Mastercard and BMO have jointly announced an expansion of BMO’s Global Money Transfer service, harnessing the global money movement capabilities provided by Mastercard Move.

Enhanced Connectivity for Personal Banking Clients

BMO’s personal banking clients in Canada will now be able to make connections with family and friends across 70 destinations worldwide, including Europe, the Middle East, Africa, Asia Pacific, Latin America, and the Caribbean.

Expanding Payment Solutions

BMO Global Money Transfer is designed to support clients’ global financial needs through secure and continuous access via its Mobile Banking app. On the other hand, Mastercard Move enables both financial institutions and their customers to send money across more than 200 destinations in over 150 currencies.

This collaboration aims to address the growing demand for international payment services among Canadians, ensuring secure and cost-effective solutions. Remittances are crucial in developing regions, where funds are used to support education, property purchases, and other expenses.

Through BMO clients being able to send money directly to recipients’ bank accounts without hidden fees or deductions, the partnership supports a seamless transfer of funds.

Mastercard’s Focus on Digital Economy

Representatives from Mastercard underscore that their mission is to ensure the digital economy facilitates the movement of money for consumers both in Canada and globally. By enabling safe international money transfers, Mastercard seeks to foster global connectivity while supporting individuals.

This partnership with BMO marks a significant step as part of Mastercard’s ongoing investment in this sector. It aims to better serve BMO’s diverse banking client base.