Looking for a safe place to store your valuables in Montreal? Wondering whether BMO branches offer safety deposit box rentals, what sizes are available, and how much it all costs? I’ve personally gone through the process at several BMO locations, talked to staff, compared what’s said online and in official documents, and even made a couple of mistakes along the way. In this article, I’ll walk you through what’s actually available, how to rent a box, the real-world fees, what happens when you run into problems, and how this compares to other banks. I’ll sprinkle in some screenshots and stories, plus cite anything official I can find. By the end, you’ll have a clear sense of what to expect (and what not to count on) if you’re thinking of getting a safety deposit box at BMO in Montreal.
Let’s be honest: nobody wakes up excited to rent a safety deposit box. But if you’ve got passports, jewelry, legal documents, or even just that USB key full of crypto wallet backups, you want them somewhere safer than your sock drawer. I moved to Montreal with a pile of paperwork and a family heirloom ring, and after my apartment got broken into (no joke, first month in town), I figured it was time to get serious about security. That’s when I started looking into what BMO actually offers. Turns out, you can’t just walk into any branch and expect to get a box—availability is limited, the fees aren’t always obvious, and the process is a bit less straightforward than you’d hope.
First things first: not every BMO branch has safety deposit boxes. According to BMO's own branch locator, you need to use their filter function to find branches with this service. I didn’t realize this at first—I showed up at my local BMO on St-Laurent, only to get a polite shrug and a “Sorry, we don’t have those here.” So, lesson learned: always check online or call ahead.
Here’s what actually works:
Once you find a branch, you still need to call and ask if they have any boxes available. I called three locations before finding one with a medium-sized box open. Staff told me there’s sometimes a waiting list, especially for larger boxes, and some locations only have small boxes left.
BMO doesn’t publish a universal, up-to-date fee list online. Instead, fees and sizes can vary a bit by branch. But based on my calls and BMO’s official page, plus my own rental receipts, here’s the typical range you’ll see in Montreal:
| Size (inches) | Approx. Annual Fee (CAD) | Notes |
|---|---|---|
| 2" x 5" | $60–$80 | Small, often sold out |
| 3" x 5" | $90–$110 | Good for documents, jewelry |
| 5" x 10" | $150–$200 | Fits larger items |
| 10" x 10" | $250–$350 | Rare, often waitlisted |
There’s also usually a one-time key deposit ($40–$60), refundable when you return the key. If you lose your key, you’ll pay a hefty lost-key fee (I’ve heard as high as $150).
When you show up at the branch, you’ll need:
I got tripped up once because my driver’s license address didn’t match my current address, so take proof of address if you’ve recently moved.
You’ll sign a rental agreement, get your keys, and a staff member will walk you to the vault the first time. BMO staff never see the contents of your box—privacy is strict, but they do keep a record of access dates.
I once lost my key (don’t ask), and the replacement process was a pain. You’ll have to fill out a form, pay the charge, and wait for a locksmith visit, which can take a week or more. Also, if you don’t pay your annual fee, the bank will eventually drill the box, inventory the contents, and may even turn them over to the provincial government’s unclaimed property office—per Revenu Québec.
To add an international flavor (and because “verified trade” sometimes comes up in cross-border asset storage), let’s look at how Canada’s approach to safety deposit box regulation compares to others:
| Country | Standard Name | Legal Basis | Regulating Agency |
|---|---|---|---|
| Canada | Bank Act, OSFI Guidelines | Bank Act (S.C. 1991, c. 46) | OSFI (Office of the Superintendent of Financial Institutions) |
| United States | Uniform Commercial Code (UCC) | UCC, Article 7 | State Banking Commissions |
| EU | PSD2, EBA Guidelines | EU Payment Services Directive 2 | EBA (European Banking Authority) |
| Japan | Banking Act of Japan | Banking Act | FSA (Financial Services Agency) |
An expert I spoke with, Anne-Marie R., a compliance manager at a Montreal-based financial institution, told me: “Canada’s safety deposit box system is robust but not as tightly regulated as in some EU countries. In practice, banks set most of their own rules for box access, fees, and storage standards. If you’re dealing with international valuables or trade documentation, always check both domestic and destination country standards—what’s considered ‘verified’ in one country might not be recognized in another.” That’s something I’d never considered until I tried to use my safety deposit box agreement as proof of storage for a cross-border inheritance claim. Spoiler: It didn’t fly in the US.
Honestly, I expected the process to be fast and easy. Instead, I ran into a string of little snags: no boxes at my closest branch, a two-week wait for a medium size, and an unexpected key deposit. When I finally got access, I realized the smallest box was way tinier than I thought (my passport barely fit alongside some folded documents). Also, you can’t access your box outside branch hours, which threw a wrench in my plans more than once.
If you’re thinking about storing things like data backups or precious metals, some banks have restrictions—no hazardous materials, cash in excess of reporting limits, or anything illegal. And, crucially, contents aren’t insured by BMO or the government. If you want insurance, you’ll need to arrange it separately (I used a rider on my home policy, but some providers won’t cover bank vault contents).
I even tried to get clever and use my safety deposit box for business document storage, only to find out there are specific rules around authorized users. You can add a co-renter, but they need to go through the same ID checks. In one case, my business partner couldn’t get added because he only had foreign ID.
So, do BMO branches in Montreal offer safety deposit boxes? Yes, but not at every branch, and availability is limited. Fees and box sizes vary, but you can expect to pay $60–$350 per year plus a key deposit. You’ll need to check the BMO branch locator and call ahead to confirm availability. Be prepared for ID checks, possible waitlists, and no automatic insurance on your items.
If you’re looking for something specific—large boxes, business use, or international compliance—be extra diligent and don’t expect universal standards. For most personal valuables, BMO’s boxes are a solid, if sometimes frustrating, option. But if you’re picky about size, location, or access hours, shop around: RBC, TD, and CIBC all have slightly different offerings, and some credit unions in Montreal also rent boxes. My lesson? Double-check everything, don’t assume your local branch has what you need, and don’t lose your key (trust me).
If you have more specialized needs, check out the official regulations (like the Bank Act or Revenu Québec’s unclaimed property policy), consult with your insurer, or talk to a compliance specialist. For most folks, though, BMO boxes are a practical, if imperfect, solution.
Still have questions? Feel free to comment below or check out the Personal Finance Canada Reddit thread on safety deposit box options—it’s full of real-world stories and a few amusing horror stories.