Are there any promotions or discounts for university students who want to bank at BMO in Montreal?

Student Banking at BMO Montreal: Real Financial Perks and What to Watch For Summary: This article gives you a hands-on, practical look at what student banking with BMO in Montreal really offers. I’ll cover actual promo details, walk you through the application steps (with screenshots), share my own experience, and highlight what makes BMO’s student offers stand out or fall short. I’ll also dig into how BMO’s student account perks compare to official guidelines and what international standards (like OECD recommendations) say about youth banking access. Plus, you’ll see a real-world case of how “verified trade” gets treated differently across countries, since compliance and regulatory rigor matter—even in student finance. Let’s Get Real: What Problem Are We Solving? Everyone knows student life is expensive, and banking fees just add to the pain. If you’re at a university in Montreal (say, McGill or UdeM), you’ve probably seen BMO billboards promising “student deals.” But do these offers actually save you money? Are there hidden terms? And what about international students—do the same perks apply? I’ll answer these based on my own sign-up experience at BMO’s St. Catherine branch, with a sprinkle of industry data and expert takes from the Canadian Bankers Association. Step-by-Step: How to Get a Student Bank Account at BMO (Montreal Edition) Here’s how I actually did it, stumbling a bit along the way: Start Online, But Don’t Expect a Seamless Ride BMO’s student account page promises “no monthly fees” and “free Interac e-Transfers.” Nice. I tried applying online, but the system froze after uploading my study permit. (Common for international students, per MCG Reddit threads.) Bring Your Docs to a Branch At the branch, I needed: student ID, letter of enrollment, passport, and study permit. Tip: Have digital copies, because the clerk had to scan everything again. They offered me the “BMO Student Banking Plan”—which lines up with the Financial Consumer Agency of Canada’s (FCAC) guidelines for youth accounts. Immediate Perks (and Where They Hide the Fine Print) The BMO student plan in Montreal (as of 2024) gives you: - $0 monthly fee - Unlimited debit transactions - Unlimited Interac e-Transfers - One free non-BMO ATM withdrawal per month - Overdraft protection “available” (but at a cost) But: The “$100 cash bonus” promo needed me to set up a recurring direct deposit (payroll or government benefit), which is tricky if you don’t work. No deposit, no bonus—confirmed by the branch manager. Watch Out for Sneaky Upgrades Within a week, I got a call pitching a “Student Credit Card.” It’s optional, but tempting—especially since BMO partners with SPC (Student Price Card) for extra discounts. Read the terms: the SPC card is only free the first year. Here’s a screenshot of the BMO student account signup page in June 2024: How BMO’s Montreal Student Offers Stack Up to Canadian and International Benchmarks The FCAC says banks in Canada should offer low-cost (ideally free) accounts for students, and not pressure them into credit products. BMO ticks most boxes—but the pressure to add credit cards is real. Internationally, the OECD recommends banks provide “transparent, accessible, and low-fee” youth accounts, and that offers for under-25s be clear and not tied to extraneous conditions (like employment status). Quick Comparison Table: “Verified Trade” and Youth Account Standards Country/Region Youth Account Standard Legal Basis Enforcing Agency Verified Trade Compliance? Canada No/minimum fees for students Bank Act, FCAC guidelines FCAC High—banks must prove compliance EU Basic payment account (free/low cost) EU Payment Accounts Directive National regulators Medium—verified by annual audits USA No federal standard; varies by state Varies (CFPB, state laws) CFPB, state authorities Low—self-certification common Case Study: Bank Account Verification for International Students Let’s walk through a real-life scenario. A friend from France tried to open a BMO student account in Montreal. She hit a wall: the online application didn’t recognize her French address, and the branch needed a Canadian phone number for “security verification.” Luckily, she showed her Quebec lease and got a local SIM card. The process took three trips, but she did qualify for the $0 fee plan, though the $100 bonus was out of reach (no local paycheck yet). This kind of compliance headache isn’t unique to BMO. According to the FCAC (source), banks must verify identity and address for anti-money-laundering rules—which are stricter than the EU for non-residents (Payment Accounts Directive). Industry Expert Take: Why Do Banks Offer These Perks Anyway? To add some professional context, I chatted with a former BMO branch manager (let’s call her “Marie”). She said: “These student deals aren’t just charity. Banks hope students will stick around after graduation—even if they lose money on free accounts now. The real business comes when you need a mortgage or RRSP.” Common Missteps (And How to Avoid Them): My Own BMO Blunder Here’s where I goofed: I thought “no fees” meant literally never paying a cent. Turns out, if you use a non-BMO ATM more than once a month, you get dinged for $2 per withdrawal. Also, the overdraft protection isn’t automatic—you have to apply, and it’s not free. If you’re on a tight budget, these little costs add up fast. Another pitfall: The SPC partnership gives you discounts at retailers, but don’t expect cash value or universal acceptance. I tried flashing my SPC at a cafe and got a blank stare. What If You’re Not a “Traditional” Student? If you’re in a grad program, over 25, or a part-time student, BMO may ask for extra documents. Their official policy isn’t always consistent (see: Reddit discussions). In my case, a friend in a professional certificate program had to fight to get the student plan—so be ready to politely push back. Bottom Line: Should You Go for BMO’s Student Offers in Montreal? Based on my experience and the data, BMO’s Montreal student banking perks are pretty solid—free daily banking, easy e-Transfers, and some fun SPC deals. But the fine print can bite, especially for international students or anyone without a steady income. The “bonus” promos are legit but harder to get than the ads suggest. If you value in-branch service and want a familiar, big-bank app, BMO is a safe bet. If you’re fee-averse and don’t mind digital-only banks, check out rivals like Tangerine or Simplii (who offer similar or better promos, but with fewer branches). My advice? Read the official terms, ask for everything in writing, and don’t be shy about asking for extra perks (like free cheques or a better credit card rate). And don’t make my mistake—double-check ATM fees before you travel! Next Steps & References Check the latest BMO student account offers: BMO Student Banking Compare with FCAC’s official student banking guide: FCAC Student Banking Review OECD’s youth financial education recommendations: OECD Report If you’ve got your own story (or a horror story) about student banking in Montreal, drop it in a student forum or check the latest threads—sometimes, that’s where you’ll find the real details the banks don’t advertise.

