Can you send online wire transfers with BMO?

You can only send wire transfers online with BMO if you have a business account. If you're looking to send a wire transfer for personal reasons, you'll need to visit a branch in person.

In this guide, we’ll cover how to send wire transfers with BMO, including fees, online transfer options, and what you need to know before sending money. We’ll also take a look at Wise as an alternative for secure international transfers to over 160 countries.

How to send wire transfers with BMO?

For personal accounts (in-branch only)¹

Step 1. Visit your nearest BMO Bank of Montreal branch.

Step 2. Provide the following details:

• Recipient’s full name and address
• Recipient’s account number
• Recipient’s bank name and address

Step 3. A BMO representative will process your wire transfer request.

What are the fees for sending wire transfers with BMO?

BMO charges fees for both incoming and outgoing wire transfers.

These fees apply per transaction, and for outgoing wires, additional intermediary or recipient bank fees may be deducted from the transferred amount. Be sure to confirm all costs before completing a transfer.

How to make online transfers with BMO?

An alternative to traditional wire transfers, BMO Global Money Transfer³ allows you to send money online quickly and securely to up to 50 countries in multiple currencies.

Unlike standard wire transfers, BMO Global Money Transfer is available 24/7 through the BMO mobile banking app and BMO online banking, but standard foreign exchange rates apply.

How to send a global money transfer with BMO

On mobile:

Step 1. Sign in to the BMO Mobile Banking app and select Pay & Transfer from the menu.

Step 2. Select Global Money Transfer, then enter the recipient and transfer details.

Step 3. Review and confirm all details, then complete the transfer.

On desktop:

Step 1. Sign in to BMO Online Banking and select Pay & Transfer from the menu.

Step 2. Choose Global Money Transfer, then enter the recipient and transfer details.

Step 3. Check all the details, then submit your transfer.

Fees and Limits

• A flat fee of 5 CAD per transaction, unless waived for:
• Transfers to BMO in the US
• Customers with a Premium, Platinum, or Performance Plan
• No fees are charged to the recipient by BMO, but their bank may apply its own fees.

Meet Wise - send secure transfers at the mid-market exchange rate

Wise lets you send money internationally using the mid-market exchange rate—the rate you usually see on Google, without hidden markups. Unlike banks that add a margin to the exchange rate, Wise gives you the real rate, meaning more of your money reaches its destination.

With low, transparent fees starting at 0.48%, Wise offers a cost-effective way to transfer funds. You can also send money for free to other Wise accounts in the same currency, and it’s completely free to open a Wise personal account.

How to send wire transfers with BMO as a Canadian business?

If you're using a BMO business account, here's how you can send online wire transfers⁴

Step 1. Log in to BMO Online Banking and go to the Payments & Receivables tab.

Step 2. Select Wire Payment, then choose Create Wire and select Freeform Entry (or use a saved template for recurring transfers).

Step 3. Choose the account you want to send funds from, enter the transfer amount, select the transfer date, and input the recipient’s details.

Step 4. Click Verify Details to review all information before proceeding.

Step 5. Select Complete to submit the wire transfer.

What are the fees for sending business wire transfers with BMO?

BMO business accounts wire transfer fees⁵ vary based on the type of transaction.

Go borderless with your Wise Business account

With a Wise Business account, you can manage international payments, pay suppliers, keep track of payroll, and handle team expenses while keeping costs low.

With Wise Business, you can:

• Send money to over 160 countries in more than 40 currencies using the mid-market exchange rate, with low, transparent fees starting at 0.48%.
• Make free same-currency transfers to other Wise accounts.
• Make batch payments of up to 1000 payments, manage international payroll and team expenses, all from one account!
• Integrate with accounting software like Sage Cloud and QuickBooks through the Wise marketplace for smoother bookkeeping.

Final thoughts on sending wire transfers with BMO

BMO offers in-branch wire transfers for personal banking customers and online wire transfers for business account holders. While wire transfers provide a secure way to send large sums of money, they come with fees and exchange rate markups that can add up over time.

For businesses handling international transactions, BMO Global Money Transfer is a more flexible alternative, though it’s still important to consider costs and limits.

If you're looking for a cost-effective and flexible way to send money abroad, Wise provides mid-market exchange rates, low fees, and borderless business solutions in more than 40 currencies. Whether you're managing payroll, paying suppliers, or sending personal transfers, Wise gives you more control over your international business transactions.

Sources:

1. https://www.bmo.com/main/personal/search/?q=wire+transfer
2. Agreements, Bank Plans and Fees for Everyday Banking - BMO
3. International Money Transfer: Safe & Easy - BMO Canada
4. Wire Payments - BMO
5. https://www.bmo.com/en-us/pdf/sb/Business%20Checking%20Analyzed.pdf?