Citibank money transfers review February 2018 | finder.com

Review: Citibank international money transfers – February 2018

Enjoy fast, secure transfers and multiple options when sending money overseas.

A respected global financial institution, Citibank offers a broad range of banking products and services to personal and business customers around the world. If you need to move money internationally, Citibank provides two competitive and secure options:

  • Citibank Global Transfers. Send money from your Citibank account to other Citibank accounts in more than 20 countries — all without paying a transfer fee.
  • International wire transfers. Send money to more than 7,000 banks worldwide.

You can initiate a transfer from your local bank branch, online or through a Citibank ATM.

Product NameCitibank
Min. Transfer Amount$0
Max. Transfer AmountNo limit
Transfer Methods
OnlinePhoneAgent...
Transfer Options
Regular paymentsOne off payments
Transfer Speed
Minimum transfer time
2 days
Banking PartnerCitibank
Customer Service
PhoneBranch
Available CurrenciesAED, AUD, CAD, CHF, CZK, DKK, EUR, HKD, HUF, JPY, NOK, NZD, PLN, RON, RUB, SEK, TRY, USD, ZAR
Exchange Rate UpdatesReal time

Highlights

  • Bank-to-bank transfers. You must have a bank account with Citibank to make a transfer with the financial institution. And you can only transfer money to a bank account. Your recipient cannot pick up cash.
  • Large transfers. Depending on the type of account you hold with Citibank, you can send up to $250,000 a day.

How much will I pay to transfer money with Citibank?

If you use Citibank Global Transfers, you won’t pay a transfer fee for your international money transfers. You can send and receive money internationally without incurring any charges.

International wire transfer fees vary depending on the type of account you have:

  • Citigold and Citipriority — $25 per transfer
  • Citi Private Bank — $0 transfer fee
  • Citi International Personal — $30
  • Citigold International — $20
  • Citigold Private Client — $0
  • Citi Global Executive — $30
  • Citi Global Executive Preferred — $30
  • All other Citi accounts — $35 per transfer
  • Wires initiated at a bank branch — $45 per transfer

How are Citibank’s exchange rates?

Citibank’s exchange rates are regularly updated to keep pace with market fluctuations, so it’s important that you check the rates that apply to your transaction before you send any money.

Because it’s a global bank, Citibank can typically offer more competitive exchange rates than banks with a presence in the US only.

What types of transfers can I make with Citibank?

  • One-off transfers. Send a one-time transfer from your Citibank account.
  • Recurring transfers. This option is only available for Citibank-to-Citibank transfers.
  • Bank-to-bank transfers. Citibank only gives you the option to transfer money to a bank account. Your recipient cannot pick up cash.

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Pros and cons of using Citibank

Pros
  • Fee-free transfers. With Citibank Global Transfers, you can send money to other Citibank account holders in more than 20 countries without incurring any fees.
  • Simple process. Quickly and easily send a money transfer from your online account.
  • Fast transfer speeds. International money transfers are sent the same business day if received before 5:15 p.m. ET.
  • Transfer options. Transfers can be sent online, from ATMs or by visiting your nearest branch, and they can be funded from a checking, savings or money market account.
  • Worldwide access. Citibank makes it possible to send money to just about anywhere in the world.
Cons
  • High wire transfer fees. Prepare to pay a fee when you send money by wire transfer to a non-Citibank account.
  • Transfer limits. Depending on your account type, how much you can transfer at one time is typically limited to $50,000 a day.

How do I send money overseas with Citibank?

Citibank offers two options for you to send money overseas: Citibank Global Transfers and international wire transfers.

Citibank Global Transfers

Citibank Global Transfers can be sent to any Citibank account in more than 20 countries around the world at no charge. You can initiate a transfer online, at a branch or through an ATM with only your recipient’s name and Citibank account number.

International wire transfers through Citibank

With a wire transfer, you can send your money to more than 7,000 banks worldwide.

Citibank account holders pay a $35 transfer fee, while Citigold account holders pay $25. Citibank Private Bank accounts are waived of all fees, no matter the type of transfer. If you’re making an outbound domestic wire transfer, you’ll pay lower fees.

For a wire transfer, you provide the name of your recipient and their bank’s routing, account and SWIFT numbers.

Whichever transfer option you choose, you’ll need a Citibank checking, savings or money market account. Same-day processing of transfers is typically available, with the funds deposited directly into your beneficiary’s bank account.
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Does Zelle work with Citibank?

Yes. Zelle, a new peer-to-peer payment service, is available through the mobile apps Citi Mobile and Citibank Online. To send money to other Zelle accounts you need to:

  1. Log in and select Send money with Zelle.
  2. Follow the onscreen instructions to choose who you want to send it to and how much.

How do I register and transfer funds with Citibank?

To set up a Citibank Global Transfer, you specify your recipient’s name and account number. After you confirm the details of your transaction, the money is debited from your account and sent to your recipient’s account.

For international wire transfers, you’ll need to provide:

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

International money transfers are sent the same business day if received before 5:15 p.m. ET.

Where can I send money?

Citibank Global Transfers allow you to send funds to:

  • 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

More countries are available for Citibank’s Wire Transfer service.

Bottom line

Citibank offers two easy, effective solutions when you need to send money overseas. But before you commit to any international transaction, compare your available options to make sure you get the best value for your money.

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Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Services Amount Received Description CTA Details
USD 1,000 1 day USD 0.00 18.469 Online, Phone, Bank Account to Bank Account MXN 92,346 Exclusive offer: $0 transfer fee
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USD 100 3 - 5 days USD 5.00 18.451 Online, Phone MXN 92,161 Transfer money into 20 currencies and schedule regular payments. $5 fee waived for transfers over $5,000. Go to site Show details
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4 Responses

  1. Default Gravatar
    UdoikoMay 24, 2017

    Please where do i send my international wire transfer information,can i transfer DGS through here?

    • Staff
      HaroldJune 25, 2017Staff

      Hi Udoiko,

      Thank you for your inquiry.

      For a wire transfer overseas, you will pay $35 for most transfers, although this cost rises to $45 if you initiate the transfer at a bank branch. The fee is waived for Citigold account holders. You can check your options of which providers are available for your through checking on section where it says “Compare other international money transfer providers.”

      I hope this information has helped.

      Cheers,
      Harold

  2. Default Gravatar
    GraceApril 18, 2017

    I soldi a property in mexico and funds were being held in escrow, by citibank since April 10 2017 the wire transfer had not been receive to my bank in mexico. Why this delay.
    Please give me information

    • Staff
      HaroldJuly 30, 2017Staff

      Hi Grace,

      Thank you for your inquiry.

      As per the information you have provided. It would be nice to coordinate directly with the bank where you had the issue during fund transfer process. You can clarify with them what are issues occurred and asked them what are the options to resolve it.

      I hope this information has helped.

      Cheers,
      Harold

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