BMO Foreign Currency Account Review & Alternatives 2025

If you're a Canadian resident but you need to manage your money across different currencies, you may be wondering what your options are for a BMO foreign currency account, or BMO multi-currency accounts to let you hold and exchange foreign currencies conveniently.

For personal customers, BMO offers the BMO U.S. Dollar Primary Chequing Account and the BMO U.S Dollar Premium Rate Savings Account, but does not market multi-currency products, or accounts in other foreign currencies.

Large business customers can access foreign currency accounts and treasury services, through a BMO banker, but this service isn't available for personal or small business customers.

This guide walks through the options for a BMO foreign currency account, and also features an introduction to alternatives - the Wise Account for personal and business use, offering 40+ currencies for holding and exchange, and Airwallex for businesses to hold and manage 20+ currencies.

Key points: BMO foreign currency account

Does BMO have a multi-currency account?

BMO does not offer a multi-currency account for personal customers in Canada. There are a couple of products available for customers who need chequing and saving accounts in USD, but these do not cover multi-currency features.

Some multi-currency account support is offered by BMO for large enterprise customers, through dedicated bankers.

If you're looking for a flexible multi-currency account for yourself or your Canadian business, we have some alternative ideas for you, including Wise for personal and business products, and Airwallex which has flexible multi-currency accounts for business customers.

More on that next.

How does a BMO multi-currency account compare?

We've set out in this guide some information about the BMO foreign currency account products available for personal customers, and also included a look at some more flexible account products from alternatives which are tailored for personal or business use.

Let's start with a brief overview of how they compare- there's more about the providers we've selected coming up later.

*Details correct at time of research 7th May 2025

As you can see, while BMO has some strong features if you're looking to manage your money in USD only, other providers like Wise and Airwallex may be a better fit if you're looking to have more flexibility to use your money across currencies.

What is a BMO foreign currency account?

BMO offers the BMO U.S. Dollar Primary Chequing Account and the BMO U.S Dollar Premium Rate Savings Account. There are no options for personal customers to open a multi-currency account which would allow you to hold many different currencies side by side.

However, the BMO USD products can still be a good fit if you mainly need to pay bills in USD, or you want to have an account for travel to the US, for example.

To open a BMO U.S. Dollar Primary Chequing Account you'll usually be asked to provide your Social Insurance Number, your Canadian address and a proof of ID which should be a government issued photo ID document like a passport.

You may be eligible to open your account online, or you may need to visit a branch, depending on the documents you are able to provide.

Once you have your USD chequing account you can also add in a BMO U.S Dollar Premium Rate Savings Account to save and earn interest on your spare USD cash.

Best features

• Chequing and savings account options for Canadians looking to manage USD

• Get a linked debit card with your chequing account if you want to

• Apply for your USD accounts easily if you already have an existing BMO CAD account, online and in app

• Hold a balance in USD, and send and receive payments electronically easily without needing to convert between currencies unnecessarily

Supported currencies 🌍

BMO only markets USD foreign currency products for personal customers. There are no options for true multi-currency account products which have many different foreign currencies in one account.

Pros and cons of BMO foreign currency account

Alternatives to BMO foreign currency account in Canada

If you were thinking of getting an account to hold and exchange multiple currencies in one place, you may be interested to learn about some alternatives to BMO.

Here we've highlighted a couple of options which each have some features that stand out, depending on your needs. We've highlighted Wise which offers both personal and business accounts, and Airwallex which is for business customers only. Here's an overview - and we have more on each coming up right after.

*Details correct at time of research 7th May 2025

Wise and Airwallex both use a multi-currency model which means you can hold and view all your currencies in one account - with a great breadth of supported currencies for optimal flexibility.

These are both digital providers - so you can't visit a branch to transact - but you can manage your money with your phone or laptop, making this a convenient and flexible solution for many customers in Canada.

Wise Account

Wise offers accounts for personal and business customers in Canada and many other countries and regions.

