Can I Buy Bitcoin with BMO?

Yes, but not inside the BMO app or through BMO's online banking platform. The bank does not sell crypto, does not custody digital assets, and has no Bitcoin buy button anywhere in its product lineup. 

What it does offer is BMO InvestorLine through its brokerage arm, where you can purchase Bitcoin ETFs like iShares Bitcoin Trust (IBIT) for indirect exposure. But for actual Bitcoin or any other cryptocurrency, you need to move USD to a regulated crypto exchange in the US.

We have tested ACH transfers from a BMO checking account to both Kraken and Coinbase. The transfers go through without blocks or holds, which puts BMO ahead of banks like Chase and Capital One that have historically flagged crypto-bound payments.

How to Buy Crypto with BMO

An ACH transfer from your BMO checking account to Kraken is the cleanest funding method. It costs nothing on both ends, and Kraken provides instant buying power on ACH deposits while the transfer settles in the background.

We use ACH for routine deposits under $2,000. For larger amounts, a wire transfer bypasses BMO's external transfer caps entirely, though you will pay $30 for each outgoing domestic wire.

Steps to buy crypto with BMO Bank:

1. Create an Account: Sign up on Kraken and verify your identity with a US driver's license or passport. Verification must be completed before you can link a bank account or deposit funds.
2. Link Your BMO Account: In Kraken, go to Funding and select ACH. Connect your BMO checking account using routing and account numbers, or through Plaid. 
3. Deposit USD: Initiate an ACH transfer from within Kraken. Funds arrive within 1 to 3 business days, but Kraken typically gives instant buying power while the ACH clears. If you need more than $2,000 in a single transfer, use a wire instead.
4. Buy Crypto: Search for BTC, ETH, SOL, or whatever asset you want, review the fee, and place the order.

Fees and Deposit Limits for BMO Customers

Costs are split into two categories: what BMO controls (transfer fees, limits) and what Kraken charges (deposit fees, trading fees, withdrawals). BMO's external transfer limits are the main friction point and deserve attention before you start moving money.

BMO Bank Limits

• ACH external transfer limits: BMO sets standard limits at $2,000 per day, $4,000 pending, and $7,500 per rolling 30-day period. These apply to both inbound and outbound transfers through BMO's online banking.
• Wire transfers: $30 per outgoing domestic wire. Same-day processing if submitted before the cutoff. No published cap on wire amounts, though transactions over $10,000 trigger IRS reporting requirements (CTR filing).
• Debit card: The BMO Debit Mastercard works on some exchanges for instant purchases, but expect a 1.5% to 3.75% processor surcharge on the exchange side.

Kraken Fees

• ACH deposit: Free. This is why ACH from BMO is the default path despite the low caps.
• Wire deposit: Free on Kraken's end (you still pay BMO's $30 fee).
• Debit card deposit: $0.25 + 3.75%. Fast but expensive.
• Spot trading (Kraken Pro): Maker 0.25%, Taker 0.40% at the lowest tier. Drops with volume. Reaches 0% maker at $10M+ in 30-day volume.
• Instant Buy/Sell: 1.5% fee for non-stablecoin purchases. Simpler but pricier. We use Kraken Pro for anything over a few hundred dollars.
• Withdrawals to BMO: ACH from Kraken is free. Wires cost $5 on Kraken's end, plus nothing on BMO's incoming side.

If the $7,500 monthly ACH cap is too small, set up wire transfers through BMO's online banking. The $30 per wire fee is worth it for larger deposits where ACH limits would force you to spread purchases across multiple weeks.

BMO Bank Cryptocurrency Policy

BMO takes a neutral, hands-off approach to crypto. No trading, no custody, no wallet services, but no systematic blocking of transfers to regulated exchanges either. 

The bank treats ACH and wire transfers to crypto platforms the same as any other external payment, provided the exchange is a registered Money Services Business with the Financial Crimes Enforcement Network (FinCEN).

There is an important distinction between BMO's Canadian and U.S. operations. The Canadian parent, Bank of Montreal, blocked Mastercard-branded credit and debit card purchases on crypto exchanges in 2018. That policy was specific to Canadian retail cards. 

The U.S. subsidiary (BMO Bank N.A.) operates under separate U.S. banking regulations and has not applied the same card-level restriction. That said, individual card transactions to crypto merchants can still be declined at the processor level, so ACH remains the more dependable method.

Best Alternative Exchanges for BMO Customers

BMO customers have several regulated alternatives depending on their priorities. All of these accept ACH and wire transfers from BMO accounts.

About BMO Bank

BMO, now officially operating as BMO Bank N.A., is the U.S. subsidiary of BMO Financial Group (Bank of Montreal), North America's eighth-largest bank by assets. Founded in 1882 and headquartered in Chicago, the bank serves over 12 million customers across the U.S.

BMO Bank N.A. is a nationally chartered bank regulated by the OCC, with deposits insured by the FDIC. The bank offers checking and savings accounts, CDs, mortgages, credit cards, auto loans, and investment services through BMO Wealth Management. 

In 2023, BMO completed its $16.3 billion acquisition of Bank of the West, significantly expanding its U.S. footprint. The combined entity now operates under the unified BMO brand, with the legacy "Harris" name largely phased out of customer-facing materials.

Final Thoughts

BMO is a functional but not ideal bank for funding a crypto exchange. ACH transfers to Kraken are free on both sides and process without blocks, which puts it ahead of banks that actively restrict crypto payments. 

The problem is the transfer limits. A $2,000 per-day and $7,500 per-month ACH cap is among the lowest of any major U.S. bank, and it means frequent or larger buyers will need to use wire transfers at $30 each.

If you are making smaller, regular purchases under $2,000, BMO and Kraken work well together. Kraken's instant buying power on ACH deposits helps, but settlement still takes 1 to 3 business days.