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Citibank for international wire transfers
Compared to the services offered by money transfer specialists, like Wise or Zing, 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.
Here’s a quick overview of how Citibank compares to an average money transfer provider.
Transfer type | Citibank | Money Transfer Companies |
|---|---|---|
Sending fees | $0 - $35 | $0 - $20 |
Receiving fees | $15 | $0 |
Exchange Markup | 4% - 6% | 0% - 2% |
Transfer Times | Same day if sent before 5:15 PM | Instant - 3 business days |
Payment Methods |
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Scoring Citibank
We’ve looked at and analyzed the exchange rates, transfer costs, support, and online user reviews. Here’s a quick summary of the top highlights and drawbacks.
- Worldwide access: Citibank has a global presence in hundreds of countries, making it easy and convenient for millions of customers to send money around the world
- Free transfers between Citibank customers: Citibank Global Money Transfers allow customers to send money between international Citibank account holders, with no transfer fees attached
- Convenient process: Sending money with Citibank is straightforward, the online platforms are easy to navigate and the onboarding process is user-friendly
- High transfer fees: If you are sending to a bank account outside of the Citibank network, the fees will be more expensive than international money transfer operators
- 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 is worth comparing your options
Citibank fees and exchange rates
Fees and rates
The most common charges associated with overseas bank transfers and foreign currency exchanges are:
Foreign transaction fees
The margins are added onto currency exchange rates, also known as exchange rate mark-ups.
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 that 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.
In Citibank’s case, the profit margin added onto the mid-market exchange rate when transferring money internationally typically ranges between 4.20% to 9.50% and heavily depends on the currency pair.
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.
You can get the right value for your exchange if you use a provider that offers the mid-market rate on exchanges.
Online money transfer providers like Wise, Revolut, and Instarem all make exchanges using the mid-market rate, but there’s a small fee for your transfer.
Online money transfer providers like Wise, Revolut, and Instarem all make exchanges using the mid-market rate, but there’s a small fee for your transfer.
International transfer fees
Citibank has different foreign transaction fee options depending on factors such as the 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:
Service | Standard | Citi Priority | Citigold | Citigold Private Client |
|---|---|---|---|---|
Incoming Wire Fee - Domestic / International | $15 | Waived | Waived | Waived |
Outgoing Wire Fee - Domestic | $25.00 | $17.50 | Waived | Waived |
Outgoing Wire Fee - International (U.S. Dollars) | $35.00 | $25.00 | Waived | Waived |
Outgoing Wire Fee - International (Foreign Currency) | Waived | Waived | Waived | Waived |
To put this into perspective, this is how Citibank compares to Wells Fargo and Wise in terms of cost.
Let's assume you want to send 1,000 USD from a standard account to the following countries using Citibank international wire transfers.
Destination | Citibank fees | Wells Fargo fees | Wise fees |
|---|---|---|---|
$25 + ~6.85% markup | $30 + ~6% markup | $10.79 + 0% markup | |
$25 + ~6.85% markup | $30 + ~6% markup | $8.91 + 0% markup | |
$25 + ~6.85% markup | $30 + ~6% markup | $10.36 + 0% markup |
Transfer speed
Transfer speed
If the money transfer is submitted to Citibank before 5:15 PM (ET) funds will be sent the same day, else the next day; this is much faster than the average bank transfer speed.
For reference, Wells Fargo takes around 2 - 7 days, while BofA is around 1 - 2 days.
Please note, that 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.
Transfer limits
Transfer limits
Citibank transfer limits depend on the account type you have. Here’s a summary of their transfer limits.
Account Type | Domestic / International (U.S. Dollars) | International (Foreign Currency) |
|---|---|---|
Standard | Up to $50,000 per account per business day | Up to $50,000 (USD equivalent) / transaction |
Citi Priority | No limit | Up to $500,000 (USD equivalent) / transaction |
Citigold | No limit | Up to $500,000 (USD equivalent) / transaction |
Citigold Private Client | No limit | Up to $500,000 (USD equivalent) / transaction |
Product offering
Product offering
Mobile app
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.
