Citibank Australia international transfer: Fees, rates and transfer time

As we travel more, and increasingly tend to have business connections, friends and family all over the world, there’s no shortage of reasons why you might need to send or receive money from abroad.

This handy guide to making an international transfer (telegraphic transfer) with Citibank Australia will help you understand the process and other important points to keep in mind. Let's jump right in.

💰 Wise provides you the real exchange rate and low transparent transfer fees shown upfront.

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How do you make an international bank transfer with Citibank Australia?

Citibank Australia recommends that customers make international money transfers online via Internet banking.¹
However, you can also phone their customer support, or visit a branch if you’d rather talk to a member of staff face to face about your transaction.

Citibank Australia international transfer fees?

Before you start, it’s a good plan to understand the fees involved when making an international transfer.

To better understand the fee structure of a transfer with Citibank Australia, let's make an example transfer of 1000 AUD from your account in Australia to a friend's GBP account in the UK.

Sample transfer of 1000 AUD sent to a GBP UK account. Both paid online.

International Transfers Fees	Citibank Australia	Wise*
Outgoing international transfer	A$0 Recipient and/or intermediary bank(s) may levy additional charges²	5.14 AUD (See pricing here) No SWIFT or intermediary bank fees, as recipient is paid from Wise's account in the UK Recipient will get 536.30 GBP

*Fees as seen on 27 Dec 2021

Citibank Australia does not charge you for sending an international transfer. They do however make money on the exchange rate as we'll see in the next section, and the pesky SWIFT intermediary/recipient bank fees could greatly reduce the amount your recipient gets.

Unfortunately, Citibank Australia will often be unable to tell you exactly what other fees might be applied before you place your transaction as these are decided by the other banks involved.²

Citibank Australia exchange rates for telegraphic transfers

Citibank Australia does note in the fine print that when they apply an exchange rate “this exchange rate includes a commission for the conversion service.” That’s normal for banks, but not beneficial to you or your transfer's recipient.

Let's compare Citi's indicative rate to Wise's

Provider	Exchange rates*
Citibank Australia exchange rate for 1000 AUD to GBP	0.5289 = 528.90 GBP Received³
Wise exchange rate for 1000 AUD to GBP	0.538172 = 535.41 GBP Received

*Rates as seen on 27 Dec 2021

While the indicative rates shown above show just a slight difference when compared to Wise, the effective rates you get when you set up your transfer may vary. Citibank Australia states:²

Like most banks and money transfer providers, Citi earns a margin on the exchange rate when money is converted.

This means that the exchange rate offered may vary quite a bit from the real rate that you can find on Google.

Combined with the unknown intermediary bank fees you may be charged for your transfer, the amount your recipient gets may be less than anticipated.

See for yourself if you can get a better deal with Wise.

Additional Citibank international transfer service fees

Citibank Australia states: ⁴

There are no fees involved to trace, cancel or amend a transfer to an international account. Please note that FX changes may mean that you will not get the full AUD amount back that you initially transferred.

What do I need in order to make an international money transfer?

To make your international money transfer, you’ll need some details about where your money is headed. You'll need:¹

• The transfer amount and currency
• The full name, as written on the bank account, of the person you’re sending the money to
• The recipient’s personal address
• The name and address of the bank you’re sending money to
• The recipient’s account number used for receiving international payments. If you’re sending money to Europe, this will be their IBAN. Bank account details can include a SWIFT code, International Bank Account Number (IBAN) or another country specific code.

What do I need or what should I give to the sender in order to receive an international bank transfer?

You’ll need to give the sender the following to receive an international money transfer with Citibank Australia:¹

• Your full name and address, and that of your bank
• Your bank account number
• Citi’s SWIFT code (CITIAU2X) SWIFT/BIC code

You also need to talk to the sender about who’ll pay the charges associated with the transfer. Often the costs are deducted from the amount transferred, meaning that the recipient receives the transfer minus any fees. This can mean you get less than expected.

How long does an international bank transfer with Citibank Australia take?

Most regular transfers get to their destination in 3-5 working days, but if you’re transferring from a Citibank Australia account to another Citibank account overseas in a participating country, you might find that the transfer happens instantly.¹

What are the daily limits for international bank transfers with Citibank Australia?

Citibank Australia states a daily limit of A$100,000 (or foreign currency equivalent) for online transfers.² You may have different/lower limits set in your account thought. In this case, you can reach out to the bank to raise them.

Is there any way to make a faster transfer for an extra fee?

The bank doesn’t offer a way to speed up payments, so if you’re in a hurry be sure to set up the transfer with the correct details, ahead of time and during a weekday, to avoid any unpleasant surprises in the name of delays.

Contact Citibank Australia — More questions around your transfer?

If you have specific questions about your transfer, there are several different ways you can talk to Citibank Australia or get more information online: ⁵

• Log in to online banking for frequently asked questions and live chat
• Go into your Citibank Australia branch to get help in person
• Give Citibank Australia a call 13 24 84 or if calling from outside Australia +61 2 8225 0615

A cheap and transparent alternative: Wise

When it comes to international money transfers, traditional banks often don’t offer a very good deal. In fact, you could find that you’re much better off with a specialist service like Wise. Wise lets you carry out fast, secure international money transfers, using the real exchange rate and with only a small transparent transfer fee shown upfront.

Open your Wise account in minutes 🚀

And, because Wise uses smart new technology that connects local bank accounts all over the world, your money won’t be crossing borders. Which means those nasty fees levied by intermediary and recipient banks for international transfers disappear.

See for yourself. Use our pricing calculator below to have an idea of how much you get to save sending money overseas with Wise.

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Sources:

1. Using your account Making payments and FAQ section
2. Citibank — Options for sending money overseas — section on margins, limits and other info
3. Currency calculator indicative rates Citibank
4. FAQ help pages — To an international account section
5. Citibank Australia contact page
   Checked on 27 December 2021