BMO international transfer: Fees, Limits and Exchange Rates 2024

Looking to learn more about making a BMO international bank transfer? You’re in the right place. This guide covers how to send money overseas with BMO, the BMO exchange rate and fees, and the available countries and currencies.

BMO is one of Canada’s Big 5 banks - and has been around for over 100 years. However, when it comes to sending an overseas transfer, BMO might not be your best bet. Specialist services like Wise and OFX may be able to offer a faster service, with lower overall fees.

BMO international money transfer comparison

Before you transfer money abroad with BMO it’s important to know there are several different potential fees:

• Transfer fee - upfront fee, paid to BMO - often the smallest charge levied

• Exchange rate markup - a percentage rolled up in the exchange rate

• Third party fees - paid to other banks involved in processing your transfer through the SWIFT network

To give an idea of how BMO compares with other payment services, let’s look at an example. Here’s what you’d pay if you were sending a standard online transfer of 1,000 CAD to a USD denominated account, with BMO’s Global Money Transfer tool compared to a few specialist services.

*The speed of transaction claims depends on individual circumstances and may not be available for all transactions

**Information correct on 25th October 2024.

BMO international money transfers made through the Global Money Transfer service have a pretty low upfront fee of 5 CAD. However, it’s useful to know you’ll also be paying an exchange rate markup which pushes up costs - and further fees may be deducted by intermediaries as the payment is processed. This can mean your recipient gets less than you’re expecting in the end.

Specialist services like Wise and OFX may to have more transparent charges which can work out cheaper overall, and are also easy to use online and in-app.

About BMO Global Money Transfer

BMO Global Money transfer is the online and in app payment service from BMO, which lets you send money from your BMO account to other bank accounts in 50+ countries.

There’s a flat transfer fee in this case, which can be cheaper than sending your money by wire in a BMO branch.

Key points: BMO Global Money Transfer

• You can send BMO payments to 50+ countries, for deposit to bank accounts

• BMO Global Money Transfers take 2 to 5 working days to arrive

• There’s a flat 5 CAD fee for a Global Money transfer, plus any applicable exchange rate markup or third party fees

• You can send from 100 CAD - upper limits depend on your specific BMO account

• Receiving an international payment to BMO costs 16 CAD

• Alternative providers like Wise and OFX might be faster and cheaper for overseas transfers

BMO international transfer fees

There’s no BMO transfer fee for sending money overseas online with the Global Transfer service to accounts held by BMO in the United States, or if you have one of the following bank plans:

• Premium Plan

• Platinum Plan

• Performance Plan

However, even if you’re covered by either of these fee waivers you’ll still need to pay the exchange rate markup, and any relevant third party costs will be deducted from the transfer amount while it’s being processed.

Here’s a full rundown of BMO’s standard international remittance fees:

BMO exchange rate

All international payments arranged through BMO will use the standard BMO exchange rate. That’s not necessarily the same as the mid-market exchange rate - which is the one you’ll see if you use a currency converter tool or a simple Google search.

While banks buy currency themselves with the mid-market rate, they don’t normally pass this rate onto customers. Instead, they’ll add a markup to calculate the retail rate used when sending an international money transfer. Markups vary by currency but can be in the region of 3%. That doesn’t sound too bad, but quickly mounts up - here’s an example:

• Sending 1,000 CAD - the exchange rate markup adds 30 CAD to the total

• Sending 5,000 CAD - the exchange rate markup adds 150 CAD to the total

• Sending 50,000 CAD - the exchange rate markup adds 1,500 CAD to the total

As you can see, the exchange rate markup can quickly become the highest fee you’ll pay - especially when sending higher value amounts.

Here’s a reminder of the total costs - including exchange rate markups - from the providers we looked at earlier. This is what you’ll pay with each if you set up your payment online and send 1,000 CAD to a USD denominated account:

• BMO:  5 CAD + exchange rate markup + any applicable third party fees

• Wise: 7.40 CAD

• OFX: 15 CAD + exchange rate markup

• WorldRemit: 3.99 CAD + exchange rate markup

BMO additional fees

BMO international money transfers are processed using the SWIFT network. This can mean some extra costs creep in, which are levied by intermediaries involved in processing the payment. Any charges are deducted as the payment passes through the SWIFT network, which can mean the sender gets less than you expect in the end.

It’s also worth knowing that Global Money Transfer transactions count toward the monthly transaction limit which is covered by your bank plan - that may mean fair usage costs apply if you go over your plan amount.

