As one of the largest banking institutions in the US and with a large global presence worldwide, CitiGroup is a popular option for sending international transfers reliably and safely.
In this guide, we’ll take a look at everything you might need to know about sending money abroad with CitiGroup, as well as more basic information on opening an account and transaction limits that you may want to be aware of.
About CitiGroup Bank
CitiGroup is the third largest bank in the United States, and is one of the ‘Big Four’ banking institutions of the country. The bank has operations in over 160 countries, and has over 200 million customer accounts worldwide.
CitiGroup has 204,000 employees, and more than 4,600 branches worldwide. As well as standard consumer banking, CitiGroup also manages private banking, trade solutions, securities services, and more.
CitiGroup Exchange Rates and Fees
The two charges most commonly associated with international transfers are transfer fees and the margin added onto the exchange rate. Both can significantly affect how much money actually goes to your recipient at the other end of the transaction, so it’s important to make yourself aware of the fees you are likely to be charged before locking in a transfer.
Exchange Rate
Like most banks, CitiGroup adds a margin onto the mid-market exchange rate to transfer your money internationally. CitiGroup states that “the exchange rate includes a commission for the currency conversion” and will show you the rate you are being given before you lock in a global transfer.
Transfer Fees
CitiGroup’s wire transfer fees vary quite widely depending on what type of account you have. Fees for an outbound international transfer can range from $0 to $35, with the following fees applying to each account:
Citigold: $25.00
Citi Priority: $25.00
Citi Private Bank - Citibank® account package: Waived
Citi Private Bank - Citigold® account package: Waived
Citigold® Private Client International Account: Waived
Citigold® International Account: $10.00
Citi International Personal Account: $30.00
Citi Global Executive Account: $30.00
Citi Global Executive Preferred Account: Waived
All other accounts: $35.00
Additional Costs
If you are receiving an international transfer, most premium CitiGroup accounts have no fees. However, all other accounts have an inbound fee of $15.00.
How do CitiGroup transfer fees compare to using a money transfer provider?
If you’re likely to have a standard checking or savings account with CitiGroup, it’s very likely that you’ll find cheaper transfer fees by using a money transfer operator. Compare providers to find the cheapest way to send your money.
CitiGroup Pros and Cons
- Worldwide access: CitiBank has a large global presence in hundreds of countries, making sending money around the world an easy process to set up.
- Free transfers for other CitiBank accounts: CitiGroup Global Transfers mean you can send money internationally to another CitiBank account holder with no transfer fees.
- Convenient process: Sending money with CitiGroup is a straightforward and simple process once your account is set up.
- Expensive fees: If you are sending to a non-CitiGroup bank account, you’ll pay much higher wire transfer fees than you would with a money transfer operator.
- Higher exchange rate margin: Likewise, you’ll pay a higher markup on the exchange rate than you would with a specialist transfer provider, so it’s worth comparing your options.
CitiGroup Bank Swift Codes
| Bank | Country |
|---|---|
| Citigroup Pty Limited | Australia |
| Citigroup Global Markets Australia Pty Limited | Australia |
| Citigroup Pty Limited Sydney | Australia |
| Citigroup Global Markets Brasil Cctvm Sa | Brazil |
| Citigroup Commodity Shanghai Company Ltd Ju Jai Zui Finance And Trade Zone | China |
| Citigroup Global Markets Limited | France |
| Citigroup Global Markets Deutschland Ag | Germany |
| Citigroup First Investment Management Limited | Hong Kong |
| Citigroup Global Markets Asia Limited | Hong Kong |
| Citigroup Global Markets China Limited | Hong Kong |
| Citigroup Global Markets Hong Kong Futures And Securities Limited | Hong Kong |
| Citigroup Global Markets Hong Kong Futures Ltd | Hong Kong |
| Citigroup Global Markets Hong Kong Holdings Limited | Hong Kong |
| Citigroup Global Markets Hong Kong Limited | Hong Kong |
| Citigroup Global Markets Hong Kong Nominee Limited | Hong Kong |
| Citigroup Technology Infrastructure Hong Kong Limited | Hong Kong |
| Citigroup Global Markets India Private Limited | India |
| Pt Citigroup Securities Indonesia | Indonesia |
| Citigroup Financial Products Israel Limited | Israel |
| Citigroup Asset Management Co Ltd | Japan |
| Citigroup Global Markets Japan Inc | Japan |
| Citigroup Global Markets Luxembourg Sarl | Luxembourg |
| Citigroup Global Market Malaysia Sdn Bhd | Malaysia |
| Citigroup Global Markets Mauritius Private Limited | Mauritius |
| Citigroup Holdings Mauritius Ltd | Mauritius |
| Citigroup Strategic Holdings Mauritius Ltd | Mauritius |
| Citigroup Global Markets New Zealand Ltd | New Zealand |
| Citigroup Global Markets Singapore Pte Ltd | Singapore |
| Citigroup Global Markets Singapore Securities Pteltd | Singapore |
| Citigroup Global Markets Pty Ltd | South Africa |
| Citigroup Global Markets Korea Securities Limited | South Korea |
| Citigroup Global Markets Taiwan Securities Companylimited | Taiwan |
| Citigroup Global Markets Limited | United Kingdom |
| Citigroup Global Markets Uk Equity Limited | United Kingdom |
| Citigroup Global Markets Inc | USA |
| Citigroup Counterparty Risk Llc | USA |
| Citigroup Financial Products Inc | USA |
| Citigroup Forex Inc | USA |
| Citigroup Global Markets Commercial Corp | USA |
| Citigroup Global Markets Financial Products Llc | USA |
| Citigroup Global Markets Holdings Inc | USA |
| Citigroup Global Markets Inc | USA |
How to Open an Account and Transfer Money With CitiGroup Bank?
If you’re ready to open a new account with CitiGroup, follow the steps below to get started. You can either sign up online or visit a local branch in-person.
Opening an Account
To open a bank account with CitiGroup, visit their website and select what type of account you’d like to open (checkings & savings, credit card etc).
You’ll need to provide:
Your full name
Address
Date of birth
Social Security number
You should then receive an email confirming that your application has been received, and another confirming if your application has been successful or if further identifying documents are required.
Transferring Money
Once your account has been set up, you can transfer money both domestically and internationally fairly easily.
Simply navigate to the ‘wire money’ section, enter your recipient’s details, what currency you want to send a transfer in, and confirm the fees and exchange rate you are being given. If you’ve initiated your transfer before 5.15pm for an international transfer, your transaction should be processed on the same working day.
Additional Information
Customer service details for users of CitiGroup Bank
You could choose to contact customer services by phone via 1-800-374-9700, visit a local branch in-person to talk to a customer service representative in person, or use the bank’s message feature in their app.
Summary
Overall, CitiGroup is a reliable and secure way of sending and receiving money. It’s large global presence and ability to manage millions of customer accounts means you can feel safe in the knowledge that your money will be handled safely. In addition, CitiGroup’s fast transfer time is a definite bonus compared to other banks which tend to take closer to 3 - 5 working days to process a transfer.
However, when it comes to cost, you will find much cheaper alternatives to sending money internationally with a specialist money transfer operator. Compare different exchange rates and transfer fees with our comparison engine now.
Other Banks
Answers to key questions about CitiGroup Bank
Below, we’ve answered a few key questions commonly asked about CitiGroup that you may want to consider if you haven’t got an account with them yet.
