Which US Bank is Affiliated with BMO? Unveiling the Connection and Benefits:Are you wondering which US bank is affiliated with BMO? Look no further, because we’ve got the answer for you! In this blog post, we will delve into BMO’s presence in the United States and uncover the Canadian banks that have branches across the border. Whether you’re looking to access U.S. dollars or simply curious about BMO’s reach, we’ve got all the information you need. So, let’s dive in and discover the exciting world of BMO’s affiliations in the US!
Understanding BMO’s Presence in the United States
The Bank of Montreal, known as BMO, is one of Canada’s largest and most recognized financial institutions. With an extensive history that dates back to 1817, BMO has not only solidified its foundation in Canada but also expanded its reach into the United States. This expansion is a strategic move that provides Canadian residents with easier access to banking services while abroad, as well as offering U.S. residents the opportunity to bank with a trusted Canadian entity.
Acquisition of U.S. Banks by BMO
BMO’s expansion into the U.S. market has been marked by several strategic acquisitions, which have significantly increased its footprint across the border. Starting with the acquisition of Suburban Bancorp in 1994 to the most recent and notable purchase of Bank of the West in 2023, BMO has demonstrated a clear commitment to serving the North American market.
Marshall & Ilsley, a Milwaukee-based bank, became part of the BMO family in 2011, further bolstering BMO’s presence in the Midwest. These acquisitions have led to BMO operating over 600 branches in the United States, providing ample access points for customers on both sides of the border.
Banking Services for BMO Customers in the U.S.
BMO’s services cater to the needs of Canadians traveling or living in the U.S., as well as U.S. residents who benefit from the bank’s expansive network. Despite the comprehensive services offered, it’s important to note that BMO customers cannot directly access their Canadian dollar accounts to withdraw U.S. cash at BMO ATMs in the U.S. Instead, funds must first be transferred to a BMO U.S. personal chequing account.
Fortunately, BMO’s online banking platform simplifies this process, allowing for seamless transfers between Canadian dollar and U.S. dollar bank accounts. With the “Pay & Transfer” feature, customers can easily move funds between accounts, making currency management hassle-free.
Cross-Border Debit and Credit Card Accessibility
BMO debit cards that feature the Mastercard logo offer international acceptance, which means that they are widely accepted in the United States. This convenience is matched by BMO’s credit cards, which enjoy worldwide acceptance, ensuring that customers are never too far from their funds, no matter where they are.
How to Transfer Money from BMO to a U.S. Bank
- Log in to BMO Online Banking.
- Navigate to the “Pay & Transfer” section.
- Select “Account transfers“.
- Choose the accounts to transfer from and to.
- Enter the amount and desired currency.
- Review and confirm the transaction.
By following these steps, BMO customers can efficiently manage their funds across international borders, ensuring that their banking needs are met, regardless of their location.
Canadian Banks with Branches in the USA
For Canadians with ties to the United States, such as working under a visa, owning a business or property, or frequent travel, having a U.S. bank account is essential. BMO stands alongside other Canadian banks with a presence in the U.S., including CIBC Online Banking, RBC Georgia, Desjardins Florida, NatBank by National Bank, Chase, and TD Bank. Each of these institutions offers a variety of benefits tailored to cross-border banking needs.
BMO Harris, the U.S. division of BMO Financial Group, operates as a fully integrated part of BMO and provides a bridge for Canadians in the U.S. With a network of over 40,000 ATMs, accessing funds is convenient and straightforward for customers after completing an internal funds transfer.
Accessing U.S. Dollars Through BMO
While BMO’s U.S. expansion offers many conveniences, it’s important to understand the limitations when it comes to currency access. Direct withdrawals from BMO Canada U.S. dollar accounts at U.S. ATMs or BMO U.S. branches are not possible. Instead, customers must transfer their funds to a BMO U.S. personal chequing account to withdraw U.S. dollars.
Steps for Withdrawing U.S. Dollars
- Transfer funds from your BMO Canada U.S. dollar account to a BMO U.S. personal chequing account using BMO Online Banking.
- Once the transfer is complete, access your funds at any of the numerous BMO ATMs across the U.S.
This process ensures that customers have ready access to their money while maintaining the security and convenience of banking with an institution they trust.
Bank of Montreal’s strategic acquisitions and expansive branch network in the United States showcase its dedication to providing comprehensive banking services to its North American customers. Whether it’s through convenient online banking, wide acceptance of debit and credit cards, or the ease of transferring funds between countries, BMO has established itself as a reliable financial partner for Canadians and Americans alike. Understanding the nuances of BMO’s cross-border banking operations is essential for leveraging its full suite of services to facilitate seamless financial management between the two nations.
FAQ & Common Questions about BMO Bank Affiliations
Q: What is the new name for BMO Bank?
A: The new name for BMO Bank in the United States is BMO Bank N.A. The legal entity name will be changed from BMO Harris Bank N.A. to BMO Bank N.A.
Q: Can I transfer money from BMO to another bank?
A: Yes, you can transfer or send money to another financial institution by adding a Biller (formerly known as a payee in M&I Online Banking) within BMO Harris Bill Pay.
Q: Which Canadian bank has a branch in the USA?
A: BMO Harris is one of the Canadian banks that has a branch in the USA. Other Canadian banks with branches in the USA include CIBC Online Banking, RBC Georgia, Desjardins Florida, NatBank by National Bank, Chase, and TD Bank.
Q: Can I withdraw US dollars from BMO?
A: No, you cannot withdraw funds directly from your BMO Canada U.S. dollar account at a U.S. ATM or BMO U.S. branch. To access funds, you need to transfer them to a BMO U.S. personal chequing account. Then you can withdraw funds from your BMO U.S. account at one of over 40,000 ATMs in the U.S.