am looking a PC because there are no fees.