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 11 of the world’s most often used currencies, and even pays 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.
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 $50,000 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.
- No monthly fees
- Opportunity to manage your foreign transactions
- Available for business too
- 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 $50,000 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.