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Citibank Plus - Free Unlimited Transaction Account

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Citibank Plus - Free Unlimited Transaction Account
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Bargain4U on 19/01/2012 - 23:22 citibank.com.au (9090 clicks)
Last edited 03/03/2015 - 02:33 by 1 other user

Save hundreds of $$$! I just opened one of these accounts. It's totally free unlimited transaction account - no fees or charges for anything, and I mean ANYTHING*! Save $120 a year over NAB Gold Banking and still use NAB branches to deposit and withdraw. Or save $3 to $7 per month ($36 - $84 annually) compared to other banks just on monthly account keeping fees alone.

  • Minimum opening balance - $0
  • Minimum ongoing balance - $0

Here is what you get, all for nothing:

  • Free bottle of award winning wine at participating restaurants

  • Deposit and access your account at any NAB or Australia Post outlet/branch

  • Free unlimited access to any ATM worldwide (save up to $10 each time)

  • Free unlimited Outward and Inward Telegraphic Transfers to any bank (International transfers)

  • Free unlimited Foreign Currency Cheques Deposited

  • Free emergency worldwide Visa Card replacement and cash advance service

  • Free unlimited Bank Cheques

  • Free unlimited Cheque book access

  • Winner of 2012 Money magazine's Best of the Best awards for Innovation

And no fees or charges for anything:

  • No foreign currency transaction fees (normally 2.5% to 3.5% of every foreign currency transaction)

  • No Overdrawn fee

  • No Withdrawal fees

  • No Statement Copy fee

  • No Stop Cheque Payment fee

  • No Dishonour fees

  • No Overdrafts fee

Schedule of Fees and Charges: http://www.citibank.com.au/global_docs/pdf/Feesandcharges.pd… - Note that with all fees: "Excludes Citibank Plus Transaction Accounts*" (except Overdraft Interest).

Any advice is general advice only. It was prepared without taking into account your objectives, financial situation, or needs. Before acting on this advice you should consider if it's appropriate for your particular circumstances.

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closed Comments

  • bobsi18 on 20/01/2012 - 20:40
    +5

    I signed up for this a month ago, and posted a bit about it on whirlpool. I have used the 28 deg card for many years now, and have been very happy with it. The only issue I see with it is the standard trick of 'loading' it up with excess funds - I worry about what would happen if the card was stolen and my funds were used.

    I heard about this account and the NAB gold account, and decided to look into them. I intend to only use this only when I'm travelling, so I don't want to have to muck around transferring money to keep it fee free. So I signed up for this account.

    So far:
    - the signup process was a bit of a pain, I filled everything out, and then had to take it to the PO to be validated. No problems, all sent off. Quite a few days later I realised I hadn't heard from them, so I rang them. Turns out that my validation through the PO hadn't worked (the PO spelt my name wrong) - but they didn't contact me to tell me this. Got it all sorted, but was annoying.
    - I don't like the internet banking, it's clunky and the password entry is annoying
    - I did a test purchase of $0.99 USD on the card, and it gave me the same rate as my 28 deg card. Not really a big enough purchase to really determine the exchange rate, will test that more in the future.
    - There were no fees involved in my test purchase, I'm yet to use it o/s, so I'll see what it's like.

    Basically, I don't intend to use this as an everyday account, but only as a travel account. I'll continue to use my 28 deg card when making purchases, but I'll use my Citibank card for cash withdrawals.

    • [Deactivated] on 20/01/2012 - 21:02
      +3

      Agree with your proposed strategy, makes the best sense. That way you can keep the 28 degrees for credit and use this for cash withdrawals

      Let us know if the exchange rate varies much with your future tests. Maybe post it in the forums where there is a 28degrees thread already

      Thanks

      • bobsi18 on 20/01/2012 - 21:35
        +3

        Shall do - have no immediate plans for travel, but I tend to travel internationally 2-3 times a year, so it'll get used o/s eventually :)

    • INFIDEL on 23/01/2012 - 18:07

      The issue of loading cash onto the 28Degrees card & then the card being stolen has also crossed my mind. I use an automatic weekly transfer into the 28Degrees Mastercard while travelling, which can be cancelled or modified online. That limits my exposure & could easily be further limited by automatic daily transfers from my online account.

      I travel 3 months at a time & 9 months a year, using the card at ATMs for cash & accommodation. I can withdraw the minimum amount & come back for more, rather than what I previously did - withdraw larger amounts just to decrease withdrawal costs. My regular advice to travellers is to get the 28Degrees Mastercard.

      Only once in 6 years of travel has there been a problem. That was fixed promptly, an appology issued and I was compensated after I needed to use my Visa card for one withdrawal because of an error that suspended my 28Degrees account.

