Exchange rates, Payment methods, How to, Transfer fees and much more
If you’re in Canada and want to send money abroad, you may want to consider using Bank of Montreal (BMO) international money transfer. The Bank of Montreal, commonly known as BMO, can be used to send money home using wire transfers and Western Union too.
Before you start though, you should do some research. It’s important to know what countries you can send money to with BMO. Their fees, exchange rates, and the total cost of the transfer are other important factors. Depending on your needs, BMO may be the right choice for you, or you may want to look at other money transfer options.
If you’d like to know how BMO international money transfers measure up, keep reading. This review will tell you everything you need to know.
BMO wire transfer fees start at a minimum of $15 to as high as $125 depending on the transfer method you choose. Outgoing fees for wire transfers are 0.2 percent of the value of the transfer. There is a communication charge of $10.00. Note that in some cases the recipient’s bank or intermediary banks may charge a fee as well.
If you opt to send with Western Union, the fee will be $9 as well as 1 percent of the transfer amount.
Pros
Transfers usually arrive quickly
Receivers can pick up cash
Wide variety of currencies available
App makes it easy to transfer on the go
Cons
Have to visit a branch to do a wire transfer
Fees to send can be high
Exchange rates are not competitive
Not good for sending large amounts
There are two methods with BMO Money Transfer:
Wire transferIn order to send a wire transfer you will need to visit a BMO branch. You will need the following information:
In order for the receiver to collect their money, they will need the MTCN (Money Transfer Control Number). Make a note of this number and provide it to them.
BMO only publishes their over the counter cash exchange rates. If you choose to send via online banking using Western Union, the rate will be displayed on your screen when you initiate the transfer. In most cases, there will be a 2 to 5 percent margin added to the basic exchange rate. This is the interbank rate, which is the one you’ll see if you search for the daily rate in a search engine or similar.
Telephone: 1-844-837-9228
Email: [email protected]
Online support: Use the support tool
In branch: Use the branch locator tool
BMO holds the title of Canada’s first bank. It has been in service to the Canadian people since 1817. It started its life as the Montreal Bank, and since then it has had a large part in the nation’s history. The primary purpose the bank was opened for was to assist businessmen in Montreal with a safe space to store their money, get loans, and get foreign currency.
In 1935, the Bank of Canada was created. The many different subsidiaries of the bank are called the BMO Financial Group. Today, the bank serves 12 million customers and has over $800 billion in assets. It is now Canada’s fourth largest bank.
It’s possible to register for a BMO account online or in branch. Newcomers to Canada can get a special offer from the bank with the BMO NewStart program.
This plan includes a no-fee chequing account and a free safety deposit box for a year. The bank will even give you cash bonuses to sign up for an account. In order to apply for an account, have your Canadian address and Social Insurance Number (SIN) handy. BMO will run a credit check using this information.