A Guide to BMO Business Accounts

By Remitbee - Apr 1, 2024

BMO is among the most prominent names in the Canadian banking sector, ranking 8th largest in North America by asset size. Their self-stated purpose to "Boldly Grow the Good in business and life" drives their strategy towards a thriving economy, a sustainable future and an inclusive society.

It was named Canada's best-performing bank on The Banker's annual ranking of the Top 1000 World Banks, based on 17 key ratios and eight categories, including growth, profitability, operational efficiency, asset quality, return on risk, liquidity, soundness and leverage.

BMO for Business

BMO has offers to cover all your business needs in Canada, including a variety of Business bank accounts for entrepreneurs of all sizes. We'll go into details of each account and their benefits below.

eBusiness Plan

The eBusiness Plan is ideal for small Canadian business owners, as it has unlimited electronic transactions, no monthly fees, and minimum balance requirements.

  • Monthly fee: $0
  • Transactions per month: Unlimited

Business Start

BMO's Business Start chequing account is a simple and affordable option for seasonal businesses that only deal with a few monthly transactions. Its main attraction is its low-fees at no minimum balance requirement.

  • Monthly fee: $6
  • Transactions per month: 7
  • Interac e-Transfers: 2
  • Moneris transactions: Unlimited

Business Builder 1

The Business Builder 1 account takes things up a notch. It is ideal for up-and-running businesses that handle a moderate amount of transactions. It features:

  • Monthly fee: $22.50
  • Balance requirements: No minimum
  • Transactions per month: 35
  • Interac e-Transfers: 2
  • Moneris Transactions: Unlimited

Business Builder 2

The Business Builder 2 plan from BMO allows you to scale up your business for regular monthly transactions, both online and at your local branch, with digital banking solutions. It features:

  • Monthly fees: $45
  • Balance requirements: No minimum balance
  • Transactions per month: 70
  • Interac e-Transfers: 2
  • Moneris Transactions: Unlimited

Business Builder 3

BMO's Business Builder 3 gives you the capacity to handle a high volume of monthly transactions once business starts picking up. Along with its advanced digital banking solutions, the plan also allows you to waive your monthly fees if you maintain a balance of $35,000.

  • Monthly fees: $80
  • Balance requirements: No minimum balance
  • Transactions per month: 120
  • Interac e-Transfers: 2
  • Moneris Transactions: Unlimited
  • Minimum balance to waive monthly fees: $35,000

Business Builder 4

BMO's premium offering for Canadian businesses is the Business Builder 4 plan, which provides the highest number of monthly transactions, advanced digital banking solutions, and other benefits like fee waivers for maintaining a balance of $80,000.

  • Monthly fees: $120
  • Transactions per month: 160
  • Interac e-Transfers: 2
  • Moneris Transactions: Unlimited
  • Minimum balance to waive monthly fees: $80,000

Advantages of BMO Business Bank Account

Whether you're a budding entrepreneur or a seasoned corporation, the right banking solutions can significantly impact your operations, growth trajectory, and financial stability. BMO stands out as a stalwart ally for businesses, offering a suite of tailored solutions through its business accounts. The advantages of banking with BMO include:

  • Flexibility and Customization: BMO's business accounts offer a high degree of flexibility and customization, with plans for a basic checking account for day-to-day transactions or a comprehensive package with advanced features like cash management tools and merchant services, all tailored to your business needs.
  • Convenient Online Banking: BMO's online banking platform empowers businesses with 24/7 access to account information, transaction history, and powerful tools for managing finances on the go. From initiating payments to tracking expenses, the online portal puts control at your fingertips.
  • Dedicated Support: Businesses often encounter unique challenges that require personalized assistance. With BMO business accounts, you gain access to a dedicated team of experts who understand the intricacies of commercial banking. Whether you need advice on optimizing cash flow or assistance with complex transactions, BMO's knowledgeable professionals are ready to assist you every step of the way.
  • Competitive Pricing: Cost-effectiveness is a crucial consideration for businesses of all sizes. BMO's transparent fee structure ensures exceptional value for your banking services. With competitive pricing and no hidden charges, you can effectively manage your expenses and allocate resources toward growing your business.

Banking with BMO

BMO's business accounts are meticulously crafted to cater to the diverse needs of businesses, from sole proprietorships to multinational corporations. These accounts serve as the cornerstone of financial management, providing a range of features designed to streamline transactions, optimize cash flow, and facilitate growth, all reasons to bank with BMO in 2024 and beyond.

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