      But using a credit card as an ATM debit card means I lose the interest free period on all purchases & pay immediately with my own money. Having read your comments, it makes sense "to use my 28 deg card when making purchases, but I'll use my Citibank card for cash withdrawals."

      Its best to have several ways to access money while travelling. Looks like I will be opening this account before my next journey. I can then transfer my usual budget into it weekly, and leave the 28Degrees for purchases & backup cash - paid automatically each month.
      Thanks for the advice.

    • atlas on 31/01/2012 - 13:23
      +1

      I've used my NAB Gold Banking visa debit ATM card all over the world and it has been great. Good rates and no fees. I deposit my salary in there so never have to worry about the monthly fees.

  • mrhorseham on 20/01/2012 - 21:27

    I looked at this account a few months ago, has it changed? I'm confused cause the 'benefits' and 'features' seem the same, where are you getting the "Free unlimited access to any ATM worldwide (save up to $10 each time)" and "No foreign currency transaction fees (normally 2.5% to 3.5% of every foreign currency transaction)" from?

    • Bargain4U on 20/01/2012 - 22:25

      Schedule of Fees and Charges

  • miq on 21/01/2012 - 01:16
    +3

    on a side note, that is the ugliest card i have ever seen.

    • mooboy on 23/01/2012 - 16:12

      I take it you've never seen an ANZ rewards credit card.

  • MrMaxwell on 21/01/2012 - 02:09
    +1

    I've signed up…will report my progress.

    I will only use this account for OS internet purchases and travelling.

    As with everything these days it is wise to have 2 or 3 backups - whether it's HDDs or bank accounts :)

  • mrdk on 21/01/2012 - 10:18

    I'll be doing exactly what ozpete is doing

    I was a bit worried about overloading my 28 degrees card so with this new citibank account, I can use it to make cash withdrawals overseas, and use my 28 degrees credit card to make purchases.

    Also, when making withdrawals from this account, does anyone know if there are different exchange rate withdrawing from the "savings" account vs the "credit" account? I know it will be a VISA debit card, and I know from past experiences, withdrawing from the credit account with 28 degrees ("cash withdrawal" after overloading) yielded very competitive exchange rates by VISA. (better than making purchases on the card) Will this be the same if withdrawing through the savings option?

    edit Nevermind my question, I can just save the bother by just picking CREDIT when withdrawing. Also I may be limited to places that accept VISA (which would be most places)

  • isthisthedealforyou on 21/01/2012 - 22:10

    Did not mean to negative…probably a good deal, just got finger happy…just cos I don't like them is no excuse to negative….sorry

    • [Deactivated] on 21/01/2012 - 22:13

      Fixed. Which you can do yourself, or use the report button to ask a mod to remove for you. Ta

  • Aap Ke Papa on 23/01/2012 - 15:22

    I got a call from Citibank asking to complete the 100 ID over the phone and no need to go to Post to do it. asked for Licence and Passport, gave them Licence and told them to call later will give passport. Should i give it to them over the phone???

  • sash213 on 23/01/2012 - 16:06

    Went to the branch. Guy got me to discard my online application and do a new one (maybe he gets commission). He said the inked saver acct on the online application won't give the promo rate he got me.

    So his branch initiated linked saver acct is 5.80% for 6 months then 4.75 or 4.85%.

    • miq on 23/01/2012 - 17:59

      hahahahahaha the dodgy bastard. yep, he gets commission.

    • tanoshiiki on 24/01/2012 - 01:15

      This sounds like a good way to do it; don't have to go to the PO to verify ID. I'll go into a branch soon then.

      I'm going travelling in a few months. I already have a 28 Degrees, but considering recent advice about not overloading and if I overload, I would be using my own money immediately on credit purchases, I think I will also heed above comments: use the 28 Degrees for credit purchases and this citibank account for cash withdrawals. I would also open a linked Saver account and do a weekly/every few days ASPs from the Saver to the Plus.

      How long does it take from application to getting the card?

      • sash213 on 24/01/2012 - 22:41

        3-5 days. I dont care if he gets commission. It only took a couple of minutes. Share the wealth and if he was telling the truth, if I use that saver acct, I get a higher rate

  • T-man on 25/01/2012 - 16:07

    Anyone opened this account successfully? I provided IDs and my app status is still "awaiting your documents".

  • t25 on 25/01/2012 - 19:39
    +1

    Opened this account, but transfers from westpac > citibank took 3 days to clear. other banks take less than 2 days.

    if you need money urgently, you may want to reconsider this account.

    also as a test, i deposited $10 thru their partner branches (NAB and Post Office) and 2 days later, it still hasnt shown up, as it gets treated as cheques. Again, not a big issue for some, but for those who need quick access, looks like citi isnt for you.