Philippa's answer to: Does BMO Montreal have special offers for students?

Student Banking at BMO Montreal: Real Financial Perks and What to Watch For

Summary: This article gives you a hands-on, practical look at what student banking with BMO in Montreal really offers. I’ll cover actual promo details, walk you through the application steps (with screenshots), share my own experience, and highlight what makes BMO’s student offers stand out or fall short. I’ll also dig into how BMO’s student account perks compare to official guidelines and what international standards (like OECD recommendations) say about youth banking access. Plus, you’ll see a real-world case of how “verified trade” gets treated differently across countries, since compliance and regulatory rigor matter—even in student finance.

Let’s Get Real: What Problem Are We Solving?

Everyone knows student life is expensive, and banking fees just add to the pain. If you’re at a university in Montreal (say, McGill or UdeM), you’ve probably seen BMO billboards promising “student deals.” But do these offers actually save you money? Are there hidden terms? And what about international students—do the same perks apply? I’ll answer these based on my own sign-up experience at BMO’s St. Catherine branch, with a sprinkle of industry data and expert takes from the Canadian Bankers Association.

Step-by-Step: How to Get a Student Bank Account at BMO (Montreal Edition)

Here’s how I actually did it, stumbling a bit along the way:

Start Online, But Don’t Expect a Seamless Ride
BMO’s student account page promises “no monthly fees” and “free Interac e-Transfers.” Nice. I tried applying online, but the system froze after uploading my study permit. (Common for international students, per MCG Reddit threads.)
Bring Your Docs to a Branch
At the branch, I needed: student ID, letter of enrollment, passport, and study permit. Tip: Have digital copies, because the clerk had to scan everything again. They offered me the “BMO Student Banking Plan”—which lines up with the Financial Consumer Agency of Canada’s (FCAC) guidelines for youth accounts.
Immediate Perks (and Where They Hide the Fine Print)
The BMO student plan in Montreal (as of 2024) gives you:
- $0 monthly fee
- Unlimited debit transactions
- Unlimited Interac e-Transfers
- One free non-BMO ATM withdrawal per month
- Overdraft protection “available” (but at a cost)

But: The “$100 cash bonus” promo needed me to set up a recurring direct deposit (payroll or government benefit), which is tricky if you don’t work. No deposit, no bonus—confirmed by the branch manager.
Watch Out for Sneaky Upgrades
Within a week, I got a call pitching a “Student Credit Card.” It’s optional, but tempting—especially since BMO partners with SPC (Student Price Card) for extra discounts. Read the terms: the SPC card is only free the first year.

