Just because you (and your business) are located in Australia doesn’t mean you have to deal exclusively in Australian dollars. A Citibank Foreign Currency Account lets you easily move and manage foreign currency while avoiding high conversion costs and other fees.
This 100% honest Citibank Foreign Currency Account review details the pros, cons, application process and everything else you need to know.
You can read about Citibank's new Global Currency Account here.
- No monthly fees
- Easy account management
- Individual and business account options
- Phone and Internet banking
- Personal attention from wealth management experts
- Minimum investment size of $50,000
- Limited to 11 major world currencies
- Exchange rates can be high
Features of Citibank Foreign Currency Accounts
Reading through the Citibank Foreign Currency Account review, you might notice that the minimum account balance is a bit higher than other banks require. However, Citibank has an excellent reputation, which provides a layer of extra security when dealing with international financial transfer.
To read the full PDS, click here.
You’ll have one-on-one access to a Citibank wealth manager. Each manager holds a Certificate for Financial Advisers and an Investment Management Certificate. They’ll help you stay up-to-date on the international market.
Easy Account Access and Money Transfer. Foreign currency account holders are issued a debit card which can be used on any global ATM. You can withdraw up to $2,000 each day with no fees. Easy and convenient for frequent travellers.
Move your money at will with free, easy transfers to other Citibank accounts. Over 20 countries are available for Citibank Global Transfers. Plus, account holders have access to a wide range of foreign currency investments including Time Deposits and International Brokerage.
Account holders also get a Citibank Debit Card. This provides access to the global network of Citibank and third-party ATMs. You can draw up to $2,000AUD each day with no fees.
If you do need to make withdrawals overseas, the Citibank Global Currency Account might be a better option.
You can read about Citibank's new Global Currency Account here.
Secure Online Banking. Foreign currency account holders have full access to Citibank’s complete line of online financial services. Transfer money, activate your bank card and perform a variety of other money management using your desktop or even your smart device.
Citibank’s One Time Password provides secure protection against online fraud. After inputting the password, you’ll then receive a confirmation request on your mobile device. This extra layer helps prevent authorized account access.
Ability to Earn Interest on Your Accounts. Let your international currency work for you. Interest is calculated according to your daily balance. Payment is deposited into your account on the first business day of each month.
Save Money by Avoiding Conversion Costs. Do you or your business regularly receive and make payments in a foreign currency? A foreign currency account lets you avoid the need for conversion at all. This is not only easier, but can also save you up to 10% of your operating costs each year.
Currencies Available with a Citibank Foreign Currency Account
Eleven major world currencies are available. Aside from the Australian dollar, you’re able to make transactions in British pounds, Canadian dollars, Hong Kong dollars, New Zealand dollars, Japanese yen, Singapore dollars, Swiss francs and United States dollars.
U.S. dollars are available at call. All other foreign currency transactions are cleared overnight if received by three in the afternoon Sydney time.
Additional smaller currencies may also be available. Inquire with the Wealth Management team to learn more. Currencies beyond the 11 listed above are handled on a case-by-case basis.
Citibank charges no monthly fees. Many other banks charge maintenance fees which can be $25 or more each month! Choosing a Citibank Foreign Currency Account over an account with monthly fees can save you hundreds of dollars a year.
Most money transfer and management services also have no associated fees. Global fund transfers allow you to move money to other Citibank accounts in over 20 countries free of charge. You also have access to a whole host of online banking services.
There is a fee if you withdraw money early from a fixed term deposit. This is charged as a reduction in the interest that Citibank owes you at the time of maturation.
For a complete guide to the fees associated with a Citibank foreign currency account, you can read their PDS here.
Exchange rates can change quickly and unexpectedly. While Citibank does their best to update rates in real time, you’ll also want a foreign exchange calculator. That’ll be the most accurate way to determine the how much money you’re receiving.
If you have questions about any foreign money transfers, contact a Citibank representative by phone or at your local branch. Much of their Foreign Currency Accounts are grouped under their Wealth Management Services, so personal consultation is actually pretty easy to obtain.
How to Apply for a Citibank Foreign Currency Account
If the Citibank Foreign Currency Account sounds like a smart move for your foreign currency needs, you can apply online or in-person at a local branch. Either process should only take a few minutes to complete.
Aside from general information about your name and address, the application also asks for the country where you currently reside. Most major countries are eligible which means you don’t actually have to live in Australia to open a Citibank Foreign Currency Account.
Because the foreign currency accounts fall into the larger wealth management section of Citibank, customer service is generally pretty easy to reach. You’ll have the ability to directly contact the Citibank team if you have any questions during sign-up.
Other Similar Accounts
While most account holders are generally satisfied with their Citibank Foreign Currency Account, you still might want to take a look at similar accounts from other banks.
All of the four main banks in Australia offer foreign currency accounts. Traditionally, the Big Four are the National Australia Bank, Commonwealth Bank, Westpac and the Australia and New Zealand Banking Group Limited.
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