4 BMO Alternatives In Canada for International Money Transfer

Bank of Montreal (BMO) offers its Canadian customers international money transfer services in 2 ways; through their partner, Western Union, and Wire Transfers set up by BMO branches. These services are available to BMO’s standard personal account holders.

Another option to make an international money transfer with BMO is to visit a physical BMO branch. This may cost between CA$25 to CA$135 which is as a result of a compulsory CA$10 communication charge, 0.2% of the transaction value, and possibly SWIFT network fees (varies per branch). The bank also adds a markup to their exchange rates.

BMO International Money Transfer Key Features

Western Union Outward Payment Fee: CA$9 + 1% transaction value

Up to 5% markup on offered Western Union exchange rate

BMO Branch Wire Transfer: CA$10 (Comms Charge) + 0.2% transaction value

4% - 6% markup on exchange rates

CA$15 - CA$125 for BMO Wire Transfer charges

SWIFT charges may also apply

Receiving International Payment: CA$14

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In this article, we look at Bank Of Montreal alternatives like the Royal Bank of Canada (RBC), TD Bank,  Scotiabank, and  Pesa - a digital Cross-border financial service provider offering a convenient way to send and receive money internationally at the best exchange rates in the market.

Pesa: Instant and Secure International Money Transfer

Pesa offers secure and free international money transfers or remittances to over 35 countries. With our Multi-Currency Wallet, you can hold, exchange, or transfer money to local and international vendors or recipients. An advantage to using Pesa is free money transfer and our low markup on currency exchange rates.

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Make fee-free transfers internationally from Canada.

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Other Alternatives To BMO In Canada

Royal Bank of Canada (RBC)

RBC offers 2 types of international money transfer methods to customers– the International Money transfer method and the International Wire transfer method.

International Money Transfers are available to users with an RBC checking or savings account (limitations apply), and cannot be used by USD-denominated account holders. It is done online, unavailable to telephone users and at the RBC branches, unavailable to the high-interest eSavings account holders, and the receiving bank must have a cash pickup option. The International Wire Transfers caters to customers sending large amounts of money, and own a checking or savings account at RBC.

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Key Features & Fees

Incoming International Transfer

• Free for C$50 and below

• C$17 or USD$17 if over C$50 (depending on the currency of the incoming payment)

Outgoing International Transfer

• C$6 for C$1000 and below
• C$10 for C$1000 and above

Wire Transfer

• Fees Start from CS$45

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Scotiabank

Scotiabank personal users or customers can carry out international money transfers with 3 options–wire transfer (SWIFT), Western Union, and Scotia International Money Transfer. There are additional fees involved and it is advisable to read all small prints before you make your transfer.

TD Bank

TD Global Transfer is TD Bank’s international money transfer feature that allows personal TD Bank customers to send money directly into a recipient’s TD Bank account or non-TD Bank account. They have a somewhat complex charging structure due to intermediary and additional fees.

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Send and receive money globally with Pesa — without delay or hidden fees.

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