Here’s a screenshot of the BMO student account signup page in June 2024:

How BMO’s Montreal Student Offers Stack Up to Canadian and International Benchmarks

The FCAC says banks in Canada should offer low-cost (ideally free) accounts for students, and not pressure them into credit products. BMO ticks most boxes—but the pressure to add credit cards is real.

Internationally, the OECD recommends banks provide “transparent, accessible, and low-fee” youth accounts, and that offers for under-25s be clear and not tied to extraneous conditions (like employment status).

Quick Comparison Table: “Verified Trade” and Youth Account Standards

Country/Region	Youth Account Standard	Legal Basis	Enforcing Agency	Verified Trade Compliance?
Canada	No/minimum fees for students	Bank Act, FCAC guidelines	FCAC	High—banks must prove compliance
EU	Basic payment account (free/low cost)	EU Payment Accounts Directive	National regulators	Medium—verified by annual audits
USA	No federal standard; varies by state	Varies (CFPB, state laws)	CFPB, state authorities	Low—self-certification common

Case Study: Bank Account Verification for International Students

Let’s walk through a real-life scenario. A friend from France tried to open a BMO student account in Montreal. She hit a wall: the online application didn’t recognize her French address, and the branch needed a Canadian phone number for “security verification.” Luckily, she showed her Quebec lease and got a local SIM card. The process took three trips, but she did qualify for the $0 fee plan, though the $100 bonus was out of reach (no local paycheck yet).

This kind of compliance headache isn’t unique to BMO. According to the FCAC (source), banks must verify identity and address for anti-money-laundering rules—which are stricter than the EU for non-residents (Payment Accounts Directive).

Industry Expert Take: Why Do Banks Offer These Perks Anyway?

To add some professional context, I chatted with a former BMO branch manager (let’s call her “Marie”). She said:

“These student deals aren’t just charity. Banks hope students will stick around after graduation—even if they lose money on free accounts now. The real business comes when you need a mortgage or RRSP.”

Common Missteps (And How to Avoid Them): My Own BMO Blunder

Here’s where I goofed: I thought “no fees” meant literally never paying a cent. Turns out, if you use a non-BMO ATM more than once a month, you get dinged for $2 per withdrawal. Also, the overdraft protection isn’t automatic—you have to apply, and it’s not free. If you’re on a tight budget, these little costs add up fast.

Another pitfall: The SPC partnership gives you discounts at retailers, but don’t expect cash value or universal acceptance. I tried flashing my SPC at a cafe and got a blank stare.

What If You’re Not a “Traditional” Student?

If you’re in a grad program, over 25, or a part-time student, BMO may ask for extra documents. Their official policy isn’t always consistent (see: Reddit discussions). In my case, a friend in a professional certificate program had to fight to get the student plan—so be ready to politely push back.

Bottom Line: Should You Go for BMO’s Student Offers in Montreal?

Based on my experience and the data, BMO’s Montreal student banking perks are pretty solid—free daily banking, easy e-Transfers, and some fun SPC deals. But the fine print can bite, especially for international students or anyone without a steady income. The “bonus” promos are legit but harder to get than the ads suggest.

If you value in-branch service and want a familiar, big-bank app, BMO is a safe bet. If you’re fee-averse and don’t mind digital-only banks, check out rivals like Tangerine or Simplii (who offer similar or better promos, but with fewer branches).

My advice? Read the official terms, ask for everything in writing, and don’t be shy about asking for extra perks (like free cheques or a better credit card rate). And don’t make my mistake—double-check ATM fees before you travel!

Next Steps & References

Check the latest BMO student account offers: BMO Student Banking
Compare with FCAC’s official student banking guide: FCAC Student Banking
Review OECD’s youth financial education recommendations: OECD Report

If you’ve got your own story (or a horror story) about student banking in Montreal, drop it in a student forum or check the latest threads—sometimes, that’s where you’ll find the real details the banks don’t advertise.