How long does an e-Transfer take with BMO?

If you are one of the many Canadians contributing to the 666,000 Interac e-Transfers¹ sent daily, you know just how important their speed is! This secure method of sending funds bank-to-bank is incredibly convenient and popular — but just how fast are they, really?

In this article, we will explore and expand on the speed of Bank of Montreal (BMO) e-transfers, including international transfers, before looking at Wise’s international and domestic e-transfers, which offer mid-market exchange rates. Let's get into it!

We will be looking at
How long does a BMO e-Transfer take to go through? Can you send BMO e-transfers internationally? Send e-Transfers in Canada and beyond with Wise How long does it take to receive an e-Transfer with BMO? How long does it take to receive an e-Transfer refund with BMO?

How long does a BMO e-Transfer take to go through?

Typically, BMO’s e-Transfers are sent very quickly, arriving in the recipient's bank within 30 minutes.²

The timing of the transfer depends on

• the recipient's bank,
• the time of the day,
• internet quality, and
• whether the recipient has auto-deposit enabled.

Auto Deposit is a feature that removes the need for a security question and answer, as the identity and bank have already been verified.²

Can you send BMO e-transfers internationally?

Presently, BMO e-Transfers are limited to domestic transactions in Canada.³ However, there is a solution to this! 👇

Send e-Transfers in Canada and beyond with Wise

Wise supports Interace-transfers in Canada and beyond to international destinations in just a couple of clicks. Wise allows for quick, secure transfers at a mid-market exchange rate, so you don't lose money to hidden fees. Transfer fees start at 0.33%^* and you will be informed upfront of any charges associated.

Here are the steps for sending e-transfers within and outside Canada:

Sending e-transfers with Wise in Canada	Sending e-transfers with Wise outside Canada
Enter the amount you want to send in CAD.	Enter the amount you send and where the money is going.
Pay in CAD using Interac e-Transfer.	Make a payment from your Wise account or via your preferred method, such as a bank transfer, credit card, etc.
Choose your recipient.	Wise converts your money at the interbank or mid-market rate, avoiding hidden charges and bank surcharges.
Select the pay-in method you prefer.
Money is sent in their currency, directly from Wise’s local bank account.

Steps for receiving e-Transfers with Wise:

1. Open your CAD balance on your desktop—this feature isn't available on mobile yet.
2. Click “Receive” and “Receive with Interac.”
3. Choose “Register email with Interac.”
4. Follow the email prompt from Interac to complete your registration. After that, you'll get a confirmation email.

Please see the Terms and Conditions for your region and visit our pricing page for the most up-to-date pricing and fee information on Wise products.

How long does it take to receive an e-Transfer with BMO?

The recipient anticipating their money only needs to wait about 30 minutes with standard e-transfer with BMO.

Requesting money is easy, as long as both you and the other person have a Canadian bank account and an email address, or cell phone number.³

How long does it take to receive an e-Transfer refund with BMO?

The time frame depends on what form of e-transfer refund you are requesting.

• For canceled transfers that aren't accepted, funds will be immediately returned to your account if the payment is made before 11 pm on the same day.⁴
• If the recipient doesn't accept a transfer in 30 days, the money gets automatically returned to your account.⁵

To avoid complications, always ensure you're sending transfers to the correct recipient with the right details.

Final thoughts on e-Transfer durations

Standard BMO Interac e-transfers offer a quick and efficient method to send funds within Canada, in approximately 30 minutes, conveniently on your mobile app. While BMO’s e-transfers are strictly limited to Canadian transactions, Wise allows for both Canadian and international transfers, with competitive fees and transparent mid-market exchange rates. Register for a Wise account today!

About the author:
	Piyush is an expert in finance topics for the Canadian market, covering everything you need to live without borders. He creates high quality content to help you make the best cross-border decisions. You can read more useful articles on his author profile.

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Sources:

1. Money on the move: The growing popularity of Interac e-Transfer.
2. BMO - Changes to Interac e-Transfer: FAQ`s
3. BMO - Sending and receiving money
4. BMO - Payment Cancellation:
5. BMO FAQ

Sources verified on 29 August 2024