Citibank Foreign Currency Account

Citibank Foreign Currency Account

Fee Free Deposit

0

Account Keeping Fee

0.00

Make transactions in a number of currencies from one easy to manage bank account.

  • Allows quick access to various foreign currencies
  • No monthly fees
  • Hold and transaction in multiple currencies

Product details

With Citibank you have the opportunity to manage your foreign transactions without having to worry about currency exchange. It provides you with easy access to ten of the world’s most often used currencies, and even pay you interest on the balance. Available for both personal and business use, Australians who are taking advantage of the Foreign Currency Account will never have to worry about paying any fees.

Product Name
Citibank Foreign Currency Account
Monthly Account Fee
$0
Debit Card Access
N/A
Phone Banking
Yes
Fees
$0
Internet Banking
Yes

What are the features of the Citibank Foreign Currency Account?

For individuals who make frequent transactions in foreign currencies having an account that allows for their exchange easily could be invaluable. Take a look at the features Citibank provides for you and compare those with other foreign currency accounts before choosing the one that fits your circumstance:

  • Minimum investment amount. You will need to invest $10,000 in Australian dollars (AUD) or the foreign currency equivalent for this account.
  • Monthly fees. There are $0 monthly account keeping fees charged to your account.
  • Supported currencies. In addition to AUD you’re also able to make transactions in; Canadian dollars (CAD), Euros (EUR), British pounds (GBP), Japanese yen (JPY), New Zealand dollars (NZD), Swiss francs (CHF), Hong Kong dollars (HKD), Singapore dollars (SGD) and United States dollars (USD).
  • Currency availability. With the exception of the USD, which can be provided at call, your foreign currency transactions will be cleared overnight so long as the instruction for transfer is received before three o’clock in the afternoon Sydney time.
  • Interest. Interest will be calculated on your daily balance and paid to you on the first business day of each month.
  • Expert advice. This account gives you access to a group of foreign currency specialists who will help keep you up to date on the foreign currency exchange market and trends. You can take advantage of their global research and market predictions to grow your investment.

Pros

  • No monthly fees
  • Opportunity to manage your foreign transactions
  • Available for business too

Cons

  • Need to be an Australian resident

How do I apply for the Citibank Foreign Currency Account?

You will need to visit one of Australia’s Citibank branches in order to apply for the Foreign Currency Account. There are a number that can help you with your application located in Sydney, Melbourne, Brisbane and Perth. Before visiting one, you should first make sure that you are eligible to open this account and that you have all of the correct documentation that will be needed:

  • Minimum age. Applicants must be at least 18 years of age to be considered eligible for this account.
  • Residency requirements. You need to be an Australian resident for tax purposes with a valid residential mailing address in Australia.
  • Depository requirements. A minimum of $10,000 AUD or the foreign currency equivalent is needed to open a Foreign Currency Account.

If you are able to meet the eligibility requirements then your next step should be to gather the following documentation before you make the trip to a Citibank branch:

  • Tax file number. Providing Citibank with your tax file number (TFN) is not obligatory but it is helpful if you want to ensure that the correct amount of withholding tax is being deducted from your interest earnings. If you are also a resident of the United States for tax purposes, you will be obligated to provide your social security or tax identification number when applying for the account.
  • Identification. Applicants will be asked to verify their identity using a photo identification document such as a valid passport or driver’s licence.

After having assisted you in filling out the application and reviewing the details, Citibank will provide you with the information you need to begin banking through your Foreign Currency Account.

 

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4 Responses

  1. Default Gravatar
    BernieMay 5, 2017

    1. do you have to maintain a min balance?
    2 what currencies can be deposited at a local Branch?

    • Staff
      LiezlMay 5, 2017Staff

      Hi Bernie,

      Thank you for your question.

      This multi currency account does not have minimum average monthly balance to maintain and no monthly account keeping fee, too. Apart from Australian dollars (AUD), you’ll be able to make transactions in Canadian dollars (CAD), Euros (EUR), British pounds (GBP), Japanese yen (JPY), New Zealand dollars (NZD), Swiss francs (CHF), Hong Kong dollars (HKD), Singapore dollars (SGD) and United States dollars (USD).

      I hope this has helped.

      Cheers,
      Liezl

    • Default Gravatar
      May 6, 2017

      Just need to clarify one detail. Can you take cash of those currencies to a branch and deposit it?

    • Staff
      HaroldMay 8, 2017Staff

      Hi Bernie,

      Thank you for your inquiry.

      Typically, with this account the minimum investment amount is $10,000 in Australian dollars (AUD) or the foreign currency equivalent for this account. Hence, you can deposit with supported currencies such as AUD, Canadian dollars (CAD), Euros (EUR), British pounds (GBP), Japanese yen (JPY), New Zealand dollars (NZD), Swiss francs (CHF), Hong Kong dollars (HKD), Singapore dollars (SGD) and United States dollars (USD).

      I hope this information has helped.

      Cheers,
      Harold

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