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Citi Global Currency Account $0 Per Month Local or International Plus 10 Currencies in 1 Account

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Citi Global Currency Account $0 Per Month Local or International Plus 10 Currencies in 1 Account
Go to Deal
dK69 on 21/10/2018 - 14:19 citibank.com.au (4199 clicks)
Last edited 21/10/2018 - 18:36 by 1 other user

Hold up to 10 currencies in this account with one linked debit card, and receive foreign currencies for free.
Hold up to 10 currencies in the one account
Avoid international transaction fees and international ATM fees
Receive money in up to 10 currencies for free using local account details

Features

Hold up to 10 currencies

You can hold up to 10 different currencies in the one account, including AUD, USD, EUR, SGD, NZD, JPY GBP, CAD, HKD and CHF. You can load your account with these currencies when the exchange rate is in your favour.

Receive international bank account details

You’ll receive individual bank account details for up to 10 currencies held in the account, so you can receive money in those currencies. It’s like having a local bank account in those countries.

Linked Citibank debit card

This account comes with a linked debit card which you can use in-store or online all around the world. Although you can have up to 10 different bank account details, it’s all linked to the one debit card.

Use for everyday spending in Australia

This account isn’t just for international business and travel. You can also use it as your regular everyday transaction account in Australia. Use the linked debit card to make daily purchases in store or online, or pay your bills as you would with a standard bank account.

Use your debit card to pay like a local overseas

Simply set your default transaction currency to the local currency in the country you’re in, and use your debit card like a local with no foreign exchange fees. Make sure you remember to set your correct default currency via the Citi mobile app.

No international ATM fees

Because you already have the foreign currency in your account, when you’re in a country that uses that currency you can withdraw money at ATMs with no fees. However, make sure your debit card is linked to the correct currency before using the ATM, otherwise a 2.5% foreign exchange fee applies.

No international transaction fees when shopping online

If you’re shopping online on a US site, you can set your debit card transaction currency to USD to pay no international transaction fees.

Access competitive exchange rates

You can load different currencies into the account when the exchange rates are favourable, or convert foreign currency back into AUD when the Australian dollar is strong.

If a foreign currency is deposited into your AUD account, Citi will apply the current Citi exchange rate to the conversion.

Earn up to 2.25% interest on your AUD balance

If your AUD balance is between $100,000 and $249,999.99 you’ll receive 1.50% p.a interest on your funds. Balances in AUD that are higher than $250,000 will earn 2.25% p.a.

$0 monthly account keeping fee

There’s an $0 monthly account service fee for this account.

Citi mobile app available

Manage your money on the go and keep track of your transactions using the Citi mobile app. Use the app to instantly switch between transaction currencies when you’re hopping between countries.
Earn up to 2.25% p.a. interest on your AUD balance

plus Apple Pay :) Note: Apple Pay is currently only available for Credit cards.
BEAT THIS! :)

Financial Bank Account Transaction Account

Related Stores

Citibank Australia
Citibank Australia

closed Comments

  • dK69 on 21/10/2018 - 14:23
    -7

    Better than Macquarie bank transaction account

    • winXPHE on 21/10/2018 - 14:46

      how so?
      just exchange rate or charges/convenience fees?

    • DogGunn on 21/10/2018 - 14:56

      Only if you want to hold foreign currencies.

      Otherwise the app and online banking leave a lot to be desired.

      It is also 2.5% to withdraw if you have not converted your AUD into the foreign currency at Citibank's rate which is substantially worse than MC or Visa.

      • Yesall on 21/10/2018 - 15:09

        Hi, are you with Macquarie bank now? I am thinking about opening an account for international shopping. Do you mind sharing your experience? Thank you.

        • DogGunn on 21/10/2018 - 15:11

          I've been using it since 2016 on the regular and now use it for my daily transaction account. It's a very good account, no foreign exchange fees, and has a great phone notification system that lets you know as soon as your card has been used anywhere.

          However if you need branches to be able to deposit money, the Macquarie account won't work for you as they really only have one branch in each capital city.

          • Yesall on 21/10/2018 - 15:23

            @DogGunn: That is great. Thank you for sharing your experience.

