BMO e-Transfer Limit: What It Is, How It Works

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BMO e-Transfer is one of the generally accepted methods of payment in Canada. This post will shed light on what BMO e-Transfer limit is and how it works. Before then, let’s look at what e-Transfer is.

Interac e-transfer or simply e-Transfer is the flagship of Interac Corporation’s banking network, meant to eliminate all the hassle involved in sending and receiving money. Ever since its launch, Interac has been a fundamental part of Canada’s advanced banking system.

It enables Canadians to conveniently perform regular monetary operations; paying of bills, rent, shopping, as well as invoicing and bulk payments for businesses.

It is incredibly swift, secure and makes for a completely seamless online transaction. Over 250 financial institutions in Canada partner with this service, cementing its position as an extensively utilized interbank network. The Bank of Montreal (BMO) is one of Interac’s top acquiring banks. Other top banks participating in Interac e-transfer service include:

  • The Bank of Nova Scotia
  • The Canadian Imperial Bank of Commerce
  • The Royal Bank of Canada
  • TD Bank Group

How Does e-Transfer Work For BMO?

BMO e-transfer limit, what is it?

BMO e-transfer also called BMO Interac e-transfer or BMO email money transfer is considered one of the most reliable means of sending funds within Canada. Although the term e-transfer loosely refers to email transfer, it’s nowhere near it.

Funds transferred via BMO Interac doesn’t go through an email, they instead follow an encrypted, high-level security protocol to reach the receiver. It’s essentially the recipients that receive email notifications of the transfer, which would be deposited in their Canadian bank account once they answer a security question.

To e-transfer with BMO, first, you need to be a Bank of Montreal client. The transaction is initiated when the client equally has access to BMO online banking. Once the sender logs into their BMO online account, they will then navigate to Interac e-transfer and update their settings. There are reviewable options available such as adding the contacts of your choice which is inclusive of auto deposits.

Following the account set up, the customer proceeds to transfer after selecting the send money option. Upon confirmation of the amount to be transferred and the particular account you’re transferring it from, a security question is required before the money is sent out. This security question is sent to the recipient through an email depending on the contact mode you selected.

Once the recipient receives the email, they need to unlock it by answering the question you created before they can access the funds.

In lieu of an option to create a security question, customers can equally opt to include the recipients in auto deposits. Auto deposits require the sender to disable security blockade from the recipient’s end in the settings. The funds move uninterrupted by an email question into the receiver’s account.

BMO e-Transfer Fee

Transaction fee for BMO e-transfer span from $1.00 for personal accounts to $1.50 for business account. A $5 cancellation fee is imposed on the customer in the eventuality that e-Transfers sent and cancelled are done after 12 a.m of the said day.

BMO e-Transfer Limit

BMO e-Transfer Limit: What It Is, How It Works

As one of the largest banks spearheading email money transfer, BMO allows users to make numerous transactions but there are major transfer limitations. Interac e-transfer limits vary among financial institutions participating in the service.

Why do BMO e-Transfer limit exist?. This tiny hitch is put in place for security reasons. BMO e-Transfer limitis imposed on users to limit their daily, weekly or monthly transactions. While this might present itself as an obvious discomfort, its vital to curb fraudulent interceptions and cybersecurity.

For The Bank of Montreal, the Interac e-Transfer has been limited to $2,500.00 or $3,000.00 per day, $10,000.00 per week and $20,000.00 for 30 days.

BMO Business Account e-Transfer

The bank of Montreal also facilitates the electronic transfers of money not only for individuals, but for businesses as well. BMO business account allows customers to pay bulk bills, vendors, employees, etc with convenience. There are perks of utilizing a BMO business bank account such as no monthly fees and hardly any limits on e-Transfers.

There are several BMO business account plan alternatives to choose from. They include:

  • eBusiness Plan
  • Business Start
  • Business Builder 1
  • Business Builder 2
  • Business Builder 3
  • Business Builder 4

BMO Interac e-Transfer Not Working? Here’s Why

While BMO e-Transfer payment method has significantly improved the way Canadians carry out financial operations online, most times there are slight complications. These issues can be easily fixed granted the parties involved know the root cause.

In most cases, there are BMO e-Transfer pending error messages and this is just like every normal online transaction. Once they are considered “accepted,”e-Transfer transactions of more than $300 usually take up to 30 minutes before they are processed. This results in the transaction appearing as pending. Once the sender notices this error message, the best option is to cancel the accepted funds request.

Declining or rejecting an email money transfer will reverse the money back to the sender. Alternatively, if the receiver chooses to ignore the BMO e-Transfer notification email, there’s an automatic reversal of the money after a period of 30 days.

Prevent e-Transfer Scams And Security Breach

Regardless of the advanced security systems of email money transfers, phishing scammers still find ways to infiltrate security measures. Hence, precautionary measures need to be taken into account  to safeguard both the sender and receiver.

The usual security procedures entails ignoring BMO email transfers from unknown persons or businesses. Also to ensure that the sender is aware of the email instructions received by the recipient. Other security threats abound when the answers to the security questions an e-Transfer sender created is predictable. Bank and email details should equally be kept private.

Email Money Transfer To Someone Outside Canada

Sending of funds via Bank of Montreal email money transfer is only to specific recipients. Especially those within the confines of the country.

While BMO Interac e-Transfer to people in international countries is not feasible, there are tons of other payment methods such as wire transfers.

Is BMO e-Transfer Good?

Just like every other partner bank utilizing the Interac service, BMO ensures secure and efficient money transfers by both individual users and businesses.

Bank of Montreal security systems are fortified to mitigate fraudulent activities while streamlining payment solutions.

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