About CitiGroup Bank
CitiGroup is the third largest bank in the United States, and is one of the ‘Big Four’ banking institutions of the country. The bank has operations in over 160 countries, and has over 200 million customer accounts worldwide.
CitiGroup has 204,000 employees, and more than 4,600 branches worldwide. As well as standard consumer banking, CitiGroup also manages private banking, trade solutions, securities services, and more.
CitiGroup exchange rates and fees
The two charges most commonly associated with international transfers are transfer fees and the margin added onto the exchange rate. Both can significantly affect how much money actually goes to your recipient at the other end of the transaction, so it’s important to make yourself aware of the fees you are likely to be charged before locking in a transfer.
Exchange rate
Like most banks, CitiGroup adds a margin onto the mid-market exchange rate to transfer your money internationally. CitiGroup states that “the exchange rate includes a commission for the currency conversion” and will show you the rate you are being given before you lock in a global transfer.
Transfer fees
CitiGroup’s wire transfer fees vary quite widely depending on what type of account you have. 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
If you are receiving an international transfer, most premium CitiGroup accounts have no fees. However, all other accounts have an inbound fee of $15.00.
How do CitiGroup transfer fees compare to using a money transfer provider?
If you’re likely to have a standard checking or savings account with CitiGroup, it’s very likely that you’ll find cheaper transfer fees by using a money transfer operator. Compare providers to find the cheapest way to send your money.
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Answers to key questions about CitiGroup Bank
Below, we’ve answered a few key questions commonly asked about CitiGroup that you may want to consider if you haven’t got an account with them yet.
Can I open a CitiGroup account in any country?
You can open a CitiGroup bank account online, so you don’t need to physically be in the US to first open an account.
Does CitiGroup Bank have an app?
Yes, the Citi Mobile app is available for both Apple and Android phones and is designed to help you manage your money when you want, where you want. Functionalities include instant access to your account summary, the ability to lock and unlock credit cards, and receiving notifications about in-store and online purchases.
Are there transfer limits?
Most CitiGroup accounts have a limit of $50,000 per business day when made in a foreign currency. You may be able to contact the bank directly or visit a local branch to discuss increasing your maximum limit.
How long do transfers take with CitiGroup?
If processed before 5.15 PM, wire transfers will be sent on the same business day, which is much faster than the average transfer time for many banks.
What customer support options are available?
CitiGroup has a messenger feature on their website that takes a couple of minutes to load, and also has a messaging feature on their app. Alternatively, you could contact customer services by phone or visit a local branch in-person.
Can I use a CitiGroup debit card when travelling abroad?
You can use your CitiBank debit card abroad, but you will be charged a foreign transaction fee of around 3%.
How to open an account and transfer money with CitiGroup Bank
If you’re ready to open a new account with CitiGroup, follow the steps below to get started. You can either sign up online or visit a local branch in-person.
Opening an account
To open a bank account with CitiGroup, visit their website and select what type of account you’d like to open (checkings & savings, credit card etc).
You’ll need to provide:
- Your full name
- Address
- Date of birth
- Social Security number
You should then receive an email confirming that your application has been received, and another confirming if your application has been successful or if further identifying documents are required.
Transferring money
Once your account has been set up, you can transfer money both domestically and internationally fairly easily.
Simply navigate to the ‘wire money’ section, enter your recipient’s details, what currency you want to send a transfer in, and confirm the fees and exchange rate you are being given. If you’ve initiated your transfer before 5.15pm for an international transfer, your transaction should be processed on the same working day.
Additional Information
Customer service details for users of CitiGroup Bank
You could choose to contact customer services by phone via 1-800-374-9700, visit a local branch in-person to talk to a customer service representative in person, or use the bank’s message feature in their app.
Summary
Overall, CitiGroup is a reliable and secure way of sending and receiving money. It’s large global presence and ability to manage millions of customer accounts means you can feel safe in the knowledge that your money will be handled safely. In addition, CitiGroup’s fast transfer time is a definite bonus compared to other banks which tend to take closer to 3 – 5 working days to process a transfer.
However, when it comes to cost, you will find much cheaper alternatives to sending money internationally with a specialist money transfer operator. Compare different exchange rates and transfer fees with our comparison engine now.
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.