A Comprehensive Look at BMO Business Accounts in Canada
Explore the various business account options BMO offers, including their features, fees, and limitations, to help you make an informed decision for your Canadian business.
The Bank of Montreal (BMO) is a well-established player in the Canadian banking sector, offering a range of business accounts and services tailored to meet different business needs. While BMO provides a variety of options for small businesses, it’s important to evaluate their features, fees, and suitability for your specific financial goals.
In the following sections, we’ll explore the various business banking solutions BMO offers and how you can apply for a business account. We’ll also introduce you to Vault, a modern alternative to traditional banking, providing a streamlined solution that could replace your need for BMO’s business banking services.
Applying for a BMO Business Account
Opening a business account at BMO is different from opening a personal account. Business accounts cannot be opened online; they must be applied for either by phone or through an in-person appointment. Whether you’re interested in a business checking or savings account, here’s how you can apply:
- Identify your business needs: First, determine what your business requires from a financial account.
- Choose your preferred account: If applying by phone, call the BMO business banking hotline. If applying online, head to the business banking section of the website and schedule an appointment.
- Complete the appointment booking: BMO’s online system will guide you through the process of selecting your appointment location, purpose, time, and contact information.
Let’s take a look at the specific documents you’ll need depending on your business structure.
Sole Proprietorship
Sole proprietors need to present the following documents:
• A valid piece of ID for the owner
• Trade Name Registration
• Master Business Licence
Partnership or Limited Partnership
For general partnerships:
• Partnership Registration (if needed)
• Partnership Agreement
For limited partnerships:
• Limited Partnership Agreement
• Certificate or Declaration of Limited Partnership
If your business uses a trade name, you’ll also need:
• Trade Name Registration
• Master Business Licence
Additionally, you’ll need to provide identification details like:
• Name, address, and business nature
• Ownership details for those with 25% or more interest
• Information and identification for authorized signatories
Corporation
Corporations established for under 18 months must provide:
• Articles of Incorporation or related documents like Company Charter
For businesses over 18 months old, you’ll also need one of these documents:
• Annual or Statutory Return
• Certificate of Status or Compliance
• Financial statements signed by an independent accounting firm
If using a Trade Name, you’ll also need:
• Trade Name Registration
• Master Business License
And for identification:
• Name, address, and business activity
• Ownership details for major stakeholders
• Personal details for authorized signatories and directors
Unincorporated Associations
For formal businesses:
• Articles of Association
• Copy of by-laws or constitution with details of directors
For informal businesses, provide a letter outlining who can open the account.
Overview of BMO Business Chequing Accounts
BMO offers a variety of business chequing accounts designed for different operational needs. Here’s a summary of the available options:
BMO eBusiness Plan
• Features: Unlimited electronic transactions, focusing solely on digital transactions. No cash deposits are allowed.
• Fees: No monthly fees or minimum balance required.
BMO Business Start
• Features: Allows 7 transactions per month, no cash deposits included.
• Fees: $6 monthly fee, no minimum balance required.
BMO Business Builder Plans
• Features: Offers four tiers with different transaction allowances and cash deposit limits, ranging from $2,500 to $12,000 in cash deposits and 35 to 160 transactions per month.
• Fees: Monthly fees range from $22.50 to $120. Fee waivers are available with higher balances.
BMO Premium Rate Savings Account
• Features: Earn interest on CAD or USD without locking funds. CAD rates range from 2.55% to 4%, while USD rates range from 1.9% to 2.95%.
• Fees: No monthly fee or minimum balance is required.
BMO Business Current Account
• Features: Pay only for services you use.
• Fees: $6 monthly fee, with $1.25 per transaction. Branch transfers and debit card transactions are free.
BMO Community Account
• Features: Available to not-for-profit organizations, with 20 transactions included.
• Fees: $2.50 monthly fee, waived with a $5,000 minimum balance.
BMO AgriInvest Account
• Features: Designed for farmers, offering unlimited transfers and interest rates at 1.5%.
• Fees: No monthly fee.
Vault: A Modern Solution for Your Financial Needs
While BMO offers a robust selection of business accounts, Vault presents a highly flexible business alternative. Vault provides account details in multiple currencies, including CAD, USD, GBP, and EUR. Allowing you to centralize your transactions in one platform. Vault also offers:
- Open an account without ever visiting a branch
- Batch payments
- Invoicing
- Fast and affordable international payments
- Free multi-currency accounts
- Seamless integration with QBO and Xero
- Best-in-class FX rates
Vault simplifies business cash flow management, offering more control and efficiency in handling financial transactions. It’s ideal for businesses that require flexibility and cost-efficiency in their international payments.
Vault is a registered Money Services Business (MSB) with FINTRAC, ensuring regulatory compliance for your transactions. Start managing your business finances with greater flexibility and fewer fees by exploring what Vault has to offer.
Frequently asked questions
Everything you need to know about the product and billing.
Vault is the cheapest and easiest way to manage your business banking needs. We offer the best currency exchange rates in Canada, chequing accounts multiple currencies, domestic and international bank transfers, and a corporate Mastercard to manage all your spend. By signing up to Vault you automatically get:
- Accounts in Canadian dollars, US dollars, British pounds, and Euros
- Cheapest FX rates in Canada - Free domestic transfers (EFT, ACH, SEPA, FPS)
- A Mastercard Corporate card that gets you the same great FX rates
Transparency is key to us, that's why you'll find all of our fees listed on our pricing page: https://www.tryvault.com/pricing
We don't charge many fees and for the fees we do charge you'll find them to be well below market rates. You also get paid to use Vault via our cashback on card purchases!
We're only able to support Canadian corporations for now. If you have a sole proprietorship, partnership, or non-Canadian corporation we won't be able to support it at this time.
Yes, we have a direct integration with QBO and Xero. We are working on more integrations very soon!
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