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City National Bank is a subsidiary of the Royal Bank of Canada, with total assets of an estimated $87 billion USD. The bank believes that “business is personal” and prides itself on maintaining the feel of a small business, but with big bank capabilities. This review explores the money transfer services and other global solutions offered by this North American bank.
About City National Bank
Founded in 1953, City National Bank (CNB) is based in Southern California and primarily functions as a domestic financial institution. Kelly Coffey was appointed as the Cheif Executive Officer in 2019, the fourth CEO in the bank’s 68 year history. Operating across 11 states, the majority of CNB branches are in Los Angeles, with over 5,500 employees and 75 offices dotted across the United States.
Despite the bank’s presence in multiple states, City National Bank lacks the same reach as other, larger US-based banking organizations such as Chase, Wells Fargo or Bank of America. In this review we will be investigating the international transfer facilities offered by CNB, to see how the bank compares to the top money transfer providers in the remittance world.
Can I Use City National Bank for International Bank Transfers?
Yes, international personal or corporate transfer requests can be made through City National's wire transfer service, which supports the sending of cash. Eligible customers can set up a wire transfer by logging into their online account, calling +1 (800) 575-5501 or enquiring in-person with a Relationship Manager or Funds Transfer Client Service professional at their local branch.
Other Ways to Send Money With City National Bank
City National Bank account holders can send money through the City National Bank App® or internet banking: both platforms support domestic wire transfer and international money transfers.
City National Bank exchange Rates and Fees
This section provides information about City National Bank’s rate of exchange for international transfer, and any fees that will be applied to these payments. These costs can then be compared to other competitors in the banking and remittance industries, to discover what the cheapest way to send money is.
Exchange Rates
City National Bank supports more than 90 different currencies but does not disclose its exchange rates on its website. Instead, the bank simply advises that rates are competitive. Traditional banks are known to charge anywhere between 3 - 8% above the mid-market ratefor transfers that require currency conversion, so we encourage account holders to contact their local branch to get a specific quote for a currency pairing.
Transfer Fees
Wire transfers fee range from 12 to 55 USD, depending on factors such as whether the transfer is inbound or outbound, and initiated online or in person. Clients can move cash from their line of credit to checking and savings accounts via phone by quoting their account number, social security number, the date and amount of their most recent contribution. Transfer limits are set at a minimum of 250 USD, and a charge of 25 USD is issued for cross-border payments that are less than this amount.
Additional Costs
Other costs to consider include City National’s monthly service charge, although this can be avoided by maintaining a minimum balance and transaction volume. Other bank fees to consider include:
Monthly Account Maintenance Fees: ranging from 5 to 35 USD per month, depending on account type
Overdraft Fees: start at 37 USD, with a maximum of 185 USD per day
Withdrawals From Atms Outside of the City National Bank Network: 2.50 USD, depending on the account type
How Do City National Bank Transfer Fees Compare to Using a Money Transfer Provider?
City National Bank fees start at 12 USD and scale up as the transfer amount increases; this means customers transferring large amounts abroad will incur exceptionally high charges. In addition to this, the minimum account balance and other fees applied to CNB accounts can be burdensome. Comparatively, as well as offering competitive exchange rates, money transfer operator TorFX does not charge any transfer fees.
City National Bank SWIFT Codes
Individuals or businesses sending funds through international wire transfer to a City National account must provide the bank’s SWIFT code in the transfer instructions. City National Bank’s SWIFT code is CINAUS6L. The bank’s website does not display any SWIFT codes for its branches.
City National Bank Pros and Cons
The following are some of the biggest benefits and drawbacks of City National Bank's international transfer services.
- Transparent website: City National Bank employs useful language and presents all banking products and services, including money transfers information, in a clear and concise manner across their online platform
- 90+ available currencies: Compared to the selection of currencies offered by other banks, City National facilitates transfers in over 90 different currencies
- Substantial transfer fees: Unlike competitors that charge low to no transfer fees, City National Bank fees start at 12 USD per transfer, with a maximum of 55 USD
- Lack of transparency on forex rates: To receive a quote for a specific currency pairing, customers must contact the bank directly; this will delay the money transfer process and foreign exchange spread can range from 3 - 8% depending on currency
- High account minimum: To avoid further charges, customers must maintain a minimum account balance of $3,000 USD for Personal Checking, $7,500 USD for Personal Checking Plus, and $50,000 USD for Premium Checking; this is not sustainable for all customers
- Inconvenient transfer limits: The minimum sending amount for a City National Bank transfer is $250 USD which will not suit the needs of all customers
How to Send and Receive Money With City National Bank
We strive to provide step-by-step instructions on how to set up an international transfer with every different bank we review and there are various ways to set up these payments with City National Bank, as detailed below.
Sending Money
Step 1: Log into your City National Online account via desktop or the City National Bank Mobile App
Step 2: Enrol in ‘Wire Requests’ and select 'Payments & Transfers’ and 'Wire Transfer Request'
Step 3: Enter the recipient’s details in full, double-checking all information before proceeding to the next step
Step 4: Enter the transfer amount and submit your request
Step 5: Confirmation of your transfer request will be emailed to you within one business day.
Customers can receive help with international wire transfers by visiting the online account management tool or with the help of the bank's Relationship Manager or Funds Transfer Client Service specialist. Alternatively, help can be acquired by calling the bank on +1 (800) 575-5501
Receiving Money
To ensure the safe and timely crediting of funds sent to your City National Bank account, be sure to provide the sender with the following information:
Wire Routing Transit Number (RTN/ABA) 122016066, for domestic transfers
SWIFT/BIC code CINAUS6L, for international transfers
Bank Name: City National Bank
City, State: Los Angeles, CA
Beneficiary Name (account name), address, and account number
What Customer Support Options Are Available?
City National Bank customer support may be reached by calling +1 800-773-7100. Secure email may be accessed via the bank's website, and in-app live chat can be accessed through the mobile banking application.
Summary
City National Bank lets customers send and receive money domestically or internationally in person, via online banking, or mobile app. However, due to the fees, daily transfer limits, lack of payment options and unclear exchange rates, this bank is not the best money transfer option. We recommend reading our reviews of other service providers, before committing to sending money overseas with a bank. Use our comparison engine to learn more about the vast array of available options that will better suit your needs.
Other Banks
Answers to key questions about City National Bank
This section provides essential information about the services of City National Bank, making it easy for our readers to compare the bank to other money transfer providers to see which provider best serves their needs.
