Sending: Are there limits on the amount I can send?
Each Financial Institution sets send limits through online banking. Please contact your financial institution for more details.
When I tried to transfer $10 000 CAD to a Scotiabank account via Interac e-Transfer in BMO Online Banking, I received error message: "The amount needs to be between $10 and $3 000". Since this amount is not set in concrete by Interac themselves, please consider raising the send limit for BMO's Business Accounts to at least $10 000 CAD.
Thank you very much for your attention.
Ombudsman, BMO Financial Group
My humble request "please consider raising the send limit for BMO's Business Accounts to at least $10 000" was not addressed at all by the reply from BMO Bank of Montreal's Commercial Services, as shown below in the correspondence. The Specialist boldly says "the option to increase it is not available" which is merely stating the current status.
It is to BMO Bank of Montreal's own advantage to offer such an option as your competitor Scotiabank offers such an option to increase the send limit of INTERAC e-Transfer from $3 000 CAD to $10 000 CAD.
Please have BMO Bank of Montreal's senior officials consider my feature request.
Thank you very much for your attention.
Ombudsman, BMO Financial Group
In Amount: "i", BMO Bank of Montreal wrote:
Interac® e-Transfer daily limit.
Send between $2 500.00 and $3 000.00 per 24 hours, $10 000.00 per seven days or $20 000.00 per 30 days providing these limits do not exceed the limits assigned to your BMO Debit Card for Business.
Although I would have liked to have been notified, I am nevertheless delighted to discover on BMO's website that my suggestion has been implemented beyond my expectation, i.e., an addition of $20 000 CAD. I even switched from "Small Business Banking Plan" ($6 CAD/month) to "eBusiness Plan" ($0 CAD/month) with unlimited electronic transactions.
However, I am utterly disappointed by BMO Bank of Montreal's agent misinforming me that there is no longer any fee for Interac e-Transfer. In fact, no-fee Interac e-Transfer applies only to Personal accounts, and excess fees apply to Business accounts after 2 free transactions.
Terms and Conditions
The $1.50 per-item fee is waived for the first two Interac e-Transfer transactions sent each month. Sending and receiving money with Interac e-Transfer counts as an electronic transactions. Electronic excess or per-item transaction fees may apply.
