Have you ever needed to send money across borders, perhaps to a family member, for an investment, or to settle a bill? Moving funds between different financial institutions, especially internationally, can seem daunting. But fear not! This comprehensive guide will walk you through the process of transferring money from your Wells Fargo account to a BMO account, providing all the details you need for a smooth and secure transaction.
How to Transfer Money from Wells Fargo to BMO: A Step-by-Step Guide
Transferring money between Wells Fargo (a US bank) and BMO (often Bank of Montreal, a Canadian bank, or BMO Harris Bank in the US) typically involves an international wire transfer. While direct bank-to-bank transfers are possible for domestic accounts, cross-border transfers require more specific information and often incur different fees. Let's break it down!
Step 1: Determine the Best Transfer Method and Gather Your Information
Alright, let's start with the most crucial first step: Engage with your needs and decide how you want to send this money. Are you sending a large sum, or a smaller, more frequent amount? This will influence the best method and the information you'll need.
Sub-heading 1.1: Understanding Your Options for International Transfers
For transfers from Wells Fargo to BMO, especially if BMO is in Canada, you're primarily looking at two main methods:
- International Wire Transfer: This is the most common and generally recommended method for larger sums of money or when you need the funds to arrive directly in the recipient's bank account. It's secure but typically comes with higher fees and can take a few business days. Wells Fargo offers "Digital Wires" online and "Branch Wires" in person.
- Wells Fargo ExpressSend® Service (Limited Use): This service is primarily for person-to-person remittances to specific countries, often for cash pick-up or direct credit to an account in select regions. It is unlikely to be suitable for a direct transfer to a general BMO account in Canada. Always check if Canada is a supported country for ExpressSend and if the BMO account type is eligible if you consider this option.
For most users transferring to BMO in Canada, an international wire transfer will be the way to go.
Sub-heading 1.2: Essential Information You'll Need
Before you even log into your Wells Fargo account or head to a branch, gather the following crucial details for the recipient's BMO account:
- Recipient's Full Name and Address: This must precisely match the name on their BMO account.
- Recipient's BMO Bank Name and Address: The full legal name of the BMO branch where the account is held, along with its physical address.
- Recipient's BMO Account Number: The full account number where the funds will be deposited.
- Recipient's BMO SWIFT/BIC Code: This is a unique international code that identifies BMO as the receiving bank. BMO's SWIFT/BIC code for incoming wire transfers to Canada is usually specific to their main branches. You will need to confirm this directly with the recipient or BMO's official website.
- Canadian Payment Routing Number (for Canada): In addition to the SWIFT/BIC, Canada uses a specific routing number for domestic transfers, and this may be required for international wires as well. Again, confirm this with the recipient or BMO.
- Purpose of Payment: Some international transfers, especially for larger amounts, require you to state the reason for the transfer (e.g., family support, gift, payment for services).
- Your Wells Fargo Account Details: The account number from which you'll be sending the money.
Pro-Tip: Always double-check all recipient details with the BMO account holder to avoid delays or misdirected funds. Even a single incorrect digit can cause significant headaches.
Step 2: Initiating the Transfer with Wells Fargo
Once you have all the necessary information, it's time to initiate the transfer. Wells Fargo offers a few ways to do this.
Sub-heading 2.1: Online via Wells Fargo Online® (Digital Wires)
This is often the most convenient method for many users.
- Sign On: Log in to your Wells Fargo Online® account using your username and password.
- Navigate to Transfers & Payments: Look for a section like "Transfer & Pay" or "Wires & Global Remittances."
- Enroll in Digital Wires (if not already): If you haven't used digital wires before, you might need to enroll in the service. This may involve additional security steps or verification, which could take 1-3 business days.
- Add Your Recipient: Select the option to add a new recipient for an international wire transfer. You'll be prompted to enter all the BMO account details you gathered in Step 1, including the recipient's name, address, bank name, address, SWIFT/BIC, and Canadian Payment Routing Number.
- Select Funding Account and Amount: Choose the Wells Fargo account from which you want to send the money. Enter the amount you wish to transfer and specify the currency (USD or CAD). Be aware of currency exchange rates that Wells Fargo applies; they typically include a markup.
