Citibank is part of the CitiGroup family; one of America’s biggest banking institutions. Operating in 19 countries, and with access to Citigroup’s nexus of 160 countries, Citibank offers customers access to their well-established global payment network. We will be reviewing the fees andexchange rates associated with Citibank services, to find out if it is worth using their wide-reaching network for international money transfers.
Citibank was founded over 200 years ago in New York, as the consumer division of multinational bank Citigroup. As a subsidiary of this global conglomerate, Citibank encompasses Citi’s global branch network, the 4th largest in the United States.
Citibank offers personal checking and savings accounts, small business and commercial banking, and wealth management among its services. Meanwhile, Citigroup is better known for investment banking services, specialising in bigger business clients.
CitiGroup has a large global presence, making Citibank a very popular option for customers looking to arrange secure international bank transfers between banks. Citibank has over 2,000 branches across the globe and enables an international customer base to send and receive money between 19 supported countries using foreign currencies.
The most common charges associated with overseas bank transfers and foreign currency exchanges are foreign transaction fees and the margins added onto currency exchange rates, also known as mark-ups. Both can significantly affect how much money your payee actually receives, so understanding the fee structure and foreign exchange rate employed by your bank before locking in a transfer, is crucial. In this section we will run through Citibank exchange rates and transfer fees for international remittances and currency exchange services. If you’d like to know more, check our guide on sending money to a foreign bank account.
Citibank trades foreign exchange with other financial institutions using the mid-market rate. However, in order to make a profit, banks tend to present customers with an exchange rate which contains a hidden fee. This is also known as an exchange rate mark-up. The Citibank exchange rates also automatically apply when you trade with the Citibank mobile app.
Citibank has different foreign transaction fee options depending on factors such as what type of bank account you have, where you are sending money and the size of your transfer. Fees for an outbound international transfer can range from $0 to $35, with the following fees applying to each account:
Citibank charges inbound transfer fees for currency exchange and for receiving international money transfers: only Premium account holders are exempt from this charge.
Citibank also facilitates the use of peer-to-peer payment app, Zelle, for customers making domestic transfers. Additional costs may apply; you can find out more about Zelle’s partnership with Citibank here.
Additionally, if you’re traveling abroad and you would like to use your debit card, you should know that Citibank debit cards can be used abroad but will incur a foreign transaction fee of around 3%. This foreign transaction fee will also vary depending on the card.
On withdrawals, it’s difficult to find the specific fees that Citibank charges for ATM withdrawals outside the U.S. The best information we have is that Citibank will charge around $2.50 foreign transaction fee plus a three percent charge on the total amount of money you’re withdrawing.
Compared to the services offered by money transfer specialists, like Wise or WorldRemit, Citibank customers are making a loss on their international transfers due to transaction exchange rate margin. For instance, if you were transferring GBP to USD, each time you transfer £100 you could be charged up to £10 in transfer fees: this is money your payee should be receiving.
If you have a standard checking or savings account with Citibank, you are most likely to find a cheaper transfer method with a money transfer provider. Compare your options today, and find the cheapest way to send your money.
We have compiled a list of pros and cons for using Citibank as a currency exchange and as an international money transfer service, making it easier for you to compare this bank to other service providers:
|Citibank Na||Argentina||Buenos Aires|
|Citibank International Plc Austria Branch||Austria||Vienna|
|Citibank International Plc||Belgium||Brussels|
|Citibank Na||Bolivia||La Paz|
|Citibank Na||Brazil||Rio De Janeiro|
|Banco Citibank Sa||Brazil||Sao Paulo|
|Citibank Na||Brazil||Sao Paulo|
|Citibank Na||Brunei||Bandar Seri Begawan|
|Citibank Canada Securities Ltd||Canada||Toronto|
|Citibank Na||Cayman Islands||Georgetown|
|Banco De Chile As Legal Succesor Of Citibank Chile||Chile||Santiago|
|Citibank China Co Ltd||China||Beijing|
|Citibank China Co Ltd||China||Changsha|
|Citibank China Co Ltd||China||Chengdu|
|Citibank China Co Ltd||China||Chongqing|
|Citibank China Co Ltd||China||Dalian|
|Citibank China Co Ltd||China||Guangzhou|
|Citibank China Co Ltd||China||Guiyang|
|Citibank China Co Ltd||China||Hangzhou|
|Citibank China Co Ltd||China||Nanjing|
|Citibank China Co Ltd||China||Shanghai|
|Citibank China Co Ltd||China||Shenzhen|
|Citibank China Co Ltd||China||Tianjin|
|Citibank China Co Ltd||China||Wuxi|
|Banco Citibank De Costa Rica Sa||Costa Rica||San Jose|
|Citibank Europe Plc Organizacni Slozka||Czech Republic||Prague|
|Citibank Congo||Democratic Republic Of The Congo||Kinshasa|
|Citibank International Plc||Denmark||Copenhagen|
|Banco Citibank De El Salvador Sa||El Salvador||San Salvador|
|Citibank Na||El Salvador||San Salvador|
|Citibank International Plc Finland Branch||Finland||Helsinki|
|Citibank International Plc||France||Paris|
|Citibank Na Filiale Frankfurt Main||Germany||Frankfurt Am Main|
In this section we will review questions commonly posed by prospective customers, in a bid to shed light on Citibank’s various products and international transfer services.
