TL;DR Summary: BMO's primary SWIFT code is BOFMCAM2XXX, identifying Bank of Montreal on the global SWIFT network for incoming international wire transfers to Canadian accounts. Branch-specific code variations exist, and senders should confirm the applicable code when routing to a specific branch. International wire transfers through BMO typically take between one and five business days and involve fixed transfer fees plus an exchange rate margin that together constitute the full effective cost of cross-border transactions.
Who Is Bank of Montreal
Bank of Montreal (BMO) is one of Canada's Big Five banks and the country's oldest chartered bank, having been founded in 1817. Headquartered in Montreal with principal executive offices in Toronto, BMO Financial Group operates across personal and commercial banking, wealth management, capital markets, and insurance. The bank serves millions of customers in Canada, the United States through its BMO Bank N.A. subsidiary, and internationally through its capital markets and wealth management divisions.
BMO's extensive North American presence and its bilateral banking relationships across global financial centres make it a commonly used institution for both personal and commercial international wire transfers, particularly for transactions involving Canadian dollars, U.S. dollars, and major European and Asian currencies. The bank participates in the SWIFT global interbank messaging network, which is the mechanism through which all of its international wire transfers are routed.
Understanding the BMO SWIFT Code
When a bank account holder in any country needs to send money to a BMO account in Canada, the sending bank requires a SWIFT code to route the transfer through the international correspondent banking network. The SWIFT code acts as the global postal address for Bank of Montreal, telling every bank in the chain where the funds should ultimately arrive. Without a valid and correct SWIFT code, the sending bank cannot process the international wire transfer.
SWIFT codes are also known interchangeably as BIC codes, which stands for Bank Identifier Code. The international standard for these codes is defined by ISO 9362, and they are managed globally by SWIFT, the Society for Worldwide Interbank Financial Telecommunication. Every financial institution participating in the SWIFT network is assigned one or more unique codes that identify it to other network participants.
Decoding BOFMCAM2
BMO's primary SWIFT code is BOFMCAM2XXX. The structure follows the standard SWIFT format. BOFM is the four-character bank identifier for Bank of Montreal. CA is the ISO 3166-1 alpha-2 country code for Canada. M2 is the two-character location code identifying the bank's primary operational base. The final three characters, XXX, indicate that this code represents the head office rather than a specific branch.
Some databases and bank statements may list BOFMCAT2 as an alternative head office SWIFT code, reflecting a slightly different location code associated with the Toronto executive headquarters. Both codes identify Bank of Montreal and both are generally accepted for routing international transfers to BMO accounts. For retail and personal banking transfers, the primary head office code is sufficient in most cases, but it is always best practice to confirm the applicable code with BMO directly before initiating a large or time-sensitive transfer.
Where to Find Your BMO SWIFT Code
BMO customers can locate the applicable SWIFT code through several channels. The most reliable method is to log into BMO's Online Banking platform and navigate to the account details or wire transfer instructions section, where the relevant SWIFT code is displayed alongside other account identifiers. The code also typically appears on bank statements and in correspondence from BMO regarding international payments.
Customers can also confirm the SWIFT code by contacting BMO's telephone banking service or visiting a branch. For recipients expecting an international transfer who need to provide the correct code to the sender, asking the branch to confirm the appropriate SWIFT code for the specific account type is the most reliable approach, particularly for large or business-purpose transfers where routing accuracy is paramount.
Sending and Receiving International Wires with BMO
To receive an international wire transfer at a BMO account, the account holder must provide the sender with BMO's SWIFT code (BOFMCAM2XXX or branch-specific variant), the recipient's full legal name, the BMO account number, the branch transit number (a five-digit code identifying the specific BMO branch), and BMO's institution number, which is 001. Some sending banks may also require the bank's full mailing address.
To send an international wire transfer from a BMO account, the customer must have the recipient's full name, the recipient bank's SWIFT code, the recipient's account number or IBAN, and in some cases the recipient bank's full name and address. Country-specific identifiers may also be required: transfers to India require an IFSC code, transfers to Mexico require a CLABE number, and transfers to European countries require an IBAN.
International wire transfers can be initiated through BMO's online banking platform, the BMO Mobile Banking App, by telephone, or by visiting a branch. Online and mobile transfers are generally subject to daily limits and may require additional verification for new payees or large transfer amounts.
Fees and Exchange Rate Considerations
BMO charges fees for both outgoing and incoming international wire transfers. The specific fee amounts may vary depending on the type of account, the transfer method, and the destination country. In addition to fixed per-transfer fees, BMO applies an exchange rate margin to all foreign currency conversions involved in an international wire transfer.
The exchange rate margin is the difference between the wholesale mid-market exchange rate and the retail rate offered to the customer. BMO, like most major banks, does not publicly disclose the exact percentage markup applied to each transfer, but the effective margin can represent a meaningful additional cost relative to the nominal transfer fee. For a CAD 10,000 transfer to a foreign account, an exchange rate margin of even 2% to 3% would represent CAD 200 to CAD 300 in additional implicit cost beyond the stated fee.
International wire transfers via SWIFT through BMO typically take between one and five business days to complete, depending on the destination country, the currency involved, the correspondent banking chain, and whether the transfer was submitted before the daily processing cut-off. Transfers to the United States generally settle faster than transfers to more distant markets.
Transit Numbers Versus SWIFT Codes
BMO customers should be aware of an important distinction between transit numbers and SWIFT codes, as both are used in banking but serve entirely different purposes. A transit number is a five-digit code used exclusively within the Canadian domestic banking system to identify a specific BMO branch for domestic electronic fund transfers, bill payments, and direct deposits. Transit numbers appear on cheques and are required for domestic interbank transactions but have no role in international wire transfers.
BMO's institution number, 001, is a three-digit code that identifies the bank within the Canadian clearing system. For international transfers, neither the transit number nor the institution number is a substitute for the SWIFT code. Providing a transit number to a foreign sender in place of a SWIFT code is a common mistake that can cause transfers to fail or be returned. If a foreign sender requests BMO's routing number, it is important to clarify whether they need the domestic Canadian routing information or the SWIFT code for international purposes.
Frequently Asked Questions
What is the SWIFT code for Bank of Montreal?
Bank of Montreal's primary SWIFT code is BOFMCAM2XXX. This code is used for routing incoming international wire transfers to BMO accounts in Canada. Some sources may also list BOFMCAT2 as an alternative head office code. For branch-specific transfers, a different code may apply; confirm with BMO directly.
How do I receive an international wire transfer at BMO?
To receive an international wire transfer at BMO, provide the sender with BMO's SWIFT code (BOFMCAM2XXX), your full account number, your branch transit number, BMO's institution number (001), and your full legal name. Some senders may also require the bank's full mailing address.
How long does an international wire transfer to BMO take?
International wire transfers to BMO typically arrive within one to five business days, depending on the origin country, the currencies involved, and the routing through correspondent banks. Transfers from the United States tend to arrive more quickly than transfers from more distant markets.
Is the BMO transit number the same as the SWIFT code?
No. The BMO transit number is a five-digit code used for domestic Canadian transfers only and is not accepted for international wire routing. For incoming international transfers, only the SWIFT code (BOFMCAM2XXX) should be provided to the foreign sender.
Does BMO charge fees for receiving international wire transfers?
Yes, BMO charges fees for receiving incoming international wire transfers. The specific fee amount can vary by account type. In addition to any incoming wire fee, the sender's bank and any correspondent banks in the transfer chain may also deduct fees from the transfer amount, reducing the amount that ultimately arrives at the BMO account.
