How Does Citi Australia Exchange Rates Compare to Other Banks and Providers?

Learn whether Citibank is a good option for making international money and currency transfers.

Citibank Money Transfer Review logoCitibank is the consumer division of financial services multinational Citigroup with 3,777 branch locations in 36 countries. In addition to standard banking transactions, Citibank markets insurance, credit cards, and investment products. Their online services division is among the most successful in the field, claiming about 15 million users.
The Currency Shop says:

  • A dedicated currency provider will almost always give you better rates and lower fees.
  • Use our comparison table to compare foreign exchange rates, fees and services of other providers.
  • Transferwise, OFX, and World First are good places to compare exchange rates.

What we will cover in this Citibank exchange rates review

We’re most interested in how much it costs to transfer money internationally through Citibank. In this article, we’ll explore:

  • How Citibank exchange rate compares to others
  • Fees involved in sending and receiving international currency
  • How easy is it to make a transfer via Citibank?
  • How long does an international money transfer take through Citibank?
Australian dollar coin on calculator
Compare money transfer companies like Citibank

The best deal for you

TransferwiseRead ReviewTotal (AUD)$13,914.25Exchange Rate0.7220Transfer Fees$63.83Transfer Time1-2 DaysLearn MoreTotal (AUD)$13,914.25Rate Updated less than 2 mins agoGO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7220 will cost you $13,914.25 which includes a fee of $63.83

About TransferWise

Transparency and an easy online experience are the 2 things that set TransferWise apart from the banks and other money transfer companies. If you prefer to bank online, you'll like TransferWise. Setting up an account and making a transfer is very easy. They are also very clear on the exchange rate and fees you'll pay before you make a transfer. Click here for the full review

Pros

  • Clear and transparent exchange rates fees
  • The online experience is first class
  • Like the banks, they are regulated by ASIC and registered with AFSL
  • Constantly bringing out new innovative products

Cons

  • There are currently a number of global currencies they do not currently support
  • Limited support based in Australia
  • Percentage based fee can add up on very large transfers

More trusted money transfer options

Provider Exchange Rate Transfer Fees Transfer TimeTotal (AUD) Rate Updated less than 2 mins ago
TorFXRead ReviewTotal (AUD)$13,920.02$5.77 more expensive Exchange Rate0.7184 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,920.02$5.77 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7184 will cost you $13,920.02 with no fees.

About TorFX

TorFX are particularly good taking care of customers over the phone but using their website isn't the easiest to use. They don't charge a flat fee which is great but it's important to consider their exchange rates. While, they don't offer fantastic rates for small amounts under $2000 , TorFX offer exceptionally good exchange rates for larger transfers to the UK, New Zealand, South Africa and Europe.

Pros

  • No transfer fees
  • Highly competitive exchange rates
  • Secure transfers with authorised
  • Assigned account manager
  • 24 / 7 Assistance
  • Available range of transfer options

Cons

  • Limited exotic currencies available
  • Exchange rates on small transfers aren't great
  • Website experience could be better
XERead ReviewTotal (AUD)$13,931.22$16.97 more expensive Exchange Rate0.7178 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,931.22$16.97 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7178 will cost you $13,931.22 with no fees.

About XE

XE is a well known and trusted name in the money transfer industry. With over twenty years experience, they now help 33,000 people and 2,000 businesses make transfers each year. Over 60 currencies can be transferred with XE and they pride themselves on the free tools and transparent rates they offer. Click here to read the full review

Pros

  • Well known and trusted brand.
  • Very informative website. Extensive information on currency and money transfers.
  • XE App is available on both iOS and Android. It allows you to see the interbank rate for over 100 currencies.
  • XE themselves charge no fees for international money transfers.
  • Offers support for both individuals and businesses when it comes to international money transfers.

Cons

  • Cannot pay via cash or cheque. Must pay via bank transfer, BPay is also accepted in Australia.
  • Maximum transfer amount is $500,000USD.
  • While XE compares more than 100 currencies, there are only 60 that are available for money transfers.
WorldFirstRead ReviewTotal (AUD)$13,934.02$19.77 more expensive Exchange Rate0.7177 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,934.02$19.77 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7177 will cost you $13,934.02 with no fees.

