BMO Exchange Rates & Currency Conversion

All Canadian banks, including BMO Bank, can help you convert currency from the Canadian dollar to another currency. However, the important thing you truly want to consider is the exchange rate that the banks offer. BMO provides a wide variety of currencies, and you can also get cash currency from the bank branch and obtain funds electronically. Especially if you bank with BMO, it is convenient for you to use them to exchange currency.

And although traditional banking institutions have historically been the go-to spot for foreign exchange purposes, newly emerging online financial technologies are able to give better rates by focusing solely in FX services. The reality is that big banks have a ton of overhead and brick-and-mortar costs to make up for, so they can’t always afford to give you the best deal. Professional digital currency conversion services that specialize entirely in foreign exchange, such as KnightsbridgeFX, can ensure you get the best rates and quality customer service on your currency conversion. The ultimate goal at KBFX is to help you keep more money in your wallet.

 

Compare BMO Bank Exchange Rates with Other Banks

The difference between the BMO exchange rate, in regards to buying and selling the same currency, can be wide ranging and from 2% and up to 5% or more. You must look at the website above to see their rates or you can call them. However, you may want to compare BMO’s exchange rate with other Canadian banks.

Bank Exchange Rates Markup % Source Potential Savings on $10,000 USD with KFX
BMO – Bank of Montreal 2.65% BMO Exchange Rates $235
KnightsbridgeFX 0.8% Knightsbridge Foreign Exchange
RBC – Royal Bank of Canada 2.60% RBC Exchange Rates $230
TD – Toronto Dominion Bank 2.64% TD Bank Exchange Rates $234
CIBC – CIBC Bank 3.34% CIBC Foreign Exchange Rates $304
Scotia – Scotia Bank 2.88% Scotia Bank Foreign Exchange Rates $258
HSBC – HSBC Bank 2.10% HSBC Foreign Exchange Rates $180
Desjardins 2.49% Desjardins Foreign Exchange Rates $219
PayPal 2.50% PayPal Exchange Rates $220

All Canadian banks, including BMO, include a markup, hidden within the exchange rate that you see. This markup can vary in percentage and helps to pay for the costs of providing the service including the customer service representatives, rent, marketing, transfer costs, and much more. However, since most Canadians exchange currency with the bank that they have a bank account with, the banks use this as a profit center and want to make profit on currency exchange. As a result, foreign exchange companies such as KnightsbridgeFX, can often offer better exchange rates than the bank by providing a better exchange rate and taking a lesser margin.

Finding the Best Exchange Rate

Banking in Canada has never been easier. When you sign up for a business or personal credit card and/or bank account in Canada, make sure you find the right fit. BMO makes online banking easy (download the BMO mobile app for an even more seamless experience – using BMO online is a great way to save time) and they do offer competitive exchange rates. If you are unsure who provides the best rate, make sure to use our foreign exchange currency converter. Make sure to check often as these rates are subject to change.

Whether you’re trading CAD to (or from) USD, GBP, EUR, XOF, XCD, or any other currency, use a currency converter to make sure you’re getting a fair exchange rate for your money when trading currencies. While the US dollar tends to rise and fall in tandem with the Canadian dollar, other currencies tend to have more variability in relation to the CAD-based on several economic indicators. Also, make sure to compare the fee a bank is charging relative to its competitors.

BMO Bank of Montreal Exchange Rate Overview

The Bank of Montreal (BMO) offers foreign exchange services for over 50 tradable currencies and exotics, including over 100 currency pairs. BMO holds a dominant position in the Canadian dollar FX market. For businesses, they also offer risk management solutions including derivatives, swaps, and options.

You can easily find your closest BMO branch using their online branch locator. You can contact BMO about their exchange rates and other exchange services at 1-877-225-5266. This is a very convenient option if you are looking for a small-sized amount of foreign currency for travelling.

Alternatives to BMO’s Foreign Exchange Services

There are several alternatives to BMO available to you when evaluating where you should conduct your foreign exchange transactions. All of the five major Canadian banks (BMOCIBCRBCScotiabankTD) offer foreign exchange services. You can access the resources at the bottom of this page to compare BMO’s exchange rates with that of the other big banks, as well as most major credit unions. If you are looking to exchange cash, make sure you compare BMO’s foreign exchange rates with those of competitors to ensure you get the best exchange rate.

If you are looking to do a currency transaction for a large amount ($5000+), you should shop around in order to ensure you get the best foreign exchange rate.

