BMO crossborder people: How long does it take for you to send US$ to the US and vice versa?

MichaelZZZ wrote: ↑ Basically people really need a bank with instant transfer time to and from the US. RBC offers this. Not sure if anyone else does. Maybe TD's Crossborder account?

tofinoguy wrote: ↑ Transfers between CIBC & CIBC US are instant.

MichaelZZZ wrote: ↑ Thank you VERY much. This looks great. Transfers take about 2 hours, no withdrawal fees for now, no monthly fees, no minimum balances. This is common sense banking. Hopefully later Simplii will become part of this ecosystem. Application time is about 3 days. BMO Harris had to UPS documents to me even though I've had bank and credit card accounts with BMO for years. What is strange is why CIBC doesn't advertise this product. Its terrific! Plus CIBC has ATM's in Canada that dispense US$ if you ever need US cash, like maybe before a trip.

tofinoguy wrote: ↑ It's not two hours, it's instant. You do it in online banking just as if you were transferring from chequing to savings in Canada. GMT is a separate service that you can use to send funds to someone else, but the exchange rate isn't particularly good.
The only downside is 75 cent fee for transfers out of the Canadian-domiciled USD account to CIBC US or to pay your CIBC USD Visa. It's petty. I can appreciate that it's a no-fee account and therefore accept transaction fees, but transfers to other CIBC accounts should be exempt.

The account is advertised, but only to CIBC clients as unlike the other banks you must be a CIBC client to open a CIBC US account.
And of course, if you're exchanging between CAD and USD there are other services that provide better rates. CIBC will do it instantly, but they apply the normal 2% or whatever so it's almost always best to use a third party. Wise seems popular around here.

MichaelZZZ wrote: ↑ Still a great account to have.

MichaelZZZ wrote: ↑ no monthly fees, no minimum balances. Application time is about 3 days.

MichaelZZZ wrote: ↑ Looks like there's no way of getting around the 75 cent withdrawal fee from Canada to the US.

MichaelZZZ wrote: ↑ What's good about Zelle? I had a scammer that tried to rip me off using Zelle. I think it was because payments can't be reversed. Maybe something else. Maybe they can fake having a balance when there isn't one. Not sure. Obviously its a huge company so most people on it are legit of course. Do you use it to get paid or to pay others?

tofinoguy wrote: ↑ Agreed. It's also the only US-based account that Canadians can access Zelle for US money transfers without a US phone number or address.

Scote64 wrote: ↑ Really? Because BMO Harris offers Zelle in my account, and they announced it was available to all customers - but in fact it aborts if I try to to use it, and Harris customer service confirms that Zelle is requiring a U.S. address and phone number, so it's not up to BMO Harris. But you think CIBC is somehow bypassing that requirement? Have you personally tried it?

Scote64 wrote: ↑ Really? Because BMO Harris offers Zelle in my account, and they announced it was available to all customers - but in fact it aborts if I try to to use it, and Harris customer service confirms that Zelle is requiring a U.S. address and phone number, so it's not up to BMO Harris. But you think CIBC is somehow bypassing that requirement? Have you personally tried it?

MichaelZZZ wrote: ↑ From the BMO Harris website on my page: "We've partnered with Zelle® so you can quickly send money to your friends and family, with a bank account in the U.S. All you need is an email address or a U.S. mobile phone number."

Note the word "or". Maybe you don't need a mailing address or a phone number. Just an email.

Scote64 wrote: ↑ No, Zelle doesn't work with a Canadian address, and BMO Harris customer service confirms that.

Scote64 wrote: ↑ Really? Because BMO Harris offers Zelle in my account, and they announced it was available to all customers - but in fact it aborts if I try to to use it, and Harris customer service confirms that Zelle is requiring a U.S. address and phone number, so it's not up to BMO Harris. But you think CIBC is somehow bypassing that requirement? Have you personally tried it?

Cryptos wrote: ↑ It is much more straightforward to make such a transfer before the new interface. BMO Canada provides the option (temporarily) to switch the Online Banking to the previous platform so that one can complete this type of transaction as before. Any one interested can send their consent via the secure message.

drakehound wrote: ↑ I just opened a BMO Harris account. Where do I find the option to switch the Online Banking to the previous platform?

Cryptos wrote: ↑ You will have to request it via the secure message. Just a note that the switch is for BMO Canada online banking not BMO Harris.

Cryptos wrote: ↑ You will have to request it via the secure message. Just a note that the switch is for BMO Canada online banking not BMO Harris.

Thank you for contacting BMO Bank of Montreal.

I acknowledge your inquiry regarding the new Online Banking.

Please note that all of our personal banking customers will be switched to the new website within the coming weeks. Once you are converted to the new site, you can no longer access the old Online Banking site. We appreciate your understanding.

While our New OLB site aims to provide an improved Online Banking experience with streamlined navigation, fewer steps to complete transactions, enhanced security features and a similar feel between Online and Mobile Banking, we understand it may take a little time for our customers to become familiar with the new layout.

If you ever need assistance with performing a task on the new site, please write to us again. We want you to know that we're here to help you through this transition. We also offer our Online Banking demos site to help you navigate our new Online Banking site. Please visit https://www.bmodemos.com/en/home for more details.

I trust you find this information pertaining the new Online Banking is helpful. On behalf of BMO Bank of Montreal, I wish you a great day.

Should you have any further questions, please contact us again. Thank you for choosing BMO Bank of Montreal.

Victoria M.
Associate, Online Banking, BMO Bank of Montreal
We're here to help.

drakehound wrote: ↑ ...and here it is:

...we can offer the option to switch your Online Banking to the previous platform so that you can complete this type of transaction.

If you would like us to proceed with this change, please write us back with your consent and we will escalate this matter to the appropriate department.