          • furythree on 21/10/2018 - 16:01

            @DogGunn: i just need a forex account to deposit and send funds via international wire
            does macqaurie support it?
            how are their rates?

    • dealsandstuff on 21/10/2018 - 14:59
      +1

      I'd still say Macquarie is better for the majority of people!

  • ashdays on 21/10/2018 - 14:26

    Good deal. I thought this was only available for gold and premier customers?

    • obenihk on 21/10/2018 - 16:28

      Yes that was my understanding too. Looking for specific mention on the Citibank site about the $0 monthly fees for all customers. Only info that I have found so far is that a monthly fee does apply to customers not having a Gold or Priority accounts.

      https://www.citibank.com.au/global_docs/pdf/global-currency-…

      • aveeno bb on 21/10/2018 - 19:59

        The monthly fee itself is $0, so this is a free service.

    • Pooney on 22/10/2018 - 09:43

      It's been changed to $0 monthly fees for everyone from end of August this year.

  • jimmystevenjim on 21/10/2018 - 14:26
    +2

    Is the exchange rates for the deposit spot rate or inflated bank rate ? If not the spot rate, no deal - no different to the HSBC account

      • linkii on 21/10/2018 - 14:40
        +5

        It says "If a foreign currency is deposited into your AUD account, Citi will apply the current Citi exchange rate to the conversion."

        The citi exchange rate on their website isn't that great.

        https://www.citibank.com.au/aus/investments/forex-rates/AUD.…

        For example AUD to USD is 0.6979 and on google its 0.71.

        Also you'll always have to remember what currency your account is set to otherwise you'll get stung another 2.5% for the conversion.

        Unless someone here can show otherwise. It doesn't seem like its any good.

        • Confused1 on 21/10/2018 - 15:14
          +9

          for citibank plus debit card, they use MaterCard rates which is very close to the spot rate. But for this account they use their own inflated rates ( which is bad)

      • D3m3ntia on 21/10/2018 - 23:15

        Lol he sounded so sure!

    • linkii on 21/10/2018 - 14:45
      +1

      Its the inflated bank rate.

      • congo on 21/10/2018 - 14:48

        Better than 28 degrees rate?

        • linkii on 21/10/2018 - 14:55
          +1

          No, 28 degrees is near the spot rate (better). This is a completely different type of account. This is for if you want to lock in a rate (even though its a crappy rate), so you don't have to worry about the rates going up/down when you're traveling.

      • Confused1 on 21/10/2018 - 15:07
        +1

        Agree. Its not spot rate. Though its better than other big 4 banks but substantially lower than the inter bank spot rate. This is exactly the reason I decided not go ahead with this account, otherwise this is very convenient.

    • CacheHunter on 21/10/2018 - 15:48

      It's not entirely clear, but it looks like you could use a third party to do the forex conversion (eg ofx etc) with the funds coming/going to the relevant Citi currency account. (I haven't needed to transfer funds recently, so I'm not sure who's offering the best rates currently).
      Personally, I use a Citi US account, but have to keep US$1500 in it to avoid monthly fees.

      • qazwsx on 22/10/2018 - 04:47

        I have Citi overseas as well (2 other countries). One thing I like about Citi was the free global transfers (CGT), but the catch is the exchange rate really sucks - it is worse than the bank.
        In my experience, transferring from Singapore to Australia, the CGT FX rate was a lot worse than the bank's normal FX rate. So what I used to do when I needed to transfer urgently was transfer monies from my SGD account to my AUD account on the Singapore side, and then transfer the AUD amount from the AUD account fee free to the Australian side - saved a bit on the FX that way, and an otherwise fee free and instant international transfer.

        I did not go that route on the AUS-SIN transfer though because I was put off my the $10k min bal for having an SGD account in Aus. So Citi now having a fee free fx account is of interest to me.

  • SydOzber on 21/10/2018 - 14:36

    In time for my new forex trading account

    • Valjew on 21/10/2018 - 16:04
      +1

      Good luck beating a share option being hit with a hidden 3% fee on transfers between currencies (i.e, .97 multi on the spot).

      • SydOzber on 21/10/2018 - 18:33

        Is there a 3% fee ?

