Your guide to BMO business accounts in Canada

The Bank of Montreal or BMO is highly respected within the Canadian banking sector. Their diverse suite of financial services, coupled with their customer-centric approach, has been key in establishing a loyal clientele. For small businesses, there are an array of BMO small business accounts, everyday banking tools, and commercial services designed to help elevate your business and navigate your finances.

In the following sections, we’ll go ahead and examine the various banking solutions BMO extends to businesses and how you can apply for a business account. We'll also introduce you to Wise Business, a contemporary money services business that you can leverage with or without BMO's business banking facilities.

How to apply for a business account at BMO

Business accounts differ from personal accounts in that you aren’t able to open a BMO business account online – only by phone or by in-person appointment. If you’re looking to apply for a BMO business checking account or BMO business savings account, follow these steps:

1. Understand your needs: Figure out the specific requirements and financial needs of your business so you can choose the right business account.
2. Select your account: If you’re applying over the phone, give the BMO business account contact number a call and have your information ready. If you’re applying online, navigate to the business bank accounts page and click “Book An Appointment” under your chosen bank account.
3. Follow the steps: BMO’s website will take you to another page where there will be a four-step process to book your appointment. You’ll select your appointment location, outline the purpose of your appointment, choose a time and date, and fill out your contact information.

Next, we’ll look at the BMO business account requirements for different business structures.1

Sole Proprietorship

For sole proprietors, you’ll need the following business documents:

• One eligible piece of ID - personal ID of the owner
• Trade Name registration
• Master Business Licence

Partnership or Limited Partnership

If you’re a general partnership, you’ll need the following:

• Partnership Registration (if applicable)
• Partnership Agreement

If you’re a limited partnership, you’ll need:

• Limited Partnership Agreement
• Certificate of Limited Partnership/Declaration of Limited Partnership/Application for Registration of a Limited Partnership

If you’re operating under a Trade Name, you’ll also need one of the following:

• Trade Name Registration
• Master Business Licence

For identification purposes, you’ll need

• The name, address, occupation or nature of your business
• Percentage ownership and type of ownership (direct or indirect) for any person or company with a 25% interest or more of your business
• Name, occupation, and date of birth information, along with personal identification, for up to three authorized signatories

Corporation

For corporations that have existed for under 18 months, you’ll need one of the following business documents:

• Complete Articles of Incorporation
• Letters Patent/Company Charter
• Articles of Amendment
• Articles of Amalgamation
• Corporate Profile Report

For those that have existed for over 18 months, you’ll need one of these business documents in addition to one of the ones above.

• Annual/Statutory Return
• Certificate of Status Certificate of Compliance/Existence
• Financial statement or annual report signed by an independent accounting firm
• Government Assessment
• Corporate search

If you’re operating under a Trade Name, you’ll also need one of the following:

• Trade Name Registration
• Master Business License

For identification purposes, you’ll need the following:

• The name, address, occupation or nature of your business
• Percentage ownership and type of ownership (direct or indirect) for any person or company with a 25% interest or more of your business
• Name, occupation, and date of birth information, along with personal identification, for up to three authorized signatories
• Name and occupation information for any directors or officers

Unincorporated Association

For formally established businesses, you’ll need the following:

• Articles of Association
• Copy of by-laws or constitution disclosing names and titles of directors and/or officers

If you aren’t yet formally established, bring:

• Letter from the organization outlining who has the authority to open and operate the account

For identification purposes, you’ll need the same business documents as Corporations.

Business Chequing Accounts at BMO

To accommodate all types of businesses, there are a range of BMO small business accounts available. Here is a quick overview that includes the BMO business account fees.2,3

BMO eBusiness Plan

Features

• Unlimited Moneris and electronic transactions
• Solely deals with e-transactions
• No cash deposits or additional features

Fees

• No monthly fees or minimum monthly balance

BMO Business Start

Features

• 7 transactions included per month
• No included cash deposits or additional features

Fees

• $6 monthly fee and no minimum monthly balance

BMO Business Builder Plans

Features

• Business Builder Plans 1 - 4, with each tier offering more features and accommodating an increasing amount of monthly transactions.
• Between $2,500 and $12,000 in cash deposits
• Between 35 and 160 free transactions monthly

Fees

• $22.50 - $120 monthly fee and no minimum monthly balance for Business Builder 1 and 2. Monthly fee waived for Business Builder 3 with a balance of $35,000 and waived for Business Builder 4 with a balance of $80,000.

BMO Premium Rate Savings Account

Features

• Self-serve USD or CAD savings account to earn interest without locking in funds4
• CAD interest rates between 2.55% - 4.00% (subject to change)
• USD interest rates between 1.90% - 2.95% (subject to change)5

Fees

• $0 monthly fee and no minimum monthly balance

BMO Business Current Account

Features

• Option to pay only for the services you need without a plan

Fees

• Monthly account administration fee of $6
• Transactions typically come with a $1.25 fee6
• Customer-initiated transfers via branch or debit card are free

BMO Community Account

Features

• Exclusive to not-for-profit organizations
• Includes 20 monthly transactions
• Around-the-clock depository

Fees

• Monthly account administration fee of $2.50 ($5,000 minimum balance to waive)7

BMO AgriInvest Account

Features

• Exclusive to farmers for collecting government matching contributions under the AgriInvest program
• Unlimited transfers when paired with another BMO bank account
• Interest rates of 1.500% (subject to change)8

Fees

• No monthly administration fee

The Wise Business Account for all your business needs - An alternative to banking

BMO business accounts have an impressive array of features and merits. But there's a solution that could empower your finances. The Wise Business Account is your handy alternative to banking. Moreover, it provides you account details in CAD, USD, EUR, GBP, AUD and more! You can conduct all your business transactions from one place, including:

• Batch payments
• Invoices
• International payments at the speed and cost of local payments
• Free API Integration
• App Marketplace for software integrations - save time with Xoom and Quickbooks

And lots more! With Wise, it’s easier than ever to manage your company’s cash flow.

Wise is a great choice for all kinds of businesses - and it is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Services Business (MSB).

Enjoy flexible payments across the world. Send your money at the standard mid-market rate and avoid hidden exchange rate fees with every transaction.

To start exploring your business spending options, check out Wise.

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Sources

1. BMO - Documents to bring

2. BMO Guide (Page 8)

3. BMO - Open a business account

4. BMO Guide (Page 10)

5. BMO

6. BMO Guide (Page 9)

7. BMO

8. BMO