BMO Money Transfer Review

Q: How do I send money overseas with BMO?

Sending is as easy as logging into the app or online banking. If you pick the Western Union option, you can send money worldwide in minutes.

Q: What are the fees for BMO international transfer?

The fees range from $9 to as high as $125 depending on the method chosen.

Q: How long does it take to send money overseas with BMO?

Traditional transfers take two to five business days. Western Union transfer with BMO takes less than 30 minutes to arrive if you choose a cash payout option.

Exchange rates, payment options, step-by-step guide, transfer fees, and all you need to know about .

Trademark Disclaimer: BMO* is a trademark of Bank of Montreal 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.

Everything you need to know

BMO review

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.

Payment Methods Available with BMO

In order to send money from Canada with BMO, you will need to have a checking or savings account with the bank. BMO uses your bank transfer to fund either the wire payment or the Western Union transfer service.

How much can I transfer with BMO?

Using BMO, you can send an international transfer with BMO up to the limit of $999 per day. Using the wire transfer method, there is no maximum limit.

Interac e-Transfer

You can transfer up to $3,000 CAD per transaction with a daily limit of $10,000 CAD for personal accounts. Business accounts can transfer up to $25,000 CAD per transaction.

Wire Transfers

For domestic wire transfers, there's no specific maximum limit, but larger amounts may require additional verification. For international wire transfers, you can send up to USD $50,000 per transaction.

Global Money Transfer

You can send up to $100,000 CAD using BMO's Global Money Transfer service to over 30 countries, with some transfers completing in minutes.

How long does a transfer usually take with BMO?

Transfers with BMO typically take instant to 30 minutes for Interac e-Transfers. Wire transfers are usually processed on the same day if initiated before the cut-off time, with global transfers taking 2 to 5 business days.</span>

BMO Transfer Fees

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 and Cons of using BMO

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

BMO Profit

How does BMO make money?

BMO’s sliding scale of fees means the more money you send, the more the bank charges. In addition to the fees charged, BMO also makes a profit on the exchange rate. They do this by charging a margin over and above the interbank exchange rate.

BMO exchange rates

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.

Best rates with RemitBee

RemitBee makes sending money abroad simple, fast, and affordable. With transparent fees and no hidden charges, it offers competitive pricing for international transfers. You can choose from multiple payment methods and benefit from the mid-market exchange rate, which ensures you get the best value for your money.

Transfers are secure, with top-level encryption protecting your data and funds. Whether you're sending money to family or handling business transactions, RemitBee ensures a smooth, reliable experience every time.

Safety and security

Is BMO Secure?

BMO has been in operation since the 1800s and has millions of customers. The bank is regulated by the Canadian government as well. It protects customers with the option of two-factor authentication for online banking. BMO also guarantees to reimburse you all money lost if there are unauthorised transactions on your bank accounts.

What Countries Does BMO Allow You To Send Money To?

Using either wire transfer or Western Union, you can send to over 200 countries. Popular currencies include the euro, British pound, Mexican peso, Philippine peso, Indian rupee, Japanese yen and US dollar.