BMO Eliminates Interac e-Transfer Fees on ‘Everyday Bank’ Plans

If you’re a BMO Bank of Montreal customer with an Everyday Bank plan, the company has announced Interac e-Transfer fees have been eliminated. BMO says this also includes Canadian chequing and Premium Rate Savings accounts part of a plan.

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Martin Nel, Head, Personal and Small Business Banking, BMO Financial Group, said in a statement, “The expectations of our customers are shifting as more turn to mobile to bank on the go quickly and seamlessly. Offering free Interac e-Transfer transactions is another example of how we’re providing digital solutions that meet these changing needs, and simplify the lives of our customers.”

Nel added customers are using Interac e-Transfer “more than ever before”, using the service to pay and transfer funds for pretty much everything.

The move follows RBC axing their Interac e-Transfer fees last year, along with TD Canada. RBC said over 50% of their Interac e-Transfers were made on a mobile device as of last May.

As for other big Canadian banks, CIBC charges $1.50 per transfer (free for Smart Accounts), while Scotiabank still charges $1.00 per transfer (but some accounts get 2 free per month).

Earlier this morning, Scotiabank added support for iOS 10’s iMessage extension, to allow for seamless Interac e-Transfers within the Messages app, and customers can only hope fees would similarly be eliminated like competitors.

Thanks Sarge