As the world becomes more connected, it's becoming more and more important that we can send, receive and spend money internationally. Citibank are helping their customers simplify this process with their new Citi Global Currency Account.
We had a look into the product to see if it was a good foreign currency account option. Read on to learn more about the Citi Global Currency Account.
What this article will cover:
- What the Citi Global Currency Account is
- How it works
- Rates and fees
- Who should use it?
- Our verdict
What is it?
The Citi Global Currency Account allows account users to send, receive, spend and exchange currencies seamlessly. You can manage multiple currencies by linking your Citi Debit Card to the Global Currency Account and it allows you to hold up to 10 currencies until you decide to exchange it.
To find out more about Citibank, you can read our review of the company here.
Read a Review of Citibank
How does it work?
If you already have an account with Citibank, you can easily open a Global Currency Account and transfer funds to it. You can use the account to receive payments from overseas friends, family and for business and hold the funds until you're ready to convert it.
You also have a card attached to the account which makes it easier to spend money when you're overseas, and you can earn interest on your Australian Dollar account.
Rates and Fees
|Service Fee||$8AUD per month (Waived for Citigold and Citi Priority Members)|
|ATM Fee||Free when the currency you're withdrawing is the same that is in your account.|
|ATM Fee with conversion||2.5% of your transaction, when the currency you're withdrawing is different to what is in your account.|
|Exchange rates||Updated every 10 seconds, Citi does put a margin on their rates.|
The following currencies are available in the Citi Global Currency Account:
- Australian Dollars (AUD)
- Canadian Dollars (CAD)
- Euro (EUR)
- Hong Kong Dollars (HKD)
- Japanese Yen (JPY)
- New Zealand dollars (NZD)
- Singapore Dollars (SGD)
- Pound Sterling (GBP)
- Swiss Franc (CHF)
- United States Dollars (USD)
Depositing money into the account
Money deposited into your Global Currency Account can be done through the following ways:
- Transfer from another Citi account
- Transfer from another Australian bank or financial institution
- Telegraphic transfer from another international bank
- Through an Australian bank cheque
- Other methods of deposit accepted by Citi
How long does the transfer take?
|Deposits from||When will it be available?|
|Another Citi Australia account||Immediately|
|Another Australian bank or financial institution||Next business day|
|An international bank||3-5 business days|
|An international bank cheque||Up to 15 business days|
Who Should Use the Citi Global Currency Account?
We think this product is ideal for investors, business executives and travellers. It is also generally good for individuals who transact in local and foreign currencies regularly.
As with any financial product, if you're thinking of signing up for a Citi Global Currency Account, it's just important that you make yourself aware of all fees associated with the account. It's hard for us to make an assumption about whether this is right for you, without knowing your personal financial situation.
Products similar to the Citi Global Currency Account
Most Australian banks offer an option to have a foreign currency account. You can read about them here. The differences with the Citi account is that you can easily access the funds via a debit card, which you don't find with other FCAs.
Another great product you could consider, is the TransferWise Borderless Account. It is now available in Australia, and hopefully their debit card will be soon as well. You can read our review of the account here.
Frequently asked questions (FAQs)
Citibank Australia has an Australian Financial Services License (AFSL) and is regulated by the Australian Securities and investment commission (ASIC).
For more information about how they keep your funds safe, you can read their financial services guide here.
Adding other currencies to your account is quote simple. Log in to your Citibank online portal and “Services”, then “Banking Services”, followed by “Add a currency”.
It can only be one of the currencies available with Citibank.
Citibank only pays interest on Australian Dollars (AUD) being held in the account. There are different tiers of interest if you have more than $5,000AUD in the account. For all foreign currency balances, there is no interest paid.
If you're already a Citibank customer with a debit card, you will not receive another one. However, you can link your new account to your existing card either through the Citibank website, or their mobile app.
If you have an existing Debit card, it remains linked to your currently linked account. Unless you request otherwise. But if the Global Currency Account is your first product with Citibank, the card will automatically be linked to the AUD Currency Account for use.
There are no minimum or maximum account balances. However, you don't gain interest in the account unless you are holding $5,000 AUD or more.