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Financial apps and digital money services in Canada.
Eight approved records cover personal and business bank deposits, trust-held chequing, multicurrency money services, a payment wallet, a crypto platform and business finance. Compare the exact product and protection model before comparing a headline fee.
Direct answer
There is no universal winner because the eight records are not the same product.
EQ Bank is the direct bank-deposit record. Wealthsimple's chequing cash uses a conditional trust and partner-institution structure. Wise and Airwallex are strongest in the approved set for international personal and business workflows, PayPal is a payment wallet, and Coinbase is the crypto-specific record.
Product classification
Bank, trust-held chequing, wallet and crypto platform are different records.
The comparison resolves the Canadian legal entity and exact product before discussing fit.
Direct bank deposit
EQ Bank is a trade name of Equitable Bank. Eligible deposits use the member bank's CDIC framework.
Trust-held cash
Wealthsimple is not a bank; eligible chequing cash is allocated in trust to CDIC-member institutions.
Payment service
Wise, PayPal and Airwallex use safeguarding or trust arrangements that are not bank deposits.
Crypto custody
Coinbase's digital assets and fiat wallet may not receive CDIC, CIPF or other insurance coverage.
Verified CA comparison
Change the job, not the evidence.
These controls only reorder approved market records. Legal entity, product class, protection wording, source date and confidence stay fixed.
Personal deposits: Prioritises direct bank deposits and conditional trust-held cash without merging their coverage models.
| Provider | Product type | Market status | Legal entity | Protection model | Evidence | Compare |
|---|---|---|---|---|---|---|
| EQ BankPersonal CAD deposits and everyday Canadian payment features in the cited account. | canadian bank digital personal account | available with personal eligibility and product conditions | Equitable Bank | Eligible Equitable Bank deposits can receive CDIC coverage by category.EQ Bank and Equitable Bank deposits aggregate under the same member; account and provincial conditions apply. | 4 source records | |
| WealthsimpleNo-monthly-fee chequing linked to Wealthsimple's broader personal platform. | financial platform with trust bank partner chequing | available with residency and product conditions | Wealthsimple Payments Inc. | Eligible cash is held in trust across CDIC-member institutions under conditional allocation rules.Wealthsimple is not a bank or CDIC member; member allocation, category and aggregation determine coverage. | 4 source records | |
| RBC Royal BankDirect Canadian business deposits, electronic payments and conditional cash or branch use. | canadian bank business deposit account | available with business form registration identity signatory channel cash and acceptance conditions | Royal Bank of Canada | Eligible Royal Bank of Canada deposits can receive CDIC coverage by category.Business form, signatory, channel, package and deposit-category conditions apply. | 3 source records | |
| BMOLow-fee Canadian business banking with electronic transactions and branch escalation. | canadian bank business deposit account | available with business form registration identity ownership signatory channel and acceptance conditions | Bank of Montreal | Eligible Bank of Montreal deposits can receive CDIC coverage by category.Online eligibility, ownership evidence, transaction definitions and plan limits apply. | 3 source records | |
| WisePersonal or business multicurrency holding, conversion and international transfers. | canadian money services business multicurrency business account | available with business entity identity feature currency card and route conditions | Wise Payments Canada Inc. | Customer money is safeguarded separately under Wise's payment-service model.This is not a bank-deposit account; routes, receiving details, cards and fees vary by transaction. | 6 source records | |
| PayPalOnline checkout, sending, receiving and merchant payment workflows. | online payment wallet | available with account and transaction conditions | PayPal Canada Co. | Pooled customer funds are safeguarded under the cited payment-services terms.PayPal is not a bank, balances are not deposits, and CDIC does not cover them. | 1 source records | |
| AirwallexEligible Canadian businesses managing multicurrency collections, spend and transfers. | business finance and multicurrency payment platform | available for eligible canadian businesses | Airwallex (Canada) International Payments Limited | Canadian customer funds are held in a separate RPAA trust arrangement.Airwallex is not a bank; safeguarding is separate from CDIC coverage and onboarding is conditional. | 3 source records | |
| CoinbaseBuying, selling, holding and transferring supported crypto assets. | restricted dealer crypto platform | available with province product and asset conditions | Coinbase Canada, Inc. | Custodial title and operational terms apply; this is not deposit insurance.Fiat-wallet funds and digital assets may not be covered by CDIC, CIPF or another insurance scheme. | 2 source records |
EQ Bank
canadian bank digital personal account- Market status
- available with personal eligibility and product conditions
- Legal entity
- Equitable Bank
- Product note
- EQ Bank is a trade name of Equitable Bank. The cited Personal Account is a CAD deposit account with no monthly maintenance fee, but account, transaction, hold, residency and provincial conditions remain product-specific.
