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Cheap overseas money transfer? -BMO

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  • Jun 28th, 2016 4:48 pm
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[OP]
Newbie
User avatar
Aug 30, 2015
14 posts
Vancouver BC

Cheap overseas money transfer? -BMO

Hi,

Does anyone know how to do cheap money transfer to overseas from BMO (Bank Of Montreal)? I used to use Currencyfair to exchange my currency before and the transfer cost me like 3 Euros and at that time I lived in Australia.
Now I'm here in Canada and looking for cheap way to transfer my funds again. I did one transfer from the BMO bank branch - wire transfer and it cost 25 CAD and it's way too much. Western Union service in BMO Internet banking is bit cheaper (around 18 CAD) but limit is only 1000 CAD.
I'm using only BMO debit card and funds are going to be transfered in Europe.

Hope someone smarter can lead me to right direction.

Thanks,
7 replies
Newbie
Nov 14, 2015
46 posts
15 upvotes
Toronto, ON
Worldremit is cheap, and i think the first time is free.
[OP]
Newbie
User avatar
Aug 30, 2015
14 posts
Vancouver BC
kebabi wrote: Worldremit is cheap, and i think the first time is free.
I checked it out and my country isn't in the list (Estonia). Any other good options :?:
Member
Aug 9, 2014
468 posts
106 upvotes
Toronto, ON
[quote="ErkiTa" post_id="26335315" time="1467001493" user_id="1240359"]Hi,

Does anyone know how to do cheap money transfer to overseas from BMO (Bank Of Montreal)? I used to use Currencyfair to exchange my currency before and the transfer cost me like 3 Euros and at that time I lived in Australia.
Now I'm here in Canada and looking for cheap way to transfer my funds again. I did one transfer from the BMO bank branch - wire transfer and it cost 25 CAD and it's way too much. Western Union service in BMO Internet banking is bit cheaper (around 18 CAD) but limit is only 1000 CAD.
I'm using only BMO debit card and funds are going to be transfered in Europe.

Hope someone smarter can lead me to right direction.

Thanks,[/

You might want to check CIBC as they offer Global Money Transfer to 35 countries for no fee. https://www.cibc.com/m/how-to-bank/fore ... nsfer.html
Newbie
Aug 29, 2012
69 posts
47 upvotes
Toronto
You could also give transferwise.com a try. They will collect CAD from a CAD account for amounts under $5000 CAD as a bank debit so not swift or other wire fees to send in the cash and deposit to Euros via SEPA transfer out without fees so this may be a cheap path.
Its not as flexible as currencyfair but their markup is shown upfront and its not much.. I have not used them myself but there is good customer feedback.
Another option is XETRADE they will do similar but i think the rate on transferwise should be slightly better.
Deal Addict
User avatar
Feb 6, 2012
4912 posts
402 upvotes
Gloucester, Canada
I use Moneygram. Simple. You don't need the other person to have a bank account.
Deal Addict
Jan 20, 2016
2028 posts
1010 upvotes
Houston, TX
Visa to Visa money transfer aka Visa direct. All you need is Visa cards on both ends. 9$ flat commission (TD) and money arrived just next day.
Deal Addict
User avatar
Nov 18, 2012
1308 posts
433 upvotes
Toronto
Cibc is Good to try if you had their a/c
Simple is the best.

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