One of the key benefits of working with a global bank is that customers can send money around the world, in a variety of currencies, via wire transfers. Citibank is a global powerhouse when it comes to banking, and it offers its customers numerous ways to send their funds around the world. Of course, in most instances, there’s a cost attached to these types of services, and it’s no different with Citibank. However, the costs involved can vary greatly depending on which type of banking relationship you have with Citibank. Here’s a look at the types of wire transfers you can send and receive at Citibank, broken down by account type. Show
Here’s a quick look at what you’ll find in this guide to Citibank wire transfers:
How Much Do Citibank Transfers Cost?Citibank wire transfer costs can vary greatly depending on the type of transfer and the type of account you have. Here’s a look at the different wire transfer costs:
Back to top What Are Citibank’s Exchange Rates?Exchange rates are like stock prices — they move constantly. To get the exact exchange rate that you will get when you transfer money from one currency to another, you’ll have to contact Citibank at the time of transfer. The company has a 24-hour currency hotline set up just for this purpose. Dial 800-756-7050 and press option No. 1 to get the latest currency exchange rates. Find Out: How Much Is Citibank Worth? Back to top What Currencies and Countries Are Available?With the Citibank’s World Wallet foreign exchange service, you can order more than 50 foreign currencies. Here’s the current list of countries and currencies available:
Back to top How Does Citibank Compare With Other Money Transfer Outlets?Citibank has excellent transfer capabilities. You can send money domestically or internationally to nearly any account — sometimes as rapidly as in a single day or less. And many times, money transfers can be much faster than sending a check. For its best clients, Citibank charges dramatically lowered fees. Top-tier account types, for example, qualify for fee waivers on all types of wire transfers. For standard accounts, however, money transfer fees at Citibank can be quite high. To send a simple domestic wire transfer, for example, you might have to pay a $25 fee. If you’re making international transfers, you’ll have to factor in not just fees but also the exchange rate. For example, as of Jan. 20, 2020, at 5:13 p.m. PST, if you sent $1,000 to Australia, here were the exchange rates and fees for various money transfer services:
If you regularly transfer money, a comparison like this can make a big difference in determining if Citibank is the right bank for you. The Citibank transfer may or may not end up being the cheapest, depending on the type of account you have and the fee the bank charges you. Back to top What Types of Transfers Can I Make at Citibank?Citibank offers three primary types of money transfers:
Inter-institutions transfers, also known as ACH transfers, are between your Citibank accounts and accounts at hundreds of other brokerages, credit unions and banks in the U.S. Next-day service is available for these transfers. Citibank Global Transfers allow you to send money to other Citibank accounts in the United States and certain foreign countries. Free incoming transfers are allowed, in addition to free domestic transfers and outgoing transfers. Wire transfers can be used to send money to non-Citibank accounts around the globe. These types of transfers are sent the same day — if a request is received before the stated daily cutoff times of 5:15 p.m. ET for international transfers and 6:00 p.m. ET for domestic transfers. Other Options: Certified Checks Explained — Including How To Avoid Fraud Back to top Citibank Wire Transfer LimitsThe amount you can send via a Citibank wire transfer varies depending on your type of account. The more preferred your account, the higher your transfer limits. Here’s a look at the daily and weekly transfer amounts, including daily limits for online and mobile transfers.
Note that according to Citibank, lower limits than described above may be imposed for certain destination countries. Additionally, there may be limits on the amount and number of global transfers that a particular beneficiary may receive. Back to top How To Make a Citibank Wire TransferSending a wire transfer is easy once you’ve set up a Citibank account. All you’ll need are the recipient’s account number and information about the destination bank, such as the name, address and ABA routing number. Once you set up a wire transfer, your money will be sent out the same business day as long as you submit it before 5:15 p.m. ET for international transfers — or 6:00 p.m. ET for domestic transfers. You can either make a one-time transfer or set up recurring domestic wires. Any information you provide regarding a wire transfer, such as your bank routing numbers, can be saved to that you can either reuse the information in the future or look back at all of your past transfers. Back to top Citibank SWIFT NumberNote that if you’re making an international wire transfer, you’ll need your bank’s SWIFT code number, rather than the ABA routing number. While a large bank like Citibank may have multiple ABA numbers, every bank has a single SWIFT number. Citibank’s SWIFT number, for example, is CITIUS33. To send an international wire transfer, you’ll need to know the destination bank’s SWIFT number as well. Note that some international countries require an International Bank Account Number or IBAN. The 34-digit numbers were originally required only by European countries, but some other countries are beginning to use them as well. Click through for more help using Citibank’s routing number to send a domestic wire transfer. Back to top More From GOBankingRates
Rates and fees are accurate as of Jan. 27, 2020. Rates and fees are subject to change. Editorial Note: This content is not provided by Citibank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been endorsed by Citibank.
Does Citibank charge for international transfer?Citibank India does not charge a fee for incoming Wire Transfers, however your local bank overseas may charge a fee for sending International Wires. Your bank will require information such as your Rupee Checking Account Number, Beneficiary details and routing number.
How much does Citibank charge to wire?How much does Citibank charge for international wire transfers?. What is the fee for international wire transfer?Average wire transfer fees
Wire transfer fees typically range from $0 to $50. Domestic outgoing wire transfer fees typically range from $0 to $35, while international outgoing wire transfer fees are usually $35-50.
How long does international wire transfer Take Citibank?How long does a Citibank international money transfer take? With Citibank's Global Transfer service, money transfers can go through on the same day. Other standard international wire transfers can take 1 - 5 business days.
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How much does citibank charge for international wire transfer
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