Mastercard and BMO Expand Remittance Services
Mastercard and BMO are expanding the Canadian bank’s money transfer service.
[contact-form-7]The expansion adds new destinations and currencies, allowing BMO’s Canadian personal banking clients to send money to family and friends in nearly 70 places, according to a Wednesday (July 30) press release. The service is powered by Mastercard Move’s global money movement capabilities.
“BMO is committed to helping our clients make real financial progress, and our expanded Global Money Transfer service embodies that commitment by helping them stay connected to what matters most: their families, friends and financial commitments worldwide,” Gayle Ramsay, head of everyday banking, segment and customer growth at BMO, said in the release.
Mastercard Move lets financial institutions and their customers send money to more than 200 destinations in over 150 currencies, reaching more than 10 billion endpoints, such as bank accounts, mobile wallets, cards, and pickup locations, according to the release.
“Remittances remain vital for many in developing destinations, where funds are used to support family education, property payments and other critical expenses,” the release said. “Through Mastercard Move, BMO clients can send money directly to the recipient’s bank account without worrying about hidden fees or deductions.”
Mastercard and BMO have partnered on global money movement since at least 2019, when BMO implemented Mastercard Send. The service aims to provide faster, cheaper and transparent international payment services for BMO’s business and commercial banking clients.
Remittances are a constant, with workers all over the world transmitting money back home to friends and family to help fund living expenses, medical bills or tuition.
Data from The World Bank showed that remittances to low- to middle-income nations such as India, Mexico and the Philippines climbed 5.8% in 2024, to $685 billion.
As PYMNTS CEO Karen Webster said in an interview with Remitly CEO Matt Oppenheimer in May, “It’s hard to overstate the relevance of remittances in the global economy.”
With 250 million people worldwide living outside the country where they were born, the addressable market for simplified cross-border payments is formidable.
However, there are some headwinds to that streamlining, especially in economies that still rely heavily on cash. Cross-border payments have also historically been held back by delays and a lack of transparency around fees.
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