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Bank Of Montreal

BMO Global Pay: An Overview

Learn about BMO Global Pay, its features, limitations, and how it facilitates international payments for Canadian businesses.

In this article, let’s understand how BMO Global Pay works, its advantages and limitations, and whether it’s an effective way to send fast global payments. BMO Global Pay is a foreign currency payments service available on the BMO business banking account for Canadian businesses.

With BMO Global Pay, you can-

  • Send up to the equivalent of $100,000 USD to select countries.
  • See your final foreign exchange rate before you send your payment.
  • Send regular payments by using your existing wire payment templates or creating new ones.
  • Get your funds delivered usually in 1 to 2 business days, with some destinations close to real-time delivery.
  • Note: Some payment delivery times may take up to 3 days, depending on processing times in the recipient’s country.

What Countries Are Eligible for BMO Global Pay?

BMO Global Pay allows users to send payments to 30 countries worldwide.

What Are the Prerequisites and Qualifications for BMO Global Pay?

Screenshot from BMO Global Pay support page

With so many limitations, users are not given complete freedom to send global payments. There are restrictions on amounts, countries, and cut-off times for when payments can be sent. It is definitely not the most efficient way to send faster payments to global suppliers. BMO Global Pay might be the fastest way if you are using BMO for sending global payments, but that also comes with many ifs, buts, and restrictions.

How Is Finofo Different from BMO Global Pay?

Now, let us introduce you to Finofo – a more efficient, faster, and seamless way to handle global payments without any tags, restrictions, limitations, or ifs and buts.

Finofo is straightforward. There are no payment delays or template creation hassles for sending global payments. With Finofo, you'll be able to send real-time payments through local payment rails to over 45 countries. This includes all SEPA countries in Europe, Czech Republic, Egypt, Hong Kong, India, Indonesia, South Korea, Malaysia, Mexico, Philippines, Singapore, Sweden, Thailand, United Kingdom, and Vietnam. (BMO allows payments to only 30 countries, while Finofo covers 15 more countries than BMO.)

Finofo's real-time global payments capabilities

Fun fact: The fastest way to send global payments with BMO is still very slow compared to Finofo!

There are no restrictions, qualifications, or prerequisites with Finofo. Pay your global bills faster and at your convenience!