- Protection model
- Eligible Equitable Bank deposits can receive CDIC coverage by category.EQ Bank and Equitable Bank deposits aggregate under the same member; account and provincial conditions apply.
View legal and product sources
Wealthsimple
financial platform with trust bank partner chequing- Market status
- available with residency and product conditions
- Legal entity
- Wealthsimple Payments Inc.
- Product note
- Wealthsimple Payments Inc. manages the chequing account and is not a bank or CDIC member. Eligible cash is held in trust at member institutions, with coverage dependent on member allocation, category, ownership and aggregation rules.
- Protection model
- Eligible cash is held in trust across CDIC-member institutions under conditional allocation rules.Wealthsimple is not a bank or CDIC member; member allocation, category and aggregation determine coverage.
View legal and product sources
RBC Royal Bank
canadian bank business deposit account- Market status
- available with business form registration identity signatory channel cash and acceptance conditions
- Legal entity
- Royal Bank of Canada
- Product note
- Royal Bank of Canada directly provides conditional Canadian business deposit accounts. Digital Choice has channel, transaction, cash and package conditions; eligible deposits can enter CDIC protection subject to member, depositor, category and aggregation rules.
- Protection model
- Eligible Royal Bank of Canada deposits can receive CDIC coverage by category.Business form, signatory, channel, package and deposit-category conditions apply.
View legal and product sources
BMO
canadian bank business deposit account- Market status
- available with business form registration identity ownership signatory channel and acceptance conditions
- Legal entity
- Bank of Montreal
- Product note
- Bank of Montreal directly provides conditional Canadian business deposit accounts. Essential has channel, transaction, cash and plan conditions; eligible deposits can enter CDIC protection subject to member, depositor, category and aggregation rules.
- Protection model
- Eligible Bank of Montreal deposits can receive CDIC coverage by category.Online eligibility, ownership evidence, transaction definitions and plan limits apply.
View legal and product sources
Wise
canadian money services business multicurrency business account- Market status
- available with business entity identity feature currency card and route conditions
- Legal entity
- Wise Payments Canada Inc.
- Product note
- Wise Payments Canada Inc. provides eligible Canadian businesses conditional multicurrency holding, receiving, conversion, payment, card and team functions. It is not a bank and the ordinary balance is not presented as a CDIC-insured deposit.
- Protection model
- Customer money is safeguarded separately under Wise's payment-service model.This is not a bank-deposit account; routes, receiving details, cards and fees vary by transaction.
View legal and product sources
PayPal
online payment wallet- Market status
- available with account and transaction conditions
- Legal entity
- PayPal Canada Co.
- Product note
- PayPal Canada Co. provides personal and business payment accounts. PayPal is not a bank, balances are not deposits, and funds are not covered by CDIC or a provincial deposit insurer.
- Protection model
- Pooled customer funds are safeguarded under the cited payment-services terms.PayPal is not a bank, balances are not deposits, and CDIC does not cover them.
View legal and product sources
Airwallex
business finance and multicurrency payment platform- Market status
- available for eligible canadian businesses
- Legal entity
- Airwallex (Canada) International Payments Limited
- Product note
- Airwallex Canada offers eligible Canadian businesses a multicurrency business account, transfers and corporate-card tooling. It is an MSB/payment service rather than a bank, with funds safeguarded in a separate RPAA trust arrangement.
- Protection model
- Canadian customer funds are held in a separate RPAA trust arrangement.Airwallex is not a bank; safeguarding is separate from CDIC coverage and onboarding is conditional.
View legal and product sources
Coinbase
restricted dealer crypto platform- Market status
- available with province product and asset conditions
- Legal entity
- Coinbase Canada, Inc.
- Product note
- Coinbase Canada is a restricted dealer across Canada. Fiat-wallet funds and digital assets may not be protected by CDIC, CIPF or another insurance scheme, and payment methods, assets, fees and services remain conditional.
- Protection model
- Custodial title and operational terms apply; this is not deposit insurance.Fiat-wallet funds and digital assets may not be covered by CDIC, CIPF or another insurance scheme.
View legal and product sources
0 selected locally.No matching comparison is published
Protection boundary
CDIC coverage follows the exact deposit and institution—not the app screen.