  • payton on 21/10/2018 - 14:41

    Thx, I hold a global currency acct with HSBC with generally they're a pain in the ass
    This may be an alternative

    • THX on 21/10/2018 - 14:46
      +22

      Thanks for your comment Payton, I have reviewed your concern and in fact believe this may be an alternative.

      • congo on 21/10/2018 - 14:48
        +2

        thx.

      • payton on 21/10/2018 - 14:48
        +1

        xD

  • blighst on 21/10/2018 - 14:41
    +3

    How does this compare to the Transferwise Borderless account?

    • T-man on 21/10/2018 - 16:01

      I also want to know. Citi doesn't charge a fee but inflated exchange rate. TransferWise uses the mid-market rate but charges a small fixed rate

      • WhyAmICommenting on 21/10/2018 - 16:11

        Yeah that fee is tiny right? I thought $1.60 or something but can't remember and can't find it easily. Plus their exchange fee depending on currency.. But I'm a big fan - they've saved us hundreds compared to pay "pal"

      • Confused1 on 21/10/2018 - 16:42

        Transfer wise border less account charges 0.45% for exchange from AUD to USD,and 0.60% from USD to AUD though exchange rate is close to the spot rate.

    • Valjew on 21/10/2018 - 16:11
      +3

      IT SUCKS. NO DEAL HERE.

      Done multiple transfers w/ Citi, currency fair and transferwise over the past 5-years and have found Citi has an ~.97 (i.e, you loose 3%) multi on the spot rate. TW/CF is end up being ~.997 (.3%) with their fee structure. This is on AUD 10k transfers to USD. CF/TW likely a bit more on smaller transfers but never as bad as Citi.

      Citi's "free transfer" claim is utter BS.

      • theg00s3 on 21/10/2018 - 23:07

        TW/CF is end up being ~.997 (.3%) with their fee structure
        Did you mean .03%?

        • ozbjunkie on 22/10/2018 - 11:16
          +1

          Nope don't think he did

    • ctd on 21/10/2018 - 23:43
      +1

      They're… similar but different.

      Citi accounts are all based in Aus — you can transfer in/out using SWIFT. You can also pay from them using their Mastercard Debit card, but you need to link your card to the right currency/account before using it.

      With Transferwise they tend to use domestic banking transfers/details. I haven't used the TW Debit card, but I think it has smarts to debit the appropriate currency without you manually changing it.

      The answer you're probably most interested in is that I've found Transferwise to consistently be better value for exchanging currencies than Citi's rates.

  • froberts2 on 21/10/2018 - 15:00
    +17

    Just to be clear, if you're not 100% sure why you want this account, then you don't want it.

    Even if you think you need it, odds are you still probably don't need it.

    This is NOT about getting free ATM transaction, even internationally. If you want that, get a Citibank Plus account.

    These accounts have a place, but they likely aren't what you're thinking they…

    (And for the few that actually have a need for an account like this, you know know not just that I'm right, but why I'm right!)

    • ElWircho on 21/10/2018 - 16:20
      +16

      Sounds plausible. And to be frank, I have no idea why you are right,
      I think it's this I-Know-Something-That-You-Don't——-So-Better-Shut-Up-And-Listen-Son tone that instantly convinced me.

    • demiurge on 22/10/2018 - 13:05

      But it's free so why not?

    • furyou on 23/10/2018 - 22:01

      If I want to deposit US checks, what kind of account do I want?
      Actually it's only once off.

  • verio on 21/10/2018 - 15:00
    +2

    plus Apple Pay :)

    There is no Apple Pay for this account. Citi has Apple Pay only for its credit cards.

    • WeHaveRicePudding on 21/10/2018 - 16:54
      +1

      And no Google Pay either.

      • marka on 21/10/2018 - 17:38

        waiting for this

      • raybies on 22/10/2018 - 10:28

        And no AliPay either.

  • Hogg on 21/10/2018 - 15:02
    +3

    How does this compare to the Citibank Plus account that most Ozbargainers already have?

    • DogGunn on 21/10/2018 - 15:05
      +5

      Worse if you want to withdraw money at an ATM, unless you're willing to accept Citibank's foreign exchange rate (as opposed to Mastercard's), otherwise it's 2.5% on top of Mastercard's fees with this account.

