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BMO – Bank of Montreal

Banks BMO – Bank of Montreal

BMO at a glance

Initiated as Bank of Montreal in 1817, this institution, often referred to as BMO, is one of Canada’s leading banks. From its base in Toronto, BMO has a rich heritage spanning more than two centuries, reaching over 12 million customers worldwide.

It offers a wide range of financial services, from various bank accounts to credit solutions and investment options. While BMO is well established across Canada, Nunavut remains an exception.

Digitally, BMO stands out with an efficient online banking system and a popular mobile application, offering a complete financial platform to many customers.

BMO's digital banking expertise

BMO offers a comprehensive online banking experience, enabling users to manage their money seamlessly. Whether on a computer, tablet or smartphone, the BMO interface makes it easy to transfer funds, pay bills and much more.

In particular, the BMO app, highly praised with top ratings on Google Play and the Apple App Store, testifies to its digital efficiency.

Security of funds and deposits at BMO

Safety is a priority at BMO. Customers are protected against undue losses, whether from unauthorized transactions, bank insolvency or potential threats.

In line with many Canadian institutions, BMO is insured by the Canada Deposit Insurance Corporation (CDIC), guaranteeing up to $100,000 in deposits. In addition, the Canadian Investor Protection Fund (CIPF) ensures the security of investors’ assets.

BMO account types

BMO offers various types of accounts and services, which are described below:

  • BMO Credit Cards
  • BMO Chequing Accounts
  • BMO Savings Accounts
  • BMO Investment Accounts
  • Other BMO accounts and services

BMO Credit Cards

BMO offers many credit cards for individuals, the most popular of which are :

And here are the best BMO credit cards for businesses:

BMO Chequing Accounts

BMO offers preferential rates on its chequing accounts for children, students, seniors, newcomers to Canada and members of the Aboriginal and Canadian Defence communities. All our chequing accounts offer unlimited Interac transfers, with the exception of the Pratique account. Some accounts waive the monthly fee for customers who maintain a defined minimum balance.

BMO Savings Accounts

None of BMO’s personal savings accounts charge a monthly fee.

  • BMO Premium Rate Savings Account: a simple, low-interest savings account designed to be combined with an existing BMO chequing account.
  • BMO Savings Accumulator Account: high-interest savings account offering bonus interest when you reach certain goals, including one free transfer between BMO accounts per month and a bonus interest rate if you save at least $200 per month.
  • BMO Savings Booster Account: high-interest savings account with unlimited transfers between BMO accounts at no charge and no minimum balance requirement.
  • BMO U.S. Dollar Premium Rate Savings Account: a U.S. dollar savings account that can be integrated into a BMO banking plan.

BMO Investment Accounts

Here are the different investment accounts offered by BMO:

  • Non-registered cash account: basic account with no tax benefits or contribution limits
  • Non-registered margin account: investors borrow money for their investments
  • Registered Retirement Savings Plans(RRSPs)
  • Tax-Free Savings Accounts (TFSAs)
  • Registered Retirement Income Funds (RRIF)
  • Registered Education Savings Plans (RESPs)
  • Registered Disability Savings Plans (RDSPs)
  • Locked-in retirement accounts (LIRAs)
  • Life Income Fund (LIF)

Other BMO accounts and services

BMO also offers other types of accounts and services:

  • Loans and lines of credit
  • Mortgages
  • Insurance
  • Guaranteed Investment Certificates
  • Financial planning and wealth management
  • Bonds, mutual funds, ETFs, stocks and options
  • Business bank accounts and financing solutions
  • Business and non-personal accounts for associations, trusts, companies, estates, investment clubs/partnerships and personal holding companies

BMO fees

BMO banking fees may vary depending on the accounts you hold and how they are used. Here are some common charges you may encounter when using Bank of Montreal financial products and services:

  • Fee for withdrawals at non-BMO distributors in Canada: $2
  • Electronic funds transfer: $1 to $5
  • Overdraft fee: $5
  • Fee for insufficient funds: $48

Who is BMO for?

With a comprehensive range of financial services for individuals and businesses, BMO is the ideal alternative for those wishing to consolidate their financial operations in one central location. It’s also a Canadian bank that’s particularly well-suited to newcomers.