World Wallet® Foreign Currency Exchange Services.
Citibank's World Wallet® Foreign Currency Exchange Services offer next-business-day delivery of over 50 foreign currencies to your home, office, or nearest branch.
There are no service fees for Citigold® or Citi Priority account holders, while other clients pay a $5 fee for transactions under $1,000.
Delivery to a branch is free, but home or office delivery incurs additional charges.
Currency conversions are done at competitive rates (which are not disclosed anywhere), and unused foreign currency can be exchanged at any Citibank branch.
Zelle for domestic transfers
Citibank also facilitates the use of the 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.
Ease of use
Ease of use
Citibank is fairly easy to use. In general, you get access to all the information you need.This applies to both desktop and mobile.
Customer service
Citibank offers a range of helpful support options to its global customer base. Here are the customer support options available at Citibank:
Phone support: Customers can call Citibank's general customer service line for assistance with account inquiries, technical support, and more. Phone support is available 24/7.
Online chat: Citibank offers online chat support through its website and mobile app, where customers can get real-time help from representatives.
Email support: Customers can email Citibank for support with specific issues or questions, typically through a contact form available on their website.
Branch visits: In-person support is available at Citibank branches for account-related queries, transactions, and other banking services.
Social media: Citibank provides customer support through social media channels such as Twitter and Facebook, where customers can send direct messages for assistance.
Mobile app support: The Citibank mobile app includes a support feature where customers can access FAQs, live chat, and request help directly from their mobile devices.
If you have any issues or need to contact them, use the following table for contact details.
Support Option | Contact Details |
|---|---|
Phone Support | Call 1-800-374-9700 (available 24/7) |
Online Chat | Access through Citibank's website or mobile app |
Email Support | Use the contact form on Citibank's website |
Branch Visits | Visit a local Citibank branch (find locations online) |
Social Media | Twitter: @Citibank, Facebook: facebook.com/Citibank |
Mobile App Support | In-app support through the Citibank mobile app |
Safety and trust
Safety and trust
Just like other major high street banks in the US, Citibank is taking safety very seriously. These are the key safety features at the Citibank:
Multi-factor authentication (MFA): Requires multiple forms of verification for accessing accounts online and via mobile.
Encryption: Uses advanced encryption techniques to protect sensitive customer data during transactions.
Biometric authentication: Supports fingerprint and facial recognition for mobile app access.
Card controls: Allows customers to manage their debit and credit cards, including locking and unlocking.
Identity theft protection: Offers services to help detect and resolve identity theft issues.
Transaction monitoring: Regularly monitors and analyzes transactions for unusual activity and potential fraud.
Real-time fraud alerts: Sends real-time alerts to customers in case of suspected fraudulent activities.
Mobile token authentication: Offers mobile token authentication for an added layer of security in mobile banking.
Phishing protection: Implements measures to protect customers from phishing attacks.
Secure payment solutions: Provides secure payment solutions such as tokenization and secure payment gateways.
Customer feedback
Customer feedback
We couldn’t find many objective reviews for Citibank.
Opening an account
Before opening the account, you will need the following information:
Your full name
Address
Date of birth
Email address
Social Security number (or equivalent)
Once you have it ready, follow these steps.
Choose the type of account
Gather required documents
Visit the Citibank website or branch
Complete the application form
Review and agree to terms
Submit your application
Make an initial deposit
Set up online banking
Receive account details
Making international transfers
International transfer requirements & details
To make an international wire transfer with Citibank, you will need the following details:
Recipient’s full name: The complete name of the person or entity receiving the funds.
Recipient’s address: The full address of the recipient, including country.
Recipient’s bank name: The name of the recipient’s bank.
Recipient’s bank address: The address of the recipient’s bank.
Recipient’s bank account number: The account number where the funds will be deposited.