      It could however work in your benefit if you manage to store away some money in the foreign currency account before a drop in value of the AUD, but even then unless its a substantial amount of money, it wouldn't be worth it.

      • Hogg on 21/10/2018 - 15:11
        +1

        Thanks for the reply.

        I think the information in the OP just confused me but you've managed explain it in a really clear manner for me.

    • froberts2 on 21/10/2018 - 15:05

      A bit like asking how a sedan compares to a mac truck. Both have their uses, but for 99% of people the car (ie, Citibank Plus account) is the right choice.

      • Hogg on 21/10/2018 - 15:14
        +1

        I didn't really get it when I read the OP but I think I get it now.

        Citibank Plus is for travelling i.e withdrawing from ATMs, and global currency account is good for receiving foreign bank transfers.

        Appears I'm not the target audience.

        • Pooney on 22/10/2018 - 09:46

          Global Currency Account is also good for travel purposes. You just have the option of also holding other currencies, but if you wanted to use it like the Plus you can definitely do that.

    • Pooney on 22/10/2018 - 09:36

      The Citibank Plus is being phased out so the Global Currency Account has been introduced to replace that with everything that the Plus has and 2 main added benefits:
      - tiered interest over $5k (it's minimal, but for a transaction account that's a bit of a bonus)
      - option to hold other currencies as well

      If you already hold the Plus and you don't plan to hold over $5k or other currencies, you don't really need the Global Currency Account.

  • chumlee on 21/10/2018 - 15:12
    +2

    "BEAT THIS"

    It's the same as the HSBC Everyday Global Account

    • froberts2 on 21/10/2018 - 15:13
      +6

      It's also been around for the >10 years that I've been a Citibank customer, so it's not exactly a "bargain"…

  • dmac80 on 21/10/2018 - 15:25

    I recently came back from a holiday in the USA and my Aunt gave me 1000 USD as I was leaving. I've been keeping that as cash because exchanging the cash here loses so much money - but if I got this account could I deposit that USD in and then switch it to AUD without foreign transaction fees? Or am I misinterpreting what this is?

    • froberts2 on 21/10/2018 - 15:36

      No. Citi Australia isn't going to accept US$ cash without a fee.

      • constipated on 21/10/2018 - 17:33

        Can you reference where they have details about this. I also have some USD from a previous trip that I'd like to deposit as USD here in Australia and hold it until the next time I'm in US.

        TL:DR Do Citibank charge a foreign currency handling fee to deposit foreign currency notes into your account as that currency?

        • Krumby on 22/10/2018 - 10:48

          A couple of years ago (in 2012) I deposited some USD at a Citibank branch. No fees were charged by Citibank for the deposit on the Foreign currency account. However, since then I think Citibank closed most of its branches so I am not sure you can still make foreign currency deposits. From memory, they charge around 1.8% when you convert your USD to AUD (that is included in the FX rate they apply to the transaction which is the Buy rate).

          • constipated on 22/10/2018 - 15:07

            @Krumby: I'm getting runaround asking Citibank. Phoned them re physically depositing USD notes into this account and keeping as USD.

            They said should be possible but they are cashless bank. Get deposits done via NAB branch. Ask them.

            Phoned NAB. Customer service person didn't have a clue. Said they'd get a local person from a branch that handles foreign currency conversion to give me a call.

            Finally got the call. NAB says they can't accept anything but AUD on Citibank's behalf. :(

    • burningrage on 21/10/2018 - 15:40

      That is if you can find a citibank teller branch which is close to zero

    • callum9999 on 21/10/2018 - 15:43

      Your best options are to bank it in the US or convert it into another currency (either take the USD with you on holiday and convert it there, or convert to AUD).

    • adamiscoolization on 21/10/2018 - 17:21

      How much would you lose?

    • Crunchie on 21/10/2018 - 21:28

      You can deposit USD and HKD over the counter at HSBC branches in Australia if you have a USD/HKD currency account with them, however there will be a 1.25% fee (minimum $20 AUD)

      • dmac80 on 22/10/2018 - 13:29

        Sweet. I think I'm just going to hang onto the cash and keep it for a trip to Bali next year and convert it into IDR.

        Thanks for all the suggestions!

