Mastercard and BMO today announced an expansion of BMO’s Global Money Transfer service, powered by Mastercard Move’s global money movement capabilities.
With the addition of new destinations and currencies, BMO’s Canadian personal banking clients will now be able to reach family and friends in nearly 70 destinations across Europe, the Middle East, Africa, Asia Pacific, Latin America and the Caribbean.
BMO Global Money Transfer is a cornerstone of its everyday banking services, supporting clients’ worldwide financial needs with security and 24/7 access through its Mobile Banking app.
Mastercard Move enables financial institutions and their customers to easily send money to over 200 destinations in over 150 currencies, reaching over 10 billion endpoints, including bank accounts, mobile wallets, cards, and pick up locations, quickly, conveniently, and securely.
The Mastercard-BMO collaboration deepens both companies’ commitments to powering secure and cost-effective solutions to meet the growing demand for international payment solutions for Canadians.
“BMO is committed to helping our clients make real financial progress, and our expanded Global Money Transfer service embodies that commitment by helping them stay connected to what matters most: their families, friends, and financial commitments worldwide,” said Gayle Ramsay, Head of Everyday Banking, Segment & Customer Growth at BMO. “Together with Mastercard, we’re proud to provide a service through Mastercard Move that’s fast, secure, and tailored for the needs of our clients in Canada.”
Extending Reach, Connecting Communities
Remittances remain vital for many in developing destinations, where funds are used to support family education, property payments, and other critical expenses. Through Mastercard Move, BMO clients can send money directly to the recipient’s bank account without worrying about hidden fees or deductions.
“We want to ensure that the digital economy enables the movement of money for consumers both in Canada and around the world. Reliable access to secure international money movement is essential for empowering people and supporting global connections, and Mastercard is proud to work with BMO to offer this innovative solution,” said Darrell MacMullin, Senior Vice President, Commercial and New Payment Flows, Mastercard, Canada. “Mastercard Move lets people send money affordably, while delivering speed, transparency and trust in every transaction.”
A Market-Leading Collaboration
In a competitive remittance landscape, Mastercard’s technology and scale continue to set it apart. The company’s global expertise in running large networks, franchises and national payment infrastructure ensures that its customers remain ahead of the curve as end user needs continue to evolve. The expansion of its collaboration with BMO represents another key step in Mastercard’s continued investment in innovation in this space, while allowing the bank to better serve its everyday banking clients in diverse Canadian communities.