Despite being the oldest bank in Canada, BMO still ranks among the best digital banking service providers in the country. BMO has great e-Transfer features we’d explore in this post.
The Bank of Montreal (BMO) currently boasts of having 800 branches all over Canada.
And there are more than 7 million Canadians actively using BMO today for their banking needs.
If you’re a BMO client or are trying to be one, you may be interested in knowing its BMO Interac e-Transfer limit.
I write this article to answer all the questions that keep popping up as regards BMO e-Transfer service.
In addition, this article will help you compare the BMO e-Transfer limit with that of other Canadian banks.
Let’s dig in!
Table of Contents
What is Interac e-Transfer?
It is an electronic money transfer network that is accessible only in Canada.
The Interac e-Transfer service is loved by Canadians because of its low transaction costs and super-fast transfers.
The service is also convenient and readily available because 80+ Canadian banks allow e-Transfer on their mobile apps.
With a foundation history that goes way back to 1984, Interac e-Transfer has been around for a long time in Canada.
The main issue is that each bank in Canada has its own transaction limits and fees for Interac e-Transfers.
In the next section below, I will reveal all the key information about the BMO e-Transfer limit. Read on!
What is the BMO e-Transfer Limit?
BMO does have some time-bound limits on the maximum amount of money you can send via the Interac e-Transfer service.
The minimum amount you can send with BMO e-Transfer at any time is $0.01.
Below is the maximum amount you can send with BMO Interac e-Transfer per period.
- $2,500 or $3,000 for every 24 hours
- $10,000 for every 7 days
- $20,000 for every 30 days
Please note: the figures stated above are subject to the spending limit of your BMO debit card.
This simply means that your BMO e-Transfer limit can decrease as you exhaust your debit card limits.
If you need more clarity, please call the BMO customer care team at 1-877-225-5266.
You can also sign in to your BMO Online Banking platform and choose “Message Center” to ask your questions.
How to Send e-Transfer With BMO
You can send Interac e-Transfer through the BMO mobile app or online banking platform.
To send an e-Transfer with the BMO mobile app, follow the steps below.
- Sign in to the BMO banking app
- Tap on “Pay & Transfer”
- Select Interac e-Transfer
- Select a recipient from your existing list or add a new recipient
- Enter an amount higher than $0.01 and tap “Done”
- Choose which of your account to be debited for the transfer
- Set a Security Question and Secret answer (if the recipient does not have Autodeposit activated at their end)
- Review the information you have entered so far
- Tap on “CONTINUE” when you are satisfied with the details you entered
- Tap on “SEND MONEY”
To send an e-Transfer with the BMO Online banking platform on your computer, follow these steps:
- Sign in to your BMO account via the Online banking website
- Look at the upper left-hand navigation menu
- Click on the “Move Money” dropdown list
- Select “Interac e-Transfer”
- Choose a recipient from your existing list or add a new recipient
- Click on “SEND”
- Select which of your account to be debited for the transfer
- Enter the amount you want to send
- Add a message for your recipient (this is optional)
- Set a Security Question and Secret Answer (if the recipient does not have Autodeposit activated at their end)
- Click on “CONTINUE”
- Review the information you have entered
- Click on “SEND MONEY” when you are satisfied with all that you entered
- Click on “Finish”
How Do I Cancel an Interac e-Transfer at BMO?
Follow the steps below to cancel an Interac e-Transfer made with BMO.
- Sign in to your account
- Click “Payments & Transfers”
- Select “Interac e-Transfers”
- Click on “Cancel e-Transfer”
Bear in mind that you can only cancel an e-Transfer made to a recipient who does not have the AutoDeposit feature enabled at their end.
If you quickly cancel a “Pending” e-Transfer before 11:59 p.m. (EST) on the same day it was sent, BMO won’t charge a dime for that.
But if you cancel any e-Transfer after 11:59 p.m. (EST), be prepared for a $5 cancellation fee charged by BMO.
How to Receive e-Transfer with BMO
Receiving e-Transfer money is very easy with BMO.
As a BMO account owner, you will be notified by email when someone sends you money via Interac e-Transfer.
If you are logged in to your online banking or app at that time, please sign out and follow the steps given in the email notification instead.
The steps in your e-Transfer notification email should lead you to a “Receive Money” page if you followed them correctly. Once you land on that page, do the following:
- Answer the security question attached to the e-Transfer (if you don’t have Autodeposit activated)
- Select which of your BMO account to be credited with the money
- Add or change the message in the e-Transfer comments (optional)
- Click on “Continue”
- Review the information on your screen
- Click on “Complete” and the money will be deposited to your preferred BMO account
How to Request e-Transfer Money with BMO
In certain situations, you might want to ask for money from a friend, colleague or family member. This is exactly what the “Request Money” feature of Interac e-Transfer is built for.
To request for e-Transfer money using BMO mobile app, follow the steps below.
- Sign in to the BMO banking app
- Tap on “Pay & Transfer”
- Select Interac e-Transfer
- Add a new contact or choose from your existing list the person who will send you the money
- Enter your desired amount (between $0.01 and $3,000)
- Tap on “Done”
- Select which of your BMO account you want the money to be deposited into
- Review the information on your screen
- Tap “SEND REQUEST” when you are done
To request for e-Transfer money with BMO online banking platform, follow these steps.
- Sign in to your BMO account via the online banking website
- Navigate to the upper left-hand menu
- Click on the “Move Money” dropdown list
- Select “Interac e-Transfer”
- Click on “REQUEST”
- Add a new contact or choose from your existing list the person who will send you the money
- Enter your desired amount (between $0.01 and $3,000)
- Select which of your BMO account you want the money to be deposited into
- Verify the information you have entered
- Click on “Send Request” when you are done
How Does Autodeposit Work on BMO e-Transfer?
