Is the DBS Multi Currency Account not available in Canada? Here’s an alternative
With DBS not catering to Canadian customers, the Wise multi currency account might be one you consider.
The Bank of Montreal or BMO is highly respected within the Canadian banking sector. Their diverse suite of financial services, coupled with their customer-centric approach, has been key in establishing a loyal clientele. For small businesses, there are an array of BMO small business accounts, everyday banking tools, and commercial services designed to help elevate your business and navigate your finances.
In the following sections, we’ll go ahead and examine the various banking solutions BMO extends to businesses and how you can apply for a business account. We'll also introduce you to Wise Business, a contemporary money services business that you can leverage with or without BMO's business banking facilities.
Business accounts differ from personal accounts in that you aren’t able to open a BMO business account online – only by phone or by in-person appointment. If you’re looking to apply for a BMO business checking account or BMO business savings account, follow these steps:
Next, we’ll look at the BMO business account requirements for different business structures.1
For sole proprietors, you’ll need the following business documents:
If you’re a general partnership, you’ll need the following:
If you’re a limited partnership, you’ll need:
If you’re operating under a Trade Name, you’ll also need one of the following:
For identification purposes, you’ll need
For corporations that have existed for under 18 months, you’ll need one of the following business documents:
For those that have existed for over 18 months, you’ll need one of these business documents in addition to one of the ones above.
If you’re operating under a Trade Name, you’ll also need one of the following:
For identification purposes, you’ll need the following:
For formally established businesses, you’ll need the following:
If you aren’t yet formally established, bring:
For identification purposes, you’ll need the same business documents as Corporations.
To accommodate all types of businesses, there are a range of BMO small business accounts available. Here is a quick overview that includes the BMO business account fees.2,3
BMO business accounts have an impressive array of features and merits. But there's a solution that could empower your finances. The Wise Business Account is your handy alternative to banking. Moreover, it provides you account details in CAD, USD, EUR, GBP, AUD and more! You can conduct all your business transactions from one place, including:
And lots more! With Wise, it’s easier than ever to manage your company’s cash flow.
Wise is a great choice for all kinds of businesses - and it is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Services Business (MSB).
Enjoy flexible payments across the world. Send your money at the standard mid-market rate and avoid hidden exchange rate fees with every transaction.
To start exploring your business spending options, check out Wise.
Sources
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
With DBS not catering to Canadian customers, the Wise multi currency account might be one you consider.
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