How to Buy Crypto with BMO Harris Bank

Can I Buy Bitcoin with BMO Harris Bank?

Yes, BMO Harris Bank account holders can buy and trade digital assets like Bitcoin through American cryptocurrency exchanges. The bank adheres to Financial Crimes Enforcement Network (FinCEN) regulations, ensuring a secure transfer of funds to investment platforms. Customers have various deposit options available, such as ACH bank transfers and debit cards, simplifying the process of investing in digital currencies.

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How to Buy Crypto with BMO Harris Bank

BMO Harris Bank facilitates the purchase of digital currencies by allowing transfers to regulated exchanges. Kraken is based in San Fransisco, complies with FinCEN guidelines and services over 10 million users across the United States. It supports several methods for USD deposits, providing access to an expansive selection of over 200 tokens with attractive rates.

Follow these steps to begin trading crypto through your BMO Harris bank account:

1. Account Creation: Visit Kraken’s website and set up a new account with your email address.
2. Connect Bank: Link your BMO Harris bank account and transfer USD to the exchange.
3. Cryptocurrency Selection: Explore the vast range of digital currencies available.
4. Transaction Execution: Select your desired asset, input the amount of US Dollars you want to invest, and finalize the purchase.

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What are the Fees?

Understanding the costs involved with using digital asset exchanges is recommended for avoiding unforeseen charges. This typically includes fees for depositing and withdrawing funds, plus a trading fee for buying or selling an asset. The trading costs vary depending on the platform, usually ranging from 0.1% to 1%.

For BMO Harris Bank customers, Kraken is a great option due to its competitive fee structure. The trading fees start as low as 0.16%, which is much lower than many other platforms like Coinbase, where fees often exceed 2%. Additionally, it offers free USD deposits through ACH transfers, making it an attractive option for those looking to minimize transaction costs.

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Is BMO Harris Bank Crypto-Friendly? 

Yes, ‍BMO Harris takes a progressive stance towards digital currencies and supports its customers' interest in the emerging asset class by allowing transfers to exchanges registered with the Financial Crimes Enforcement Network (FinCEN). The bank facilitates these crypto transactions, strictly following FinCEN's detailed rules governing digital asset operations.

By allowing USD transfers through approved and regulated platforms, the bank provides a safe path for its clients to participate in the cryptocurrency market. BMO Harris is committed to integrating these modern investment choices within their broader financial strategies in the future.

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About BMO Harris Bank

BMO Harris Bank is a leading financial institution in the United States, offering a comprehensive range of banking products and services. It provides personal banking, wealth management, and business banking solutions. Key products include the Smart Money™ Account for students, the Premier Services™ for high-net-worth individuals, and the BMO Harris Total Look® for financial management. The bank also offers competitive mortgage and auto loan options, aiming to cater to diverse financial needs.

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Bottom Line

To conclude, BMO Harris clients can effectively engage in cryptocurrency trading by transferring USD from their accounts to platforms like Kraken. While the bank doesn't offer direct crypto trading, it supports USD transfers, enabling customers to invest in over 200 digital assets with low fees through Kraken. This integration of modern investment options reflects the bank's commitment to supporting diverse financial strategies.