  • nfr on 21/10/2018 - 15:27
    +3

    You can load different currencies into the account when the exchange rates are favourable, or convert foreign currency back into AUD when the Australian dollar is strong.

    Converting to AUD when AUD is strong?

  • askbargain on 21/10/2018 - 15:35
    +2

    Too bad their website and app is a bunch of crap. They also have this authentication bullshit that you either need to receive SMS or copy code from their own app.

  • bargrin on 21/10/2018 - 15:42

    So if you currently hold a USD account, you can transfer your USD into this Aust account fee free and spend the USD in USA or on Amazon USA also free fee?

    This means if your current USD account dosent give you a debit card option then this is the advantage of the Citi account?

    Just want to confirm its all free fee, going in and coming out as the same USD currency?

    • Valjew on 21/10/2018 - 16:17
      -2

      No, you lose ~3% on each transfer.

  • callum9999 on 21/10/2018 - 15:45
    +4

    Just a heads up for people wanting to move currencies when "X is strong/weak", if you were actually able to know when that time was, you'd probably already be a billionaire.

    • ATangk on 21/10/2018 - 15:53

      But how will I start my fortune without a small loan of a million dollars?

    • sav11 on 21/10/2018 - 18:21

      This is true but some people just want to lock in the current rate so they have certainty of how much their holiday will cost.

    • Owl on 21/10/2018 - 19:49

      I got an email from a Nigerian Prince who said he'll be giving me millions and maybe even billions soon. I'll need a way to move things around when the AUD is strong/weak, right?

  • crentist on 21/10/2018 - 15:57

    Is this good for moving money into Australia from overseas, without intending to keep them in foreign currency? Eg for coming back to Aus after working overseas for a few years?

    Or better to stick with transferwise or regular bank transfer?

    • Valjew on 21/10/2018 - 16:16
      -1

      Stick with TW.

  • burningrage on 21/10/2018 - 16:05
    +2

    Before people cast judgment on this simply because its Citibank, it is worth noting this account would be very effective for cross border peer to peer payment if the receiver and payer has no inward ot outward TT fee.

    Unlike HSBC Global Account which I have, if you have this account and the receiver also has citibank account, you could based on OP comment, pay USD to USD cross border fee free.

    HSBC does not offer free inward fee even if the transfer is between HSBC to HSBC. I know it also charges for outward TT because the other day when I sent money to HANA bank it charges me outward TT fee.

    If your aunt has USD1,000 given to you and you want to deposit it in your USD account, HSBC can't do that because I have already asked. It needs to be TT'ed in to be direct into your USD account. I am not sure if Citibank can but there is virtually no branch in Oz now given they have given up on retail banking in Oz so if anyone can enlighten us on this it would be great.

    • Valjew on 21/10/2018 - 16:15

      WRONG, CITI DOES CHARGE A FEE.

      I have both a US and OZ Citi account and used to do this, until I realised they were eating 3% of my money with their BS forex rates. How can they call a .97 multi on spot fee free? Typical bank BS.

      Much better option isusing a peer to peer service (CF/TW).

      • T-man on 21/10/2018 - 16:31

        I can confirm this, I have Citi accounts in some countries and the transfer is instant but the exchange rate is very bad. TransferWise is the cheapest option.

      • burningrage on 21/10/2018 - 17:31
        +1

        Charging an inward or outward fee is completely different than being given BS forex fee.

        I am speaking specifically on TT fees.

        So no, I am not wrong.

        Source: Sis in law works in Citibank and I also have os cb account and oz cb accounts.

      • KingThrifty on 22/10/2018 - 10:56

        OP just said USD to USD. Forex doesn't apply there. For Forex, use TransferWise.

  • Valjew on 21/10/2018 - 16:18
    +3

    "BEAT THIS"

    Currencyfair or Transferwise.

    \thread.

    • burningrage on 21/10/2018 - 17:39

      Does Transferwise debit offer SG based account? I am foreseeing having to hold SG dollar in the future. JPY too probably

  • design2last on 21/10/2018 - 16:36

    I have finally received my tax refund from the Canadian government. Due to many stuff ups from my employer and the tax department this refund has arrived via cheque in CAD three years after I moved back to Australia. I no longer have and cannot open a Canadian bank account to deposit this cheque.

