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Review: Citibank international money transfers
Enjoy fast, secure transfers and multiple options when sending money overseas.
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A respected global financial institution, Citibank offers a broad range of banking products and services to personal and business customers around the world. However, Citibank India offers overseas remittance facilities only to its Non Resident Indian (NRI) customers. Before making any overseas remittances, you should know the Indian regulations which govern any overseas money transfer.
If you are an NRI and need to move money internationally, Citibank provides three 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.
- Repatriation. Repatriate funds from your Non Resident Ordinary (NRO) account to either your overseas bank in foreign currency or to your Non Resident External (NRE) account in Indian rupees.
- International funds transfer. Send money overseas from your NRE account to more than 7,000 banks worldwide.
You can initiate a transfer from a Citibank branch, or online.
Note: The transfer limits mentioned below can change depending upon forex rates and local regulations. Check with your Indian Citibank branch for updated limits.
- Bank-to-bank transfers. You must have a bank account with Citibank to make a transfer with the financial institution. Furthermore, 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 and the destination country, using Citibank Global Transfers you can send up to INR620,000 per transaction on a single day and a maximum of INR3,100,000 in a single month.
How much will I pay for overseas money transfers with Citibank?
You should check with Citibank to make sure you understand exactly what your fees will be, but here’s some general information:
Citibank Global Transfers. If you use this service, you won’t have to pay any transfer fees for your international money transfers. You can send and receive money internationally without incurring any charges.
Repatriaton. The fees for repatriation related transfers are not published on the Citibank India website. Speak to your Citibank relationship manager for details.
Overseas Banks. An international funds transfer from your NRE checking account to an overseas bank account is free. You will have to pay a fee of US$35 for an international funds transfer from your NRE and Foreign Currency Non Resident (FCNR) term deposit accounts to an overseas bank account. In both cases, the overseas bank account may charge a fee for receiving the funds.
GST. You also need to be aware that as per Indian laws, Goods and Services Tax (GST) will be applicable on foreign currency conversions.
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 will 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 India only.
What types of transfers can I make with Citibank?
- One-off transfers. Send a one-time transfer from your Citibank account.
- Bank-to-bank transfers. Citibank only gives you the option to transfer money to a bank account. Your recipient cannot pick up cash.
Pros and cons of using Citibank
- 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. With Citibank Global Transfers, funds are transferred to the destination Citibank account from your Citibank NRE rupee checking account almost instantaneously.
- Transfer options. Transfers can be initiated online or by visiting your nearest branch, and they can be funded from your NRE/NRO account or FCNR term deposit subject to validation of the documentation needed for the transfer.
- 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, there are various limits you need to be aware of when it comes to funds transfers.
- Available to NRI customers of Citibank only. If you are a resident Indian, you will not be able to use these money transfer services.
How do I send money overseas with Citibank?
Citibank offers three options for you to send money overseas: Citibank Global Transfers, repatriation and international funds transfer.
Citibank Global Transfers
Citibank Global Transfers can be sent to any Citibank account from your NRE rupee checking account. This service is available for transfers to more than 20 countries around the world at no charge. You can initiate a transfer online or at a Citibank branch with only your recipient’s name and Citibank account number. Transfers to the recipient bank account are almost instantaneous.
The overseas money transfer option to consider if you are looking to transfer money from your NRO account (either a rupee checking account or a term deposit) to either:
– Your account in an overseas bank in foreign currency
– Your NRE account (either a rupee checking account or a term deposit) in Indian rupees
It’s important to note that, as per the current RBI guidelines, individual NRI’s can repatriate a maximum of up to US$1,00,000 per Indian financial year (from April to March). Repatriation requests have to be carried out at the bank branch only and can take anything between 10 days to 4 weeks to be executed. Also, documentation for repatriation requests need to be validated against RBI guidelines.
International funds transfer through Citibank
With an international funds transfer, you can send your money to more than 7,000 banks worldwide.
An international funds transfer an overseas bank account from your NRE rupee checking account is free. But, the overseas bank may charge fees for receiving the funds.
You will have to pay a fee of US$35 for an international funds transfer from your NRE and FCNR term deposits to an overseas bank account. The overseas bank may charge fees for receiving the funds.
For an international funds transfer, you have to provide the name of your recipient and their bank’s routing, account and SWIFT numbers. Such fund transfers are usually credited to the beneficiary’s bank account in 2 to 3 working days.
How do I register and transfer funds with Citibank?
To set up a Citibank Global Transfer, you have to 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.
Repatriation requests are subject to validation of documentation, so you should speak to your Citibank relationship manager for more details.
For international funds 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.
Where can I send money?
Citibank Global Transfers allow you to send funds to:
- Eurozone countries
More countries are available for Citibank’s international funds transfer service, so check with the bank if you don’t see the destination you need on the list.
Citibank offers three easy and effective solutions when you need to send money overseas. However, 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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