How much can you send with BMO wire transfers?

Wire transfers are a secure way to send money between banks. Like other major Canadian banks, BMO offers wire transfer services for domestic and international payments. However, you may encounter specific limits depending on whether you have a personal or business account with BMO.

In this guide, we’ll look at BMO’s wire transfer limits and fees for personal and business accounts. We’ll also look at Wise, an alternative for safe money transfers that’s up-front and transparent with you about fees.

BMO wire transfer limits for personal accounts

Your account type and destination can affect how much you can send, you might face limits on how much you can send in a single transaction. With a Personal Account, you’ll usually need to visit a branch to send a wire transfer.⁵

To make international transfers online, you can enable BMO Global Money Transfer for your account by calling the number on the back of your debit card, visiting a branch, or contacting your BMO Relationship Manager if you have one⁶.

Once BMO Global Money Transfer is enabled, you can send money to up to 50 countries⁶ via online banking. Here’s a quick look at the fees and limits:⁶:

• Fee per transaction: 5 CAD, or 5 USD - if the transfer is from a US dollar account
• Minimum transfer amount: 100 CAD
• Maximum transfer amount: depending on your daily debit card limit

BMO will waive the $5 transaction fee if you’re transferring money to the United States, or if you have a Premium, Platinum, or Performance bank plan⁶.

BMO wire transfer limits for business accounts

Wire limits for business accounts are set by your account administrators⁸. If you’re a company administrator, you can view the wire payment limits for your company by logging into Online Banking for Business and navigating to the Company Profile page under Administration⁸.

You can also set limits for individual users. By setting different limits for payment creators and approvers, you’ll be able to safeguard against unexpectedly large transfers⁹.

When transferring between 25 to 100,000 CAD or USD⁷, you’ll be prompted to use BMO Global Pay, automatically, a built-in service for your Business Account which charges lower fees than a traditional wire transfer and lets you see the final foreign exchange rate before you send the payment¹⁰.

Online wire transfers are automatically enabled for BMO Business Accounts⁵, making it easy to process transactions in bulk. You can create and save templates for recurring payments⁷.

Factors that can affect BMO wire transfer limits

How much you can send with BMO depends on several factors, for example, how much you’re sending, your account type, and the destination country.

While BMO has low-fee options for online wire transfers to some countries, you may have to make the wire transfer in-person if your recipient’s country isn’t included in this list. If any intermediary banks are involved, you may also be charged unexpected additional fees.

Comparing BMO wire transfers with Wise

Wise allows you to send and receive international transfers in over 40 currencies. For Canadian dollars, you can choose from several payment options, including wire transfers.

With Wise, you’ll see the full cost of your transfer up front — no hidden fees.While banks tend to add markups on foreign currency exchange rates, Wise uses the mid-market rate, — the one you often see on Google — with no markups.

Note that Wise doesn’t allow domestic wire transfers within Canada — you’ll need to choose another payment method, like Interac e-Transfer, instead¹².

BMO vs. Wise: limits, fees, and exchange rates

Your best option depends on how much you’re sending and where it’s going. — BMO can offer greater security, but makes it harder to determine the final cost of your transfer. Wise always gives you a fair exchange rate and transparent pricing.

BMO vs. Wise for wire transfers

How BMO wire transfers work

If you have a Business Account with BMO, you can automatically access online wire payment services. If not, you’ll need to either visit a branch in person or contact BMO to enable your account to make international wire payments online.

Domestic wire transfers usually arrive the same day. International wires are usually processed within 2 to 5 business days.

Conclusion

While wire transfers make it easy to transfer funds electronically, you might run into limits, hidden fees, or currency markups as a BMO customer.

If you need to make an international transfer above your BMO account limits, Wise allows you to send up to 1.5 million CAD via wire transfer, with transparent fees and currencies exchanged at the mid-market rate. Before sending money, compare total fees and features to make sure you’re getting the best deal.

Sources:

1. BMO - Sending and receiving transfers
2. BMO - Wire payment duration
3. BMO - Everyday banking
4. BMO - Better Banking guide for businesses
5. BMO - Digital Business Banking
6. BMO - International money transfers
7. BMO - Wire payments service
8. BMO - Wire payment limit
9. BMO - Online business transactions
10. BMO - Global Pay
11. BMO - Which payments qualify for Global Pay
12. Wise - CAD transfers
13. Wise - Pricing
14. Wise - SWIFT fees for receiving money
15. Wise - Transfer durations