Personal Finance Bank accounts

How to close a BMO bank account in Canada

Piyush Singh

25.09.23 (updated more than 1 year ago)

Read time 2 minutes

If you're a Bank of Montreal (BMO) customer in Canada and want to close your bank account, the process can be confusing. While banks usually aren’t straightforward about closing accounts, there are ways to do so.

In this article, we'll explain how to close your BMO bank account in Canada and how Wise can help you adjust to life with or without a bank account.

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Table of Contents
How to Close a BMO Account Closing a BMO Account in Person Can You Close BMO Accounts Online? How to Close a BMO InvestorLine Account Are There Fees for Closing a BMO Account? Meet Wise - Your International Money Transfer Alternative

How to Close a BMO Account

Closing a BMO Account in Person

To close your BMO account in person, you'll need to visit the nearest branch with your identification and bank information. At the branch, you'll need to let them know exactly what accounts you'd like to close.

If you’re on a tight schedule, you can also book an appointment online at your nearest branch. Simply search for your location with their branch locator⁵ and they will find a location close by where you can schedule time to discuss closing your BMO account.

You can close any BMO Chequing or Savings Account at a physical location. This includes these types of BMO Chequing Accounts:

Performance
Premium
Plus
Practical
AIR MILES¹

And these types of BMO Savings Accounts:

Savings Amplifier Account
Savings Builder Account
Premium Rate Savings Account
U.S. Dollar Premium Rate Savings Account²

Can You Close BMO Accounts Online?

Unfortunately, BMO doesn’t offer the ability to close your accounts online. You must visit a physical branch to get your account closed, no matter what account it is.

How to Close a BMO InvestorLine Account

BMO offers a few account options for online investment through their InvestorLine group of accounts. These include InvestorLine Self-Directed and InvestorLine adviceDirect. The only difference is that the latter offers their online trading with advice³.

If you’d like to close your BMO Investorline account, the process is more involved. You'll need to write and submit a Letter of Direction, which should include:

Your name, address, and telephone number
The account type (e.g., Self-Directed or adviceDirect) that needs to be closed
The full account number (including transit/branch numbers) that needs to be closed
A statement indicating that all assets have been transferred out of the closing account

Are There Fees for Closing a BMO Account?

Yes, there are multiple fees associated with closing a BMO account. The account closing fee is 50 CAD, and it pertains to accounts that are closed within 90 days of opening⁴. While this may not pertain to you, there are other fees that you could incur.

A wire transfer to another domestic account is going to cost you 30 CAD, while a wire transfer to an international account will cost 50 CAD⁴. It is likely that you will be dealing with one of these fees when closing your account.

Meet Wise - Your International Money Transfer Alternative

If you are looking for an alternative to BMO that won't have you dealing with all the hassles that come with banks, Wise might be the perfect choice for you.

It is a money business service (MSB) that you can use to

Manage your funds in CAD, USD, EUR, GBP and more!
Send money at the mid-market rate - say goodbye to currency conversion fees
Transfer fees starting as low as 0.43% - and you always know them before you send your money
Breathe easy with no monthly fees for your Wise account or the Wise card

Registering for a Wise account is completely free, as are so many other services they offer, including receiving non-wire payments, getting the Wise debit card, and more. Wire transfers and payments are significantly less expensive than BMO, too. So there’s no reason to not get started with Wise!

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Sources:

Sources verified on 18 September 2023

*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.