You'll be able to hold and exchange 40+ currencies, with mid-market exchange rates whenever you want to convert from one currency to another. This applies when you send a payment, spend with your Wise card, or convert in your account.

 If you're converting money for a payment, or to send overseas, Wise has low transparent fees from 0.48% which lets you easily check and compare the costs of your transaction against other providers.

• Multi-currency account and linked card – hold and exchange 40+ currencies, spend with your Wise card in 150+ countries

• Mid-market rate – exchange with the mid-market rate and no hidden fees when you send, or spend

• Receive payments in foreign currencies – get local and SWIFT account details to receive payments conveniently to your account in a selection of major currencies

Wise fees

*Details correct at time of research 7th May 2025

Airwallex Account

Airwallex offers business account products for Canadians which can receive, hold and manage over 20 currencies, and which also allow you to take customer card payments. If you're running an ecommerce store, for example, there are low and no code options to integrate your Airwallex account into your website checkout, or you can get paid with payment links and with local receiving accounts if you'd prefer. Airwallex lets you convert currencies in your account, with a fee of 0.5% for major currencies, and 1% for some more unusual currencies, which can allow you to manage your balance effectively to withdraw it to your CAD bank or use your balance to pay contractors, suppliers or international tax authorities.

• Manage 20+ currencies  – receive and hold 20+ currencies, allowing you to work with customers, contractors and suppliers around the world

• Receive global payments – get paid using card and local payment methods, and get local account details to use with PSPs, marketplaces and on invoices

• Send payments for free – send to 120+ countries for free with local payment methods, and get SWIFT payments where needed for a fee

Airwallex fees

*Details correct at time of research 7th May 2025

What is the eligibility for a BMO foreign currency account?

When you apply for a BMO foreign currency account you must provide an acceptable piece of ID which shows a photo of your face, and which has been issued by a government agency.

There's a long list of acceptable documents on the BMO website, and if you can't provide one of the pieces suggested, you may be able to get further advice in a branch.

Usually the documents which are accepted include things like a passport, driving license, or any other government issued document which meets the bank's requirements.

Who is it good for?

The foreign currency account options with BMO cater to clients who transact in USD, or who want to save in US dollars.

There are no advertised solutions for personal customers who would like to hold a balance in other foreign currencies like GBP or EUR.

However, if you're a cross border commuter, frequent visitor to the US or have bills to pay in US dollars, the accounts on offer from BMO may be a good pick.

How to open an foreign currency account with BMO

If you already have a CAD account with BMO you'll be able to easily add in USD banking products in the BMO app, without needing to go through the verification process again.

If you do not bank with BMO just yet, you may need to open a CAD account first. Generally this can be done online as long as you have the right paperwork.

However, if you get stuck or don't have the documents which are recommended, you can also visit a branch.

To open an account online with BMO you'll usually need to:

1. Download the BMO app or go to the BMO website

2. Select the account you want and tap Apply now

3. Follow the prompts to enter your personal and contact information and your Social Insurance Number

4. Upload ID if you're prompted to do so - just take a clear photo of your document with your smartphone

5. Wait for your account to be verified - you can transact once your details are confirmed by the bank

What documents you'll need

As a personal customer with BMO the most important document you need to provide is a government issued photo ID.

This could be your passport or driving license, but other documents are also accepted such as a certificate of Canadian citizenship, a provincial health insurance card or a firearms license for example.

BMO U.S. Dollar Primary Chequing Account fees

The BMO U.S. Dollar Primary Chequing Account fees you pay depend on a few factors, including whether you have a banking package with BMO, and your status with the bank.

BMO offers various ways to reduce or waive fees, but these are not available to all customers.

We've covered some of the most important fees here - but it is important to ask the bank before you start to transact, to understand the sorts of fees which apply in your specific case:

*Details correct at time of research 7th May 2025

BMO exchange rates

BMO sets its own exchange rates which may include a markup or margin added to the mid-market rate. The mid-market rate is the one you'd see if you used a Google search or a currency conversion tool.

If you want to see whether a markup is used to process your BMO transactions, you'll need to compare the rate you're quoted against the mid-market rate.

