How It Works:

You can transfer money directly to us by setting-up your BMO Nesbitt Burns account as a bill payee via your financial institution's online or telephone banking service. Simply follow the standard process of making a bill payment and apply your 10-digit BMO Nesbitt Burns account number. There is no fee charged for using this service.

There are three BMO Nesbitt Burns payee options:

  1. BMO Nesbitt Burns - Deposits and Regular Contributions: Select this option to make a deposit or payment to your Non-Registered/Cash account or to make a personal contribution into your RRSP/TFSA.
  2. BMO Nesbitt Burns - Spousal Contributions: Select this option to make a spousal contribution to your Spousal RRSP account.
  3. BMO Nesbitt Burns - Administration Fees: Select this option to pay your annual administration fee for your RRSP, RESP, RRIF, LRIF, LIF or LIRA account. This should not be used to make a contribution into any of these accounts. Multiple fees must be paid individually.

 

How to set-up BMO Nesbitt Burns as Bill Payee through online banking:

  1. Login to your financial institution's online banking platform.
  2. Under “Move Money - Bill Payments”, add your BMO Nesbitt Burns account as a “bill” under “Add a Payee”.
  3. Under "Payee Name", type “BMO Nesbitt Burns” and select the appropriate payee based on the above information.
  4. Type in your 10-digit account number.
  5. Once you have added the payee successfully, make your payment, and let us know by e-mail so that we can keep an eye out for it.


Please note:

  • Some financial institutions have a transfer maximum of $10,000.00 per day.  Limit of transaction amount will vary depending on your account set-up with your financial institution.
  • Please allow 2-3 business days to process payments for BMO Bank of Montreal clients and 2-5 business days to process payments through other financial institutions. Please keep this in mind when making a deposit to cover a trade settlement or a contribution close to the deadline.
  • All deposits, payments or contributions will be accepted in Canadian funds only.

 

Have other questions? Check out our FAQs or give us a call!