    This account may be the answer I have been looking for to finally cash my tax refund.

    Does anyone know if I can deposit this cheque in CAD and then transfer the CAD out to one of the online transfer companies?

    • T-man on 21/10/2018 - 16:49

      Send your cheque to Citi, they can cash the money and deposit to your Citi account.

      • burningrage on 21/10/2018 - 17:41

        Nice. So you mean a CAD drawn bank cheque can be cashed and deposited into Citi CAD account while you are in Australia?

        • T-man on 21/10/2018 - 18:03

          I am not sure if they can deposit CAD to your CAD account. I used my Citi Plus account and they deposited AUD to my account. I haven’t tried to cash forreign cheque to my new Citi Global account.

          • bargrin on 21/10/2018 - 18:08

            @T-man: I understand the Citi plus account I have is denominated in AUD only.

            When ever I wish to transfer foreign funds (non-AUD) into Citi plus, then Citibank will convert the non-AUD into AUD at their spot rate which may not ne a good rate.

          • burningrage on 21/10/2018 - 18:42

            @T-man: Ah… but thats the attraction of this account. If it can do that then say if I trade something in Canada and wants to be paid in Canadian dollar, I would hope to give CAD Citibank account details (opened in Australia) to that customer.

            Hopefully all fee free. Sender sends fee free if using CB and receiver received the payment in CAD into CAD account fee free too. Exchange rate though may be a different story altogether

    • KingThrifty on 22/10/2018 - 10:37

      You don't need a CAD account to deposit a CAD cheque. A Citibank Everyday Account has no fees on cheques, so you can take it to a branch and deposit it at their exchange rates, takes about a month to clear. Other banks will do it too but charge a huge cheque fee (~$25 I think).
      If you're really set on depositing and holding it as CAD then you'll need to compare the foreign currency accounts like this one from Citi, HSBC Everyday Global, and Commbank also has CAD accounts with no fees. I'm not sure if any of them support depositing a CAD cheque to a CAD account though. If it's just for 1 cheque I wouldn't bother.

  • bwatt72 on 21/10/2018 - 17:25
    +1

    Ok I buy from a lot of overseas retailers and pay guys sometimes also in other countries,I also at times transfer gbp to aud using transferwise who I find great and who also offer similar card. But I have not applied for it yet.
    I also have citi bank plus card which I often use to pay for goods overseas be in online site,by PayPal etc and I don't pay any overseas fees and and they are normally pretty close to xe.com rates.
    So with having a Citibank plus card,using transferwise to transfer money but not yet got there card similar to this.
    Would I gain by having if not why?

    • illumination on 22/10/2018 - 02:48

      Similarish situation and I'm also thinking that I'm not going to benefit from this. However, I think this looks like a pretty good summary of exactly how this product can be useful

  • Ameowzon on 21/10/2018 - 17:27

    I have Malaysian Ringgit. I'd like to send them to me here in Australia. What's the best option? It seems that TransferWise doesn't do Malaysia to Australia. Is this Citibank Global Currency Account any good? I do have an Australian Citibank.

    • Yarra Warrior on 21/10/2018 - 19:00

      Hi,

      Just wondering if you have still got a chance to go back to MY and tried opening any Foreign currency account in Malaysia‘s bank first? e.g. AUD Foreign currency account.

      I haven't checked so far which one is the best for banks like Maybank, AmBank, HLB, CIMB, Citi MY etc.

      Normally you could deposit your MYR into your foreign currency account in the local bank and do the TT into your AUD account here with a competitive small fixed fee or fee free.

      You can then withdraw the money in AUD account here with no extra charges. E.g. Citibank Plus account.

      Disclaimer: I haven't done this with MYR before but I have done this with other currency that have saved me somewhere ~1K pa. in fee only (min.10K equivalent per transfer).
      The comparison I made here was between the local foreign bank account and Transferwise with the benefit to secure a nearest spot rate.

      I‘d be happy to hear if anyone would come up with a better option.

      • clubhonda on 21/10/2018 - 19:35

        Its impossible to transfer MYR outside of MY. It is a controlled currency. Can't be done.

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