This review unravels the quality of service that Citibank money transfer provides along with its benefits and drawbacks. We have included the important aspects which include the exchange rates and costs and other factors that you need to know concerning your money transfer needs.

About Citibank Money Transfer

Established in New York City in the year 1812, Citibank has started to grow with over 200 million customer accounts in 160 countries throughout the globe. It is best suited in terms of personal banking solutions that include international transfers. However, online reviews for Citibank are poor. Consumer Affairs furnishes Citi a one-star when speaking of customer satisfaction based on feedback yielded the previous year.

Besides, the financial institution gets an F from the Better Business Bureau. This is significant to consider since consumer ratings and reviews can provide important views on their experiences as a customer, but the story is rarely told entirely but in a birds-eye view. You also have to consider that most customers do not really bother to put on their feedback unless they felt the need to do so, which mostly occurs when they want to rant.

Exchange Rates and Transfer Details

Citibank’s exchange rates are constantly updated to maintain pace with the fluctuations in the exchange market. This means that you need to check on the costs and rates that you can incur before you initiate transfers or send money internationally.

Additionally, because it is a global bank, it usually offers competitive currency exchange rates compared to the other banks with presence only in the US.

Currencies Handled

Citibank Global Transfers allows you to transfer funds to the following countries. Besides this, you can transfer to several countries with Citibank’s Wire Transfer service.

  • Australia
  • Bahrain
  • China
  • Colombia
  • Hong Kong
  • Hungary
  • India
  • Indonesia
  • Japan SMBC Trust Bank Ltd
  • Korea
  • Malaysia
  • Mexico
  • Philippines
  • Poland
  • Singapore
  • Taiwan
  • Thailand
  • United Arab Emirates
  • United Kingdom
  • Vietnam

Transfer Limits

The amount that you can transfer and limits will depend on the type of your account. Below are the fees and charges based on your account and mode of transfers

Citibank Global Transfers

Citigold
  • Online daily limit: $2,000
  • Online daily limit and transfers after 60 days: $50,000
  • Citibank branch or
  • ATM daily limit: $5,000
  • Weekly limit: $5,000
Citi Priority
  • Online daily limit: $2,000
  • Online daily limit and transfers after 60 days: $50,000
  • Citibank branch or
  • ATM daily limit:$5,000
  • Weekly limit: $50,000
Citibank Account, Basic Banking
  • Online daily limit: $1,000
  • Online daily limit and transfers after 60 days: $10,000
  • Citibank branch or
  • ATM daily limit: $3,000
  • Weekly limit: $10,000

Online Wire Transfers

Below are the outgoing limit for Citibank Online Wire Transfers:

  • Citigold : None
  • Citi Priority: None
  • Citi Private Bank: $50,000 per transfer or day
  • Citigold International: None
  • Citigold Private Client: None
  • Citi Global Executive: $250,000
  • Citi Global Executive Preferred: None
  • All other accounts: $50,000 per transfer or day
  • Citi International Personal: $250,000
  • Citi International Personal: $250,000

Pros and Cons Of Using Citibank

Pros

  • Zero transfer fees – When using Citibank Global Transfers, you can transfer money to other Citibank account holders in over 20 countries free of charge.
  • Simple process – You can  swiftly send and transfer money by utilising your online account.
  • Fast transfer speeds – If you are sending using the International money transfers service, your recipient can get the funds on the same working day when your transfer is initiated and received before 5:15 p.m. ET.
  • Several transfer options – You can transfer online, from and ATMs or through the closest branch. Besides, you can fund your transfer using a a checking, savings or money market account.
  • Worldwide access – Citibank enable you to transfer funds worldwide

Cons

  • High wire transfer fees – When initiating wire transfers with Citibank, you have to be ready as might incur higher fees when sending money to a non-Citibank account holder.
  • Transfer limits – The amount tat you can transfer will depend on the type of account you have with Citibank

How Citibank Money Transfer Works

The provider offers two alternatives to send money which are Citibank Global Transfers and international wire transfers.

Citibank Global Transfers

If you used Citibank Global Transfers, you can send to any Citibank account in over 20 countries across the glove with zero fees. Initially, you’ll need to open an account with Citibank. Once you do, you can start transferring online, at a branch or through an ATM. You need will have to indicate the details of your recipient. These include your  recipient’s name and Citibank account number. After you have verified and confirm the details of the transfer, your funds will be debited from your account. The funds will be transferred to your recipient’s account once you have confirmed the transfer.

International wire transfers through Citibank

When utilising wire transfer, you can transfer funds to over 7,000 banks across the globe. The following are the information that you have to suffice when initiating international wire transfers:

  • Your recipient’s full name.
  • The recipient’s bank name, address, and SWIFT code.
  • Your recipient’s bank routing and account numbers.

Whether you chose wire transfers or global transfers, you need a Citibank checking, savings or money market account. If the funds is received before 5:15 p.m. ET for international money transfer, your recipient can get the money on the same working day.


Top Money Transfer Providers To Consider

You can check more of the money transfer companies HERE.

XE   XE Money Transfer

XE is one of the big brands in terms of money transfers. They do not impose charges on personal transfers and hedge funds using limit orders.

TorFX

TorFX allows you to register as in individual or business. It offers no fees for personal transfers and can provide scheduled transfers, stop-loss orders, forward contracts and limit orders. They are great to travel money solutions offered in the UK. They do not have cash pickups and multilingual website.

OFX

They support 55 different currencies. They allow you to track for your transfers. OFX does not offer same-day transfers. Depending on several factors. It can take up to 1 – 2 business days for your transfer or 3 business day or some of the more exotic locations. Besides, there is a complete list of the common and exotic currencies they accept on their website.

WorldFirst

WorldFirst currently has over 400,000 individual. They have more than 150,000 business clients across the globe. The transfers are free when transferring to another WorldFirst customer. If you are transferring money to another, fees will be added to your transfer. Additionally, the company offers 187 different currencies.

TransferWise

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They serve individuals, businesses and online sellers. You can take advantage of their Borderless Account to hold funds in up to 27 currencies. The cost of a transfer depends on the currencies concerned, the transfer amount, and the payment mode.

CurrencyFair

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You can register as an individual or a business. They allow scheduled transfers and offers a low transfer amount of €8. The transfer fee includes €3 plus 0.35% of the transfer amount

WorldRemit

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WorldRemit allows you to transfer money to the cash pickup location or bank accounts. Their website is available in several languages with a low minimum transfer amounting to £1.

Frontierpay

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The company provides scheduled transfers, market orders, and forward contracts. Moreover, their personal transfers are free of charge with the minimum amount you can transfer is at £500.


Company Details
  • Company Name: SITUS INTERMEDIATE HOLDCO LIMITED
  • Registration Number: 04543359
  • Incorporation Date: 2002-09-24
  • Status: Active
Contact Citibank Money Transfer Review
  • via Phone: +44 20 7500 5000; +44 20 7986 4000 Call
  • via Post: 34th Floor, 25 Canada Square, Canary Wharf, London, E14 5LB