CDIC generally protects eligible deposits up to CAD 100,000, including principal and interest, in each insured category at a member institution. Ownership, category and all deposits held with the same member affect the calculation.
EQ's eligible deposits are direct Equitable Bank deposits. Wealthsimple describes a trust allocation to member institutions. Wise, PayPal and Airwallex use separate safeguarding models, while Coinbase's crypto and fiat-wallet terms explicitly preserve uninsured risk.
Member-bank deposit
Verify the exact member, depositor name, category and aggregate balance.
Trust allocation
Verify beneficiary records, member allocation and other deposits at each member.
Safeguarded funds
Segregation or trust can protect customer funds without being deposit insurance.
Crypto custody
Price, custody, platform and recovery risks remain separate from bank-deposit protection.
Eligibility
Residency, age, business type and verification can change access.
The cited products use different residence, age, identity, entity and onboarding checks. EQ and Wealthsimple records are personal-account scoped; Airwallex is business-only; Wise, PayPal and Coinbase expose product- and transaction-specific conditions.
Read the Wise reviewRead the Airwallex reviewFees and rates
Static rows are snapshots, not permanent promises.
EQ and Wealthsimple currently publish no monthly fee for the cited personal accounts. Wise and Airwallex publish route- and currency-dependent pricing. PayPal and Coinbase fees depend on transaction and product context. Recheck the live schedule and confirmation screen.
Payment rails
EFT, Interac e-Transfer, wires and cards are market context—not universal features.
Payments Canada and Interac establish Canadian systems. Provider records still need exact directional support.
EFT
Canada market context. Check the provider, product, direction, limit, hold and fee before relying on support.
Interac e-Transfer
Canada market context. Check the provider, product, direction, limit, hold and fee before relying on support.
wire
Canada market context. Check the provider, product, direction, limit, hold and fee before relying on support.
card
Canada market context. Check the provider, product, direction, limit, hold and fee before relying on support.
Source ledger
Every material Canada claim keeps its entity, source and date.
Sources were observed on 12 July 2026 and require launch-time and material-change reverification.
EQ Bank Canada source drawer
EQ Bank is displayed as canadian bank digital personal account in Canada.
- The agreement identifies EQ Bank as a trade name of Equitable Bank and governs the Personal Account.
- It states no monthly maintenance fee while preserving transaction limits, linked-account checks, deposit holds and eligibility conditions.
- The cited product does not accept cash or wire deposits; exact transaction methods must be checked before use.
- EQ lists no monthly account fee and no EQ fee for listed everyday banking services including eligible EFT, Interac e-Transfer and bill payment use.
- Published limits, deposit holds, third-party charges and feature conditions remain applicable.
- A no-fee row is product-specific and is not a claim that every possible transaction is free.
- The rate table observed on 12 July 2026 showed a 1.00 percent Personal Account base rate and a 2.75 percent rate with a qualifying recurring monthly direct deposit of at least CAD 2,000; rates can change.
- EQ states that Equitable Bank is a CDIC member and that eligible deposits under EQ Bank and Equitable Bank are aggregated by depositor and insured category.
- Product and provincial availability conditions, including stated Quebec exclusions for some products, require exact checks.
- CDIC describes automatic coverage for eligible deposits at member institutions, generally up to CAD 100,000 including principal and interest in each insured category.
- Coverage depends on the exact member institution, depositor, ownership category and aggregation rules.
- Cryptocurrencies are not eligible deposits, and a fintech or wallet must not inherit a CDIC label from a partner institution without the required trust and record conditions.
Wealthsimple Canada source drawer
Wealthsimple is displayed as financial platform with trust bank partner chequing in Canada.
- The agreement is with Wealthsimple Payments Inc., which identifies itself as a FINTRAC-registered MSB and a Bank of Canada-registered payment service provider; registration is not an endorsement.
- Eligibility includes Canadian residency, age of majority and identity verification conditions.
- Chequing funds are held in trust in accounts at one or more CDIC-member institutions; applicable coverage depends on the member, insured category, records and aggregation rules.
- Wealthsimple lists no monthly account fee, no Wealthsimple foreign-transaction fee, eligible ATM-fee reimbursement and no Wealthsimple Interac e-Transfer fee for the chequing product.
- The page says Wealthsimple is not a bank or CDIC member and describes a trust arrangement across CDIC-member institutions.
- Interest tiers, transfer limits, reimbursement, wire pricing and partner allocation are conditional and can change.
- The observed pricing table listed CAD 0 monthly chequing fees and no account minimum for Core, Premium and Generation tiers.