The Interac Autodeposit feature enables bank account holders to receive e-Transfers automatically without answering a security question.
As a BMO account holder, you can register for the Autodeposit feature with just your email address.
Once the feature is activated on your account, all e-Transfers sent to you will get deposited into your BMO account automatically.
To set up the Autodeposit feature via your BMO app or online platform, follow these simple steps.
- Sign in to your account
- Navigate to Payment & Transfers
- Select Interac e-Transfers
- Click on “Manage Autodeposit”
- Follow the prompts and you should be done in minutes
BMO e-Transfer Processing Time
The processing time of Interac e-Transfer transactions is typically the same for many Canadian banks and financial institutions.
When using BMO to send Interac e-Transfer, you should expect the funds to be sent immediately or sometimes it can take up to 30 minutes.
This is the standard e-Transfer processing time for many of the popular banks in Canada.
By enabling the Autodeposit feature, you would receive e-Transfers faster because the money will be deposited automatically into your account without requesting a security answer.
BMO Interac e-Transfer Fees
Earlier in this article, I mentioned that each Canadian bank has its own set of fees for Interac e-Transfer transactions.
As for BMO e-Transfers, check out the fees below.
- $5 cancellation fee
- FREE unlimited Interac e-Transfers (for all BMO Everyday Bank Plans)
Read Also: 9 Ridiculous Common Bank Fees Burning Your Finances
BMO e-Transfer Limits vs Other Canadian Bank Limits
The limits set by BMO on e-Transfers are not specific to the bank alone. Many other Canadian banks have maximum e-Transfer limits as well.
Check out this table below to see a side-by-side comparison of BMO e-Transfer limits and that of other banks in Canada.
| Bank Feature | 24-hour period | 7-day period | 30-day period |
| BMO e-Transfer limit | $2,500 or $3,000 | $10,000 | $20,000 |
| Simplii e-Transfer limit | $3,000 | $10,000 | $30,000 |
| EQ Bank e-Transfer limit | $3,000 | $10,000 | $20,000 |
| Scotiabank e-Transfer limit | Varies per Client’s card | Varies per Client’s card | Varies per Client’s card |
| Tangerine e-Transfer limit | $3,000 | $10,000 | $20,000 |
| CIBC e-Transfer limit | $3,000 | $10,000 | $30,000 |
| RBC e-Transfer limit | Varies per Client’s card | Varies per Client’s card | Varies per Client’s card |
| TD e-Transfer limit | $3,000 | $10,000 | $20,000 |
| HSBC e-Transfer limit | $7,000 | $10,000 | $40,000 |
From the above, you can see how the BMO e-Transfer limits compare with those of other big banks in Canada
The point of emphasis here is that BMO has a relatively lower 30-day Interac limit. Although the limit is the same as those of EQ Bank, Tangerine, TD and other Canadian banks.
If you send more than $20k per month, this should be a point of concern. In that case, you may be better off with HSBC or banks with a $30k limit.
The bottom line is that the BMO limit is less significantly different from those of other big banks in Canada.
Learn more:
Important Notes about BMO e-Transfer Service
Before you start using Inter ac e-Transfer service as a BMO account holder, please read the following important information.
- BMO Business Premium Rate Savings Accounts are restricted from sending Interac e-Transfer
- AgriInvest Accounts are restricted from sending Interac e-Transfer
- The Bill Payment Limit that is assigned to your BMO Debit card may limit the maximum amount you can send via e-Transfer in a day
- Cancellations fees for Interac e-Transfers are non-refundable
- You can only receive Interac e-Transfers into a Canadian Dollar account
Final Thoughts on BMO e-Transfer Limit
There is not much difference between the BMO e-Transfer limit and that of other reputable Canadian banks.
The only issue I have with BMO e-Transfer service is the $5 cancellation fee which I feel is on the high side.
Other banks allow for free cancellation within a given timeframe while others charge less than a $5 cancellation fee.
Another drawback of BMO e-Transfer is that the daily e-Transfer limit depends on your debit card limit. This is unlike most banks in Canada that have a fixed e-Transfer limit.
Notwithstanding, the BMO e-Transfer service is an alternative payment that will save you cost on your everyday transactions.
FAQs on BMO e-Transfer Limit
How Do I Check My e-Transfer in BMO?
Follow the steps below to check your BMO e-Transfer status.
- Sign In to your BMO account
- Click on “Payments & Transfers”
- Select “Interac e-Transfer”
- Click on the e-Transfer history
How long does it take for a BMO e-Transfer to go through?
Money sent via BMO e-Transfers should go through within a few minutes.
In some cases, it might take up to 30 minutes but if the recipient has Autodeposit enabled, it could be done instantly.
Is BMO the same as the Bank of Montreal?
Yes, it is popularly called BMO bank but the real name is the Bank of Montreal.
BMO operates in Canada as the Bank of Montreal with 800 branches and millions of customers.
Who owns the Bank of Montreal?
BMO is a publicly traded big bank that is owned by shareholders. Below are the top ten shareholders that own BMO:
- RBC Global Asset Management, Inc.
- 1832 Asset Management LP
- TD Asset Management, Inc.
- RBC Dominion Securities, Inc. (Investment Management)
- The Vanguard Group, Inc.
- BMO Asset Management, Inc.
- CIBC World Markets, Inc.
- Mackenzie Financial Corp.
- CIBC Asset Management, Inc.
- BMO Asset Management Corp.
