Be rewarded with 25,000 flybuys BONUS POINTS when you apply for a Citi Global Currency Account, transfer and convert AUD$1,000 or more to a foreign currency within the first three months.
Title says all, basically you need to open a free Citi Global Currency Account and convert AUD$1,000 or more to a foreign currency within the first three months to be qualify.
Enjoy.
What is a flybuy point worth (in QFF, VFF or Gift Card?)
2:1 Flybuy to VFF, so 12,500. 25,000 Flybuys would get you $125 off a shop at Coles, so basically as good as cash.
"You can transfer your flybuys points in multiples of 2,000 for 870 Velocity Points. That’s up to 138,000 flybuys points per calendar year per household (equivalent to 60,030 Velocity Points)."
So you will get 10875 VFF points, if you can wait to 15% bonus promotion, that's 12506 VFF points
When or how often could this 15% VFF be seen? And is it a flat 15% on any Flybuys to VFF transfers?
Exchange doesn't look great tbh…
Using the Citibank-Plus Debit Mastercard (0% International Transaction Fee) a $10,000 USD item would cost $14,801.66 (Mastercard FX rate)
Using this Citibank Global Currency Account, I would need to first remember to move the money into USD, then buying the $10,000 item would cost $14,998.00 (Citibank FX rate)
TL;DR: Citibank Global Currency Account has additional steps and will be 2% more expensive than the Citibank-Plus option
So say 2% = $20 cost each conversion.
Essentially net $85 for going through the hoops, $105 if actually spending USD.
Seen worse plus no credit check, could be a goer.
I agree.
I get more ~$15 each way. So ~$30 total to transfer $1,000 in & out.
Also, I'm using 870 Velocity points for each 2,000 Flybuys. So for those who travel it's a net gain of ~$175 for a few clicks of a mouse.
(Working on 1.9c for each Velocity Point).
you only have to convert $1000 to a foreign currency, not $10000
so your $125 of Flybuys points would cost $20 Good deal.
Does this mean I would have, say a US bank account number etc
no. It's an Aus bank account that holds USD and pays no interest. I have NZD and USD in two separate accounts.
Isn't this what the normal Citibank Debit card does as well?
No the normal one only works on AUD you get whatever forex rate is current.
What about if you have the account recently? Will u be qualified?
is the account any good?
I don't know yet as I haven't used it as yet. Probably good to get the current price for travel. I will be using it to make profit by selling and buying.
Good for locking in rates, other than that Citibank Plus is better. This has around a 1.5-2% fee basically.
As an example, I transferred $100 at about 0.77, ended up with just over $75 US. Currently that would cost me about $110 on my Citibank Plus.
I have just checked and you would have needed to have applied for the account via the URL of this deal. I likewise have a GCA, and just opened one last week. I've just applied again for this same account. Will keep you posted on how it goes.
Same here, opened a GCA one month ago, wondering if still egliable for this offer. Did not receive this offer in my flybuys account as well.
Did you just applied the GCA again via this URL ? Any futher update ?
Yes I applied again via this url and it was successful.
@Zenith2k3: That's great!
How did you apply again? Did you cancel the old GCA account first?
I was told on by citi on the phone that I can't apply for the account again.
Any info would be much appreciated!
@snoozycat: I received my flybuys point collect email on Oct 1, didn't realize it until today, just submitted it for availability.
in the same ship. opened it couple of weeks ago. never used it because i couldn't find a way to deposit Euro over the counter.
Same, couldn't find a way to depost foreign cash or cheque without a double conversion.
But there is one small additional benefit, in that you can accept foreign currency transfers into your account without any charge and then spend without charge.
I was expecting a payment in Euros, and instead of getting a cheque and paying the foreign cheque fees and currency exhange fees, it will be deposited into this account and then I can Spend the Euros when it suits me.
Each currency is given a unique account number that can accept transfers.
Yes, it's actually a big benefit if you're expecting foreign currency from overseas. Other banks' exchange rates are so crap when they automatically convert your incoming transfer into aussie you lose quite a bit.
Just checking there is no credit check of any sort?
Looks like this is a saving account.
I don't think there's credit check required.
Might sign up then!
What if you have Citibank Plus… can you have both? Also, does the AUD1,000 need to be a currency conversion? Or can you just transfer USD800 into the USD account? Edit Need to convert. Don't think they use MC rate.
Citibank Plus is a different account. Citibank has its own exchange rate.
I'm thinking of deposit AU$1000, convert to USD and back.
