BMO USD Account Overview

Save your money in a US dollar account with no monthly fees. Intrigued? Keep reading to find out more!

BMO USD Account

           

The BMO (Bank of Montreal) USD account is a great choice for Canadians who need a place to keep their US dollars, or to keep money that they are paid in USD. By opening this account, you won’t have the hassle of exchanging your money to Canadian dollars, and this is a major plus if exchange rates aren’t favourable.

With BMO, you can save your money in a US dollar account with no monthly fees as long as you hold another type of account with the bank. This page outlines everything you need to know about the BMO USD account and how it can help you reach your financial goals.

How to Create a USD Account With BMO

           

In order to benefit from the US dollar account with BMO, you must hold another type of chequing account with them. If you already bank with BMO, you can sign up online. Other new customers should visit a branch to open a USD account.

Sign up online

If you’re already a customer of BMO, simply sign into online banking and fill out the application in as little as seven minutes. If not, you can follow the steps to open a chequing account.

Sign up in a branch

Book an appointment using the BMO website and see the nearest branch to you.

Key features

           

Scotiabank offers a smarter way to save your US dollars in an account you can manage easily from your phone or via their online banking and app.

Here are the account’s key features.

  • Earn daily interest on every US dollar.
  • Shared transaction limits with your chequing account.
  • Add this account to your other account plan and only pay one monthly plan fee.
  • Save in US dollars and access your money whenever you need it.
  • Monthly Fees & Interest Rate & Minimum Balance

               

    Monthly fees:

    BMO charges zero monthly fees for its US Dollar Premium Rate Savings Account.

    Interest rate:

    Account holders benefit from a rate of 0.05%.

    Minimum Balance:

    There is no minimum balance for the BMO US dollar account, so $0. However, in order to benefit from zero transaction fees, you must keep $1,500 in your account.

    Offers

               

    For a limited time you can earn 300 CAD when you open a chequing account online, and an extra 50 CAD if you make it a Family Bundle. The process is very simple, here’s how it works:

  • Open a Canadian chequing account under the Plus, Premium, or Performance Plan.
  • Make a deposit by July 5, 2021
  • Make a qualifying transaction, such as a direct deposit, bill payment or authorized debit.
  • Qualify for the Family Bundle by adding a new family member account as part of Family Bundle to a new eligible plan that has qualified for the chequing account offer.
  • Currency Exchange Using USD Account

    01
    Create your free account

    Sign up for an account at https://www.remitbee.com/signup by entering your email address and choosing a password. Your Canadian phone number will be required to be verified. Fill in your personal information, such as your name and address.

    02
    Go to the menu

    From the menu, select Exchange Currency. Now enter the details of your currency exchange, depending on your exchange amount further verification may be required.

    03
    Connect your accounts

    Connect your CAD and USD bank accounts

    04
    Confirm your details

    Choose the amount and confirm your exchange rate. The entire transaction takes place between your own two currency accounts via EFT

    05
    You’re almost done!

    Convert your money! You can see all of your transactions in future by going to the Dashboard and clicking on the Transactions tab.