Product details
The Citi Global Currency Account is an everyday transaction account, multi-currency account and travel debit card in one. You can hold up to 10 different currencies in the account, and withdraw the correct local currency from international ATMs with no withdrawal fee.
Read on to learn more about the impressive list of features this account offers.
You’ll receive individual account details for the foreign currencies held in the account, allowing you to receive money in foreign currencies from the one account. Plus, you can even receive interest on your AUD balance.
- Product Name
- Citi Global Currency Account
- Monthly Account Fee
- $8
- Debit Card Access
- Mastercard
- Interest Rate p.a.
- 2.25%
- Overseas ATM Withdrawal Fee
- $0
- Overseas Eftpos Fee
- $0
- Phone Banking
- Yes
- Fees
- $8
- Internet Banking
- Yes
Features
Hold up to 10 currencies
You can hold up to 10 different currencies in the one account, including AUD, USD, EUR, SGD, NZD, JPY GBP, CAD, HKD and CHF. You can load your account with these currencies when the exchange rate is in your favour.
Receive international bank account details
You’ll receive individual bank account details for up to 10 currencies held in the account, so you can receive money in those currencies. It’s like having a local bank account in those countries.
Linked Citibank debit card
This account comes with a linked debit card which you can use in-store or online all around the world. Although you can have up to 10 different bank account details, it’s all linked to the one debit card.
Use for everyday spending in Australia
This account isn’t just for international business and travel. You can also use it as your regular everyday transaction account in Australia. Use the linked debit card to make daily purchases in store or online, or pay your bills as you would with a standard bank account.
Use your debit card to pay like a local overseas
Simply set your default transaction currency to the local currency in the country you’re in, and use your debit card like a local with no foreign exchange fees. Make sure you remember to set your correct default currency via the Citi mobile app.
No international ATM fees
Because you already have the foreign currency in your account, when you’re in a country that uses that currency you can withdraw money at ATMs with no fees. However, make sure your debit card is linked to the correct currency before using the ATM, otherwise a 2.5% foreign exchange fee applies.
No international transaction fees when shopping online
If you’re shopping online on a US site, you can set your debit card transaction currency to USD to pay no international transaction fees.
Access competitive exchange rates
You can load different currencies into the account when the exchange rates are favourable, or convert foreign currency back into AUD when the Australian dollar is strong.
If a foreign currency is deposited into your AUD account, Citi will apply the current Citi exchange rate to the conversion.
Earn up to 2.25% interest on your AUD balance
If your AUD balance is between $100,000 and $249,999.99 you’ll receive 1.50% p.a interest on your funds. Balances in AUD that are higher than $250,000 will earn 2.25% p.a.
$8 monthly account keeping fee
There’s an $8 monthly account service fee for this account, but this is waived if you’re a Citigold or Citi Priority customer.
Citi mobile app available
Manage your money on the go and keep track of your transactions using the Citi mobile app. Use the app to instantly switch between transaction currencies when you’re hopping between countries.
Pros
- Hold up to 10 currencies in the one account
- Avoid international transaction fees and international ATM fees
- Receive money in up to 10 currencies for free using local account details
- Earn up to 2.25% p.a. interest on your AUD balance
Cons
- $8 monthly account fee (waived for Citigold and Citi Priority customers)
- Correct currency is not automatically used when using your card overseas, so you need to remember to set the transaction currency.
How to apply
You can apply online in less than 10 minutes. Before you do, check you meet the eligibility criteria and have the necessary documents handy.
Eligibility to apply
- Minimum age. The minimum age requirement for this account is 18 years of age.
- Residency requirement. In order to be eligible for this account, you must have an Australian residential address.
- Personal use only. This account if for personal use only and is not available for business applicants.
Documentation required
- Valid contact details. You must have a valid email address and phone number.
- Tax file number. You are not legally required to provide this, but if you don’t withholding tax will be deducted at the highest marginal rate.
- Identification. You’ll need to provide valid forms of ID such as your passport, birth certificate or driver's licence in order for Citi to verify your identity.
What happens after I submit my application?
After submitting your application, the information provided will be verified by Citi, and you’ll be given the details of the account. You’ll be sent your Citi debit card in the mail to your residential address. You’ll also now be able to load different currencies into the account using the Citi mobile app.