About World First

World First was founded in 2004 in the UK and has grown rapidly with offices now in the U.S., Canada and throughout Asia. They consistently receive strong customer reviews and in a recent study, 98% of their clients said they would use them again.World First have a strong online offering, particular for businesses selling online. They do provide local support as well with offices in Sydney. Click here to read the full review

Pros

  • No fees and great exchange rates
  • Safe and secure transfers
  • Regulated by ASIC and registered with AFSL
  • Great for personal and business payments

Cons

  • Does not accept BPAY, credit card, cheque or cash
  • Limited currencies available
WorldRemitRead ReviewTotal (AUD)$14,034.15$119.90 more expensive Exchange Rate0.7128 Transfer Fees$3.99 Transfer Time1-2 DaysGet discounted rate $14,034.15$119.90 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7128 will cost you $14,034.15 which includes a fee of $3.99

About WorldRemit

WorldRemit are particularly good for transfers under $10,000 to destinations across Asia, Africa and South America. Sending money online is significantly easier than using companies like Western Union or Moneygram and their exchange rates and fees are clear and transparent. With 2 million users, WorldRemit has a focus on improving access to remittances for the billions people worldwide who don’t have access to banking. Because of this, WorldRemit has a number of ways to both make and receive transfers. They concentrate on servicing individual needs as opposed to businesses. Click here for the full review

Pros

  • They have a great network in Asia and Africa and number of receiving options like cash-pick up or bank transfer.
  • They are clear about their exchange rates and fees
  • No minimum amount

Cons

  • Maximum transfer sizes for every transfer
  • No support for business customers
  • They are not licensed to provide financial advice.
OFXRead ReviewTotal (AUD)$14,039.03$124.78 more expensive Exchange Rate0.7123 Transfer Fees$0.00 Transfer Time1-3 DaysGet discounted rate $14,039.03$124.78 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7123 will cost you $14,039.03 with no fees.

About OFX

OFX (formally known as Ozforex) is the largest Australian owned money transfer company. It launched in 1998 and grew rapidly until finally listing on the Australian Stock Exchange in 2013. OFX excels in 2 areas – Online experience and customer service. The company was born online and continues to develop easy, intuitive products. While OFX customers do most of their transactions online, they are backed up with exceptional customer service.

Pros

  • Better exchange rates compared to banks
  • Highly safe and secure transfers
  • 1 - 2 days delivery times for most countries
  • Quick response time
  • Fantastic customer service

Cons

  • Credit cards, cheques and cash are not accepted
  • Transfers to Thailand can take up to 4 days
  • Fees for transfers smaller transfers
ANZRead ReviewTotal (AUD)$14,442.52$528.27 more expensive Exchange Rate0.6924 Transfer Fees$0.00 Transfer Time1-2 DaysGet discounted rate $14,442.52$528.27 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.6924 will cost you $14,442.52 with no fees.
ANZ International Money Transfer is a secure and fast way to transfer money overseas.

Pros:

  • Fast transfers
  • Safe and secure
  • No fee for transfers under $10 000 via Internet banking

Cons

  • $12 fee for transfers under $10 000 via Internet banking
  • Poor exchange rates
  • 24 hour hotline not available
Commonwealth BankRead ReviewTotal (AUD)$14,644.72$730.47 more expensive Exchange Rate0.6834 Transfer Fees$12.00 Transfer Time1-2 DaysGet discounted rate $14,644.72$730.47 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.6834 will cost you $14,644.72 which includes a fee of $12.00
Commonwealth Bank provides secure and easy transfers to over 200 countries and more than 30 currencies.

Pros:

  • Fast transfers+ Easy transfers
  • Security guarantee covers any losses from unauthorised transactions

Cons

  • $6 fee for transfers under $1000 via Internet banking
  • $12 fee for transfers under $1000 via Internet banking
  • Poor exchange rates

Fees involved in sending and receiving international currency

Transferring funds from your domestic Citibank account to overseas banks require a fee of $25. While global transfers to your Australian Citibank account are free, trace requests to Citibank cost up to $20. The exception is the Citibank Plus which comes with free international transfers (see below)

How easy is it to make a transfer?

You can transfer money domestically or internationally to another bank account or to Citibank accounts through online transfer. Citibank does not have as many branch locations as domestic banks such as the NAB or CBA.

How long does an international money transfer take through Citibank?

Transferring money internationally from Australian Citibank accounts can take up to 5 days to be processed.

Other considerations

The Citibank Plus transaction account is an everyday bank account but it does have some unique features. It does not charge for international transactions. Citibank Global Transfers which are between Citibank accounts are not only fee free but instant. Citibank also offer multi-currency accounts to individuals as well as business which is a big advantage over local banks.

Conclusion

If you are a Citibank customer and only making a single or small transfer then sticking with Citibank for your international transfer makes sense. If you are going to make multiple or regular overseas transfers, or larger transfers we recommend comparing Citibank's rate with the other banks and foreign exchange providers.