My first time using Citibank plus transaction account for my recent Europe trip due to numerous recommendations. It was such a BIG disappointment. I was wondering if anyone else experienced this issue before?
So, I opened this account for ATM Withdrawals in European countries for June 2017. I just got back from my trip.
My friend and I both have Citibank Plus trans a/c but her is Visa (she opened it 2 years ago) and mine was Mastercard (apparently Citibank use that now).
When we landed in Athens, we both took 300 EURO from Euronet bank ATM at airport. She had no problem. I used the same ATM after her and I had a message stated that this withdrawal will be at 0.60 FX rate and do you want to proceed. I thought it was abit low but I needed cash and I don't know how much my friend FX conversion was. So I proceed and EURO came out. Later at night, I asked my friend and she checked her Citibank app and her rate was 0.66 and she never had any message from ATM asking her whether she wants to proceed.
So next day we tried again. I tried at random ATM and same message popped up and she used the same ATM after me and no message. I had the same rate at 0.60 and she was at 0.66. So I emailed Citibank asking questions and their responses were market fluctuates, try select savings or cheque instead. I gave up on them since I was overseas.
So I called Citibank upon my return and same answers: market fluctuates. We don't know why it was giving you that rate, maybe it's that ATM overseas problem. I've tried explaining to them that it was the same ATM, same overseas Bank, within 1 min apart and I had a message while my friend with same Citibank account did not and had no problem at all…. so how can market fluctuate by 0.06 within 1 min especially when our AUD/EURO never dropped below 0.65 in June or July? I've told them Citibank is misleading because their FX conversion tool on app and website had 0.66 and yet you dont' get that rate overseas. I even told them that on Mastercard website, if you put in date of transaction, it will show you FX rate and on my date, it was suppose to be 0.66.
So for 300 EURO, I lost $50 AUD, that's equivalent to 10% off the market FX rate. Citibank said "in order for us to move on from this, we will give you $50 back as once-off good gesture". Seriously? first, you should give me back $50 AUD and secondly, no apologies or understanding of my frustration because I had to rely on my friend for the rest of my 35 days trip to withdrawal money on my behalf. Citibank also said that "you can try next time when you're overseas". As if I'm going to take chances again. I am definitely cancelling this account after they reimburse me. I even suggested maybe Citibank didn't set up my account properly first time but no, it's not their problem.. gotta be my problem somehow.
I think its the ATM (Euronet) that you were using, not Citibank that is the issue. Euronet is an independent ATM. Other independent ones are Travelex, Moneybox, Cardpoint, and Cashzone.
I heard stuff about Euronet giving you 2 options sometimes when withdrawling: doing the conversion for you which nets you a lower rate from Euronet or your local bank (citibank) doing the conversion for you if you select non conversion withdrawal or something like that
Its like when shopping on Amazon US, do you let Amazon do the conversion or do you let your bank do the conversion. Amazon's rates makes it more expensive, so I always let my bank do the conversion.
Some reading here should clarify
I do find it bizarre that maybe it didn't give you the option for conversion after your friend used it.
At least Citibank gave you money for it.
Hope that helps.