If loss is <$125, it's a net win
Using their advertised rate here: https://www.citibank.com.au/aus/investments/forex-rates.htm#…
AU$1000 = US$666.3
US$666.3 = AU$965.26
~$35 lost for $125 coles credit… not bad
Unless there's exchange fee
That if u need US$. If not u’d need to convert it back to AUD which probably would cost similar amount (not taking into account exchange rate fluctuation). Still profit, but nowhere near $125
Comment above you has already converted it back! Total cost of $35 so profit of ~$90.
@mrbooger: Could have sent to transferwise and converted that way ? Unless there is a high bank transfer fee ?
If you wait a few months before converting USD back to AUD, it could be a gain instead :)
Or we could go into recession and you lose more. Just saying…
If we go into a recession the AUD will drop further as it's a commodity currency. Happens every recession against JPY, CHF especially.
cant you deposit in AUD, for the AUD component, and then withdraw?
Ignore my comment, didn't see the bit where it said $1000 converted
Are their exchange rates for transferring between your own currency accounts (USD to AUD) exactly as shown on the site, or is it indicative and therefore 1 or 2% lower?
Link: https://www.citibank.com.au/aus/investments/forex-rates.htm#…
Right now, Citi buys USD at 1.5003 meaning USD 1000 will give me AUD 1,500.
HSBC buys USD at 1.4444 meaning USD 1000 will give me AUD 1,444.
Seems to be a big difference.
Is my understanding correct?
Hi guys
I need to convert to $2k USD cash
what would be the best way to go about it? this offer?
I would think so. If you have to convert anyway, this is a good way to do it. You can get better rates, but the flybuys points is a good deal.
Hi, thanks for the reply
I had a double check and the CB offer is just to have, basically, a 28degrees account/creditcard
cant find a reference to take the USD out, unless I go to an American ATM I suppose, so probs this offer is not what I need
edit: just had a chat with customer support
seems I could do the exchange with this post, then transfer internationally, no transfer fees
Best way would be to create two account and transfer 1000USD in each and get double the flybuys points.
This is better than the HSBC offer.
Yes and you can actually get your cash out of a foreign atm unlike the rubbish HSBC one which does not work in France - and HSBC can’t work out why.
Even HKD in HSBC AU Global cannot withdraw from HK HSBC ATM, they also cannot work out why…
I don't know about HSBC but St George also has a similar offer and it's terrible. Something like $50 for your trouble and you'll lose on the conversion fees and whatever fees associated with it.
Reckon this would be the best time to transfer given how crap the Aussie dollar has been.
Might want to review your understanding of how foreign exchange rates work..
I'm talking about those people that wants to transfer back to AUD later and not interested in holding onto USD. I was referring to this comment here. https://www.ozbargain.com.au/node/478457#comment-7639102
Can we deposit USD/GBP in cash notes into this account? Are there any Citi branches in Mel? Thanks…
Kind of.
In Chinatown. I deposited a cheque there. It's basically a lady at a reception desk, very confused at who you are, why you're there, what they're meant to do. It eventually went through.
That said, it was like 3-4 years ago. Could be better or worse since then.
I have a memory of maybe Auspost and/or one/two major banks offering some services for citibank… But they stopped (??)
Don’t think Citibank have tellers/branches anymore, there’s none in Sydney.
They seem to have some of the best exchange rates compared to other "travel cards" and multi-currency savings accounts. I have used them for trips and definitely recommend the them if you are travelling overseas. This offer is just a bonus lol
Yep.
Their website is embarrassingly bad & broken. Overall, they're clunky. But I'm fine with that, for the benefits.
Used to be the Visa rate, a tiny percent less that interbank/wholesale/zero cost. Possibly same now, but MC
Their app also has many bad reviews about it being clunky or outdated, but I've used it a lot overseas and had no issues with it. Overall good experience from me. Their website does need an upgrade though
Hang on. This is nothing to do with visa and mastercard is it?
Please rephrase the question.
Visa/MC do foreign currency processing.
Thanks for the post. Thinking if it's good for Japan trip. Can pull cash from Japanese ATM with this card? Thanks
I'm thinking of opening up an account too - will be travelling to Japan later this year! I believe as long as you're withdrawing from a Citibank atm in Japan and as long as the funds are in the same currency (i.e. JPY) then you won't get charged fees. However, if you're withdrawing from a non Citibank atm or withdrawing from funds that are in a different currency, a 2.5% withdrawal fee will apply.
Re: CitibankPlus
Have a read around. It's like being a local, anywhere. For free.
There are also ways to move money from citibank to citibank (different countries) instantly.
Can you deposit USD cash and then keep it there to spend later or withdraw the USD as cash further down the line?
Say I convert AUD to USD, can I withdraw USD from Citi's ATM? Is there any fees? There are a few Citi's ATM in Melbourne.