- Review and Send: Carefully review all the information you've entered. This is a critical step! Ensure all details are accurate to prevent issues. Wells Fargo will display the transfer fee and the exchange rate before you confirm. Once you're satisfied, click "Submit" or "Confirm."
- Confirmation: You will receive a confirmation number for your transfer. Keep this for your records, as it will be essential for tracking.
Sub-heading 2.2: In-Person at a Wells Fargo Branch (Branch Wires)
If you prefer a face-to-face transaction, or if your online transfer limit is insufficient for the amount you want to send, you can visit a Wells Fargo branch.
- Gather Documents: Bring a valid government-issued ID (like your passport or driver's license), your Wells Fargo account details, and all the recipient's BMO information as listed in Step 1.
- Visit a Branch: Locate your nearest Wells Fargo branch.
- Consult a Teller/Representative: Inform the teller that you wish to send an international wire transfer. They will guide you through the process.
- Complete the Wire Transfer Form: You'll likely need to fill out a physical wire transfer form, providing all the recipient's details.
- Review and Authorize: The representative will review the details with you, including the fees and exchange rate. Carefully verify everything before signing to authorize the transfer.
- Receive Confirmation: You'll get a receipt with a transaction reference number.
Step 3: Understanding Fees, Exchange Rates, and Limits
Transferring money internationally isn't free. It's crucial to understand the costs involved.
Sub-heading 3.1: Wells Fargo Fees
Wells Fargo charges fees for international wire transfers.
- Digital Wires (online): Typically around $25 USD per transfer.
- Branch Wires (in-person): Typically around $40 USD per transfer.
- Incoming Wires to Wells Fargo: If someone was sending money to Wells Fargo, there's usually a fee of around $15 for businesses (consumer incoming wires might be free). This is relevant if BMO were sending money to Wells Fargo, but not for your current scenario.
Important Note on Foreign Currency: While Wells Fargo may waive the transfer fee for sending foreign currency wires through online banking or the mobile app, they still make money on the exchange rate.
Sub-heading 3.2: Exchange Rates and Potential Markups
When you send money in USD to a CAD account, or vice-versa, Wells Fargo performs a currency conversion. The exchange rate they provide will likely include a markup (a difference between the rate they give you and the interbank or "mid-market" rate). This markup is how they profit from the currency exchange.
- Always compare: Before finalizing your transfer, it's highly recommended to compare Wells Fargo's exchange rate with the mid-market rate (easily found on Google or reputable currency exchange sites) and with other money transfer services like Wise (formerly TransferWise) or Remitly. A small difference in the exchange rate can significantly impact the final amount the recipient receives, especially for larger transfers.
Sub-heading 3.3: Transfer Limits
Wells Fargo has limits on how much you can send, which can vary depending on the transfer method and your account history.
- Online/Mobile App (Digital Wires): Daily limits can vary, but common amounts are around $5,000 USD daily and $12,500 USD monthly for ExpressSend. For standard Digital Wires, you'll need to check your specific limits within your online banking portal.
- In-Branch Wires: Generally, in-branch wire transfers have higher, often unlimited, limits (subject to verification and fraud prevention).
- Increasing Limits: If you need to send an amount exceeding your online limits, you may need to visit a Wells Fargo branch to request a higher limit or complete the transfer in person.
Step 4: Tracking Your Transfer and Confirmation of Receipt
Once you've initiated the transfer, you'll want to ensure it reaches its destination.
Sub-heading 4.1: Tracking the Transfer
- Wells Fargo Online: You can typically track the status of your wire transfer within your Wells Fargo Online® account under the "Transfers & Payments" section.
- Confirmation Number: Use the confirmation number provided by Wells Fargo to inquire about the transfer's status if needed.
- Processing Time: International wire transfers usually take 2 to 5 business days to process and arrive, though sometimes they can be faster or take longer depending on intermediary banks and destination country regulations.
Sub-heading 4.2: Confirming Receipt with BMO
- Notify the Recipient: It's a good practice to inform the recipient at BMO that you've sent the wire transfer, providing them with the amount and the expected arrival timeframe.
- Recipient's Responsibility: The recipient should monitor their BMO account for the incoming funds. Once received, they can confirm with you.
