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Bank Of Montreal

How to create an EFT template in your BMO business account?

Discover how to create EFT templates in your BMO business account.

In this article, we will guide you on how to create EFT templates in your BMO Online Banking for Business account. The existing guides may not provide the detailed instructions you're seeking, so we aim to explain the process step by step.

Creating templates is your initial step towards sending or receiving EFT payments efficiently.

Stage 1: Access EFT Templates:

  • Please open your BMO account, and go to the "Payments & Receivables" tab.
  • Under "Electronic Funds Transfer (EFT)", choose "Create Template".
  • Select an EFT Account ID.

Stage 2: Template Details: Enter a Template Name and Template Description.

Stage 3: Under “Payment Type”, pick "Debit" for incoming payments or "Credit" if you’re sending money.

Stage 4: Choose a Payment Code that best describes your transactions. Please enter your company’s short and full name.

Stage 5: Saving the Template- At the bottom of the page, click "Save". Under “Add Payers/Payees”, enter the details of a payer or payee and select "Add to List".

Once you’re done, click "Save" again at the bottom of the page. This will also update your total payments and total amount.

Meet Finofo: The robust alternative

BMO business accounts offer many features useful for businesses in Canada, but they often fall short in truly empowering your finances. Let us introduce you to Finofo – a powerful alternative to BMO business accounts.

Canadian finance teams are tired of creating endless EFT templates and need a streamlined solution for sending payments to suppliers or vendors domestically.

With Finofo, sending a payment or paying a bill is incredibly simple. You won’t need to spend hours creating or uploading templates. Simply add beneficiary details, upload bills, or create payments, and easily transfer funds from your Finofo accounts. We built Finofo to eliminate manual processes, redundant data entries, and to make life easier for accounting and finance professionals.

Additionally, you can export your beneficiaries/suppliers list from your accounting software and import them seamlessly into Finofo’s platform. Whether the CSV file is clean or messy, the import process is easy and smooth.

We are building Finofo with the mission of empowering business finance teams with technology, surpassing traditional barriers, and increasing efficiency for finance teams.

Take a look at how you can save time. Book your Finofo demo here!