Citibank Global Currency Account closure. Alternatives, what to know...

Roberto Efflandrin

29.06.23

5 minute read

When it comes to your bank account, sometimes unforeseen changes can happen, some which are completely out of your control. Unfortunately, for Citibank Australia customers with an existing Citibank Global Currency Account, it’s important to know that these accounts began to close from the 18th of May 2023.¹

This article will go through the key things you need to know about this account type closer, and go through some alternative accounts you can check out if you still want to transact in foreign currencies in Australia.

💸 Hold over 40 currencies in your account and spend at the mid-market exchange rate with the Wise card while abroad.

Learn more about the
Wise Account

Citibank Australia

Citibank Australia, otherwise known as “Citi” was a subsidiary of larger international banking group Citigroup prior to the 1st of June 2022. On this date, the National Australia Bank (NAB) acquired all Citibank consumer banking business in Australia and is now the sole provider for all of Citibank products and services. Through this acquisition, some Citi products have been affected including the Citibank Global Currency Account.¹

What is the Citibank Global Currency Account

The Citibank Global Currency Account was a product offered by Citibank Australia to customers who wanted an account with multiple currency options. Customers with this account type could send, receive and hold money in up to 10 currencies including²:

Australian Dollar (AUD)
United States Dollar (USD)
New Zealand Dollar (NZD)
Canadian Dollar (CAD)
The European Euro (EUR)
Great British Pound (GBP)
Japanese Yen (JPY)
Singaporean Dollar (SGD)
Swiss Franc (CHF)
Hong Kong Dollar (HKD)

On top of being able to transact in multiple currencies, some other features of this account included²:

No monthly account keeping fee
Exchange easily between currencies
Lock in favourable exchange rates quickly
Access to and ability to manage foreign account balances through the Citi Mobile App and Citi Online
Accrue interest when holding $25,000 or more in the AUD denominated account
Spend available balances in the local denomination with a linked Citi Debit Card
No transfer fees on foreign transfers
No ATM fees when withdrawing in same local currency

From the 24th November 2022, the Citibank Global Currency Account was made only available to new customers or business customers who met specific eligibility requirements.²

What happened to this account

Due to the acquisition, all foreign currency products and their existing customer base were notified that these types of accounts will begin to close from the 18th of May 2023.³

What to know if you have a Citibank Global Currency Account

All customers that have been impacted by these changes were asked to transfer any remaining funds out of any active accounts into a non-affected AUD denominated account by the 18th of May 2023.

If they do not transfer their money out, any remaining funds will be automatically transferred into an existing transaction account. If any funds are not in AUD, it will be automatically exchanged back into AUD.³

What are some alternatives to the Citibank Global Currency Account

As mentioned, there are no alternatives to this account type with NAB. This means if you are looking to open a similar account, you will need to look elsewhere. Here are some alternatives available that offer accounts similar to the Citibank Global Currency Account.

Wise Account

Wise, formerly known as Transferwise is an international fintech company that entered the Australian market in 2015. Though it is not a bank, it offers online electronic money services.

One of their products, the Wise Account, allows you to send, receive and hold money in 40 currencies, including local account details in 10 major currencies. It is also possible to spend your money in 160 countries using the Wise Debit Card and be able to exchange between currencies easily using the mid-market rate. This account can be opened and managed completely online.

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information. |

Westpac Foreign Currency Account⁴

The Westpac Foreign Currency Account allows existing Westpac personal and business customers to make and receive transfers in up to 12 foreign currencies. Customers can also decide when they want to convert their funds and manage their foreign currency balances through the Westpac Online Banking portal.

HSBC Everyday Global Account⁵

The HSBC Global Everyday Account is designed for individuals who require the ability to manage their finances across different currencies. With this account, customers can transact in up to 9 foreign currencies, make international transfers, and access their funds through HSBC ATMs worldwide. This account also offers access to competitive exchange rates, low or no fees for certain transactions, and real-time access to funds.

Commbank Foreign Currency Account⁶

Existing customers of the Commonwealth Bank or Commbank for short can open a personal or business foreign currency account to make and receive foreign funds in up to 14 currencies. There are no monthly account fees and deposits or withdrawals can be made through NetBank or at specific Commbank branches. It is also possible for customers to accrue interest on certain foreign currency balances and lock in favourable exchange rates.

General questions you may have - FAQs

As this is a unique situation to those with existing Citibank products, here are some answers to some other questions you may have.

Am I still a Citibank customer?

As the sale of Citibank is finalised as of the 1st of June 2022, all customers with existing accounts became NAB customers. This means that NAB is in charge of maintaining all customer accounts. NAB is also the new Authorised Deposit-Taking Institution which means that NAB is responsible for paying the balance of your account.

What are the main products being impacted by the NAB acquisition?

All Citi branded foreign currency account types are being directly impacted by the NAB acquisition. This includes the Citi Global Currency Accounts, Overnight Multi Currency Accounts and US Dollar At Call accounts. These accounts began closing from the 18th May 2023. It is also not possible for new customers to open certain transaction or savings accounts with Citibank Australia.³

Who is NAB?

NAB, or the National Australia Bank is one of the big four banking institutions in Australia that offer financial products and services to personal, business and institutional banking customers.

Can I still apply for a Citibank Global Currency Account if I have a different Citibank product?

No, it is no longer possible to apply for a Citibank Global Currency Account regardless of if you have an existing account with Citibank.³

What happens to my account balance if I have not yet moved the funds out of my Citibank Global Currency Account?

All balances left in existing Global Currency accounts will be automatically exchanged back into AUD and moved into an existing Citibank transaction account or issued as a bank cheque to you.³

How does the acquisition affect my other Citi accounts and balances?

At this time, those with existing deposit taking accounts such as a Citi transaction or savings account can still use the account as normal. This includes being able to access the Citibank Mobile App and Citi Online banking platform to manage your accounts. All Citi branded accounts will be eventually transitioned into the equivalent NAB account types.³

If you have a different product with Citibank Australia, you can check for timely updates on their website.

What about Citibank transactions or savings accounts, do I need to do anything?

As long as you have not received any official communication from Citibank or NAB about changes to your accounts, you can continue using your Citi branded account as normal.³

Is it still possible to make and receive international transfers?

You can still make international transfers however there may be some limitations on the countries and currencies that you can transact with. You may also not be able to receive international transfers in certain currencies.³

Will my account numbers change?

All non-impacted Citi branded transactions and savings will retain the same account numbers and details.³

Who can I contact if I have any questions?

If you have an existing Citibank Australia product, impacted or not, you can contact your Relationship Manager. Otherwise, you can:

Call Citibank from within Australia on 13 24 84
Call Citibank from overseas on +61 2 8225 0615

Customer service lines are open 24 hours a day, 7 days a week.

The Wise Account

If you are looking for a smart alternative, then check out Wise.

The Wise Account from Wise — while not a bank account — enables you to store 40 international currencies and get local account details for a number of different countries, including AUD, GBP, NZD, EUR and USD. You can use these to easily transfer your money to Wise or get paid by others.

You'll also avoid high international transaction fees and get access to the mid-market rate on all conversions. The best part — you can open and manage your Wise account completely online.

Join over 13 million customers currently using Wise.

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

Sources:

Sources checked on: 29 June 2023

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.