You can open a Citibank account online, from anywhere in the world, so yes. Customers are no longer required to physically visit a branch in-person to set up a bank account.
Yes, the Citibank app is called Citi Mobile and it is free to download for iOS or Android. Citi Mobile has been rated 4.7 out of 5 stars on Google Play and 4.6 out of 5 on App Store. The same app is used by CitiGroup customers.
Customers with Citigold or Citi Private Client accounts are now able to make domestic and international transfers of up to £75,000 (or equivalent) per day. All other customers can transfer up to £50,000 (or equivalent) per day.
The transfer limit for domestic transfers between Citibank account holders is £5,000,000 (or equivalent) per day. Transfers of this size can be arranged via the Citibank website or Citi Mobile app, as well as by visiting a local branch. Find out more about International Money Transfer Limits.
If the money transfer is submitted to Citibank before 5.15pm (ET) funds will be sent the same day; this is much faster than the average bank transfer speed.
Please note, international bank transfers sent to non-Citibank account holders via the SWIFT network can take between 1- 5 working days to arrive: the delivery speed is determined by the destination country and currency.
If you want to know more, check out our guide on international transfer times: how long do international bank transfers take?
Citibank offers a range of helpful support options to their global customer base. These include:
Citibank debit cards can be used abroad but will incur a foreign transaction fee of around 3%.
In Citibank’s case, the profit margin added onto the mid-market exchange rate when transferring money internationally typically ranges between 0.01 – 0.5%. It is possible to view the foreign currency exchange rates offered by Citibank before locking in a global transfer, through the website or in-app. The exchange rate for a purchase or redemption of foreign currency includes a commission to Citibank for the conversion service.
It has never been easier for those interested in opening a Citibank account to do so. Once you have registered online, you will be able to send a Global Money Transfer to any of the countries supported by Citibank.
Visit the Citibank website or download the Citi Mobile app and select what type of bank account you would like to sign up for (checkings & savings, credit card etc). The registration process will require the following information:
Once you have completed the online application, you will receive an email confirming that your application has been received, followed by another notification which will inform you whether you’ve been successful or if further identifying documents are required.
Once your account has been set up, you can transfer money to a domestic or international payee. Simply enter your recipient’s details, what currency you want to send the money in and confirm the fees and exchange rates provided. If you’ve initiated an international transfer before 5.15pm ET, your transaction should be processed the same working day.
Citibank is a brilliant global financial institution which allows customers to transfer money to other domestic and international Citibank accounts at relatively low-costs. However, if you need to send money overseas to a payee who does not have a Citibank account, higher charges will apply.
International money transfers from Citibank could take longer to arrive than using a private currency exchange provider. Citibank may additionally charge a flat rate commission fee when sending money abroad into another currency and foreign transaction fees vary depending on the amount you need to transfer.
Therefore, as with most other scenarios, using the services of international money transfer operators will work out cheaper. Use our comparison tool today, to get an idea of how much money you can save by using an international money transfer company.
April is a trained journalist and the Content Editor for MoneyTransfers.com. She has 10 years experience writing about a diverse range of subjects, from financial services to arts and entertainment. When she’s not writing about global remittances she can be found daydreaming about her next holiday abroad.