|BMO BANK MONTREAL||MIN. TRANSFER||SPEED||FX MARGIN RATE||*GUIDE RATES||MORE DETAILS|
|GBP £ - to CAD||NO MINIMUM||5/7 DAYS||5.2%||$1.535|
|EUR € - to CAD||NO MINIMUM||5/7 DAYS||5.2%||$1.388|
|CURRENCIES DIRECT||MIN. TRANSFER||SPEED||FX MARGIN RATE||*GUIDE RATES||MORE DETAILS|
|GBP £ - to CAD||FROM £100||FROM 1 DAY||0.7 to 1.0%||$1.603 to $1.609|
|EUR € - to CAD||FROM €100||FROM 1 DAY||0.7 to 1.0%||$1.45 to $1.456|
Table *GUIDE RATES are updated daily (Monday to Friday) at 09:00 GMT.
Save on exchange rate conversions when sending money abroad from your BMO Bank of Montreal account in Canadian dollars, UK pounds & euro currencies. BMO Bank of Montreal international money transfers to or from Canada have higher transaction charges, due to a less competitive exchange rate offered by BMO Bank of Montreal. Skip to: Canada Money Transfer Specialists
Typically, sending funds to or from your BMO Bank of Montreal account in Canadian dollars (CAD) or UK pounds will involve a margin rate of 5.2% – much higher than most currency broker rates (typically 0.7 to 1.0%).
Sending foreign currency to or from your BMO Bank of Montreal account in Canada needn’t be a complex matter, moreover, you can save time and money when you use a specialist currency broker instead.
Specialist foreign exchange companies including our recommended providers here can save you money and time on the transaction. Our recommendations are based on international coverage and office locations together with the lowest foreign exchange margin rates offered.
Example: A typical overseas currency transfer of $100,000 Canadian dollars (CAD) using BMO Bank of Montreal services would have a transaction exchange rate margin of around 5.2% – or $5,200 CAD. Using a specialist broker, in this example TorFX – the exchange rate margin would work out at 0.7% – or only S700 CAD in total, which is a large saving over the bank service.
International money transfers from BMO Bank of Montreal could take longer to arrive than using a private currency exchange provider and you will also need to be an existing BMO Bank of Montreal account holder to use their services. BMO Bank of Montreal may additionally charge a flat rate commission fee when sending money abroad into another currency and bank transfer commission fees vary depending on the amount you need to transfer. Private brokers offer commission free currency transfers, typically over a value of $5000.
Unless you pay a premium, BMO Bank of Montreal’s service will take from 5 to 7 days for your funds to arrive at the destination bank. Private foreign exchange companies typically complete the transaction either same day, or next day.
The Bank of Montreal (commonly shortened to BMO) was created in 1817 and is one of the largest banks in Canada, making it one of the ten largest banks in the North America region. In Canada, the bank operates as BMO Bank of Montreal and has more than 900 local banking branches, serving over seven million customers.