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HomePersonal BankingWealth ManagementSmall BusinessCommercialCorporate & InstitutionalAbout BMO

Business FAQ

I’m a new business owner. Where should I start?

Consider some of the following options to help you get started as a business owner.

  • Start with a cost-efficient business chequing account. We can help you select a bank plan that will minimize your banking fees.
  • Start by managing your personal and business banking. You can save time and money by keeping your business and personal accounts separate – but under one roof.
  • Start with online banking. You’ll remain completely up-to-date with 24/7 access1 to your accounts.
  • Start with a hassle-free switch to BMO®. We can simplify the transfer of your pre-authorized debits from any financial institution to BMO with virtually no disruption with our PowerSwitch® service.

I’m not good at being organized all the time. Is there help?

We have the tools that can help you get and stay organized.

  • Stay organized with free business software. Track important business documents with OrganizeMY™† Electronic Filing Cabinet for Dummies2 – a free download with any order of Business Cheque Essentials or Solopreneur Cheques.
  • Stay organized with online cash management tools. We can help you simplify the management of receivables, payments and information with Online Banking for Business.
  • Stay organized with online banking. You’ll remain completely up-to-date with 24/7 access1 to your accounts.

I need to brush up on my business knowledge. Any ideas?

You can use our tools and resources to stay current and help your business succeed.

  • Increase your knowledge with Business Coach booklets. The Business Coach Series of booklets provides helpful information and strategies for your company. Topics include business planning, financial management, marketing and more. You can find our Business Coach booklets and more at
  • Increase your knowledge with Podcasts. Business Coach Podcasts, an award-winning series, is designed specifically for Canada’s entrepreneurs. Download sound business advice from an extensive catalogue provided by experts in numerous fields at

I’d like to take care of my employees. Can you help me out?

Aim for high morale and low turnover to boost productivity. Try these HR solutions.

  • Ensure paydays run smoothly. You can save the time you spend on payroll administration and use it to build your business. ADP®††† a BMO partner, can help you stay current with provincial and federal legislation, file remittances to government agencies on your behalf, manage employee data and ensure your employees are paid accurately and on time.
  • Ensure employees feel valued with employee benefits. You can keep employees satisfied with our Group Banking Plan. Available free of charge to qualified businesses, it provides your employees value-added banking services and products such as preferred-rate loans, investments and retirement planning.

Money in. Money out. How do I control the flow?

You can control the flow of cash with easy and accessible solutions.

  • Control the flow with online cash management tools. We can help you simplify the management of receivables, payments and information with Online Banking for Business.
  • Control your expenses with BMO MasterCard®* Card for Business. Pay for everyday expenses and take advantage of interest-free borrowing3. A consolidated expense statement means less time spent on reconciliation and more on business. Protect your credit rating by setting up an automatic transfer from your BMO MasterCard Card for Business or Line of Credit to cover those emergency situations3.
  • Control the flow by pre-arranging a line of credit. Get access to additional money to help avoid “cash crunches” by applying for a line of credit.
  • Control the flow with acceptance of debit and credit cards. Encourage greater sales by providing customers with as many payment options as possible. Moneris Solutions®‡ lets you accept MasterCard®, Visa®†, Amex®†† and INTERAC®* payments and ensures money is deposited into your BMO account by the next business day4.
  • Control the flow with Electronic Funds Transfer. Your customers can pre-authorize their regular payments (like a fitness membership fee), ensuring you are always paid on time.

I could use a little business advice. Where do I turn?

Valuable business advice is available at virtually no cost when you know where to turn.

  • Turn to experts who can advise you for free over the phone or through an online network. Get advice on questions that come up in the day-to-day running of your business through BizAssist®‡* or BizAssist.com5 – available with any order of Business Cheque Essentials or Solopreneur Cheques.
  • Turn to professionals at your local BMO branch. Your local BMO Bank of Montreal branch can provide access to one-on-one advice from knowledgeable professionals who can provide you with advice on a customized business solution.

My business is growing. How do I keep up?

With access to financing, your business can continue to grow.

  • Keep up with a Business Line of Credit. For day-to-day operating requirements and for unique business opportunities, a line of credit can provide access to additional money3 to qualified businesses at the time it is needed most.
  • Keep up with financing for fixed assets and real estate. You can ensure financing comes with payments you can handle. Business Loans and Commercial Mortgages can make major purchases possible with a range of terms, a choice of amortization and a repayment schedule suited to your needs.

I’m making money. What’s the best strategy for investing it?

When your business generates extra cash, choose from these options to invest your money.

  • Plan to have money available when it’s needed. Your money can grow without being “locked in” with a Business Premium Rate Savings Account.
  • Plan for secure growth. With Guaranteed Investment Certificates you can choose from a variety of terms and flexible options to meet your shorter or longer term goals.
  • Plan for long-term growth. Mutual funds offer the potential for higher returns and easy access to global markets.
  • Plan & manage your own investments. With a reputation for innovative, leading edge tools and unparalleled client-focused service, BMO InvestorLine® has everything you need to make the best online investment decisions. BMO InvestorLine is the top ranked bank-owned online brokerage*.
  • Plan to get expert advice. Add confidence to your investing. Build and maintain a portfolio for your business or retirement with advice from an investment professional from BMO Harris Private Banking.

