Business Bank accounts

A closer look at the BMO USD business account in Canada

Piyush Singh

19.09.24

Read time 2 minutes

The Bank of Montreal (BMO) currently has a business account that can be used for making business transactions in USD, but it comes with limitations compared to its CAD counterparts. We’ll look at how to add and withdraw money with the account, the associated fees, and Wise as an alternative to bank accounts for businesses. Wise allows you to hold, send, and receive your money in USD without monthly fees.

We shall look at:
Overview of the BMO US Dollar Business Account Make the most of your money with a Wise Business account

Overview of the BMO US Dollar Business Account

If you’re already a BMO business customer, the BMO USD business account can be added to your portfolio. Not a BMO customer just yet? While you can open personal accounts online, you’ll need to book an appointment at a branch to open a business account.

To add money in USD into this account, you can either head over to a branch, opt for direct deposit, or use an ATM. When it comes to withdrawing money, you have more options, including cheque, pre-authorized debit, using your BMO Debit Card for Business, an ATM, going to a BMO branch, or bill payment.

Let’s go over the fees associated with the account:

Service	Fees (in USD)¹
Monthly fees to be paid	$6
Deposit
At a branch Electronic Fund Transfer (EFT) Cash Cheque	$1.25 $1.25 Free Free
Withdrawing money
Cheque EFT At a branch Bill payment	$1.25 $1.25 $1.25 $1.25

Unlike the Canadian dollar business accounts, this account is not eligible for their banking plans. These plans have advantages such as no monthly fees and unlimited transactions.

Make the most of your money with a Wise Business account

Unsurprisingly, BMO does bank the old-fashioned way. This means plenty of fees for various transactions and services that aren’t as clear-cut as we would like. With a Wise Business account, you can take advantage of a multi-currency Business account and hold, receive, and send money in US dollars and other currencies—all for a one-time payment of 42 CAD. Wise operates on a pay-as-you-go pricing structure with no monthly or annual fees.²

Curious about how you can deposit or receive USD with your Wise Business account? Wise supports debit and credit cards, EFT, and Wise account transfers.

If you have money in CAD and want to convert it to USD, Wise can save you money with the mid-market exchange rate and minimal fees for conversion. You’ll use the fairest rate and reap more bang for your buck every time.

Ready to use or withdraw that money? You can do so using a Wise Business debit card, which auto-converts currencies with the lowest possible fee when needed. Initial cards are free to order for your company and your employees and come with up to two withdrawals of less than 350 CAD for free.³

And that’s not all Wise can do. You can also use the account to:

Get account details in over 10 currencies and receive money in 23 currencies
Make batch payments to up to 1000 recipients at once⁴
Pay your employees in over 160 countries in over 40 currencies
Integrate powerful software such as Quickbooks, Sage and more to reduce admin load
Empower your payments and payroll infrastructure with the Wise API

Final thoughts on the BMO US Dollar account

BMO’s Business USD checking account is a sound option for BMO customers looking to add a layer of convenience to their banking, taking the stress out of currency conversions between USD and CAD. But for more flexibility and modern user-friendly banking with lower, transparent fees, Wise Business is worth checking out.

Sources:

1.BMO Banking Guide for Business: Page 9
2.Wise Fees & Pricing: Only Pay for What You Use
3.Wise Card Fees for cross currency transactions
4.Cheaper, faster international payments with Wise Business.
Sources verified on September 19 2024

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.