BMO offers consumers online currency exchange

BMO offers consumers online currency exchange

Bank of Montreal has teamed up with American Express to offer customers the opportunity to order their foreign currency and travellers cheques online for delivery direct to their door.

The service is available over the Web to BMO mbanx Direct customers. American Express fulfills each order and arranges delivery directly to a customer’s home or office, Monday to Friday.

"This new service is a first in Canada and is all about providing more customer convenience," says Kathleen O’Neill, executive vice president, BMO mbanx Direct. "It’s also part of Bank of Montreal’s plan to establish strategic partnerships for e-business growth by leveraging the bank’s experience and scale of its technological capabilities."

Online travellers cheques and cash are available in US, British, French or German currency, plus Canadian dollar cheques.

The service is also available by toll-free telephone where six additional currencies are available: the euro, Australian dollar, Japanese yen, Swiss franc, South African rand and the Dutch guilder.

Courier fees apply and are included in the total cost of the order. Customers can order online travellers cheques and foreign currency up to a combined value of C$5000 CDN. The maximum value in foreign currency is up to C$2000 CDN.

More than 1.4 million Bank of Montreal customers are registered for online and telephone banking. BMO says the potential market for the new online service includes the ten million Canadians who travelled abroad last year and who took, on average, about C$1200 equivalent in travellers cheques and/or foreign currency.

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