BMO Mobile Banking App Launches Global Money Transfers

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BMO announced on Monday you can now send a Global Money Transfer within the company’s mobile app, which it says is a “new fast and convenient feature providing a digital solution to sending money internationally.”

The cost to send a BMO Global Money Transfer is $5 per transaction and is available 24/7. Also available is a “send again” feature for repeating previous transactions, to go with a currency watchlist and notifications to let customers track the status of transactions.

“With most of our customers being digitally active, we’re excited to offer a convenient new feature to send money internationally through the BMO mobile banking app,” said Gayle Ramsay, Head, Everyday Banking, Segments and Customer Growth, BMO Bank of Montreal, in a statement.

Until January 31, 2022, BMO says it will be waiving the $5 transaction fee for all of its retail banking customers, while newcomers to Canada, BMO Premium and Private Banking customers will keep benefitting from no service fees.

“Being able to easily reach loved ones overseas is important to helping our customers make real financial progress, especially during the holiday season. BMO is committed to meeting customers where they are and providing convenient digital solutions to meet their everyday banking needs,” added Ramsay.

The BMO Global Money Transfer feature will hit the Online Banking platform in “early 2022”, says the company.

Earlier this month, the BMO Mobile Banking app gained the ability to replace a lost or stolen debit card within the app.