A Comprehensive Look at BMO Business Accounts in Canada

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.

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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.

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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.

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Let’s take a look at the specific documents you’ll need depending on your business structure.

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Sole Proprietorship

Sole proprietors need to present the following documents:

• A valid piece of ID for the owner

• Trade Name Registration

• Master Business Licence

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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

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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

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Unincorporated Associations

For formal businesses:

• Articles of Association

• Copy of by-laws or constitution with details of directors

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For informal businesses, provide a letter outlining who can open the account.

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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.

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BMO Business Start

• Features: Allows 7 transactions per month, no cash deposits included.

• Fees: $6 monthly fee, no minimum balance required.

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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.

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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.

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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.

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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.

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BMO AgriInvest Account

• Features: Designed for farmers, offering unlimited transfers and interest rates at 1.5%.

• Fees: No monthly fee.

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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

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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.

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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.