The Bank of Montreal (BMO) offers many ways to send money abroad. This ensures your global payments are safe and reliable. Whether it’s for family or business, BMO has both old and new ways to help.
They work with Western Union and also offer traditional wire transfers. These can be set up at BMO branches.
Costs for BMO branch transfers vary from CA$25 to CA$135. This includes a CA$10 communication fee, a 0.2% transaction charge, and SWIFT fees that change by branch. BMO also adds a markup to their exchange rates, which can be 4% – 6%.
For example, Western Union transactions show this markup clearly. BMO wire transfers might cost between CA$15 to CA$125, without SWIFT fees.
To learn more about international transfers at different banks, check out this link. Also, online money transfer services might be cheaper and faster than bank transfers.
Choosing the right way to send money abroad can save you money and hassle. BMO is reliable, but it’s good to look at other options like Wise or Remitly. They have low fees and clear rates.
For Canadians, apps like Wise or Remitly are worth checking out. They offer better deals than banks. You can find more about them in a detailed guide here.
Understanding BMO Canada’s International Money Transfer Options
BMO Canada offers many ways to send money abroad. One way is through the BMO wire transfer details. They also have a partnership with Western Union for fast and secure transfers.
When you use BMO’s wire transfer, you’ll see fees like BMO international transfer fees and SWIFT fees BMO. BMO charges a flat fee for each transfer. There might also be extra charges from the SWIFT network.
Another choice is the Western Union BMO partnership. It lets you send money directly from BMO branches. The fees are clear, and you might face percentage-based fees and extra charges like SWIFT fees BMO.
| Transfer Method | Fees | Additional Charges | Speed |
|---|---|---|---|
| Direct BMO Branch Transfer | $30 – $80 | SWIFT fees BMO | 1-3 business days |
| Western Union via BMO | Varies by amount | Potential currency conversion fees | Within hours |
When looking at international money transfer options, consider the cost, speed, and how easy it is to use. BMO has options for businesses too, with multi-currency accounts and tools for managing transactions. By working with Western Union, BMO makes it easy to handle international payments.
Guide to international money transfers BMO Canada
Understanding how to send money internationally with BMO Canada is key. This guide will help you navigate the steps for both Western Union and BMO branch transfers. It’s all about making your international payments smooth and efficient.
For BMO Global Money Transfer, you can start with a minimum of 100 CAD online. The maximum amount depends on your account and debit card limits. BMO charges a 40 CAD fee for high-value wire transfers. They also charge 16 CAD to receive international wire transfers. Remember, the BMO SWIFT/BIC code for receiving transfers is BOFMCAM2.
Wire transfers from a BMO branch are great for big amounts but have extra fees. There’s a 40 CAD fee and possible fees from other banks. BMO Global Pay for businesses sends to 30+ countries in 1 to 2 days. It includes a markup in exchange rates, making it good for businesses.
Don’t forget to consider all fees, exchange rates, and bank fees. They can greatly affect the total cost. Wise and OFX offer lower fees and send to many countries, making them good alternatives.
| Service Provider | Fee | Maximum Transfer Limit | Transfer Duration |
|---|---|---|---|
| BMO Global Money Transfer | 40 CAD (arranging fee) | Varies based on account type | 2 to 5 working days |
| Wise | From 0.33% | 1.5 million CAD | Quick processing |
| OFX | No fee over 10,000 CAD | Unlimited | 1 to 2 working days |
To learn more about efficient international payments, check out the BMO cross-border payment guide. It offers tips on managing your international payments with BMO. Keep an eye on exchange rates and fees to save money on your transfers.
Comparing BMO with Alternatives
When looking at BMO international transfers, it’s key to consider several factors. BMO sends money to 50 countries for $5 each. But, sending to a bank account can cost up to $50.
RBC stands out with transfers to over 200 countries for no fee. They charge a 2.5% fee for currency conversion. This makes RBC a strong choice against BMO. CIBC and TD Bank also offer good deals, with no fees for some transfers and a 2.5% currency conversion fee.
For cheaper options in Canada, Wise and Pesa are great. Wise sends money to 160 countries at the real exchange rate. Pesa has no fees for some transactions, saving you money. Payments Canada says 1 in 5 Canadians now use these services, up 33% from 2022.
While banks like BMO are safe, digital services often have better rates. They are cheaper, faster, and more efficient. Knowing the differences helps you make smart choices for your money transfers.