I’m on a roll. I’m thinking of expanding globally. How do I do it?

Operating internationally requires access to a unique set of resources and expertise.

  • Grow globally with Foreign Currency Exchange. When conducting global trade, count on our complete range of foreign exchange products in all major currencies to manage daily foreign exchange needs as well as future currency risks.
  • Grow globally with our Trade Finance Team. For buying and selling internationally, our team provides advice on foreign trade restrictions, trade programs and economic conditions as well as insights into financial, legal and cultural systems to help you deal with risk management.
  • Grow globally with our Global Treasury Management Solutions. Get up to speed immediately and operate on the ground in North America and Europe without establishing new banking relationships or having to work through country-specific requirements.

My business is more specialized. What can BMO do for me?

Businesses, professions and organizations often require special attention.

  • Here’s what we do for Not-for-Profit & Charities. In recognition of the good work you’re doing, BMO offers a Canadian dollar, interest- bearing deposit account with no monthly fee to lower banking costs6.
  • Here’s what we do for Franchises. As a member of the Canadian Franchise Association and a premier provider of customized financial solutions, BMO offers financial assistance for startups and expertise relating specifically to the franchise marketplace.
  • Here’s what we do for Professional sectors. BMO offers an array of customized banking services for the following professionals:
    • medical doctors, dentists and other health care professionals
    • public accountants
    • insurance brokers
    • funeral service professionals
    • condo corporations
    • student professionals
  • Here’s what we do for Farms and Agriculture. We provide the right people with sector-specific knowledge together with specialized loan and deposit products to help you grow your farm business on your terms.
  • Here’s what we do for the Automotive Dealers. Our Dealership Finance Team is dedicated to meeting the unique needs of dealerships and vehicle leasing companies with financial solutions custom-tailored to meet specific needs.
  • Here’s what we do for Aboriginal Communities. BMO works with Aboriginal communities to deliver a comprehensive range of financial products and services designed specifically for Aboriginal communities.

I’d like to exit my business. What are my next steps?

Before you pass the torch or let it burn out, you need a strategic plan.

  • Create a plan to sell your business, appoint a successor or wind it down. BMO can help you organize a team with expertise in law, estate planning and business finance to work with you to create an exit strategy that ensures you receive the full value for the business you have built – or ensures that it continues to thrive.
  • Create a retirement plan now. Planning now for your retirement allows you to consider long-term strategies for both your business and yourself. For instance, you can consult with appropriate professionals to discuss potential tax and estate issues in relation to you, your business and the potential proceeds from the sale of your business.

I want to receive a wire payment. What information should I provide?

You’ll receive wire payments with ease and avoid delays with these instructions.

Be prepared to provide the sending financial institution with:

  • Your customer information including beneficiary account name and address including country
  • Bank of Montreal as the name of your beneficiary bank and the branch address including country
  • Your 11 digit beneficiary account number consisting of the 4 digit branch transit number and 7 digit account number
  • Routing information in the format //CC0001NNNNN where //CC0 is standard code, 001 is BMO’s 3 digit bank institution number and N is the 5 digit branch transit number

When sent in U.S. Funds also provide the sending financial institution with:

  • BMO’s USD correspondent bank information
    • Pay through: Wells Fargo Bank (FKA Wachovia)
    • And provide:
      • S.W.I.F.T BIC Code: PNBPUS3NNYC
      • OR - Fedwire ABA: 026005092
      • OR - CHIPS UID: 0509

Please contact your BMO Bank of Montreal branch if you require additional assistance.

*Globe and Mail, 2008.
™† OrganizeMY is a trade-mark of Org-Matters Solutions Inc. Bank of Montreal is an authorized user of the trade-mark.
®‡ Registered trade-mark of Moneris Solutions Corporation. Bank of Montreal is an authorized user of the trade-mark.
®† Registered trademark of Visa International Service Association; Moneris is a licensed user.
®‡* BizAssist is a registered trade-mark of Davis + Henderson, Limited Partnership. Bank of Montreal is an authorized user of the trade-mark.
®††† ADP is a registered trade-mark of ADP, Inc. Bank of Montreal is an authorized user of the trade-mark.
1 Subject to interruptions in online systems or in power supply or any other factor or event beyond the control of Bank of Montreal.
2 Software provided by Org-Matters Solutions Inc.
3 Subject to meeting Bank of Montreal’s usual credit granting criteria. Charges may apply. Available only to Canadian residents.
4 Service offered by Moneris Solutions Corporation.
5 Services provided by Davis + Henderson , Limited Partnership.
6 Refer to the current Better Banking Guide for Business for fees applicable when monthly Transaction and deposit contents limits are exceeded, as well as a definition of a Transaction.