BMO timing, cards and cancellation
BMO says Global Money Transfer typically arrives within two to five business days. The service provides tracking and notifications, although recipient-bank posting can take additional time.
A completed transfer cannot be cancelled. Confirm the recipient, account number and bank code before authorisation.
BMO's Canadian debit-card terms say Mastercard converts foreign purchases and BMO adds 2.5%. Other card products may differ, and the network rate is not guaranteed to equal the mid-market rate.
What is the Bank of Montreal Send Money conversion rate for CAD to USD?
The Bank of Montreal CAD to USD exchange rate is 0.6836. This is -3.8% compared to the latest CAD-USD mid-market rate 0.7109.
As exchange rates can vary significantly between banks and also between currency exchange providers, it's therefore important to carefully compare Canadian dollar (CAD) to US dollar (USD) rates from different sources before making a conversion.
The above Bank of Montreal - Loonie to Dollar comparison table makes it easy to compare the Total Fees (both variable and fixed) you are being charged by Bank of Montreal and other foreign exchange providers against the latest CAD-USD mid-rate and the possible savings of using various providers.
How do Bank of Montreal CAD-USD rates compare between providers?
Looking at the full CAD to USD - Send Money comparison table the provider with the best CAD to USD exchange rate is OFX at 0.7073, -0.51% from the latest mid-market rate 0.7109.
The next best is XE at 0.7066, -0.6% from the mid-rate.
Then Wise at 0.7056, which is -0.75% from the mid-rate.
The Western Union rate is 0.7002 which is -1.5% from the mid-rate.
Among the banks the TD Bank rate is 0.6758 at -4.9% the Scotiabank rate is 0.6942 at -2.3% and the Royal Bank of Canada rate is 0.6948 at -2.3% compared to the mid-rate 0.7109.
It's important to note that exchange rates also fluctuate frequently due to market conditions. Additionally, banks like Bank of Montreal often apply a margin to the exchange rate, resulting in a less favorable rate for customers compared to the mid-market rate. For more competitive rates, you might consider using a specialized currency exchange service or platforms that offer rates closer to the mid-market rate.