BMO offers its customers a full range of options: a variety of accounts, credit solutions and investment opportunities, to name but a few. What’s more, our digital platforms, both online and mobile, make day-to-day financial management easy, wherever you are.

However, it is essential for customers to be aware of account fees, as well as potential transfer restrictions and transaction limitations.

Frequently asked questions about BMO

National Bank or BMO?

National Bank and BMO are two of Canada’s leading financial institutions. With a presence in almost every province, BMO offers a wide range of financial products. National Bank, meanwhile, has a strong footprint in Quebec, while also offering a diversity of services across the country. Your choice will depend on your personal needs and banking preferences.

How do I contact the BMO?

You can call the BMO at 1-877-225-5266 or visit one of their branches for a face-to-face interaction.

Are BMO's online services accessible from abroad?

Yes, thanks to our online banking portal and mobile application, BMO customers can access their accounts and carry out transactions from anywhere in the world.

Is the BMO mobile application secure?

Absolutely, BMO places great importance on digital security, and its mobile app is designed with state-of-the-art security measures.

Does BMO offer international banking services?

Yes, BMO is present in over 10 countries, offering a range of international financial services.

Does BMO offer banking services for businesses?

Yes, BMO offers a full range of commercial banking services, including current accounts, loans, investment solutions and financing options.

How do I open a BMO account?

To open a BMO account, you can visit a local branch, call customer service or use the online portal to start the process. See the best BMO account offers here.

BMO or NBC?

BMO (Bank of Montreal) and NBC (National Bank of Canada) are two pillars of the Canadian banking sector. With its national presence, BMO offers a variety of products and services to an international clientele. NBC, which is particularly strong in Quebec, also offers a full range of services. The choice between BMO and NBC will depend on your individual needs and the proximity of branches or services offered.

BMO How much can I borrow?

Your ability to borrow from BMO (Bank of Montreal) depends on a number of factors, including your credit rating, your income, your monthly expenses and the type of loan you are applying for (e.g. mortgage, personal, business). To determine the precise amount you can borrow, we recommend that you contact BMO directly or visit their website to use their loan calculators. They can then provide you with an estimate based on your personal financial situation.

Why choose BMO?

Choosing BMO (Bank of Montreal) can be a wise choice for a number of reasons:

  • History and reliability: Founded in 1817, BMO is one of Canada’s oldest and largest financial institutions, a testament to its solidity and reliability.
  • Varied offering: BMO offers a full range of financial services, including chequing and savings accounts, credit cards, loans, mortgages, as well as investment and wealth management services.
  • Technology: BMO has adapted to the digital age with a robust online banking portal and a well-reviewed mobile application, enabling customers to manage their finances wherever they are.
  • National presence: With branches in almost every province and territory, BMO has a national reach that makes it easily accessible to most Canadians.
  • Commitment to the community: BMO is actively involved in community initiatives, demonstrating its dedication to making a positive contribution to society.
  • Solutions for diverse groups: The bank offers special rates for students, seniors, newcomers to Canada and other groups, demonstrating a personalized approach to meeting the needs of different segments of the population.

Ultimately, your choice of BMO will depend on your personal financial needs, preferences and circumstances. It is always advisable to compare the offers of several banks before making a decision.

Where can I find BMO IBAN?

BMO (Bank of Montreal), like most Canadian banks, does not generally use the IBAN format (International Bank Account Number) commonly used in Europe and certain other countries for international banking transactions. In Canada, for international transfers, we mainly use the SWIFT or BIC code associated with the bank and other relevant account details.

If you need to make an international transfer to or from a BMO account, or if someone needs to send you money from abroad, you’ll need to provide the BMO SWIFT code, as well as other account information.

To obtain these details:

  • Consult your bank documents: Sometimes this information can be printed on your statements or other bank documents.
  • Login to online banking: Some details may be available in your account information section.
  • Contact the bank directly: Call BMO Customer Service or visit a branch to obtain the necessary information for international transfers.

If someone insists on obtaining an IBAN number, we recommend clarifying that Canadian banks do not use the IBAN format and providing the SWIFT code and account details instead.