- It listed chequing rates of 1.25, 1.75 and 2.25 percent by tier; rates and tier eligibility can change.
- It describes potential CDIC coverage through a trust allocation across up to ten member institutions; this is conditional, not a Wealthsimple bank-membership claim.
- CDIC describes automatic coverage for eligible deposits at member institutions, generally up to CAD 100,000 including principal and interest in each insured category.
- Coverage depends on the exact member institution, depositor, ownership category and aggregation rules.
- Cryptocurrencies are not eligible deposits, and a fintech or wallet must not inherit a CDIC label from a partner institution without the required trust and record conditions.
Wise Canada source drawer
Wise is displayed as canadian money services business multicurrency business account in Canada.
- Wise identifies Wise Payments Canada Inc. as the Canadian entity and publishes FINTRAC MSB registration M15193392.
- It also identifies a Revenu Quebec money-services licence for its Quebec operations.
- MSB or licence status must not be rewritten as bank status or deposit insurance.
- Canada is included in Wise's current list of places whose residents can hold money in a Wise account.
- Holding eligibility does not prove every currency, card, receiving detail, transfer direction or business feature.
- Customer verification, unsupported activities and route-specific restrictions still apply.
- The Canadian schedule lists free registration and holding, with send and conversion pricing starting from 0.48 percent on eligible routes.
- Fees depend on amount, currency, funding method and transaction route and are shown before confirmation.
- The page states that Wise cards cannot be used for local ATM withdrawals in Canada; card availability must not be inferred from global marketing.
- Wise says it safeguards customer money and does not lend it like a bank.
- Arrangements vary by country.
- Wise Business supports conditional multicurrency receiving, holding, conversion, payments, cards, team controls, batch payments and accounting integrations for eligible Canadian businesses.
- The account uses Wise Payments Canada Inc. and its Canadian MSB or payment-services framework rather than a direct Canadian bank deposit relationship.
- Entity verification, currencies, account details, card, recipient, limits and feature availability remain customer-specific.
- The current page lists CAD 55 for the full business feature setup, with sending and conversion fees starting from 0.48% on eligible routes.
- Holding ordinary supported currencies is listed without a fee; receiving and Swift charges vary by currency and route.
- The page says Wise cards cannot be used for local ATM withdrawals in Canada; card, ATM, external-wallet, investment and customer-specific fees remain separate.
PayPal Canada source drawer
PayPal is displayed as online payment wallet in Canada.
- The agreement, last updated 10 June 2026 when observed, is between Canadian account holders and PayPal Canada Co.
- PayPal says it is not a bank, balances are not deposits and funds are not covered by CDIC or a provincial deposit insurer.
- It describes pooled eligible-institution safeguarding under Canada's payment-services framework; account, transaction, withdrawal, conversion and fee conditions remain separate.
Coinbase Canada source drawer
Coinbase is displayed as restricted dealer crypto platform in Canada.
- The agreement, last updated 22 May 2026 when observed, is with Coinbase Canada, Inc., a British Columbia corporation.
- Coinbase states that it is registered as a Restricted Dealer in all Canadian provinces and territories.
- Fiat-wallet funds and digital assets may not be protected by CIPF, CDIC or another investor-protection or insurance scheme; services, assets and fees remain conditional.
- The Canadian table lists conditional Interac e-Transfer, EFT, 3-D Secure card, wire and PayPal functions with different buy, add-cash and cash-out capabilities.
- EFT deposits may be credited for trading before a withdrawal or send hold ends.
- Published speed is an estimate and does not guarantee bank acceptance, network timing, limits, fee treatment or asset availability.
Airwallex Canada source drawer
Airwallex is displayed as business finance and multicurrency payment platform in Canada.
- Airwallex describes a Canadian business-only account for eligible organisations, with multicurrency collection, transfers and corporate-card tooling.
- It identifies Airwallex (Canada) International Payments Limited and FINTRAC MSB registration M19395067.
- Business verification, entity type, currencies, destinations, features and approval timing remain conditional.
- The Explore plan was listed at CAD 0 per user per month for up to ten eligible Spend users when observed; transaction and product fees remain separate.
- The table listed 0.5 percent above interbank rates for major-currency FX, 1 percent for other currencies, and CAD 20 to 35 for cited SWIFT transfer modes.
- Pricing, route availability, plan definition, team size, network charges and custom terms can change.
- Airwallex says its Canadian entity is a FINTRAC-registered MSB, Revenu Quebec-licensed MSB and Bank of Canada-registered payment service provider.
