Wire transfer is the fastest mode of receiving money in your Bank of Montreal account from abroad. You can receive money into your Bank of Montreal account from a foreign country via International wire transfer. The transaction is initiated by the sender through a financial institution, however, you need to provide your banking details to the sender for successful transfer of money.
International Wire Transfer to Bank of Montreal
International wire transfer is one of the fastest way to receive money from foreign countries. Banks use SWIFT network for exchanging messages required for performing international wire transfer. Usually, the receiving bank (in Canada) and the sending bank (in other country) need to have a direct arrangement in place to start the swift transfer – this is sometimes referred to as correspondent banking.
Incoming International Wire Transfer Instructions
To receive international wire transfer in your Bank of Montreal account, please provide the following wire instructions to the sending financial institution:
|Bank Name:||Bank of Montreal Canada|
|Bank Address:||Your complete bank branch address
and telephone number
|SWIFT BIC Code for Bank of Montreal:||For Bank of Montreal, this code is BOFMCAM2|
|Bank of Montreal’s Institution Number:||001|
|Beneficiary Transit Number:||Your five-digit transit number (including all zeros)|
|Beneficiary Account Number:||Your seven-digit account number|
|Beneficiary Name:||Your complete name|
|Beneficiary Address:||Your complete address|
If the transfer is in U.S. dollars, you may need to provide the following additional information from Bank of Montreal‘s U.S Correspondent Bank:
|Correspondent Bank Name:||Wells Fargo Bank (FKA Wachovia)|
|SWIFT BIC Code:||PNBPUS3NNYC|
|Fedwire ABA Routing Number:||026005092|
Note of Caution on Fees: If your money transfer involves currency conversion, there is a high chance you will get a poor exchange rate from the banks and as a result pay high hidden fees. We recommend services like TransferWise for getting best conversion rates and lower wire transfer fees.
Outgoing International Wire Transfer Instructions
To send international wire transfer from your Bank of Montreal account, You need to know the following information about the person or company receiving the money:
1. Your complete name and address.
2. Your transit number and account number (including all zeros).
3. The recipient’s complete name and address.
4. The recipient’s complete bank name, address.
5. The recipient’s SWIFT Business Identifier Code (BIC), if available
6. The recipient’s complete bank account number.
7. The recipient’s branch or transit number and national sort code number where the funds are to be deposited
8. The recipient’s bank branch address and phone number.
9. The recipient’s valid IBAN if sending to a participating country.
10. The reason or purpose for the wire payment.
Incoming Wire Transfer Fees for Bank of Montreal Canada
International Incoming Wire Transfer Fees for Bank of Montreal is as follows:
|Incoming Wire Payment||$14.00 each|
Outgoing Wire Transfer Fees for Bank of Montreal Canada
International Outgoing Wire Transfer Fees for Bank of Montreal is as follows:
|Outgoing (of wire value)||0.20%|
|Minimum charge||$15.00 each|
|Maximum charge||$125.00 each|
Apart from the wire transfer fees, if the transfer involves currency conversion, banks make money on currency conversion as well by giving retail conversion rates to you which is usually 1-2% lower than the market rate. We recommend using services like TransferWise for getting best conversion rates with lower wire transfer fees.
Incoming/Outgoing Wire Transfer Cutoff Time for Bank of Montreal Canada
1. The Cut-off Times for Bank of Montreal differs based on local laws and regulations of Canada and the destination country. Please visit your nearest branch for cut-off time.
2. Any requests received after cutoff time will normally be processed the next working day.