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BMO International Money Transfer: Fees, Rates and Transfer Time

Everybody knows that banks charge fees for all of their services. But did you know that the banks aren’t giving you the lowest exchange rate possible? The truth is the banks set their own exchange rates only to remain competitive with the other major banks. Your international transfer and foreign currency exchanges could be costing you more than you realize.

The fact of the matter is the major banks have become globalized institutions, and therefore have higher costs to cover. That means they charge higher fees for services that other, dedicated, companies charge less for.

Knightsbridge Foreign Exchange is one such company whose specialty is finding you the absolute lowest exchange rate possible. In fact, not only can Knightsbridge save you a substantial amount on your foreign exchange from Canadian to US currency, but there are no charges for the transfer itself.

Continue reading to learn all the information you need to know about how and why major financial institutions like the Bank of Montreal are charging you higher exchange rates.

Here’s a small example of the benefits of using Knightsbridge over BMO

Let’s suppose you needed to transfer $1000 from a BMO account to a bank account somewhere in the U.S.

Provider Total Cost
BMO 2-3% Exchange Rate Markup + Outgoing Wire Transfer Fee + Additional Fees from Third Party Banks
Knightsbridge Foreign Exchange 0.5% Exchange Rate Markup + No Additional Fees

(BMO Statement of FeesKnightsbridge)

When stacked up against a revolutionary service like Knightsbridge, BMO’s service charges fall short.

Even putting aside for the moment that Knightsbridge charges you nothing for the transfer itself (we’re integrated with local banks in order to achieve this), the exchange rate you’re getting can be up to 2-3% lower than what BMO would charge you!

Before you make any decision regarding your money, it’s best to have all the facts first. That’s why it’s a great idea to visit Knightsbridge online, or give us a call at 1-877-355-5293 for a free quote on an international transfer and/or currency exchange.

What are the Fees for an International Wire Transfer with BMO?

BMO International Transfers Regular Fees
Incoming International Transfer C$14.00 per transfer
Outgoing International Transfer 0.20% of wire value per transfer

Min. C$15 Max C$125

Additional fees may apply See Additional Fees section below

(BMO Statement of Fees)

Exchange Rates for BMO

Major banks like BMO set their exchange rates higher than they need to be, strictly speaking, so that they can make a larger profit to cover the costs of running such a massive organization. As long as they are competitive to other major financial institutions, most people will consider the rate to be par for the course, i.e. the rate is what it is.

What you need to know is that banks don’t have a monopoly on performing international transfers and currency exchanges. As long as a business is licensed, bonded, regulated, and insured, they can perform that exact same service, except at a lower rate. Indeed KnightsbridgeFX is one such business.

If BMO is the bank making your currency exchange and/or international money transfer, it’s in your best interest to contact them to find out what you’re really being charged. The costs aren’t exactly hidden online, but they also aren’t terribly easy to find. Furthermore, their exchange rates change daily and are subject to further change with no notice given. For the most accurate exchange rate information, contact BMO and get the answers you deserve.

Differentially, a far more practical solution is simply to contact Knightsbridge and lock in the absolute lowest exchange rate today. Their experts are both knowledgeable and friendly, and they are ready to help you save big on your next currency exchange.

Intermediary Fees

Here is an example of the extraneous fees third party banks charge when you send money through a major bank like BMO:

International Funds Transfer with BMO Extra Fees
Additional Third Party Bank Fees The vast majority of major financial institutions use third party networks to facilitate international transfers, sometimes involving as many as 3 intermediary banks. Each one of those banks take their fee out of the amount your sending via transfer. To find out more about these fees, contact a BMO representative and get the information first hand.
Cancellation Fees Like all the major banks, additional fees will be applied if you desire a trace, or cancellation of a wire payment. It’s always good to read the fine print of any agreement before you sign.

(BMO Statement of Fees)

An Inexpensive and Trusted Alternative: Knightsbridge Foreign Exchange

Knightsbridge is one of the fastest growing businesses in Canada for a reason. Not only are you able to save huge amounts of money on your international transfers and currency exchanges, but Knightsbridge is equally secure and reputable as the major banks.

To speak to the matter of security, Knightsbridge Foreign Exchange is fully bonded and insured for $1,000,000. All client funds are kept in a segregated client account, kept separate from corporate operating accounts. The regulating body is FINTRAC, which is an agency of the Government of Canada.

In essence, KnightsbridgeFX is capable and authorized to perform exactly the same exchanging and transfer services that BMO can, while saving you substantially on the exchange rate. As long as you book your transfer before the bank cut-off, we guarantee same day delivery of funds. If you need to transfer funds to the U.S. there’s no reason to delay. Try KnightsbridgeFX and see how you can save!

Making an International Bank Transfer with BMO

There a few select ways BMO provides you with if you want to perform a wire transfer: Online, or in person at a branch.

Online

BMO only provides online wire transfer service to Portugal, where they have affiliate banks. So if you need to send a wire transfer through BMO to any other part of the world, it needs to be done in person.

BMO Branch

BMO offers their wire transfer service as a quick and easy way send money all over the globe. While the experience of making the transfer may be quick and easy, it certainly isn’t cheap, and it isn’t very convenient. You must arrive in person to the bank, upon which time you are then subject paying their high fees, which are some of the highest in all of Canada.

(BMO Money Transfer)

Time Frame for an International Funds Transfer with BMO

Not only does BMO itself have to process the transfer, but the recipient bank also subjects the funds to their own processing times. If you’re lucky it’s only those two banks who have to process it. In most cases third party banks are also required to facilitate the transfer, so it could take as long as 3 business for your funds to reach their intended target.

Furthermore each one of those banks will be taking a fee out of the amount being transferred, so not only will the money not arrive in due course, but the amount received may be less than either party was expecting.

Have Additional Questions About Your Transfer?

BMO’s Customer Support has several different and convenient ways to get in touch with them if you have more questions about the fees they charge for an international transfer of funds.

However, considering all the facts, it simply makes more sense to use a fantastic service like Knightsbridge. Not only do they guarantee you the absolute lowest rate for your currency exchange, but they also offer free transfers. Given the evidence it’s clear that Knightsbridge is the obvious choice for a secure, and cost effective, way to send money over the border. Try Knightsbridge Foreign Exchange and save hundreds, or even thousands of dollars on each one of your transfers and currency exchanges.

By Victor | May 9, 2018 | International Money Transfer | 0 comments

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