Yes, you can deposit USD checks into a BMO checking account

BMO accepts US dollar checks in Canadian checking accounts. The deposit goes through, but the bank converts it to Canadian dollars at their exchange rate, and the process takes longer than a domestic Canadian check — usually 5 to 10 business days for the funds to clear, sometimes longer depending on the US bank that issued the check.

The exchange rate BMO applies is their own rate at the time of processing, not the rate on the day you deposit. This means you won't know the exact Canadian dollar amount you'll receive until after the deposit clears. BMO publishes their daily exchange rates online, but the rate they use for your specific check may differ slightly.

You can deposit a USD check at a BMO branch, through mobile deposit (if your account supports it), or by mail. Each method has different timelines and requirements.

Key Takeaways

  • USD checks deposit into Canadian accounts but are converted to Canadian dollars at BMO's exchange rate, which you cannot lock in advance.
  • Clearing time for US checks is 5 to 10 business days or longer, compared to 1 to 2 business days for Canadian checks.
  • You can deposit at a branch, by mobile app, or by mail, but mobile deposit may have daily or per-check limits.
  • The check must be made payable to you or your business, signed by the issuer, and include a valid routing number and account number.
  • If the check is rejected or returned, BMO will notify you and the funds will be reversed, usually within 5 to 10 business days.

What happens to the exchange rate

BMO converts USD to CAD using their posted exchange rate on the day the check clears at the US bank, not the day you hand it over. This delay means the rate can move between deposit and clearing, and you have no control over which rate applies.

If you need to know the exact amount in Canadian dollars before you deposit, you can call BMO or visit a branch and ask them to estimate the conversion based on today's rate. They will tell you the current rate but cannot may provide it will be the same when the check clears.

Some accounts offer US dollar accounts at BMO, which let you hold USD without immediate conversion. If you receive USD checks regularly, opening a US dollar account and depositing there first may let you choose when to convert, rather than having BMO do it automatically.

How to deposit a USD check at a BMO branch

Bring the check and your BMO debit card or account number to any BMO branch. The teller will inspect the check to confirm it's signed, made out to you, and has a valid routing number and account number printed at the bottom. They will ask which account you want to deposit it into.

The teller will give you a receipt showing the USD amount, your account number, and the expected clearing date. They will not show the Canadian dollar amount on the receipt because BMO doesn't calculate that until the check clears.

The check then goes to BMO's processing center and is sent to the US bank that issued it. Once that bank confirms the funds are available, BMO converts the amount and deposits it into your account. This process typically takes 5 to 10 business days.

Depositing by mobile app or online

If your BMO account supports mobile deposit, you can photograph the front and back of the check using the BMO app. The app will ask you to confirm the USD amount and the account you want to deposit into. You then submit the deposit electronically.

Mobile deposits have limits. BMO typically caps daily mobile deposits at $5,000 CAD equivalent and per-check limits at $2,500 CAD equivalent, though these limits vary by account type and may change. Check your account settings or call BMO to confirm your limits before depositing.

After you submit a mobile deposit, do not deposit the physical check again at a branch or ATM. Write "deposited" on the check and keep it for your records for at least 90 days in case BMO needs to verify it. The clearing timeline is the same as a branch deposit: 5 to 10 business days.

Mailing a USD check to BMO

You can mail a USD check to your local BMO branch with a deposit slip, or contact BMO to ask for their mailing address for remote deposits. Include a note with your account number and the USD amount so the bank can match the check to your account.

Mailing adds 3 to 5 business days to the timeline because the check must travel to the branch first. The total clearing time is usually 8 to 15 business days from the day you mail it.

Keep a copy of the check or photograph it before mailing. If the check is lost in the mail, you will need proof that you sent it to BMO in order to ask the issuer for a replacement.

What can go wrong with a USD check deposit

The check may be returned if the issuer's account has insufficient funds, if the routing number or account number is invalid, if the check is post-dated (dated in the future), or if the check is more than 6 months old. BMO will notify you by mail or phone if the check is returned.

If a check is returned, the deposit is reversed and the USD amount is removed from your account. The reversal usually takes 5 to 10 business days after the US bank rejects it. If you already spent the money, your account may go negative and you may be charged an overdraft fee.

Checks can also be returned if they are not signed, if the signature doesn't match the account holder's name, or if the check is damaged or illegible. Before you deposit, inspect the check for a signature and confirm the amount and payee name are printed clearly.

Fees for depositing USD checks

BMO does not charge a deposit fee for USD checks in most checking accounts. However, some account types or service levels may include a fee. Check your account agreement or call BMO to confirm whether your account charges for foreign currency deposits.

You will pay the exchange rate spread, which is the difference between BMO's buying rate and selling rate for USD. This is not a separate fee but is built into the conversion rate. The spread is typically 1% to 2%, meaning BMO's rate is 1% to 2% less favorable than the mid-market rate.

If the check is returned, some accounts charge a returned-item fee, usually $15 to $25 CAD. This fee is charged to your account if the US bank rejects the check for any reason.

Frequently Asked Questions

How long does it take for a USD check to clear?

Most USD checks clear within 5 to 10 business days. Checks from larger US banks clear faster; checks from smaller or regional banks may take 10 to 15 business days. BMO will notify you when the check clears and the funds are available.

Can I deposit a check made out to someone else?

No. The check must be made payable to you or your business name. If the check is made out to someone else, that person must endorse it to you by signing the back, and you must also sign the back. BMO may still refuse it if the endorsement is unclear or if the names don't match your account.

What if the USD check is damaged or partially illegible?

BMO may refuse to deposit it if the routing number, account number, or amount cannot be read clearly. If the check is damaged, ask the issuer for a replacement check. Do not attempt to repair or write over the damaged area.

Can I deposit a USD check into a joint account?

Yes, if your name appears on the account and the check is made payable to you or to both account holders. If the check is made out to only one joint account holder, that person must endorse it and you must also sign the back before depositing.

What exchange rate will I get?

BMO uses their posted exchange rate on the day the check clears at the US bank, not the day you deposit it. You cannot lock in a rate in advance. Call BMO or visit a branch to see today's rate, but confirm that this is the rate they will use when your check clears.