BMO foreign transaction fees: Complete guide

When US account holders spend money abroad — whether taking out cash from ATMs or swiping credit or debit cards — BMO charges a series of foreign transaction fees.

This article covers the BMO international fees for checking account and credit card holders based in the US. We’ll cover which BMO credit cards have foreign transaction fees, expectations for taking out money abroad, and other relevant international charges.

We'll also introduce the Wise account, which allows you to send, spend, and receive your money across the globe in over 40 currencies – all at the fair mid-market rate.

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Table of contents
Does BMO charge foreign transaction fees? Which BMO cards have foreign transaction fees? BMO debit card fees BMO credit card fees Everywhere money. Meet Wise: the world's most international account How do I avoid foreign transaction fees? BMO cards with no foreign transaction fees What are BMO's international ATM fees? BMO international exchange rates Tips for using ATMs and cards abroad

Does BMO charge foreign transaction fees?

BMO charges foreign transaction fees for most card swipes and ATM withdrawals outside the US. The only exceptions are for premium credit cards and private wealth management customers.

If you travel often and want to avoid foreign transaction fees, you might consider a premium credit card. But you’d need to spend at least 3,200 USD abroad to make back a 95 USD annual fee in savings on foreign transaction charges.

Which BMO cards have foreign transaction fees?

Most BMO credit and debit cards have foreign transaction fees. We break it all down for you below.

BMO debit card fees¹

The BMO debit card foreign transaction fee is 2.8%.

This applies to all BMO debit cards except for the BMO World Debit Mastercard®, which is for private wealth management clients.

In addition to charging a percentage of your purchase abroad, BMO also marks up your exchange rate to cover costs, which we’ll discuss later in this article.

BMO credit card fees²

If you have any of these credit cards with BMO, you’ll be charged a foreign transaction fee of 3% for charges outside the US.

Card	Foreign transaction fee	Other fees
BMO Platinum Credit Card	3% of each transaction in US dollars	None
BMO Platinum Rewards Credit Card	3% of each transaction in US dollars	None
BMO Cash Back Credit Card	3% of each transaction in US dollars	None
BMO Boost Secured Credit Card³	3% of each transaction in US dollars	25 USD annual fee

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How do I avoid foreign transaction fees?

A 3% foreign transaction fee is a significant charge. For this reason, if you’re making a large purchase or payment, it’s a good idea to avoid using a credit or debit card. Sending an international wire transfer with BMO will probably cost less.

If you travel often and want to use a BMO credit card without paying foreign transaction fees, you can apply for the rewards credit cards detailed below.

BMO cards with no foreign transaction fees

Two of BMO’s premium credit cards have no foreign transaction fees. These cards also come with rewards benefits and other perks but require credit approval and an annual fee.

The only BMO debit card with no foreign transaction fees is called the BMO World Debit Mastercard®, which is only available to private wealth management clients.

Card	Foreign transaction fee	Other fees
BMO Premium Rewards Credit Card⁴	0 USD	95 USD annual fee
BMO Escape Credit Card⁵	0 USD	150 USD annual fee
BMO World Debit Mastercard®	0 USD	Private wealth management clients only

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What are BMO's international ATM fees?

BMO charges a 2.8% fee on all ATM withdrawals outside the US. This includes BMO ATMs that you use abroad as well as Allpoint® ATMs where you would be used to paying no fees for cash withdrawal services.¹

Unfortunately, this international ATM fee is just one of several foreign transaction charges that you’re likely to pay in a single withdrawal. Separate from BMO, the ATM you’re using outside of the country will probably charge its own fee.

On top of that, banks will offer you a service that sounds helpful but actually saddles you with an unfavorable exchange rate. Here’s what they’ll do: At the point of withdrawal, the ATM will ask you if you’d like to be charged in USD instead of the currency you’re taking out. At first, this might seem convenient or transparent.

But this service, called dynamic currency conversion (DCC), is almost always going to result in a worse exchange rate than if you charged your account in the local currency. Reject DCC at the ATM and let your bank make the conversion to USD.

BMO international exchange rates

BMO international fees are substantial — about 3% on every transaction for non-premium account holders or private wealth investors. But there’s another way that you pay extra money to spend abroad. It has to do with the exchange rate that BMO uses to convert between USD and the currency you’re spending in.

When you look up the exchange rate between two currencies on Google, it will show you what’s called the mid-market exchange rate. This is not the exchange rate that banks charge. They add a markup on this mid-market exchange rate to secure profit on the transaction.

Because banks are always responding to dynamic forces in the exchange market, you likely won’t know the final exchange rate you’ve been charged until it shows up on your statement — and even then, the rate itself won’t be transparent.

Tips for using ATMs and cards abroad

To avoid racking up excessive fees when you travel, you can follow a few simple steps and save some money. The first is to limit the number of ATM withdrawals that you make, because you’ll likely pay a fixed fee on each one.

Another key for taking out cash abroad is to always reject dynamic currency conversion and take the charge in the local currency.

Also: Check with your bank before you leave. There might be a partner bank or ATM network in-country where you can get favorable rates. And in general, not all ATMs are created equal. Some research might help you find local banks with lower fees.

You can read more tips on avoiding ATM fees abroad in our complete guide on the subject.

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Sources

1. BMO - BMO Smart Advantage Checking
2. BMO - Standard Credit Cards Summary of Credit Terms
3. BMO - Summary of Credit Terms for BMO Boost Secured Credit Card
4. BMO - Summary of Credit Terms for BMO Premium Rewards Credit Card
5. BMO - Summary of Credit Terms for BMO Escape Credit Card

Sources checked 09/10/2025