A closer look at BMO’s cross border banking services in Canada

If you're a Canadian who needs to hold money in USD, whether for travel, investments or for your business, cross border banking is vital. Cross border banking can often lead to a variety of fees - both upfront and hidden - which are important to understand and consider for your circumstances.

BMO offers a variety of different accounts which might be suitable for you. We'll look at what each account offers, currency conversion with BMO, and introduce Wise as a potential alternative.

BMO cross border banking for personal account holders

Depending on why you need cross border banking, BMO has a variety of personal accounts which might offer a solution.

Account options and features

If you are a Canadian who lives primarily in Canada, but travels regularly to the US or need to pay bills there, consider BMO's US Dollar Chequing account. This offers 24/7 access to banking, allowing you to make transfers and see previous transactions at any time from your smartphone¹. You'll also be able to set up direct debits and pre-authorise payments, making it easy to pay bills in the USA².

If you're a Canadian who lives in the US, you can get a personal checking account with BMO US. This will allow you to deposit US cheques, and transfer funds online³.

Fees and requirements

The fees and requirements associated with BMO's cross border banking depend on the type of account you are opening. For the US Dollar Chequing Account, which is designed for Canadians who live in Canada but have frequent need of USD, you'll need to already be a BMO customer. You can then add this to your existing plan. The US Dollar Chequing Account does not have a monthly fee, as long as you keep the minimum balance in your linked account.

The BMO Smart Advantage Checking Account is designed for Canadians living in the US. As a result, when making your account, you'll be asked for your US social security number. This is a requirement by law to verify your identity⁴.

Whilst the BMO Smart Advantage Checking Account does not have a maintenance fee or minimum balance, there are many other fees which might catch you out. For example, an outgoing international wire transfer will cost you 40 USD. BMO also charges an exchange rate markup, which might mean you receive less foreign currency than you'd expect - more on that later.

Comparison of BMO Personal Cross-Border Accounts

BMO cross border banking for businesses

If you're a Canadian business owner, BMO offers specific business accounts which may better suit you than a personal account. These are designed to help you receive payments from clients and pay suppliers in the US and elsewhere.

Account types and benefits

BMO offers a variety of business chequing accounts, depending on your needs.

BMO business accounts allow you to make and receive payments internationally⁶. They offer wire transfers, or, for certain transactions, BMO Global Pay⁷. If your payment qualifies, you'll receive an automatic suggestion to use this. In this case, you'll need to provide some additional information, but it follows largely the same process.

BMO Global Pay is available for transfers up to 100,000 USD, and can be sent to over 30 destinations. Transfers typically take 1-2 business days. International wire payments, on the other hand, can be sent in over 40 different currencies.

You can also use this account to make currency conversions between USD and CAD with real-time exchange rates.

Limits, fees, and requirements

To open a BMO business account, you'll need two forms of personal ID, of which one must be government issued, such as a passport⁸. You'll also need a taxpayer identification number. If your business has multiple owners, shareholders or outside decision-makers, you'll need to also provide information about them.

It's important to remember that you may also be required to give extra information depending on the account you're choosing, and the structure of your business. This may also differ between banks.

BMO charges a monthly fee of between 0 and 120 CAD, depending on the account you have opened. With some accounts, this fee is waived if you maintain a certain minimum balance. For example, their Business Builder 3 account has a monthly fee of 80 CAD, which is waived when you maintain a balance of over 35,000 CAD.

Different Business Accounts also come with a different number of monthly transactions. This includes debit and credit transactions, cheques, electronic and bill payments, among other things. After this, different types of transactions have different fees such as a 0.60 CAD charge for electronic transactions⁹, which can add up rapidly if you make them frequently.

BMO cross border transfer options

BMO offers a variety of choices for cross border transfers, each of which come with different benefits and drawbacks.

Transfers between BMO Canada and BMO US

To send your US funds from Canada to the US, you can use BMO Canada to BMO US transfer service. To transfer US funds from the US to Canada, you can use BMO Canada Wire.

With the BMO Canada to BMO US transfer service, you'll need to be a BMO Canada customer. You can send up to 25,000 USD per transfer, but can send multiple daily. The process is a simple one¹⁰:

1. Login to BMO Digital Banking and select Pay and Transfer
2. Select Account Transfers
3. Under the From account list, select the USD account you want to transfer from
4. Under the To account list, select the US account you want to transfer to
5. Enter how many USD you wish to transfer
6. Enter the reason, and press continue
7. Confirm the details, and then confirm the transfer.

This process allows you to send US funds from Canada to the US, but requires the funds to already be in USD. This means that you can only transfer funds from a BMO USD account, rather than a CAD account.

To complete this transfer, BMO will take a 50 USD processing fee, which will be credited back to you after the transfer¹⁰. This means you must have at least 50 USD left in your account in addition to what you are sending.

To transfer your US funds from the US to Canada, you can use a wire transfer. This can be done online:¹¹

1. Sign into BMO digital banking, select Pay and transfer and Wire, then click on BMO Canada Wire
2. Select the account you wish to send from
3. Input your BMO Canada transit number, and BMO Canada US dollar account number, with no spaces or dashes
4. Input the US dollar amount you want to transfer
5. Fill in the designated fields with your name and address
6. Agree to the terms and conditions, preview your wire, and click confirm

You can send up to 50,000 USD per transaction using this process, and can initiate more than one per day. Generally, funds will be available on the day of, or the day after, the request is made. However, it may take up to three business days. There is no fee for this.

Other international transfers

If you want to convert your CAD to USD or your USD to CAD, you'll need to use either a wire transfer, or BMO Global Money Transfer.

BMO charges 40 CAD for outgoing wire payments from a Canadian dollar account, and 16 CAD for incoming wire payments. To send from a USD account, you'll be charged 40 USD for outgoing wire payments, and 16 USD for incoming wire payments. When sending a wire transfer, your recipient may also be charged a fee for their incoming wire.

Instead, you might want to use BMO International Money Transfer. This allows you to send money to almost 70 destinations, including the US¹². This can be done from your smartphone, using The BMO Mobile Banking App or BMO Online Banking. BMO charges a 5 USD flat fee for International Money Transfers from USD accounts, and a 5 CAD flat fee for those coming from CAD accounts.

Currency conversion with BMO cross border banking

As we've already mentioned, BMO sets its own exchange rate. It makes a profit from the rate it uses, by selling currency for a higher price than it sells it for. This is called an exchange rate markup, meaning their exchange rate may be less favourable than that offered by other providers. It is a type of hidden fee which might mean you receive less foreign currency than expected.

Wise as an alternative for cross border payments

Use Wise for all of your international transactions – big and small. You can manage money in over 40 currencies or send funds to over 160 countries around the globe.

Pay by wire transfer or send a bank transfer to recipients in Canada and beyond with no hidden fees or exchange rate margins.

Here’s how you can save money with a Wise account:

• Wise always uses the standard mid-market exchange rate – no markups on foreign transactions
• Get access to local account details in over 10 currencies, including CAD, USD, JPY and GBP
• Pay minimal transfer fees starting at just 0.48%

Wise is regulated in every available region, with 2-factor authentication and support for large worldwide payments.

Which option works best?

If you'd prefer to use a familiar local bank with the option to manage your money in person, BMO has a variety of accounts and money transfer options. These may suit your cross-border banking needs.

However, if you're planning on converting your currency, Wise might be an option to consider. This difference can add up to a large extra cost if you are frequently transferring money between CAD and USD, or are doing so in large amounts. As Wise charges only a small upfront fee, you can avoid these hidden costs.

Sources verified on 24 November 2025