Bank of Montreal eliminates Interac e-transfer fees for most customers

Downward pressure on Canada’s bank fees continues, as Bank of Montreal this week announced it’s eliminating fees for Interac e-Transfers for all customers with Canadian checking and premium-rate savings accounts.

BMO’s Interac-powered e-Transfers are received via email, in real time, enabling payments rent and bill payments, along with peer-to-peer payments, BMO in a March 1 press release. Royal Bank of Canada introduced unlimited free Interac e-transfer payments for personal checks last year.

“The expectations of our customers are shifting as more turn to mobile (devices) to bank on the go, quickly and seamlessly,” said Martin Nel, BMO’s head of personal and small-business banking, in the release.

Ben Nelms/Bloomberg