- Intermediary Banks: Be aware that international wire transfers often involve intermediary banks, which may also deduct their own fees from the transferred amount, further reducing the final sum received by the BMO account holder. Wells Fargo typically states that their fees are separate, but intermediary bank fees are an additional consideration.
Step 5: Troubleshooting and Important Considerations
Even with careful planning, sometimes issues can arise.
Sub-heading 5.1: What if the Transfer is Delayed or Fails?
- Review Details: First, re-check all the recipient information you provided. A small error can cause significant delays.
- Contact Wells Fargo Support: If the transfer is significantly delayed or fails, contact Wells Fargo customer service with your confirmation number. They can initiate an investigation.
- Contact BMO (Recipient): The recipient can also contact BMO to inquire about an incoming wire transfer using the details you provided.
Sub-heading 5.2: Security and Fraud Prevention
- Phishing Scams: Be extremely cautious of any emails or messages asking for your banking details or urging you to make a transfer. Always verify requests directly with the intended recipient through a known, trusted contact method.
- Known Recipients: Only send money to people or entities you know and trust.
- Purpose of Payment: Be honest about the purpose of your transfer. This helps banks comply with regulations and prevent illicit activities.
Related FAQ Questions
Here are 10 related FAQ questions to help you further understand the process:
How to find my Wells Fargo SWIFT/BIC code for incoming transfers?
Wells Fargo's international wire transfer SWIFT code is typically WFBIUS6WFWX or WFBIUS6S. However, it's always best to confirm the exact SWIFT/BIC code with Wells Fargo directly or on their official website, as it can sometimes vary slightly by branch or purpose.
How to get BMO's SWIFT/BIC code and Canadian Payment Routing Number?
The BMO account holder can provide these details, or you can find them on BMO's official website under their "Wire Transfers" or "International Payments" section. It's crucial to get the correct codes for the specific BMO branch.
How to check my Wells Fargo international wire transfer limits?
You can check your specific Wells Fargo digital wire transfer limits by logging into your Wells Fargo Online® account and navigating to the wire transfer section. For higher limits, you'll generally need to visit a Wells Fargo branch.
How to avoid high exchange rates when transferring money?
To avoid high exchange rates, compare Wells Fargo's offered rate with the mid-market rate and with specialized international money transfer services like Wise (formerly TransferWise) or Remitly before initiating the transfer. These services often offer more competitive rates and transparent fees.
How to track an international wire transfer from Wells Fargo?
You can track your Wells Fargo international wire transfer by logging into Wells Fargo Online® and going to the "Transfers & Payments" section, or by contacting Wells Fargo customer service with your transaction confirmation number.
How to cancel a Wells Fargo wire transfer?
A wire transfer is generally difficult to cancel once submitted because funds are often processed very quickly. You should contact Wells Fargo immediately if you realize there's an error and you need to cancel. They may be able to recall the transfer if it hasn't been fully processed by the receiving bank.
How to send money from Wells Fargo to a BMO account in the US?
If the BMO account is BMO Harris Bank in the US, you can typically use a standard "Bank-to-Bank Transfer" (ACH transfer) through Wells Fargo Online®, which is usually cheaper and takes 2-3 business days. You'll need the BMO Harris Bank's ABA Routing Number and the recipient's account number.
How to send money to Canada without a wire transfer?
Alternative methods for sending money to Canada include using services like Wise, Remitly, or Xoom, which often offer lower fees and more competitive exchange rates than traditional bank wire transfers for smaller amounts. You can also explore options like international money orders, though these are slower.
How to know if intermediary bank fees will be charged?
It's difficult to know definitively beforehand if intermediary banks will charge fees, as this depends on the routing of the transfer. However, Wells Fargo typically states that their fees are separate from any fees charged by intermediary banks or the recipient's bank. For clarity, you can ask Wells Fargo, but they may not be able to guarantee no intermediary fees.
How to ensure the recipient receives the full amount?
To help ensure the recipient receives the full amount, you can send the transfer in the recipient's local currency (CAD, in this case) and factor in potential exchange rate markups and any fees charged by BMO for receiving international wires. You might also consider using services that guarantee the received amount.
