Compare · Payments
TuringDock vs BMO
BMO is one of Canada's most established commercial banks with strong Midwest US presence through BMO Bank (formerly Harris). World-class for commercial banking relationships. Less ideal as a manufacturer's day-to-day payments workflow.
| Attribute | BMO | TuringDock |
|---|---|---|
| FX markup | Typically 2.5–3% above interbank. | 0%. Interbank rate, locked at PO issuance. |
| Wire fee | $30–50 per international wire. | Near zero. |
| Settlement time | 2–5 business days. | Same or next business day. |
| Tracking | Confirmation on send. No status until landed. | Real-time status in TuringDock and Slack. |
| Where the payment lives | BMO online banking portal. Separate from your purchase orders. | Inside the PO record. One click. PO updates automatically. |
| Failure recovery | Call commercial banking. Wait. | Inline error with the supplier bank's reason. Retry from the PO. |
| Total cost on a $500K Shenzhen PO | ~$15,000 | ~$500–1,500 |
What BMO does well
BMO has been operating since 1817 and runs one of the most experienced commercial banking teams in Canada. The expanded US presence through BMO Bank (formerly BMO Harris) gives them genuine cross-border infrastructure across the US Midwest. For credit facilities, working capital lines, and traditional commercial banking, BMO is a defensible choice.
Why TuringDock
Commercial banking relationships are valuable. International wire transfers, however, are the same pain at BMO as at any other Big 5: 2.5 to 3 percent FX markup above interbank, $30–50 per wire, 2 to 5 days to settle, no status tracking, and a portal that sits separate from your purchase order workflow. For a manufacturer paying suppliers 10 to 40 times a year, that adds up.
TuringDock moves the wire inside the PO. Same-day settlement, interbank FX, status flows back into the PO automatically. On a typical $500K PO that's about $13,500 of savings. Keep BMO for what they're great at; move the supplier payments to where they belong.
Common questions about TuringDock vs BMO
- What's the FX markup at BMO vs TuringDock?
- BMO's standard outbound business wire applies a 2.5 to 3% markup on top of the interbank FX rate. TuringDock Payments applies 0% markup — the interbank rate that reaches your supplier is the same rate banks see when trading with each other. On a $50,000 USD payment that's roughly $1,250 of margin BMO was keeping that TuringDock returns to you.
- Are there wire fees with TuringDock?
- No. BMO charges $30 to $50 CAD per outbound international wire on top of the FX markup. TuringDock Payments has zero per-wire fees in the premium tier.
- How fast does a TuringDock supplier payment settle?
- Same business day for major corridors (USD, EUR, GBP, JPY). BMO's standard timeline is 2 to 5 business days. Faster settlement means your supplier ships sooner, which means your customer order ships sooner.
- Can I keep my BMO business account?
- Yes. TuringDock Payments doesn't replace your operating account; it sits alongside as the international-payments rail. Your CAD operating banking (payroll, GST/HST remittance, day-to-day) stays at BMO. International supplier payments route through TuringDock at PO issuance.
- Is TuringDock a bank?
- No. The payment rail runs on a licensed fintech infrastructure partner (currently in public beta with the first cohort). The MRP layer + the rate-lock UX is what TuringDock owns; the actual money movement is provided by partners who hold the necessary banking partnerships and regulatory licenses.
See it for yourself. The free tier is genuinely free.