Creating Spot conversions in your BMO business account

In this article, let's understand how to create spot conversions in your BMO business account. The existing solutions might not add much value to what you are looking for, and we aim to explain things in a step-by-step process.

A spot transaction allows you to secure an exchange rate for up to two business days. You can create a spot transaction with just a few steps. Here’s how-

Stage 1: Please log in to your BMO business account and find the “Foreign Exchange” widget on your Home page. 

Click on the “Foreign Exchange” widget and select "Create FX Spot Transaction."

Stage 2: Under “You Buy,” choose the currency you want to receive at the end of the transaction. Under “You Sell,” select the currency you want to exchange.

Enter the amount you’d like to buy or sell. You’ll see the converted amount after getting a quote.

Stage 3: Under “Value Date,” choose the date you want the transaction to take place. Please click on "Get Quotes."

Review the details. Once you’re given an exchange rate, you’ll have 20 seconds to book the transaction. If everything looks good, select "Book Transaction.”

A sample quote/conversion from BMO:

The problem with BMO and banks in general is that the exchange rates can vary depending on the volume of transactions. If you are converting lesser value, you are possibly going to get worse exchange rates. Everything happens in favor of banks and exchange rates are never fixed. The most important thing to note is that conversions are not instant with banks. Delays are quite common.

How do conversions work with Finofo?

Let’s consider the same use case of converting $50,000 CAD to USD with Finofo. It’s a simple one-click process. You can effortlessly convert from your Finofo dashboard, and here’s how it works:

With Finofo, it doesn’t matter if you’re converting $20 or $20,000—we algorithmically fix the exchange rates to ensure businesses don’t lose profits on FX conversions.

But wait, there’s more. The amazing thing is:

Unlike BMO or other banks, where getting exchange rates and completing currency conversions can take hours, Finofo offers instant exchange rates and currency conversions. The currency conversions with Finofo happen 24/7 in real-time—whether it’s Friday night or Christmas weekend, conversions happen immediately.

Are you paying unfavorable exchange rates to BMO for your FX conversions? Make more profits from FX conversions with Finofo.

Book your free demo with Finofo today!