Citibank Australia makes it easy for anyone to track their money with a variety of everyday, savings and deposits accounts in all shapes and sizes.
Citibank in Australia is a part of the global Citigroup, which has been a financial institution in Australia since 1970’s. They are recognised for being one of the largest financial service organisations in the world. In 1985 Citibank was the first foreign bank to be granted an Australian banking licence, and now they are a part of the Australian Government’s Financial Claims Scheme, guaranteeing the security of deposits of up to $250,000 per person.
About Citibank
Citibank provides its Australian customers with a variety of options to boost your savings. Whether you are looking for a basic savings, one that provides you with total access, or have a long term savings goal in mind, Citibank could help. If you choose an account with Debit Mastercard, you can withdraw funds at a number of Australian ATMs including those at BankSA, Bank of Melbourne, Westpac and St.George.
- Citibank's SWIFT code: CITIAU2X
What’s internet banking like for Citibank?
The Citibank mobile banking platform gives customers the ability to view account related information, transfer funds, pay bills, view reward points balance and redeem rewards. Using the online platform you can also make bill payments, manage payees, initiate multiple payments, get eStatements and request chequebooks and deposit books.
To provide online security, Citibank encrypts to all data sent and received, and its Online Authorisation Code system provides additional security when performing third party funds transfers.
Notable features include:
- Schedule payments for the future
- Sign up for Citi Alerts
- Personal budgeting for credit card customers
How do the international money transfers work?
The Citibank Plus Transaction account doesn't charge fee for conducting and international money transfer. Though do keep in mind that third party fees may arise. There are two types of Citibank international transfers:
- Global transfers – Where sending funds can be done instantly to eligible Citibank accounts in participating countries: Bahrain, Indonesia, Singapore, China, Jersey, Taiwan, Colombia, Korea, Vietnam, Egypt, Malaysia, United States, Guam, Mexico, United Kingdom, Hong Kong, Philippines, UEA, India and Poland.
- Online transfers – Where funds typically take between 3 - 5 days to be processed into your bank account.
Can you link a Citibank Debit card to PayPal?
Yes you can, but you will need to have a Citibank Plus account linked to the card as the primary account.
What about the mobile app?
Image Source: App Store| Login page | Account balance | Select ATM pin |
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What transaction accounts are offered by Citibank?
- Citibank Plus everyday account. A fee free account that gives you total access to your funds either with the issued Debit Mastercard or through online banking. This transaction account is for individuals who want ease in purchasing and paying their monthly bills.
- Cash Investment account. A transaction account that earns you competitive interest while still allowing you to pay your bills and receive direct deposits. This account is available as an individual transaction account or for managing business investments.
Case Study: Citibank OTP App
Frank just bought a new phone and his old phone was registered with the Citibank OTP app. He was wondering if he could just download the OTP app without deregistering the old phone. His phone number and telecommunications provider is the same though he had to swap the SIM card.
Unfortunately, for security reasons, if you register your Citibank account with the OTP app on your new phone, it will automatically de-register your account from the old phone.
- If the app's not working on your mobile, you may need to try it on a desktop instead.
What high interest savings accounts are offered by Citibank?
- Citibank Online saver. The online saver allows transfers using a linked account to another Australian bank. There are no monthly fees with this account and no minimum balance requirement. This is an account intended for personal use that provides you with a special introductory rate for the first four months after the account has been opened.
- Citibank Ultimate saver. If you are able to maintain a minimum balance of $10,000, the ultimate saver allows for you to earn interest while still having complete access to the money using a Debit Mastercard or through online, phone and mobile banking. Only individuals may use this account for personal purposes, but Citibank does offer the Ultimate Business Saver if want an account to help you manage your business funds.
What term deposits are offered by Citibank?
- Citibank Term deposit. Earn a competitive interest rate on balances of or more with a term deposit through Citibank. The terms are flexible, ranging from eight days to up to five years. There are no fees to consider unless you make an early withdrawal, plus you can choose the currency that you would like to save in.
What are the pros and cons of Citibank accounts?
Pros
- Global ATM access. Due to their worldwide presence, accessing your Citibank accounts overseas is easy.
- Overseas money transfer. With the transaction account you are able to transfer money overseas to certain countries instantly with no fee.
- Fees. There are no transaction charges or account keeping fees for the savings and transactions products.
- Linked accounts. You can use your everyday account with another Australian bank to transfer money into and out of your Citibank savings.
Cons
- Commission charge. When making an overseas transfer, there is a commission charge included in the conversion rate.
- Hidden fees. You may be charged a fee for bank cheques, international payments and foreign currency services.
How do I apply for a Citibank savings account?
With the exception of the terms saving account, you can quickly begin your application for a Citibank savings account online.
- Start the application. Before beginning, you will be asked to read and agree to the Citibank terms and conditions. You will have to be at least 18 years of age and a permanent resident of Australia.
- Provide your details. You are going to need to provide personal information such as name and address to apply. If applying for the online saver, have your linked account information available.
- Manual submission. You must print the application to complete and then send it back to Citibank for processing.
Before beginning the application, ensure that you have compared the features and benefits of savings accounts with various Australian banks. This will help you in choosing the right one to suit your needs.
Does Citibank enjoy same Australian government guarantee as our big four banks
Hi Jim,
Thanks for your question.
The Australian Government provides guarantee to deposits up to $250,000 in Authorised Deposit-taking Institutions (ADIs) including banks, building society or credit union. Just like the major banks, Citibank deposit accounts are covered by government guarantee of up to $250,000 per person, per institution.
Cheers,
Anndy
We are retired 72 and 76Yr with 126700 in a progress saver for many years now, The 2nd may to 31 oct interest earned on deposits was $1370 do you have a bank with better returns?
Hello Allan,
Thank you for your question.
For a higher interest rate you may consider this article as your guide to earn up to 3.05% p.a. with a high interest savings account.
I hope this information has helped.
Cheers,
Harold
Traveling to USA do I need to load debit card with Australian dollars or American dollars. Especially when the USA dollars are high? Thanks
Hi Vivienne,
Thanks for your question.
Are you looking at the Citibank Plus everyday Transaction account? This account does not charge you any fees when making transactions overseas, however as it’s an Australian debit card, you can only hold AUD in the account. If you prefer to use USD, consider getting a prepaid travel card before going overseas. A prepaid travel card lets you lock-in exchange rates and avoid currency conversion or ATM withdrawal fees.
Hope this helps.
Clarizza
I am non-resident of Australia and the VIP client of
CitiBank Russia for more than 10 years.
I would like to open private everyday transaction and / or savings USD
and EUR accounts at the Australian Citibank remotely (by online), in
order to have savings, to carry out payments for the purchase, to make
private transfers.
Is it possible?
And could you please suggest any contact person (e-mail is preferable) to help me arrange it?
Thank you!
Hi Sergey,
Thanks for your question.
Citibank Australia offers a range of multi-currency accounts that hold USD or EUR and can be used for electronic / private transfers.
We’d recommend that you speak to your relationship manager at Citibank Russia, who should be able to assist you with your application with Citibank Australia.
Hope this helps.