CitiBank is the consumer division of the financial services corporation, Citigroup, with 3,777 branches open in 36 countries. Along with standard banking services, CitiBank markets insurance, credit cards, and investment products. With over 15 million active online users, CitiBank is one of the most successful banks in the industry. Hence, it comes to no surprise why people use CitiBank for international money transfers.
The Currency Shop says:
- Often a dedicated currency provider will get you better rates and charge lower fees
- To review services of other providers and currency exchange rates check out our comparison tool.
- OFX, HiFX, and Torfx are also good places to compare exchange rates.
What we will cover
The most important thing to know is how much it costs to use Citibank for international money transfers. In the following article, we’ll cover:
- How do CitiBank’s exchange rates compare to other banks?
- What fees will you need to pay to send and receive foreign currency
- Is it difficult to transfer via Citibank?
- With Citibank, how long does an international transfer take to complete?
How do Citibank’s exchange rates compare to other banks?
CitiBank exchange rates will soon be added to our table, but in the meantime, feel free to check other banks and foreign exchange providers.
What fees will you need to pay to send and receive foreign currency?
Generally, you will pay between $17.5 and $25 to send and receive in a foreign currency. Being a Citi Gold or Citi Priority member is what will get you the lower rate. For full details, click here.
Is it difficult to use CitiBank for international money transfers?
Transferring money domestically or internationally to another bank account or to CitiBank accounts is a breeze. This can be done through online banking as Citibank does not have many branch locations (compared to Chase or Wells Fargo).
With Citibank, how long does an international transfer take to complete?
Transferring money internationally from US CitiBank accounts generally takes about 5 business days.
Citibank Global Transfers, which are transfers between CitiBank accounts, are instant and best of all fee-free. CitiBank also offers multi-currency accounts to individuals as well as businesses — this can be a substantial benefit over local banks.
If you already have an existing CitiBank account and only need to make a single or a few transfers, sticking to CitiBank for international money transfers makes sense. If you need to make recurring transfers we recommend that you carefully compare rates with other banks and currency exchange providers.