Recipient’s IBAN (International Bank Account Number): Required for transfers to countries that use IBANs.
Recipient’s SWIFT/BIC code: The unique identifier for the recipient’s bank.
Transfer amount: The amount of money you wish to send.
Currency of the transfer: The currency in which you want the funds to be received.
Purpose of transfer: Some transfers may require you to specify the purpose of the transaction.
Sender's information: Your full name, address, and account details at Citibank.
Citibank’s swift code is CITIUS33
Making wire transfers
Making an international wire transfer with Citibank is a straightforward process that can be done through online banking or by visiting a branch. Follow these steps to ensure your transfer is processed smoothly:
Log in to your Citibank account
Navigate to wire transfers
Enter the recipient's details
Specify the transfer amount and currency
Review the transfer details
Confirm the transfer
Save the receipt
If you’ve initiated an international transfer before 5:15 PM ET, your transaction should be processed on the same working day.
Use Wise to send money from your Citibank account
It may be simpler to fund your transfer with your Citibank account, but use a transfer provider like Wise to send your money overseas.
Register for a Wise account
Add the details of your transfer
Review the received amount
Send the money
Receive international transfers
To receive an international wire transfer to your Citibank account, you’ll need to provide the following information to the sender.
Your ABA, RTN, or SWIFT code
For domestic wire transfers, you’ll need to supply the Wire Routing Transit Number (your ABA or RTN). Citibank's routing number will depend on the branch and state you are in.
For international wire transfers, you’ll need to supply your SWIFT code or BIC: CITIUS33.
The bank name and address
Depending on the type of transfer, Citibank's address is 100 Citibank Drive, San Antonio, TX 78245.
Your account number, name, and address
You’ll need to supply your complete Citibank account number, the name on your account, and the complete address of your account as it appears on your bank account.
How Citibank compares to money transfer services
Citibank might be a good option if you are a premium-paying customer and rarely make large international transfers.
However, if you are looking to make large transfers or you have a standard account and need to remit money often, we suggest considering these alternatives.
Fees & Rates9.4Transfer Speed9.0Safety & Trust9.2Product Offering8.8Transfer Limits9.5Ease of Use10.0Customer Feedback8.5Overall
Fees & Rates9.8Transfer Speed9.0Safety & Trust9.0Product Offering8.0Transfer Limits9.0Ease of Use9.0Customer Feedback8.4Overall
Fees & Rates9.3Transfer Speed9.0Safety & Trust9.0Product Offering8.0Transfer Limits9.0Ease of Use9.0Customer Feedback8.7Overall
Fees & Rates9.1Transfer Speed8.0Safety & Trust9.0Product Offering9.0Transfer Limits8.0Ease of Use9.0Customer Feedback9.0Overall
Fees & Rates9.4Transfer Speed8.0Safety & Trust8.5Product Offering8.8Transfer Limits9.5Ease of Use8.2Customer Feedback8.3Overall
Other Alternatives
Alternatively, consider using one of these neobanks for international transfers.
Citibank: Is it good for transfers abroad?
Citibank is a brilliant global financial institution that 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 currency broker or a money transfer service.
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.
We strongly recommend you compare the rates before you send money to get the most value out of your transfer. Use our form below to find the best deal for your needs.
A bit more about Citibank
Can I open a Citibank account in any country?
Can I use a Citibank debit card when traveling abroad?
Help & FAQ
Get answers to the most common questions asked when sending money abroad. Covers costs, fees and the best way to compare.
More Banks
You can send international wire transfers with Capital One, however, at a higher cost compared to other banks and services. They also use a SWIFT network to process their transactions, meaning transactions will take longer.
No doubt BofA is one of the more popular banks in the US, but it might not be your best option for sending money abroad.
Here’s a quick overview of Chase and how it compares to an average money transfer provider.
Here’s an overview of Wells Fargo’s international transfers, and how they compare to money transfer companies.
