Why Opening a Bank Account in Montreal Feels Different (and Sometimes Frustrating)

Let’s be honest: walking into a BMO branch in Montreal to open a new account sounds simple on paper, but the reality can be full of unexpected steps, language quirks, and the occasional bureaucratic twist. Having opened accounts myself in Canada, the US, and Europe, I can say that Montreal’s system has its own flavor—sometimes friendly, sometimes very by-the-book.

You’re probably here because you want to know what it’s really like, not just the bank’s official checklist. So here’s what I learned from my own attempt to open a chequing account at a downtown Montreal BMO, plus info from finance experts, and even a peek at how Canada’s account verification standards compare with other countries.

Step-by-Step: My Real BMO Account Opening Experience in Montreal

First, a quick note: all federally regulated banks in Canada—including BMO—must comply with the Bank Act. That sets the ground rules for ID, anti-money laundering, and account access. But the way it plays out at the branch is another story.

1. Booking an Appointment (or Not?)

I tried a walk-in first. Mistake! The downtown BMO branch was busy (lunchtime rush), and the staff politely suggested I book an appointment. I hopped onto the BMO website, used their appointment booking tool, and snagged a spot for the next afternoon. Pro tip: if you’re new to Montreal, the downtown branches fill up fast, so book ahead if you can.

2. Prepping Your Documents: The ID Dilemma

Canada’s financial regulations (see FCAC guidelines) require two pieces of government-issued ID—think passport, driver’s license, or permanent resident card. The catch: some frontline staff are stricter than others. I brought my Quebec health card and a passport; that worked, but a friend tried with only a foreign driver’s license and was turned away.

3. The Interview (Also Known as the “Why Are You Here?” Chat)

At BMO, there’s almost always a quick sit-down with an account manager. In my case, I got a few friendly questions about my job, why I wanted a particular account type, and whether I’d be moving money from abroad. This is partly to comply with Canada’s FINTRAC anti-money laundering laws. They’ll also pitch you on overdraft, credit cards, and even investments.

Sidenote: If you’re a newcomer, they may offer “New to Canada” banking packages, which sometimes have fewer fees or bonus offers. I wish I’d asked for this, as I later found out I qualified but missed out on a $300 welcome bonus.

4. Signing the Paperwork (Yes, There’s a Lot—Even in 2024)

Here’s where I messed up: I forgot to bring my SIN (Social Insurance Number). While not technically required to open a basic chequing account, it’s needed if you want to open a TFSA, RRSP, or get pre-approved for credit. The application itself took about 30 minutes, including all the privacy disclosures and consent forms. Most forms are digital now, but you’ll still need to sign at least a couple on a tablet.

Once approved, you’ll get a temporary debit card—your real one arrives by mail in a week or two. If you need to deposit cash right away, ask the teller to activate your card for immediate use.

5. Online Banking Set-Up (Don’t Skip This!)

The account manager walked me through the BMO online and mobile banking platforms (screenshots below). This is actually a critical step, as Canadian banks are notorious for security questions and multi-factor authentication. If you skip this at the branch, you might get locked out trying to set things up at home.

A Real-World Case Study: When the Process Breaks Down

Let’s talk about what happens when things go sideways. My friend tried opening an account as a new international student. Despite having a passport, study permit, and proof of address, the branch manager insisted on a Canadian phone number (not listed in the official requirements). After some back-and-forth, the issue was escalated. We found out later that, per FCAC regulations, banks cannot refuse to open a basic account so long as you provide the required ID—even if you don’t have a local phone number.

Eventually, after quoting the regulation, the branch relented. The lesson: knowing the rules can make a huge difference.

How Does Canada’s Account Verification Stack Up Globally?

If you’ve ever tried opening a bank account outside Canada, you know the process can be radically different. Here’s a quick comparison of “verified trade” (i.e., account verification and KYC) standards in Canada, the US, the EU, and China. Sources include OECD and FATF guidelines (link).

Country/Region	Account Verification Name	Legal Basis	Execution/Regulatory Body
Canada	KYC (Know Your Customer)	Proceeds of Crime (Money Laundering) and Terrorist Financing Act	FINTRAC
United States	Customer Identification Program (CIP)	USA PATRIOT Act	FinCEN
European Union	Customer Due Diligence (CDD)	4th/5th EU AML Directives	National FIUs/ECB
China	Real Name Account System	Anti-Money Laundering Law of PRC	People's Bank of China

As you can see, the core idea (verify identity, fight money laundering) is universal, but the actual documentation and flexibility vary. Canada’s system is reasonably strict, but less cumbersome than, say, some EU banks that require in-person notarization, or Chinese banks that sometimes demand a local address and tax ID.

Expert Take: What BMO Staff and Industry Pros Say

I chatted with a BMO branch manager (let’s call her Sophie) who confirmed that, “We follow federal regulations, but we also have our own risk scoring. Sometimes, if something doesn’t look right, we ask for extra info—even if not strictly required by law.” Sophie stressed the importance of patience: “If you feel you’re being asked for too much, you can always escalate or ask to see the policy.”

According to a 2022 OECD report, Canada’s approach is “broadly aligned with international best practices,” but there’s still a significant gap in consistency at the branch level. That matches my own experience: compliance is strong, but the human element (training, interpretation) can lead to hiccups.

Final Thoughts: What I’d Do Differently Next Time

If I had to open a BMO account in Montreal again, I’d do three things: (1) book an appointment online, (2) bring every possible piece of ID and supporting document, and (3) be prepared to politely cite federal regulations if needed. The process is generally smooth, but being over-prepared saves time and hassle.

If you run into trouble—say, being refused for a reason that seems sketchy—don’t hesitate to file a complaint with the Financial Consumer Agency of Canada. They take these cases seriously, and banks are required to respond.

Bottom line: opening a BMO account in Montreal isn’t rocket science, but it’s not always as straightforward as the marketing suggests. Be ready, stay flexible, and don’t be afraid to push back if something doesn’t feel right. And if you want to compare how Canadian verification rules stack up globally, you now have the data to make your own call.