Citi 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 Citi was the first foreign bank to be granted an Australian banking license, and now they are part of the Australin Government's Financial Claims Scheme, guaranteeing the security of deposits of up to $250,000 per person.
Bank Account Offer
Earn up to 0.7% p.a. interest on your AUD balance.
$0 monthly account fee.
Enjoy one linked debit card to hold up to 10 currencies and receive foreign currencies for free.
- Monthly account fee: $0
- Linked debit card: Mastercard
- ATM withdrawal fee: $0
- Overseas EFTPOS fee: 0%
Citi 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, Citi 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.
- Citi's SWIFT code: CITIAU2X
What's internet banking like for Citi?
The Citi mobile banking platform gives customers the ability to view account relate informaton, 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, Citi 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
The Citi Plus Transaction account doesn't charge fee for conduction and international money transfers. Though do keep in mind that third party fees may arise. There are two types of Citi international transfers:
- Global transfers - Where sending funds can be done instantly to eligible Citi 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 Citi Debit card to PayPal?
Yes you can, but you will need to have a Citi Plus account linked to the card as the primary account.
Mobile banking appImage Source: App Store
What transaction accounts are offered by Citi?
- Citi 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: Citi OTP App
Frank just bought a new phone and his old phone was registered with the Citi 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 registry your Citi 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 Citi?
- Citi 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.
What term deposits are offered by Citi?
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- Citi Term Deposit 10K. Earn a competitive interest rate on balance of $10,000 or more with a term deposit through Citi. 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 Citi accounts?
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- Global ATM access. Due to their worldwide presence, accessing your Citi accounts overseas is easy.
- Overseas money transfer. With the transaction acount 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 Citi savings.
- 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 Citi savings account?
With the exception of the terms saving account, you can quickly begin your application for a Citi savings account online.
- Start the application. Before beginning, you will be asked to read and agree to the Citi 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 a 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 Citi 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.