How long does a BMO international money transfer take

BMO international transfers tend to take up to 5 working days to arrive. That’s common with regular banks which process transfers through SWIFT. Specialist services can often get your money moving faster - here’s how they comparison of how long international transfers take:

• BMO: 2 - 5 working days

• Wise: 50%+ of payments are instant

• OFX: most payments arrive within 24 hours

• WorldRemit: Most transfers are completed within the same day

Pros and cons of transferring money abroad with BMO

Instead of using BMO, take a look at specialist online services like Wise or OFX, which may be able to offer an easier and faster online or in-app service.

Alternatives to BMO for international wire transfers

It’s worth comparing BMO against some alternatives before you arrange your overseas transfer. BMO has a flat fee for online transfers, but there can also be additional costs rolled into the exchange rate, plus delivery times are fairly slow.

If you would prefer to transfer money with the mid-market rate check out Wise - you can send payments to 160+ countries, often quickly or instantly. Fees start from 0.33% and vary depending on the payment details.

You may also want to check out OFX which has no fee for high value transfers, and can also offer a very good selection of destination countries - or WorldRemit which has varied ways to receive money including cash collection. Here’s a quick BMO alternative summary;

Wise 

Open a Wise account online or in app, to send payments to 160+ countries, quickly or even instantly.

Currency conversion uses the mid-market rate with low fees from 0.33%. Set up your payment with just your phone, and pay from your bank account or with your card. While the amount you can send does depend on how you pay, you could arrange transfers to the value of 1.5 million CAD if you need to.

If you send and receive payments a lot you may also want to open a Wise account, and order a Wise card. Accounts can hold and exchange 40+ currencies and let you receive international transfers with local and SWIFT account details in a selection of currencies.

OFX 

OFX lets Canadian customers send 50+ currencies all over the world, by phone, in the app or online. Transfers can arrive quickly, and are usually in the recipient’s account in 1 or 2 days.

There’s a transfer fee of 15 CAD for payments under 10,000 CAD in value. This fee is waived for higher payments. In all cases,  a small exchange rate markup is applied to the mid-market rate to calculate the exchange rate used to convert your CAD to the required currency.

OFX also offers more complex currency risk management products and  24/7 phone service.

Learn more on OFX transfer review

WorldRemit

If you need your money to be collected in cash by the recipient, a BMO alternative like WorldRemit might be a good bet. You can send money to 130+ countries, and there are several different ways to have the money delivered to your recipient - including bank and mobile money deposit, cash collection and airtime top up. This can mean that you can get money to someone who doesn't have access to a bank more easily.

Fees vary and exchange rates include a markup.

BMO Global Money Transfer limit

BMO international transfer limits can vary depending on your account type. As a personal customer, you’ll be able to send amounts from 100 CAD online, but you’ll need to check the applicable upper limit for your account by logging into online banking. This upper limit is determined by your debit card limit.

Large amount transfers with BMO

The amount you can send with BMO Global Money will depend on the limits set on your debit card. This may also vary depending on the account type you hold with BMO. You can see your card - and transfer - limits on the BMO app or mobile banking services.

If you need to send an amount higher than your BMO online limit, you may still be able to arrange a wire transfer instead of a BMO Global Money payment. To do this you might need to call the bank or visit a branch - and higher fees apply.

BMO large transfer fees

If you want to send a higher value transfer with BMO and need to arrange a wire, this has a fee of 40 CAD. There may also be additional costs which are included in the exchange rate used for your payment.

This cost - known as a markup - is a percentage fee - so when you send a high value payment, it can mount up very quickly. Compare the fees from BMO against other providers, looking carefully at the exchange rate costs, to decide if it’s a good option.

Alternatives to BMO for higher amount transfers

BMO transfer fees may end up being fairly high for high value payments, because of the exchange rate markup that’s used. Before you arrange your high value transfer with BMO, compare a couple of other alternatives to see if there’s a better deal out there. Here are some providers to consider:

Wise: Send payments with the mid-market rate and fees from 0.33%. Discounts are available on fees if you’re sending more than the equivalent of 20,000 GBP in a month. Wise’s payment limits do vary depending on the destination country, but can be up to 1.5 million CAD.

OFX: Send payments in 50+ currencies, with no limit on most payment destinations. Transfers over 10,000 CAD in valu have no transfer fee, although a small markup is included in the exchange rate used to convert your dollars to the currency you need for deposit.

How to make an international transfer with BMO

You can transfer money overseas with BMO online, via your mobile device, or in a branch. If you’re in a branch the service team will guide you through arranging your transfer - but higher fees will apply compared to sending your money online with the Global Money Transfer service.

Here’s how to set up your payment on the BMO online and mobile banking service:

• Sign into your BMO banking service

• Select Pay & Transfer

• Select Global Money Transfer

• Enter the details of the recipient, currency and amount you want to send

• Confirm and your money is on the way

What information do you need to make an international transfer with BMO?

