What is the BMO US Dollar account?
The BMO US Dollar account is a USD-denominated personal banking product offered by Bank of Montreal to Canadian residents. BMO actually offers two: the U.S. Dollar Chequing Account (for day-to-day USD transactions and cheques) and the U.S. Dollar Premium Rate Savings Account (for parking USD and earning a little interest). Either one lets you hold, deposit, withdraw, and wire USD without converting to CAD, while staying inside BMO's Canadian banking ecosystem.
BMO also runs a US-side personal banking business, BMO (BMO was retired as a brand following BMO's February 2023 acquisition of Bank of the West), targeted at US residents. The two are not directly interchangeable — this review covers the Canadian-side product.
Fees, balances, and interest
Based on BMO's published rate sheets as of mid-2026:
| Item | Amount | Notes |
|---|---|---|
| Monthly fee — chequing | From US$4.00 | BMO U.S. Dollar Chequing Account; waived with a US$1,500 minimum daily balance |
| Monthly fee — savings | US$0* | U.S. Dollar Premium Rate Savings Account: no monthly fee when linked to a BMO chequing account (fee applies if held standalone) |
| USD interest rate | ~0.05% (savings) | Premium Rate Savings, compounded daily; the chequing account pays little to nothing |
| USD wire incoming | ~US$16 | Standard SWIFT incoming — verify current rate on bmo.com |
| USD wire outgoing | ~US$45 | Higher for larger amounts — verify current rate on bmo.com |
| Free transactions | Varies by plan | Depends on the BMO chequing plan the account is linked to |
Always verify current rates on BMO's official site before opening.
Where it wins
- BMO ecosystem integration. Same-bank transfers between BMO CAD chequing, BMO USD Premium, and BMO InvestorLine (for self-directed brokerage including Norbert's Gambit) are free and same-day.
- Pays modest USD interest. Better than near-zero accounts like the basic RBC US Personal Account.
- Branch service across Canada. Deposit USD cash and cheques at any BMO branch.
- BMO InvestorLine pairing. One of the cleanest big-bank brokers for Norbert's Gambit if you want to keep everything at BMO.
Where it falls short
- Conversion spread is standard bank rate. 2.5–3% above mid-market on USD ↔ CAD conversion. The account doesn't unlock a better rate.
- Interest still modest. EQ Bank or laddered USD GICs typically pay multiples of what BMO US Dollar Premium pays.
- USD$45 outgoing wire fee makes occasional cross-border transfers expensive vs Wise.
Who it makes sense for
- Existing BMO customers who want USD parking integrated with their main bank.
- BMO InvestorLine self-directed brokerage users who run Norbert's Gambits regularly and want to keep cash flow inside BMO.
- Snowbirds and freelancers paid in USD who like branch service and don't mind giving up some yield for simplicity.
How to open a BMO US Dollar account
- Pick the right product. Choose the U.S. Dollar Chequing Account if you write USD cheques or transact often, or the U.S. Dollar Premium Rate Savings Account if you mainly want to park USD and earn a little interest.
- Apply online or in a branch. Existing BMO customers can add the account through BMO Online Banking; new customers can apply on bmo.com or book a branch appointment. You'll need government photo ID and your SIN.
- Link it to a BMO chequing account. Linking avoids the savings account's standalone fee and lets you move money between your CAD and USD balances instantly.
- Fund it. Deposit USD cash or cheques at a branch, or transfer USD in. To fund with CAD cheaply, convert first with Norbert's Gambit or Wise rather than BMO's retail FX.
- Keep US$1,500 in the chequing account if you want its monthly fee waived.
Best alternatives
- EQ Bank USD Savings — better USD yield, no monthly fee.
- Wise USD account — best for mid-market conversion and small wires.
- Scotiabank US Dollar account — lowest big-bank monthly fee (US$1.00, waived at US$200).
- RBC US Personal Account — see our RBC review.
- TD US Dollar Daily Interest Chequing — see our TD review.
Related guides
- Best USD bank accounts: full comparison
- Norbert's Gambit: convert at mid-market
- Wise vs RBC USD→CAD
- Methodology
BMO US Dollar Account FAQ
It is held by Bank of Montreal's Canadian entity with funds in Canada. CDIC coverage applies on eligible deposits up to CA$100,000-equivalent. BMO's US-side personal banking (after the 2023 BMO brand retirement following the Bank of the West acquisition) is a separate offering for US residents.
There are two products. The BMO U.S. Dollar Chequing Account starts at US$4.00 per month, waived with a US$1,500 minimum daily balance. The BMO U.S. Dollar Premium Rate Savings Account has no monthly fee when linked to a BMO chequing account and pays about 0.05% interest. Verify current fees on bmo.com before opening.
Yes, on a tiered schedule. The rate is modest — meaningful only above USD$10,000 balances. For higher yield, consider EQ Bank USD Savings or a USD GIC ladder.
Yes — BMO InvestorLine has solid USD sub-account support and a clear journal request workflow. Standard ETF commission is $9.95 per leg, giving a total Gambit cost of about $19.90 plus a small bid-ask spread.
BMO's retail conversion rate, roughly 2.5–3% above mid-market. To convert cheaply, use Norbert's Gambit (via BMO InvestorLine or another broker) or Wise.