I used to withdrew USD from Citi's Indonesia ATMs because they got option to withdraw in USD.
ATM foreign exchange fee
A foreign exchange fee of 2.5%, will apply if you withdraw money from an ATM and the currency withdrawn is different to the currency of the account. Any fees will be applied when the transaction is completed and will include any additional ATM operator fees and charges that may apply.
Helpful tip: To avoid the ATM foreign exchange transaction fee withdraw currency that is the same as the currency of the account. For example, if your debit card is linked to your Australian Dollar currency account and you withdraw Euro, the ATM foreign exchange fee will be applied.
To select the currency account you are withdrawing from, simply switch the account your debit card is linked to via Citibank Online or the Citi Mobile app.
This is slightly confusing
My debit card is linked to my existing Citibank Plus account in AUD with a balance.
I’ve opened a global currency account in USD
If I want to withdraw USD cash in LAX - and I select to withdraw in USD and not AUD - it will default to the USD cash balance and there will be no conversion fee? (Provided I have enough cash to cover)
I just applied
one of the questions was
"Do you have any additional sources of wealth?"
I thought I was applying to the Bank of Nigeria for my inheritance for sec
Yes, Eneloops
Takes them forever to open an account. Wanted one a few months back, they opened in about a month.
Sounds like it wouldn’t arrive within 2 weeks then :(
Do you actually get a card? I don't really want one as already got the debit and signature.
You can use your current debit card and link to this account.I did ask the question through online chat.
Did anyone find their fees and charges odd?! Says monthly fee is $0 then says it can be waived (eg during first 90 days). Sounds too good to be true.
Monthly service fee
A monthly service fee will apply to your Australian Dollar currency account.
We will waive the monthly fee in the following circumstances:
• For the first 90 days from when the account is opened.
• When you are a Citigold or Citi Priority customer throughout the entire month.
To learn more about Citigold and Citi Priority, visit www.citibank.com.au.
No information regarding the monthly fee.
i am still concered about this monthly fee that seems to be applied after 3 months, but no reference to how much it will be
Can we deposit foreign currency (USD) notes if I am lucky enough to find a citi branch
The question was not answered very clearly above
We will request your flybuys number by email from you within 8 weeks of you meeting the minimum transfer amount and the 25,000 flybuys BONUS POINTS will be credited to your nominated flybuys account within 6 weeks of us receiving the flybuys number. . Your Global Currency Account must remain open at the time your flybuys points are credited to your flybuys account.
Wow.. nearly 4 months for the points to post
Currently have a Citi Plus and a Global but I was able to apply again. Hopefully i am able to earn points
Can you confirm the monthly fee for global account?
No fee
I've been using it for over 6m now.
Nevermind,
TC:
Hi koipanda , I’ve got a Citi plus debit and want to apply. I fly overseas in 2.5 weeks. Did they send you a new card or link to your Plus card? Did it take more than 2 weeks. Did you have to resubmit copies of paperwork to Citibank, even though you already have an account. Thanks
It took about a week.
I got my citi plus linked with my global but i had to call them up.
All the paper work is saved if you login.
Omg finally a solution for my Japan switch estore
Come again?
Anyone else having issues as an existing Citi customer?
Also curious, because I already have an account with them (Citibank Plus). Application page has a Get Started and Existing Customer button.
EDIT: Just opened the account. I didn't click the "Existing Customer" button and just started the application. No issues.
I did this and kept getting booted
Might have to try on PC
I'm currency conversion challenged. I like FBs (for VBA points), and need some USD next MAY.
Is it best to buy USD or just get AUD and then spend AUD?
There is also an opportunity cost of not using my low FX cc points earning cards (BWW). But, 25K FBs are good for VA conversion.
I'm thinking, wait a while and buy GBP ;)
AUD to Wakandan Dollar or Zamundan Pound?
$1000 total? can you do multiple transactions to convert the $1000?
how do you get your flybuys point? i can't see it anywhere and when i went to reward it says i don't have eligible product :(
See below comment
IMPORTANT INFORMATION
Has anyone opened it just for the points?
I got the first confirmation email saying I was verified. Do I just sit here waiting for it to "open"?
I got mine 8 days ago And still haven't heard anything
Same, haven't received any communication since the first email.
I got my first 'verification' email on the 21st. Then heard nothing from them, until late yesterday (28th) when I got a second email that my account was now finally opened. I still haven't received any debit card, or anything else in the mail.
Does this mean I would have, say a US bank account number etc?
Isn't this what the normal Citibank Debit card does as well? What is the difference between these two products?
What is a flybuy point worth (in QFF, VFF or Gift Card?)