Compare Citibank's current exchange rates before your next international money transfer.
Exchange rates can make all the difference when sending money overseas. And while using your bank might seem convenient, it often won't offer the best value for money.
The smart thing to do is to compare your options – and that means knowing what exchange rate you'll get. Begin by checking out Citibank's current exchange rates and comparing them to other options.
What are Citibank's foreign exchange rates?
The table below shows the current exchange rates used by Citibank for international money transfers. It's updated daily, so is accurate as of 27 May 2019.
"Citibank buys" is the price Citibank will give you in Australian dollars for foreign currencies.
"Citibank sells" is how much Citibank will give you in foreign currency for each Australian dollar you "sell" it in a money transfer. These are the rates you will get when sending Australian dollars overseas.
The mid-market rate is like the current official exchange rate. It's called the "mid-market" rate because it's the average "middle" of the buy and sell rates on the global forex market.
It's rare for banks and money transfer services to offer you the true mid-market rate. Instead, they'll usually try to buy slightly below mid-market rates and sell slightly above them to turn a profit on exchange rates.
This difference can be much larger than any of the fees.
So when you want to find the best exchange rates, look for a service offering as close to mid-market rates as possible.
Updated: 26 May 2019 20:04:48 UTC
For AUD$10,000, you'll get
Great British Pound
Hong Kong Dollar
New Zealand Dollar
South African Rand
Citibank currency exchange: What to know
What we like
Instant transfers between Citibank accounts. As a global bank, you can make instant transfers to overseas Citibank accounts in over 15 countries.
Flexible account options.The Citibank Plus account lets you make instant international payments to eligible Citibank accounts without any transfer fees. Meanwhile, the Citi Global Currency Account can hold up to 10 different currencies, cut international transfer fees and even earn interest on AUD balances.
What to watch out for
Uncompetitive exchange rates. Citibank adds a larger margin to exchange rates than specialist money transfer services typically do.
Fees apply. Different fees can apply in different circumstances. Compared to dedicated international money transfer services, it can be more difficult to ensure you've accounted for all possible fees.
Exchange rates are constantly changing, so it's not possible to flat out say one bank will always offer better or worse rates than another.
But being able to check the live rates is the next best thing, so compare your options when you need to make a money transfer and see if you can save.
The "Rate" and "Amount Received" displayed are indicative rates that have been supplied by each brand or gathered by Finder.
Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention "Finder" before you commit to a brand.
Andrew Munro is the global cryptocurrency editor at Finder. He covers the latest developments in digital assets and blockchain, and works on Finder's comprehensive range of guides to help people understand cryptocurrency.
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