When you arrange your international payment with BMO you will need:

• Beneficiary full name

• Beneficiary bank account number

• Beneficiary bank SWIFT code

• Additional information based on the country - such as the recipient’s phone number, address or government issued ID

How to send a large amount transfer with BMO

If the amount you’re sending with BMO exceeds your account’s debit card limit, you will need to arrange a wire payment instead.

This can be done in a branch or by phone, and has a fee of 40 CAD plus exchange and third party costs as necessary.

Learn more: How to send large amounts of money internationally

BMO Global Money Transfer countries you can send money to

Here’s the full rundown of countries and regions served by BMO global money transfers:

How to receive an international transfer with BMO

To receive an international payment into your BMO account, you’ll need to give the sender:

• Your account number

• Your BMO branch phone number, address and transit number

• Your bank’s name: Bank of Montreal

• BMO’s institution number: 001

• The BMO SWIFT/BIC code

  The BMO SWIFT/BIC code is: BOFMCAM2

Receiving money from abroad with BMO

To receive an international payment into your BMO account, you’ll need to give the sender:

• Your account number

• Your BMO branch phone number, address and transit number

• Your bank’s name: Bank of Montreal

• BMO’s institution number: 001

• The BMO SWIFT/BIC code: BOFMCAM2

Once you’ve passed this information to the sender, you can simply sit back and wait for the money to arrive.

BMO receive international wire transfer fees

The BMO receive fees for international wires run to 16 CAD. This means that every time you get a payment from abroad to your BMO account, 16 dollars will be deducted from the amount before it’s deposited.

BMO limits for receving international wire transfers

The receive limits for international wires with BMO may vary depending on the type of account you have. Check on your online banking or call the bank if you’re unsure of the limit for your specific account.

BMO SWIFT code

When you send or receive an international transfer you’ll usually be asked to use a SWIFT code. This is a unique identifier assigned to banks around the world which is used to guide payments to the right place - like a postal code for your international payment. Always remember to pass the BMO SWIFT/BIC code to anyone sending you a payment from overseas to avoid delays in receiving your money.

BMO Global Pay for international business payments

If you’ve got a business account with BMO you could also choose to use BMO Global Pay for businesses. This service allows eligible account holders to send money online and in app, with lower overall costs compared to some other options available from BMO, although the exact fees do vary depending on the destination.

• Send money to 30+ countries with delivery in 1 to 2 days

• BMO Global Pay for businesses could be cheaper than alternative options like sending a business wire

• Exchange rates include a markup which may be different to the rate offered for alternative payment types

• Transfers are secure and arranged online

How to use BMO Global Pay

You can use BMO Global Pay for business in your BMO online banking service. Just log into your account, and enter the details of your transfer. If it qualifies for BMO Global Pay for business you’ll be notified on the screen, and you can also see the instructions to process your payment securely.

Alternatives to BMO Global Pay for business wire payments

BMO isn’t the only choice out there for business payments overseas. Using a non-bank alternative can be handy, with low fees and good exchange rates. Here are a couple of options to consider;

Wise Business: Send money to 160+ countries, with the mid-market rate and fees from 0.33%. Business accounts have no ongoing fees and offer perks like ways to receive money, debit and expense cards, batch payments and more.

OFX: Send payments in 50+ currencies, online or by phone. You can also open a Global Currency Account as a business customer to receive payments in several major currencies.

BMO customer service

Here’s how to get in touch with BMO customer service if you find you need help with an international transfer:

Conclusion: Is BMO a good option for international wire transfers?

BMO international money transfers can be made online, in the BMO mobile banking app or by visiting a branch. The cheapest and most convenient way to send money is online or in the app - but even then you’ll need to pay an extra fee rolled up into the exchange rate applied, plus any relevant third party charges.

Overall, you might find you’re better off choosing a specialist service like Wise or OFX instead of using your normal bank. Transfers might well be faster, and could work out cheaper, too.

BMO international wire transfers FAQs

How much does a global money transfer cost at BMO?

BMO international transfer fees when sending money online with the Global Money Transfer service are 5 CAD + exchange rate markup + any applicable third party fees.

In branch payments cost more - 40 CAD + exchange rate markup + any applicable third party fees. If you are interested in learning finding low-cost ways to send money internationally, here is a guide on How to avoid international wire transfer fees

How long does an BMO international money transfer take?

BMO international transfers take 2 to 5 working days to arrive.

Can I transfer money internationally with BMO?

Yes, you can send an BMO international transfer online or on the go by logging into online banking or by visiting a branch.

How much can you send internationally with BMO?

As a personal customer, you’ll be able to send amounts from 100 CAD online, but the upper limit is determined by your debit card limit. If you exceed the payment limit you might still be able to arrange a wire payment in a branch or by phone.

Related: Best Canadian bank to transfer money internationally