Create a real-time currency exchange rate alert.

Bank of Montreal (BMO) FAQ

Thinking about sending money abroad from Canada with BMO? You could be losing extra cash without realizing it.

Use the currency calculator to see how much more you could receive by choosing KnightsbridgeFX instead of BMO.

BNN CTV The Globe and Mail Toronto Star CBC

What Is BMO?

The Bank of Montreal (BMO) is one of Canada's "Big Five" banks and operates extensively in both Canada and the United States. In the U.S., its operations are handled through BMO Harris Bank, a wholly owned subsidiary headquartered in Chicago

BMO offers a wide range of banking services, including:

  • Personal and business banking
  • U.S. and Canadian bank account options
  • Loans, mortgages, and credit cards with competitive interest rates
  • International money transfers in foreign currency
  • Wealth management, money market accounts, and investment accounts

If you're a Canadian living in the U.S., a cross-border business owner, or someone sending money internationally, BMO may seem convenient. But here’s what you need to know: their exchange rates often include hidden markups, making your international transfers cost more than expected.

BMO vs KnightsbridgeFX: Which Offers Better Value?

While BMO provides a broad range of services as a financial institution, its currency exchange rates are often marked up, meaning you get less when sending or converting money internationally.

At KnightsbridgeFX, we offer:

  • Real, mid-market exchange rates
  • No hidden fees
  • Bank-beating rates
  • Fast, secure, international transfers

Compare the difference:

  • You send
    BMO gives you
    KBFX gives you
    You save with KBFX
  • $ 1,000 CAD
    $693.26 USD
    $720.10 USD
    $26.84 USD
  • $ 1,000 USD
    $1,208.55 CAD
    $1,394.20 CAD
    $185.65 CAD

Note: These figures are illustrative and based on typical market conditions. Actual rates vary daily.

BMO FAQs

What is BMO Harris Bank?

BMO Harris Bank is the U.S. subsidiary of the Bank of Montreal. It provides U.S. banking services such as checking accounts, credit cards, and mortgages, primarily for individuals and businesses with cross-border needs.

What is BMO’s SWIFT Code?

BMO’s SWIFT code is BOFMCAM2. You’ll need this when receiving international wire transfers into a BMO account.

How many branches does BMO have?

BMO operates 900+ BMO branches, serving more than 7 million customers across North America.

Can I cash a BMO money order in the U.S.?

Yes. BMO money orders can be cashed at:

  • BMO Harris Bank locations
  • Western Union Retailer Kiosks

Online at services like www.checkintocash.com

What time does BMO process transfers?

Transfers at BMO are typically processed on a business day, during standard banking hours. Delays can occur if transactions are made after the daily cutoff or during weekends and holidays.

Can I use a BMO banking app to manage my money?

Yes, BMO’s online banking app allows you to access account information, transfer funds, pay bills, and manage your everyday banking needs from anywhere. It’s available for both iOS and Android devices and supports secure login features.

How do I set up direct deposit with BMO?

You can set up direct deposit through your online banking account or by visiting a BMO branch. You’ll need your transit number, institution number, and account number.

Is BMO the Best Way to Transfer Money?

BMO may be a trusted bank, but when it comes to foreign exchange, convenience comes at a price:

  • Marked-up exchange rates
  • Hidden fees
  • Lower overall value for your transfers

KnightsbridgeFX is the smarter alternative. You get:

  • Transparent pricing
  • Better exchange rates
  • No surprises

Try our free currency calculator and compare what you’re getting now vs. what you could be getting.

Compare BMO’s Exchange Rate

  • Currency Pair
    BMO Rate
    KBFX Rate
    Your Savings per $1,000
  • USD → CAD
    1.2332
    1.3366
    $103.40 CAD
  • CAD → USD
    0.7285
    0.7528
    $24.30 USD

Even a small difference in exchange rates can have a big impact on large transactions. Whether you're sending money for tuition, a property purchase, or business payments, those hidden fees add up fast. With KnightsbridgeFX, you’ll always know exactly how much you’re getting — no surprises.

Don’t settle for less. Check today’s rate with our free calculator.

Does BMO Exchange Currency?

Yes, BMO offers currency exchange services at branches, online, and through ATMs. However, these services often carry hidden fees within the exchange rate.

If you're making one-time large transfers — for tuition, mortgage payments, or small business needs — you're likely losing money on each transaction. KnightsbridgeFX helps you avoid those hidden costs.

Ready to Leave BMO Behind?

Tired of hidden fees and unfair exchange rates? Join thousands of Canadians who trust KnightsbridgeFX to move their money smarter.

Related Blog Articles

Before you go, explore these helpful resources:

Canadian Dollar Update – Canadian dollar grinding out gains

China and US trade talks are ongoing in Madrid Canadian parliament reopens US dollar losing ground on outlook…
Read article

Canadian Dollar Update – Canadian dollar continues to slide

ECB on hold, while Fed is in rate cutting mode US inflation expected to rise US dollar recoups…
Read article

Canadian Dollar Update – Canadian dollar continues to slide

ECB meeting ahead US inflation expected to rise US dollar recoups some losses   USDCAD open 1.3883, overnight…
Read article