By choosing to use KnightsbridgeFX instead of the big Canadian banks, you will be saving tons of money on large currency transactions. We guarantee a better rate than the bank’s on a margin of at least 1-2%.

Wire Transfer Cost Comparison
Financial Institution Tier-Based Fees Fixed Charge Var. Charge Min. Fee / Max. Fee Free?
KnightsbridgeFX No YES
BMO No $10 0.20% $15 – $125 No
CIBC Yes $30 – $80 $30 – $80 No
HSBC Yes $40 – $90 $40 – $90 No
RBC No $13.50 – $20 $13.50 – $35 No
Scotiabank Yes 0.15% $25 – $100 No
National Bank No $15 – $20 0.34% $15 – $60 No

Historically, wire transfers have been offered by large financial institutions to send out money overseas. In most cases, to formulate a wire transfer (which safely transfers your funds internationally) you need to go inside a local branch to set it up with a representative. Some banks will offer you relatively cheaper wire transfers if you do it online (such as HSBC and RBC). Other banks (National Bank) will give you a wire transfer discount if you transfer locally to the US. The truth is, with most major financial institutions even if you get a discount the cost is never zero.

KnightsbridgeFX guarantees to give you a no-strings-attached free wire transfer anywhere in Canada, the US, and parts of Europe.

Importance of FX Comparison

If you are interested in comparing exchange rates, you can use a non-bank provider to exchange currency and compare rates. Savings compared to Canadian bank exchange rates can be up to 2.5% and on large sums of money, this can add up.

Compare the exchange rates below to the BMO exchange rates and other bank exchange rates and you will get an idea of the margin.

Here you will find the mid-market foreign exchange rate for many popular currencies. Use KnightsbridgeFX’s comparison chart to evaluate the foreign exchange rates offered by other financial institutions against BMO foreign exchange rates to ensure you are getting the best rate possible!

US Dollar and Canadian Dollar Exchange Rates
More on BMO Bank

The Bank of Montreal (BMO) was established in 1817. BMO provides a wide range of services, including retail banking, wealth management, and investment banking products to over 12 million customers. In the United States, clients are served by BMO Harris Bank, and BMO Private Bank. BMO Capital Markets services North American investment and corporate banking.

Accessing BMO’s Exchange Rates

BMO posts their foreign exchange rates online. Remember that not all currencies are available at all branches, and that currency exchange rates are subject to change.

Compare Other BMO Products

The Bank of Montreal offers a full complement of financial services, including bank accountscredit cardsmortgagesloansinvestmentsfinancial planning, and travel services.

BMO’s product breadth is among the most comprehensive in the globe. Compare your current provider for the aforementioned financial services to BMO’s offerings to ensure your financial needs are being met in the best possible way.

Our Recommendations on Foreign Exchange Services

We highly recommend you side with KnightsbridgeFX for all of your currency conversion needs.

After witnessing the most commonly-offered and widely available exchange rate deals, we’ve taken it upon ourselves to get you a better deal than what historically has been the norm. Too many individuals have fallen victim to unnecessarily high exchange rates and conversion fees.

By leveraging online money transferring platforms, we can trade your currencies in a fast, efficient, and affordable manner. When you exchange large quantities of money with us you can easily save hundreds of dollars per transaction.

Get your free quote today by speaking to one of our friendly representatives!

BMO Foreign Exchange FAQs – Frequently Asked Questions
In short, yes. If you do not have a BMO banking account registered under your name, you won’t be eligible for their foreign exchange services. The bank does not offer “one and done” conversions to non-clients.
Assuming you’ve registered for a BMO banking account, all currency transactions that take place within that account are subject to the “Mastercard International” regular rate plus a 2.5% BMO conversion charge.
As long as you are converting with dollars, any transactions you make will be subject to one fee. However, if you’re not converting with USD/CAD, you’d have to convert your currency to USD first and afterwards convert again into your desired currency. In other words, if you’re not holding USD you would need to pay all BMO-related conversion charges twice.
Yes. BMO offers clients the option to open a savings account that is denominated in US dollars. This account does not have any minimum balance requirements or monthly dues, but the interest rate associated with it is fairly low (0.05%).

BMO offers five different types of accounts designed for FX, each one appealing to a different type of client (with a different budget). A higher monthly price point is typically associated with better features and support.

  • Performance – $15.95/month
  • Premium – $30/month
  • Plus – $10.95/month
  • Airmiles – $15.95/month
  • Practical – $4/month

*Please note: We are not affiliated with BMO Bank and this information is obtained from publicly available sources.