In this article, let’s understand how BMO Global Pay works, its advantages and limitations, and whether it’s an effective way to send fast global payments. BMO Global Pay is a foreign currency payments service available on the BMO business banking account for Canadian businesses.
BMO Global Pay allows users to send payments to 30 countries worldwide.
With so many limitations, users are not given complete freedom to send global payments. There are restrictions on amounts, countries, and cut-off times for when payments can be sent. It is definitely not the most efficient way to send faster payments to global suppliers. BMO Global Pay might be the fastest way if you are using BMO for sending global payments, but that also comes with many ifs, buts, and restrictions.
Now, let us introduce you to Finofo – a more efficient, faster, and seamless way to handle global payments without any tags, restrictions, limitations, or ifs and buts.
Finofo is straightforward. There are no payment delays or template creation hassles for sending global payments. With Finofo, you'll be able to send real-time payments through local payment rails to over 45 countries. This includes all SEPA countries in Europe, Czech Republic, Egypt, Hong Kong, India, Indonesia, South Korea, Malaysia, Mexico, Philippines, Singapore, Sweden, Thailand, United Kingdom, and Vietnam. (BMO allows payments to only 30 countries, while Finofo covers 15 more countries than BMO.)
Fun fact: The fastest way to send global payments with BMO is still very slow compared to Finofo!
There are no restrictions, qualifications, or prerequisites with Finofo. Pay your global bills faster and at your convenience!