- It says Canadian customer funds are held in a separate RPAA trust account and are unavailable to Airwallex creditors, its banks or third parties.
- Safeguarding is not presented as CDIC deposit insurance or as Airwallex being a bank.
RBC Royal Bank Canada source drawer
RBC Royal Bank is displayed as canadian bank business deposit account in Canada.
- Royal Bank of Canada directly offers the cited Canadian business deposit account with a CAD 6 monthly package fee and no minimum balance requirement.
- The observed package includes unlimited specified electronic debits, credits and cheque deposits plus ten outgoing Interac e-Transfer transactions before separate charges.
- Online eligibility is narrower than product availability and can require a Canadian sole proprietorship or single-owner corporation, one authorised signatory, identity verification and branch activation.
- The current guide separates package inclusions from paper, cash, Interac, wire, foreign-currency and other service charges.
- Digital Choice cash deposits are priced separately by branch, ATM or Night and Day channel, and outgoing Interac transfers beyond the package allowance carry a per-transfer charge.
- The guide does not contain every fee and points business clients to the governing agreement and live service disclosures.
- CDIC describes automatic coverage for eligible deposits at member institutions, generally up to CAD 100,000 including principal and interest in each insured category.
- Coverage depends on the exact member institution, depositor, ownership category and aggregation rules.
- Cryptocurrencies are not eligible deposits, and a fintech or wallet must not inherit a CDIC label from a partner institution without the required trust and record conditions.
BMO Canada source drawer
BMO is displayed as canadian bank business deposit account in Canada.
- Bank of Montreal directly provides the cited Canadian business chequing account and lists a CAD 5 monthly fee.
- The observed plan includes unlimited electronic or ATM transactions, zero included in-branch transactions, six Interac e-Transfer transactions and separate cash, paper and excess-transfer charges.
- Online or branch onboarding depends on business form, age, registration, ownership, authorised signatories, identity and documentation; public requirements do not guarantee acceptance.
- BMO's current business account page incorporates plan transaction definitions, inclusions, overages and separate service conditions into the account decision.
- Electronic transactions, transfers between BMO accounts, Interac e-Transfers, cheque deposits and branch-assisted actions can be counted or priced differently.
- The governing agreement, current plan, account state and transaction channel control rather than a generic unlimited-transaction description.
- CDIC describes automatic coverage for eligible deposits at member institutions, generally up to CAD 100,000 including principal and interest in each insured category.
- Coverage depends on the exact member institution, depositor, ownership category and aggregation rules.
- Cryptocurrencies are not eligible deposits, and a fintech or wallet must not inherit a CDIC label from a partner institution without the required trust and record conditions.
Canada regulator, protection and rail sources
- FCAC supervises federally regulated financial entities for compliance with federal consumer-protection measures.
- Its mandate is market context and does not establish that every provider on this page is a federally regulated bank.
- Provincial, securities, payments, AML and deposit-insurance regimes remain separate where applicable.
- CDIC describes automatic coverage for eligible deposits at member institutions, generally up to CAD 100,000 including principal and interest in each insured category.
- Coverage depends on the exact member institution, depositor, ownership category and aggregation rules.
- Cryptocurrencies are not eligible deposits, and a fintech or wallet must not inherit a CDIC label from a partner institution without the required trust and record conditions.
- Payments Canada describes ACSS and USBE as Canada's retail batch payment system for eligible paper and electronic payment items.
- This establishes market infrastructure only; it does not prove that every provider supports EFT, cheque, debit or a specific clearing path.
- Provider-level direction, timing, limits, holds and eligibility require separate evidence.
- Payments Canada describes Lynx as Canada's high-value payment system using real-time gross settlement with final settlement.
- Direct participation belongs to eligible financial institutions; a consumer-facing wire feature may rely on intermediaries.
- The rail record does not establish provider pricing, cutoffs, availability or delivery time.
- Interac describes e-Transfer as a way to send, request and receive money through participating Canadian financial institutions and online banking.
- Both parties generally require Canadian accounts at participating institutions for the standard flow.
- Limits and fees are set by the financial institution; the market rail must not be treated as a universal provider feature.
Unavailable or deliberately not inferred
- A universal winner, approval outcome, identity-document list or all-in cost.
- CDIC coverage for safeguarded payment balances or digital assets.
- Named Wealthsimple partner institutions when the approved agreement does not name them.
- Provider-level rail support beyond each cited product statement.
- Current promotional rates after the observation date without reverification.