How to make wire transfers from your BMO business account? A closer look

With over 200 years of history, BMO is one of Canada’s largest and most trusted banks, supporting businesses with their wide range of services and financial tools.If your company sends international payments and is considering—or already is—a BMO customer, understanding how to make a wire transfer, along with BMO’s fees, transfer times, and FX markups, is essential to keep things running smoothly.

However, while BMO offers secure and familiar services, they can come at a higher cost compared to digital financial providers. For businesses looking to streamline global payments and reduce expenses, Wise could be a convenient addition or alternative with transparent pricing and the mid-market exchange rate.

What does a BMO business wire transfer offer?

A BMO business wire transfer is a secure method to send high-value payments domestically or internationally from a BMO business account. It's designed for businesses that need to move funds quickly and reliably, with full recipient banking details and added security features.

Wire transfers are available through Online Banking (OLB), Online Banking for Business (OLBB)¹ or in-branch and support same-day domestic payments or 1-2 business day delivery for international transfers².

How it compares with other BMO payment options:

• BMO Global Pay: Built into the Online Banking for Business wire service, Global Pay provides a simplified interface for international payments to over 30 countries.
• BMO V‑PAYO³: Designed for supplier payments and batch processing, it lets you upload a single file to execute multiple payment methods (e.g., virtual card, EFT, wire, cheque) in one go.
• Interac e‑Transfer (CAD only): Best for fast, low-value domestic payments but is limited to Canadian dollars and usually has lower daily limits of up to 25,000 CAD per transfer¹. It’s most suitable for quick peer or vendor payments within Canada.

Setting up wire transfers on BMO Business Online or in-branch

BMO allows businesses to send wire payments either digitally through Online Banking for Business or in person at a branch.

Online Banking for Business

Once your business is enrolled in OLBB, you can initiate wire transfers⁴ by:

1. Logging into BMO Online Banking for Business
2. Selecting the Payments & Receivables tab followed by Wire Payments
3. Select 'Create Wire' and choose the Freeform entry type
4. Choosing the account you want to send your transfer from
5. Entering the amount, the date the funds are to be received and recipient bank details (e.g., SWIFT code, routing number)
6. Selecting Verify Details and reviewing the information
7. Selecting Complete to submit and authorize the wire

You can also use templates and upload CSV files to streamline recurring payments.

In-branch wire process

If you prefer to handle transfers in person:

1. Visit a BMO branch and speak with a business banking advisor
2. Provide recipient and payment information
3. Review the wire terms, including fees and estimated delivery time
4. Authorize the transaction and receive confirmation

In-branch services may be helpful for one-off or more complex transfers, especially if your business doesn’t use OLBB, but could also be more expensive.

Business wire transfer fees, limits and FX markup

Sending international wire transfers from a BMO business account incurs fixed service fees and foreign exchange markups. Fees vary depending on the account type, and the exchange rate offered typically includes a margin above the real mid-market rate.

These costs can add up quickly for businesses making frequent or high-value payments. In contrast, Wise offers a transparent fee structure and the mid-market exchange rate, making it a more cost-effective alternative.

Wire fees⁵ for BMO business accounts

* FX markup estimated based on BMO’s use of bank exchange rates; Wise uses mid‑market rates

Transfer speed, tracking and transparency

When you send a wire transfer through your BMO business account, domestic wires typically arrive the same day or by the next business morning. International transfers usually take 1 to 2 business days², though this can vary based on currency, destination, and the time of day the wire is submitted. If you want to keep track of your transfer, BMO Business Online Banking lets you view the wire status⁷, but real-time tracking while the payment is in transit isn't available.

Additional fees may apply if you need to cancel or amend a wire transfer, but these fees aren't clearly listed online and may vary by branch or account type, so contacting your BMO advisor for full details is always recommended.

BMO uses its own bank-set rates, which include a hidden markup above the true mid-market rate.. While the amount being converted is displayed, the FX margin itself is not, making it harder to calculate the true cost of your international transfers.

How Wise differs:

Wise offers a faster and more transparent experience for sending business transfers internationally. Over 50% of Wise transfers are instant or arrive in an hour of the estimated time, with most arriving within one to two business days. You’ll see the real mid-market exchange rate upfront with no hidden markup, and all fees are clearly shown before you send. Plus, every transfer comes with tracking, so you always know where your money is.

Limitations and compliance checks

When making wire transfers via BMO business accounts, you may encounter limits and be subject to compliance checks. Here's what you need to know:

What determines your transfer limits

• Limits are set according to your account type and profile, with set individual and daily caps for users and transactions.
• BMO supports templates and freeform wires, each with customizable transactions and daily aggregate⁸.
• You can send up to 100,000 CAD (or equivalent) via BMO Global Pay².

Compliance documentation & checks

• As with most banks, before signing up, BMO requires customers to provide business documents such as business registration, ownership details, and identities of authorized signatories.
• Wires not matching your usual transaction patterns could trigger enhanced due diligence, potentially delaying processing or requiring additional documentation.

If you exceed set limits or apply for restrictions, these transfers may be rejected⁹, or you may be asked to submit supporting documents, which could result in processing delays.

Conclusion

BMO business wire transfers offer a familiar and reliable way to send and receive international payments, both online and in-branch.However, the process can involve higher fees, slower delivery times, and limited transparency on foreign exchange rates, which could be a problem for businesses making frequent or large international payments.

Wise Business offers a smarter alternative. With faster transfers, lower and more transparent fees, and the real mid-market exchange rate, Wise helps Canadian businesses save time and money while staying in control of their global finances.

Sources:

1. Digital Business Banking: Save Time & Money – BMO Canada
2. Global Pay: International Business Payments - BMO Canada
3. BMO V-PAYO: Manage Supplier Invoices
4. Wire Payments
5. BMO business checking account
6. Wise Business Fees & Pricing: Only Pay for What You Use
7. BMO Intelliresponse
8. Wire Payments service
9. Wire Transfer Service Description with BMO Global Pay
10. Wise Business: Grow with the international business account