Or avoid the maths by choosing a provider which uses the mid-market rate and splits out the fees for the sake of transparency - like Wise.

How to use a BMO foreign currency account

You can use your BMO USD account to spend or save in US dollars. The chequing account is the base product, and once you have this you can also get a savings account which pays interest on your held balance.

Here are a few of the ways you might want to use your USD account:

• Hold a balance in USD and use it to pay bills in US dollars, or to shop online with US retailers

• Earn interest in your USD holdings in a savings account, to diversify your assets

• Receive payments in USD when you need to without needing to convert back to CAD

• Manage your accounts online and in the BMO app for convenience

BMO U.S. Dollar Primary Chequing Account

The BMO U.S. Dollar Primary Chequing Account has no account fees as long as you have adequate balance, within a BMO banking plan.

You may need to maintain a minimum balance to avoid the fees - this depends on the other accounts you hold with BMO, and your preferred plan. Check with the bank directly to understand what costs are associated in your specific case.

Aside from this, you can also access these services with the BMO U.S. Dollar Primary Chequing Account:

• Chequing services

• Travel services and support

• Optional overdraft available

• Direct deposits offered

• Online and mobile banking

An alternative for other currencies: Wise

BMO only markets USD account services for personal customers.

If you need to transact in other currencies like GBP and EUR, you may prefer a more flexible account solution from Wise.

Hold and exchange a broad selection of currencies, with a linked debit account for spending and withdrawals, and low, transparent fees. You can open your account online or in app and manage your money on the move conveniently.

Is BMO multi-currency account safe?

Yes. BMO is a safe, trusted and licensed bank in Canada. You should be safe to use your account as long as you take normal common sense precautions like keeping your passwords and PINs secret.

How to use BMO foreign currency account abroad

You can use your BMO foreign currency account when you're abroad through the mobile and online banking services. If you have a linked debit card you can also continue to use this overseas. Premium plan customers may even get free ATM use at networked ATMs internationally.

Can I access my BMO U.S. Dollar Primary Chequing Account overseas?

Yes. BMO offers both online and mobile banking services which are available at home and abroad.

BMO U.S. Dollar Primary Chequing Account limits 

The BMO U.S. Dollar Primary Chequing Account limits which apply to your account may depend on your age, status with the bank, and the overall banking package you hold with BMO. You'll need to talk to the bank directly to confirm the limits which may apply based on your situation.

Conclusion: Is BMO U.S. Dollar Primary Chequing Account good?

BMO offers the BMO U.S. Dollar Primary Chequing Account and the BMO U.S Dollar Premium Rate Savings Account for personal customers. There are no marketed multi-currency account options for personal customers - although large enterprise customers can access this service for treasury management. If you primarily want to transact in USD, and want to save US dollars, this might be a solid option for you - particularly if you prefer to manage your money in a branch.

However, if you need a more flexible alternative which lets you hold and exchange many more currencies in the same account, Wise or Airwallex may be a better fit. Hold dozens of currencies, spend with your linked debit card, and convert payments in your account in just a few taps. Specialist services like Wise and Airwallex offer low fees, great rates and an intuitive flexible service which can suit a broad range of people for occasional or everyday use.

FAQs

Can I open a BMO account with foreign currency?

You can open a BMO account to manage or save in USD, but other currencies are not supported for personal customers. If you need a more flexible account with a broader range of currencies, you may prefer Wise, or Airwallex for business services for small businesses.

Can I deposit foreign currency into my BMO account?

Check directly with your branch if they can accept a deposit of foreign currency in cash. Electronic deposits are accepted but will be converted to the base currency of the account by the sending bank, intermediaries or BMO - this may mean paying a fee.

Does BMO have foreign transaction fees?

Foreign transaction fees may apply on card spending depending on the debit card you hold with BMO. There are also fees to send payments overseas, which start from 5 CAD for a global money transfer, but can rise to 50 CAD for wire payments. Compare your options with alternatives like Wise to see where the best value lies.