Citibank International Transfers & Exchange Rates

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 and exchange rates associated with Citibank services, to find out if it is worth using their wide-reaching network for international money transfers.

About Citibank

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.

Citibank Exchange Rates and Fees

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 Foreign Currency Exchange Rates

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.

Transfer Fees

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:

• Citigold: $25.00

• Citi Priority: $25.00

• Citi Private Bank – Citibank® account package: Waived

• Citi Private Bank – Citigold® account package: Waived

• Citigold® Private Client International Account: Waived

• Citigold® International Account: $10.00

• Citi International Personal Account: $30.00

• Citi Global Executive Account: $30.00

• Citi Global Executive Preferred Account: Waived

• All other accounts: $35.00

Additional Costs

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.

How Do Citibank Transfer Fees Compare to Using a Money Transfer Provider?

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.

Citibank Pros and Cons

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 Swift Codes

How to Open an Account and Transfer Money With Citibank

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.

Opening an Account

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:

• Your full name

• Address

• Date of birth

• Email address

• Social Security number (or equivalent)

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.

Transferring Money

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.

Summary

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.

Other Banks

Answers to key questions about Citibank

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.