BMO offers a new way for customers to send money across the world

The company has launched its own money transfer service

The Bank of Montreal has launched a new service called BMO Global Money Transfer to allow customers to send money abroad.

The feature is available on the bank’s mobile app and each international transaction is priced with a $5 service fee. This fee is waived for customers until January 31, 2022. Bank accounts catering to Canadian newcomers, BMO Premium and Private Banking customers, will continue the service for free past the deadline.

Numerous functions, such as a currency watchlist and the ability to set up recurring transactions, are available.

“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,” Gayle Ramsay, head of everyday banking at BMO, said in a press release.

“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.”

The new service is building on the financial organization’s promise to digitalize the customer experience. It has partaken in several past initiatives, including letting customers take selfies to verify new bank accounts, as part of the promise.

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Source: BMO