    • T-man on 25/01/2012 - 21:35

      Thanks for your information, i'm using ANZ and just want to open this account for online and overseas trans.

    • zeropoint on 27/01/2012 - 00:24
      +1

      To get cash into the account you can:
      1. Bank@Post
      Fill in a Aus Post deposit slip and it's basically a EFTPOS credit. Appears instantly. You need your debit card number and name + amount

      1. Bank@Post via Citibank Deposit Slip
        Citi gives you a deposit book that Aus Post scans. The money will appear overnight. I prefer this as then I don't have to fill in my account details just amount.

      2. NAB
        Slowest as it's treated the same as cheques.

      For cheques though, I'd go through NAB because Aus Post takes 5 days as they're not a financial institution.

      (i'm not sure why the numbering screwed up. Previewing looks correct with no indents and number in sequence.)

      • t25 on 27/01/2012 - 13:17

        thanks for the clarification. the citibank branch member did not tell me of this… now i know what the deposit book is for (use at auspost) :)

        • zeropoint on 27/01/2012 - 14:20

          No problems. I prefer dealing with Aus Post then banks because staff are generally friendlier, they open later (until 5pm and Saturday), and aren't as busy (avoid lunch and early mornings).

          YMMV :)

  • drexxx on 07/02/2012 - 12:24

    So in conclusion if I want to use overseas:

    1. Exchange rate includes a commission (taken from FAQ)
    2. Non-Citibank and non-Partner* ATM owners may charge you a fee for use of their ATMs.

    I've already got VISA Debit cards that do this…

    Just gave them a call, they said:

    • If use a non Citibank ATM overseas will pay ATM owner a fee

    • These are the exchange rates that are charged by Citi when using my VISA Debit card with an ATM:

    http://www.citibank.com.au/global_docs/onlinetools/all_rates…

    VISA Exchange Rates:

    http://corporate.visa.com/pd/consumer_services/consumer_ex_r…

    VISA for February 6, 2012 1 AUD = 1.076841 USD (unavailable data for Feb 7)
    CITI for February 7, 2012 1 AUD = 1.0627 USD
    (hard to draw a conclusion from this data)

    All in all, for o/s doesnt seem unique or impressive (especially after reading all the -ve comments)

  • Knightelf on 09/02/2012 - 22:02

    I revoked my positive vote.

    I would neg this if I could.

    The setup process has been SO frustrating and troublesome it's not worth it. I must've spent at least an hour setting up this account - online application, aus post ID check, signature sample card.

    Then received 2 pins, 1 letter for account & BSB and then 1 for the card.

    Then tried signing up for online account and they don't recognise the info which THEY sent to ME.

    All this has taken nearly 3 weeks.

    I am so sick of setting this account up it's not funny.

    The last account I set up with ING took 3 minutes online application and that's it. Seriously, WTF citibank, this is 2012.

    I have just called citibank to cancel the account because I CBF troubleshooting to get the online account to work. I'd rather keep paying my $5/month to ANZ, at least their iPhone app is AWESOME.

    • tanoshiiki on 09/02/2012 - 23:23

      Yeah it was a hassle to setup. I bypassed the first waiting period by going straight into a Citibank branch to have everything verified; this application process took a total of 10 minutes.
      However, then for "security measures", every bit of documentation was sent separately on different days. This took over a week and a half to get everything, so I could activate the card, which I had to do before I could get Online banking. And after that, I still had a problem registering first time as an Online Banking user and had to call up their help line.

      Anyway, after about 2 weeks from visiting the branch, I finally got Online banking working. The sign-in interface is a drag though…

      I'm really only going to be using this for travel.

      • John Dough on 10/02/2012 - 09:20

        Citi bites the big one!

  • cccrazy on 20/02/2012 - 16:58

    I've had trouble too so I want the world to know it has happened to at least 4 of us because Citibank denied it is usually this hard (or unlucky people tend to vent to forums…).

    I applied on the 8th of March and elected for on-line approval. Just as others warned me, this method did not work and I received no reply (as I think Citibank said to expect anyway, so we waste more time guessing whether to go into a branch/post-office…). So I go into the 2 Park St Sydney Citibank branch on the 16th and say "Hey! What's up?! I read on OzBargains we often have to go in person to blah blah…" and he said it is rare for this to happen?!

    So I show him my passport and ANZ card, he photocopies them and says to expect an e-mail of confirmation over the next 2 working days. I said "But I'm leaving overseas soon and I need everything up and running ASAP" and he said to just come into the branch and he'll press a new card for me on the spot free-of-charge. I didn't even think to ask about internet banking.

