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Citibank international money transfers – Review & Analysis

Learn more about the services offered by Citibank in Canada.

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Citibank has a global network and online resources that allow you to access and send money from almost anywhere in the world with ease and flexibility. However, Citibank services in Canada are very limited. Read on to find out more about the services offered across Canada.

Citibank services in Canada

Citibank offers a few services in Canada including:

  • Citi Corporate and Investment Banking. Citibank offers investment and corporate banking services to a variety of customers in various sectors and industries, including metals and mining, energy, manufacturing and telecommunications. Citi’s Corporate and Investment Banking has offices in Toronto, Calgary and Montreal.
  • Markets and Securities Services. Citibank offers financing solutions for corporations, governments and institutional and retail investors through a variety of services, including underwriting, sales, trading and distribution capabilities.
  • Citi Private Bank. Through Citi Private Bank, it’s possible to bank internationally. Described as a service for “wealthy and worldly” individuals or families, this service allows customers to customize their banking preferences. Services include risk management, investment advice, portfolio management, business financing and trust and estate services.
  • Citi Treasury and Trade Solutions. Citibank offers integrated cash management and trade finance services to corporations, financial institutions and public sector organizations around the world.

You should keep in mind that although Citibank offers the above services in Canada, there are no Citibank ATMs in this country.

What other products and services does Citibank offers in Canada?

  • Credit cards. Citibank offers a few different commercial and consumer credit cards to suit different spending needs and preferences. Customers can choose from the Home Depot Consumer Credit Card, the Home Depot Commercial Revolving Card and the Home Depot Commercial Account credit cards, each of which offers different reward programs and low rates.

Citibank international money transfers

If you wish to transfer money overseas and have a Citibank Private Bank account, you can send money to over 42 countries worldwide. Citibank online transfers enable you to transfer funds domestically or internationally to other bank accounts or to Citibank accounts.

Citibank Canada’s SWIFT code/ BIC is CITICATTBCH.

Transfer typePurposeHow long?
GlobalSends funds instantly between Citibank accounts in certain countries.Instant.
OnlineSend funds domestically or internationally to any other bank account.3-5 business days.

Citibank foreign exchange rates

As a Citibank customer, you get access to a wide range of foreign currencies at competitive rates as well as a host of other useful products. If you conduct business overseas, travel a lot or invest in foreign currencies, Citibank may provide useful services for you. With their services and accounts, you may be able to exchange one currency for another at prevailing exchange rates.

Why choose Citibank?

  • A global network. Citibank has more than 40,000 branches in over 42 countries, ensuring that you will find a branch or ATM around the globe, outside Canada.
  • Business solutions. Citibank offers a variety of different solutions for businesses, governments and multinational corporations.
  • Wealth management solutions. Citibank offers private banking services to wealthy individuals and families.

What are the pros and cons of using Citibank?

Pros

  • Security. Citibank ensures that all of your online money transfers are secure. It uses the latest encryption technology to protect your information online.
  • Global banking. Citibank has an extensive network and global support to provide you with banking solutions around the world.

Cons

  • Processing delays. International money transfers from Citibank accounts to other financial institutions around the world can take up to five days to be processed, which can cause inconvenience in urgent situations.
  • Limited options. The banking options offered by Citibank in Canada are very limited.

Compare Citibank to other money transfer services

Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
Name Product Offer Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Wise (TransferWise)
24 hours
From 0.43%
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Xe Money Transfers
Within minutes
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
Instarem
Within minutes
From $0
Use code HELLO to get $20 off on first two transfers on a min transfer of $250. Valid until November 30, 2023.
Instarem offers zero transfer fees on all transfers.
Africhange
Within minutes
From $0
Send money in CAD to Africa on this blockchain and P2P powered provider.
Remitly
Finder Award
Remitly
Within minutes
From $0
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
MoneyGram
Finder Award
MoneyGram
Within minutes
From $4.99
For a limited time, get $0 fees on your first money transfer from Canada. Conditions apply.
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
OFX
Finder Award
OFX
24 hours
$0
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
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