Business Bank accounts

A closer look at the BMO USD business account in Canada

Piyush Singh

19.09.24 (updated more than 1 year ago)

Read time 2 minutes

The Bank of Montreal (BMO) currently has a business account that can be used for making business transactions in USD, but it comes with limitations compared to its CAD counterparts. We’ll look at how to add and withdraw money with the account, the associated fees, and Wise as an alternative to bank accounts for businesses. Wise allows you to hold, send, and receive your money in USD without monthly fees.

We shall look at:
Overview of the BMO US Dollar Business Account Make the most of your money with a Wise Business account

Overview of the BMO US Dollar Business Account

If you’re already a BMO business customer, the BMO USD business account can be added to your portfolio. Not a BMO customer just yet? While you can open personal accounts online, you’ll need to book an appointment at a branch to open a business account.

To add money in USD into this account, you can either head over to a branch, opt for direct deposit, or use an ATM. When it comes to withdrawing money, you have more options, including cheque, pre-authorized debit, using your BMO Debit Card for Business, an ATM, going to a BMO branch, or bill payment.

Let’s go over the fees associated with the account:

Service	Fees (in USD)¹
Monthly fees to be paid	$6
Deposit
At a branch Electronic Fund Transfer (EFT) Cash Cheque	$1.25 $1.25 Free Free
Withdrawing money
Cheque EFT At a branch Bill payment	$1.25 $1.25 $1.25 $1.25

Unlike the Canadian dollar business accounts, this account is not eligible for their banking plans. These plans have advantages such as no monthly fees and unlimited transactions.

Make the most of your money with a Wise Business account

Opening a business account at Wise is free, online and easy! With Wise, you don’t lose money to monthly subscriptions or have it held up as minimum balance. You pay only for what you use. Here’s what you get for the essential and complete version for a one-time fee of 55 CAD:

Features	Essential features - without registration fees	All features for a one time payment of 55 CAD
Send money to over 70 countries	✅	✅
Wise Business Card	✅	✅
Holding and converting money across 40 currencies at the mid-market rate	✅	✅
Minimal fees starting at 0.48%	✅	✅
Local account details to receive payments in over 20 currencies	❌	✅
Direct debit to make recurring payments	❌	✅

You can always upgrade from the essential features to avail all Wise business features for a one-time payment of 55 CAD

Experience owning a Wise business account
with our demo >>>

It only takes a few minutes to set up your multi-currency account, and make the most of the mid-market exchange rate.

Step 1. Enter information relevant to yourself and your business.
Step 2. Share essential information about your business. This includes

Business registration
The business registered and trading addresses
The industry you’re in
Online presence
Name, date of birth, country of residence - for all stakeholders
Documents proving ownership of the business

Step 3. Enter essential information to verify your identity
Step 4. Set up and make a transfer as indicated on your account. Alternatively, you could pay the one-time fee and get account details in over 10 currencies.
Step 5. Wise sends you a confirmation email within 10 working days.

In case you add team members to the business account, they will need to be verified too.

Wise's has been reviewed and appreciated on public platforms such as:

Trustpilot Canada: 4.3/5 stars with 256,776+ reviews
Play Store Canada: 4.7/5 stars with 1.28M+ reviews

Final thoughts on the BMO US Dollar account

BMO’s Business USD checking account is a sound option for BMO customers looking to add a layer of convenience to their banking, taking the stress out of currency conversions between USD and CAD. But for more flexibility and modern user-friendly banking with lower, transparent fees, Wise Business is worth checking out.

About the author:
	Piyush is an expert on finance topics for the Canadian market, covering everything you need to move money beyond borders. He creates high quality content to help you make the best cross-border decisions. You can read more useful articles on his author profile.

Sources:

1.BMO Banking Guide for Business: Page 9
2.Wise Fees & Pricing: Only Pay for What You Use
3.Wise Card Fees for cross currency transactions
4.Cheaper, faster international payments with Wise Business.
Sources verified on September 19 2024

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.