    Two working nights and a weekend later I receive no e-mail so I decide to give the call centre (based in Manila) a ring, where I surprisingly received a rapid transfer to an operator. After handing over my details it turns out that my documents were received but not stamped!!! She asked where I verified it and I said at a bank branch (where I intentionally went to avoid the post office as a middle man in the first place!).

    Now she said they will e-mail the bank to confirm my documents and will label it as urgent.

    Unless I'm being mugged at an ATM I'm hoping they don't make any administrative errors while I'm lost in South America.

    • tanoshiiki on 20/02/2012 - 21:37

      They can press cards on the spot?!

      I think they might be overdoing it on the security measures, or not choosing the most convenient verification methods…

      • John Dough on 21/02/2012 - 09:06

        Risky business letting these bunch of crooks copy your passport!! That's more of a worry than anything.

  • drexxx on 20/02/2012 - 21:41
    +1

    In case no one knows: http://www.nab.com.au/wps/wcm/connect/nab/nab/home/Personal_…

    i going to use this instead.

    Overseas ATMs

    As a NAB Gold Banking customer, we don't charge fees when you use overseas ATMs (just check for the PLUS sign) or for transactions in foreign currencies.

    The owners of overseas ATMs might charge you directly.

    Currency exchange is done via the VISA rate, not the NAB rate.

  • gadgetguy on 30/03/2012 - 15:13

    Oh dear, fail on the Nab website.

    There's a link on the above page called "swap online" which is what I want to do as I have an Everyday account.

    So you click on it and get this page:

    "Swapping your existing NAB Gold Banking account to NAB Classic Banking.

    I want to swap my NAB Gold Banking account to NAB Classic Banking
    Swapping online takes less than 5 minutes"

    Great, right?

    So you click on the next link and get to a page that actually swaps a "Gold" account TO a "Nab Classic Account" and asks for details of your Gold account :-(

    Anyone know the correct page (if there is one)?

    • datty on 30/03/2012 - 15:20

      You won't be able to convert an existing account to a Gold Banking account. You'll need to open a new account and a new card will be issued.

      This is from when I was working at NAB a good few years ago now, things might have changed though.

  • camelgrass on 10/04/2012 - 13:07

    Claims like:

    Free unlimited access to any ATM worldwide (save up to $10 each time).

    Fee free use of your Citibank Visa Debit Card around the globe to make in store purchases or withdraw cash at any ATMs (2).

    Then this:

    (2). Non-Citibank and non-Partner* ATM owners may charge you a fee for use of their ATMs. *Partner ATMs include Westpac branded, St. George, Bank of Melbourne and Bank SA ATMs within Australia.

    This is too ambiguous.

    I think you're better off with a 28 Degrees Card for travelling overseas and for foreign online purchases. They have a completely fee free international transaction policy with no annual fee — zero international ATM fees and zero foreign currency conversion fees.

    • ATD on 10/04/2012 - 13:19

      I don't think its ambiguous - more like a qualified statement that you see everywhere.

      I was interested in their free overseas transfers. It took 8 days for someone to contact me on the telephone for the purpose of a security check before even factoring in the time the funds would actually hit the receiving account. I cancelled the transfer and withdrew the money when I was told this check would occur every single time.

      Westpac may charge $20, but at least the money arrives the same day if you do the transfer in the morning. 8+ days from Citibank is a joke!

      • camelgrass on 10/04/2012 - 13:23

        So is it really free or not? It seems ambiguous to me (I don't know if someone has already answered the question, I haven't time to read everything in the thread).

        The other advantage of the 28 Degrees Card is that it's a credit card (not debit like Citibank) so you get the normal 55 days interest free period on purchases (exluding cash advances).

        • ATD on 10/04/2012 - 13:34

          Its free if you use their partner ATM's.

          I agree with you on the 28Degrees card. Only recently got one and has saved me a few dollars that Westpac would have charged me for currency conversion. Interest rate is 20.99% from memory - so pays to pay it off as you use.

  • coolsteps on 20/04/2012 - 01:34

    all bank west platinum card holders now don't get charged foreign exchange fees now. so now the big questions still remains which of the 4 offer the best exchange rates? 1. Citibank plus account 2 nab gold ac 3. 28 degrees cc 4 zero bank west platinum credit card? http://www.bankwest.com.au/noannualfeecreditcard/

  • CVonC on 26/04/2012 - 16:11

    Why is it that you can deposit in NAB branches but you can't use their ATM network for free ATM transactions?

  • JJlikes2eat on 27/08/2015 - 13:17

    If you do not use your account in 12 months, they will close it and they will not tell you. Just found out the hard way.

  • kebabs on 30/07/2016 - 03:05

    I use my citi card for travel. Yes no transaction fee, just their standard VISA exchange rate. Pretty sweet. You have to keep using it once in a while or they'l close your account but just pay passing something here and there does the trick.

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