Citibank foreign currency account: fees and rates

In this increasingly global world, there are a lot of reasons to consider opening a foreign currency account (sometimes called a multi-currency account). No matter where you live, you may find yourself sending or receiving money in another country’s currency. Maybe you travel frequently or do business overseas. Maybe you have friends or family abroad and need to send them remittance. No matter your reason for exploring foreign currency accounts, this guide should help you determine whether Citibank is the place for you to open your account. Read on to learn all you need to know about Citibank multi-currency accounts.

Before we get started, a quick comparison between Citi’s Global Currency Account and Wise’s Borderless multi-currency account

What are the benefits of having a multi-currency account?

Multi-currency accounts in general have a number of great benefits for global users. They allow you to hold money in a currency of your choosing; for example, if you live somewhere with a volatile currency, you can hold money in euros or US dollars to help preserve its value. They also allow you to make currency conversions when you choose to, meaning you can wait until you’re getting the best possible rates on your conversion, which will also save you money.

With Citibank, there are even more advertised benefits¹:

• You can receive money from abroad in 10 different global currencies and hold it for as long as you’d like before exchanging it to Australian dollars.
• You can shop online or in stores abroad using a Citibank debit card in your chosen currency.
• You can earn interest on certain accounts.

Citibank global currency accounts automatically come with a transaction account in Australian dollars, as well as separate accounts in each currency you choose to use. Each currency has an individual account number, but all the accounts can be managed in one place².

Which cards come with the Citibank foreign currency account?

Citibank global currency accounts come with debit cards that are automatically linked to your Australian dollar account, and you can choose to link it to your other currency accounts to use when making an online or overseas purchase in those currencies². Your card can only be linked to one currency account at a time, but can be changed at any time. Choosing to pay in the local currency where you’re making the purchase means you save on international transaction fees¹.

What types of foreign currency accounts does Citibank offer?

Citibank global currency accounts are only offered as personal accounts, and are not meant as business accounts¹. Foreign currency accounts do earn interest on Australian dollars if the account balance is at least $5,000. Foreign currencies don’t earn any interest in a Citibank global currency account³.

What are the fees for a multi-currency account with Citibank?

Citibank global currency accounts come with a number of fees, but there are also some free benefits. Here’s what you should expect with a Citibank global currency account⁴:

There will also be charges associated with sending or receiving international transfers from your Citibank multi-currency account⁵:

And while Citibank doesn’t charge a commision for converting currencies in your multi-currency account, when there is a currency exchange Citibank says the following about the rate they’ll use⁵:

”Funds are converted to the destination account currency at the exchange rate specified to you on Citibank Online before you confirm your transaction. This exchange rate includes a commission for the conversion service.”

At least they’re being honest about the fact that they charge you a fee on the exchange rate, unfortunately this can’t be said about all banks, but you do still have to pay for it.

Citibank publishes its exchange rates online daily⁶, and you can use an online currency converter to compare them to the mid-market rate and see if you’re getting a good deal on your conversions.

A cheaper, transparent alternative: Wise

Are all those costs and hidden fees starting to feel like too much? Consider Wise, which offers borderless multi-currency accounts, available in dozens of global currencies, all totally free. Borderless accounts come with local bank details in AUD, USD, EUR and GBP, making it easy to get paid like a local in these 4 currencies. You can easily convert money to other available currencies, and transfer money abroad via local transfer methods, which means it’s much cheaper than making an international transfer via intermediary banks. Currency conversions done by Wise always happen at the mid-market exchange rate, and transfers only cost one small, fair transfer fee which you see upfront — there are no intermediary or receiving fees, markups or hidden costs. Wise is your cheap, transparent alternative to traditional bank accounts. Try Wise today to see how easy it can be to manage your money globally.

How to apply for a Citibank foreign currency account?

You can apply for a Citibank foreign currency account online¹. You'll need to be 18 years of age or older and an Australian resident. You’ll also need to provide⁷:

• A valid email address
• A mobile phone number
• At least two forms of identification
• Your tax file number (TFN) or valid exemption

How can I get in touch with Citibank?

Still not sure if Citibank’s multi-currency account is the right choice for you? Or do you have any questions for Citibank? There are many ways to contact Citibank to chat with a representative about whatever questions you still have.

• You can check the FAQ page of Citibank Australia⁸
• There are a number of different ways to contact Citibank Australia⁹
• You can contact Citibank via social media as well
• Or you can go to your nearest branch, and ask for help in person¹⁰

No matter what your reason for wanting to open a foreign currency account, you’ve made the right first step — researching all your options is key to choosing the option that’s best for you. It’s important to consider the costs, the benefits and the perks of different accounts and options, whether they’re with a traditional bank or an online service like Wise. Hopefully, this guide helped you get one step closer to making this important decision.

Whatever you choose for your foreign or multi-currency account, good luck!

Sources:
1.https://www.citibank.com.au/aus/banking/foreign-currency-accounts.htm (June 4, 2018)
2.https://www.citibank.com.au/global_docs/pdf/global-currency-terms-and-conditions.pdf (June 4, 2018)
3.https://www.citibank.com.au/global_docs/onlinetools/all_rates_frameset.htm (June 4, 2018)
4.https://www.citibank.com.au/global_docs/pdf/global-currency-schedule-of-fees.pdf (October 11, 2018)
5.https://www.citibank.com.au/global_docs/pdf/Feesandcharges.pdf (June 4, 2018)
6.https://www.citibank.com.au/aus/investments/forex-rates/AUD.htm (June 4, 2018)
7.https://www.citibank.com.au/AUGCB/apfa/augcb/ocmff/LandingPage.do?sourceCode=M7FQF1A1&layout=standard (June 4, 2018)
8.https://www.citibank.com.au/faqs/ (June 4, 2018)
9.https://www.citibank.com.au/aus/footer/contact.htm (June 4, 2018)
10.https://www.citibank.com.au/aus/static/contactus_findus.htm (June 4, 2018)

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