Mastercard and BMO have recently expanded the latter’s Global Money Transfer service, leveraging Mastercard Move’s global money movement capabilities.

Enhancing Money Transfer Services

BMO personal banking clients in Canada are now able to transfer funds to family and friends in 70 destinations across Europe, the Middle East, Africa, Asia Pacific, Latin America, and the Caribbean through this expanded service.

Expanding Payment Solutions Globally

BMO Global Money Transfer is designed to support clients’ global financial needs by providing secure access through their Mobile Banking app. Mastercard Move, on the other hand, enables financial institutions and customers to send money to over 200 destinations in more than 150 currencies, reaching billions of endpoints such as bank accounts, mobile wallets, cards, and pick-up locations.

Mastercard and BMO are collaborating to meet the growing demand for international payment services among Canadians. This partnership aims to provide secure and cost-effective solutions that avoid hidden fees or deductions, particularly important in sending remittances to support family education, property payments, and other expenses in developing destinations.

Mastercard’s Focus on Digital Economy

Mastercard representatives highlighted the company’s commitment to enabling the digital economy so that consumers can move money safely both within Canada and globally. By facilitating safe international money movement, Mastercard aims to support global connectivity and individual needs.

Expanding its partnership with BMO is a key step in Mastercard’s ongoing investment in this space, aimed at helping the Canadian bank serve diverse communities more effectively through better payment solutions.