One of the key benefits of working with a global bank is that customers can send money around the world, in a variety of currencies, via wire transfers. Citibank is a global powerhouse when it comes to banking, and it offers its customers numerous ways to send their funds around the world. Of course, in most instances, there’s a cost attached to these types of services, and it’s no different with Citibank. However, the costs involved can vary greatly depending on which type of banking relationship you have with Citibank. Here’s a look at the types of wire transfers you can send and receive at Citibank, broken down by account type.
- How Much Do Citibank Transfers Cost?
- What Are Citibank’s Exchange Rates?
- What Currencies and Countries Are Available?
- How Does Citibank Compare With Other Money Transfer Outlets?
- What Types of Transfers Can I Make at Citibank?
- Citibank Wire Transfer Limits
- How To Make a Citibank Money Transfer
Citibank wire transfer costs can vary greatly depending on the type of transfer and the type of account you have. Here’s a look at the different wire transfer costs:
|Citibank Wire Transfer Costs|
|Type of Account||Domestic||International||Outgoing Limits||Incoming Fee|
|Citigold||$17.50||$25||No limit for transfers made in US dollars||Waived|
|Citi Priority||$17.50||$25||No limit for transfers made in US dollars||Waived|
|Citi Private Bank||Waived||Waived||$50,000 per business day||Waived|
|Citi International Personal Account||$18.75||$30||$250,000 per business day||Waived|
|Citigold International Account||$10||$10||No limit for transfers made in US dollars||Waived|
|Citigold Private Client International Account||Waived||Waived||No limit for transfers made in US dollars||Waived|
|Citi Global Executive Account||$18.75||$30||$250,000 per business day||Waived|
|Citi Global Executive Preferred Account||Waived||Waived||No limit for transfers made in US dollars||Waived|
|All Other Accounts||$25||$35||$50,000 per business day||$15|
Exchange rates are like stock prices — they move constantly. To get the exact exchange rate that you will get when you transfer money from one currency to another, you’ll have to contact Citibank at the time of transfer. The company has a 24-hour currency hotline set up just for this purpose. Dial 800-756-7050 and press option No. 1 to get the latest currency exchange rates.
Find Out: How Much Is Citibank Worth?
With the Citibank’s World Wallet foreign exchange service, you can order more than 50 foreign currencies. Here’s the current list of countries and currencies available:
|Citibank Countries and Currencies Available for Foreign Exchange|
|Hong Kong||Hong Kong dollar|
|Israel||New sheqel (contact 800-756-7050 for currency availability)|
|New Zealand||New Zealand dollar|
|Northern Ireland||North Ireland pound (contact 800-756-7050 for currency availability)|
|Scotland||Scotland pound (contact 800-756-7050 for currency availability)|
Citibank has excellent transfer capabilities. You can send money domestically or internationally to nearly any account — sometimes as rapidly as in a single day or less. And many times, money transfers can be much faster than sending a check.
For its best clients, Citibank charges dramatically lowered fees. Top-tier account types, for example, qualify for fee waivers on all types of wire transfers. For standard accounts, however, money transfer fees at Citibank can be quite high. To send a simple domestic wire transfer, for example, you might have to pay a $25 fee.
If you’re making international transfers, you’ll have to factor in not just fees but also the exchange rate. For example, as of Jan. 20, 2020, at 5:13 p.m. PST, if you sent $1,000 to Australia, here were the exchange rates and fees for various money transfer services:
|Sample Currency Conversion Rates From USD to AUD|
|Money Transfer Service||Amount To Send||Conversion Rate||Fees||Amount Received|
|TransferWise||$1,000 USD||1.47||$9.02||$1,453.14 AUD|
|MoneyGram||$1,032 USD (MoneyGram adds its fee to the sent amount)||1.39||$32||$1,387.42 AUD|
If you regularly transfer money, a comparison like this can make a big difference in determining if Citibank is the right bank for you. The Citibank transfer may or may not end up being the cheapest, depending on the type of account you have and the fee the bank charges you.
Citibank offers three primary types of money transfers:
- Inter-institution transfers
- Citibank Global Transfers
- Wire transfers
Inter-institutions transfers, also known as ACH transfers, are between your Citibank accounts and accounts at hundreds of other brokerages, credit unions and banks in the U.S. Next-day service is available for these transfers.
Citibank Global Transfers allow you to send money to other Citibank accounts in the United States and certain foreign countries. Free incoming transfers are allowed, in addition to free domestic transfers and outgoing transfers.
Wire transfers can be used to send money to non-Citibank accounts around the globe. These types of transfers are sent the same day — if a request is received before the stated daily cutoff times of 5:15 p.m. ET for international transfers and 6:00 p.m. ET for domestic transfers.
Other Options: Certified Checks Explained — Including How To Avoid Fraud
The amount you can send via a Citibank wire transfer varies depending on your type of account. The more preferred your account, the higher your transfer limits. Here’s a look at the daily and weekly transfer amounts, including daily limits for online and mobile transfers.
|Citibank Wire Transfer Limits
|Account Type||Per Day Online||Daily||Weekly||Per Day Mobile|
|Citibank Clients and Citi International Personal Account Package||$1,000 up to $10,000||$3,000||$10,000||$5,000|
|Citi Global Executive Account Package||$3,000 up to $10,000||$3,000||$10,000||$5,000|
|Citigold||$2,000 up to $50,000||$5,000||$50,000||$10,000|
|Citi Priority||$2,000 up to $50,000||$5,000||$50,000||$10,000|
|Private Bank Clients||$2,000 up to $25,000||$5,000||$25,000||$10,000|
|Citigold Private Client Account Package, Citigold International Account Package and Citi Global Executive Preferred Account Package||$5,000 up to $25,000||$5,000||$25,000||$10,000|
Note that according to Citibank, lower limits than described above may be imposed for certain destination countries. Additionally, there may be limits on the amount and number of global transfers that a particular beneficiary may receive.
Sending a wire transfer is easy once you’ve set up a Citibank account. All you’ll need are the recipient’s account number and information about the destination bank, such as the name, address and ABA routing number.
Once you set up a wire transfer, your money will be sent out the same business day as long as you submit it before 5:15 p.m. ET for international transfers — or 6:00 p.m. ET for domestic transfers.
You can either make a one-time transfer or set up recurring domestic wires. Any information you provide regarding a wire transfer, such as your bank routing numbers, can be saved to that you can either reuse the information in the future or look back at all of your past transfers.
Note that if you’re making an international wire transfer, you’ll need your bank’s SWIFT code number, rather than the ABA routing number. While a large bank like Citibank may have multiple ABA numbers, every bank has a single SWIFT number. Citibank’s SWIFT number, for example, is CITIUS33. To send an international wire transfer, you’ll need to know the destination bank’s SWIFT number as well.
Note that some international countries require an International Bank Account Number or IBAN. The 34-digit numbers were originally required only by European countries, but some other countries are beginning to use them as well.
Click through for more help using Citibank’s routing number to send a domestic wire transfer.
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Rates and fees are accurate as of Jan. 27, 2020. Rates and fees are subject to change.
Editorial Note: This content is not provided by Citibank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been endorsed by Citibank.