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CitiGroup

As one of the largest banking institutions in the US and with a large global presence worldwide, CitiGroup is a popular option for sending international transfers reliably and safely.

In this guide, we’ll take a look at everything you might need to know about sending money abroad with CitiGroup, as well as more basic information on opening an account and transaction limits that you may want to be aware of.

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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.

CitiGroup Pros and Cons

Pros
Worldwide access: CitiBank has a large global presence in hundreds of countries, making sending money around the world an easy process to set up.
Free transfers for other CitiBank accounts: CitiGroup Global Transfers mean you can send money internationally to another CitiBank account holder with no transfer fees.
Convenient process: Sending money with CitiGroup is a straightforward and simple process once your account is set up.
Cons
Expensive fees: If you are sending to a non-CitiGroup bank account, you’ll pay much higher wire transfer fees than you would with a money transfer operator.
Higher exchange rate margin: Likewise, you’ll pay a higher markup on the exchange rate than you would with a specialist transfer provider, so it’s worth comparing your options.

CitiGroup Bank Swift Codes

BankCountryCity
Citigroup Pty LimitedAustraliaMelbourne
Citigroup Global Markets Australia Pty LimitedAustraliaSydney
Citigroup Pty Limited SydneyAustraliaSydney
Citigroup Global Markets Brasil Cctvm SaBrazilSao Paulo
Citigroup Commodity Shanghai Company Ltd Ju Jai Zui Finance And Trade ZoneChinaShanghai
Citigroup Global Markets LimitedFranceParis
Citigroup Global Markets Deutschland AgGermanyFrankfurt Am Main
Citigroup First Investment Management LimitedHong KongHong Kong
Citigroup Global Markets Asia LimitedHong KongHong Kong
Citigroup Global Markets China LimitedHong KongHong Kong
Citigroup Global Markets Hong Kong Futures And Securities LimitedHong KongHong Kong
Citigroup Global Markets Hong Kong Futures LtdHong KongHong Kong
Citigroup Global Markets Hong Kong Holdings LimitedHong KongHong Kong
Citigroup Global Markets Hong Kong LimitedHong KongHong Kong
Citigroup Global Markets Hong Kong Nominee LimitedHong KongHong Kong
Citigroup Technology Infrastructure Hong Kong LimitedHong KongHong Kong
Citigroup Global Markets India Private LimitedIndiaMumbai
Pt Citigroup Securities IndonesiaIndonesiaJakarta
Citigroup Financial Products Israel LimitedIsraelTel Aviv
Citigroup Asset Management Co LtdJapanTokyo
Citigroup Global Markets Japan IncJapanTokyo
Citigroup Global Markets Luxembourg SarlLuxembourgBertrange
Citigroup Global Market Malaysia Sdn BhdMalaysiaKuala Lumpur
Citigroup Global Markets Mauritius Private LimitedMauritiusPort Louis
Citigroup Holdings Mauritius LtdMauritiusPort Louis
Citigroup Strategic Holdings Mauritius LtdMauritiusPort Louis
Citigroup Global Markets New Zealand LtdNew ZealandWellington
Citigroup Global Markets Singapore Pte LtdSingaporeSingapore
Citigroup Global Markets Singapore Securities PteltdSingaporeSingapore
Citigroup Global Markets Pty LtdSouth AfricaJohannesburg
Citigroup Global Markets Korea Securities LimitedSouth KoreaSeoul
Citigroup Global Markets Taiwan Securities CompanylimitedTaiwanTaipei
Citigroup Global Markets LimitedUnited KingdomLondon
Citigroup Global Markets Uk Equity LimitedUnited KingdomLondon
Citigroup Global Markets IncUsaNew City Ny
Citigroup Counterparty Risk LlcUsaNew York Ny
Citigroup Financial Products IncUsaNew York Ny
Citigroup Forex IncUsaNew York Ny
Citigroup Global Markets Commercial CorpUsaNew York Ny
Citigroup Global Markets Financial Products LlcUsaNew York Ny
Citigroup Global Markets Holdings IncUsaNew York Ny
Citigroup Global Markets IncUsaNew York Ny

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.