Replacement for Citi Global Currency Account?

bluedufflecoat on 21/03/2023 - 20:29

So NAB bought over Citi's retail business in Australia. Today I received an email saying that they will be closing my foreign currency accounts ie Citi Global Currency Account and Multi Currency Account on the 18th of May.

I've really enjoyed using this product - the spread on currency was relatively competitive, and I could withdraw and use the foreign currency using the debit card (I think Mastercard) that came with it.

Is there a similar product out there? I'm put off by Wise's limit on withdrawals ($350/month, otherwise fees)…

Thanks

Financial

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Citibank Australia
Citibank Australia

Comments

  • silverstone2023 on 21/03/2023 - 21:28

    HSBC Everyday Global Account
    https://www.hsbc.com.au/accounts/products/everyday-global/

    • Shadowsfury on 21/03/2023 - 21:33

      Just note HSBC's rates suck vs Visa/MC - but maybe that's the price to pay for being able to lock in forex rates.

      • burningrage on 22/03/2023 - 01:05

        I have these accounts in anticipation of this. Yes, their rate is slightly worse than Citibank's. Wise remains the best option but you need overseas accounts in order to work (eg: JPY accounts overseas then you can use Wise for it. Did it for SG)

      • karu on 26/04/2023 - 22:01

        From their terms and conditions, they have this.

        "Spend in other global currencies. Beyond the 10 currencies you can hold in the one account, you can make purchases in other foreign currencies. When you do, the purchase will be deducted from your Australian Dollar account at the Visa Exchange rate at the time of the transaction."

    • bluedufflecoat on 22/03/2023 - 06:41

      Can I transfer JPY from my citi account to the HSBC global currency account without any fees?

      • burningrage on 22/03/2023 - 07:58

        I never tried it but last time I checked in HSBC T&C, you can but there may be an inward fee as they may use RTGS. This is one of the problems with HSBC but to be frank, I think the same could apply with Citibank if there is an inward Foreign Currency.

        It's a good experiment. I might try transferring SGD from SG to AU into my SGD account and see how it pans out.

        • bluedufflecoat on 22/03/2023 - 20:03

          Let me know how you go, though the $10 fee mentioned below doesn't sound good

      • silverstone2023 on 22/03/2023 - 11:44

        I believe that HSBC will charge an AUD$10 fee for incoming transfers.

  • USER DC on 21/03/2023 - 21:32
    +1

    Revolut ?

  • 6079 Smith on 22/03/2023 - 08:30

    I got that email too, however I was under the impression it was the Citibank Plus Everyday account that provides fee free withdrawals and a good fix spread. I’ve used it extensively for probably the last decade.

    The accounts they closed were the ones which let you convert and hold foreign currency

    • bluedufflecoat on 22/03/2023 - 08:38

      Yeah, I want to keep the foreign currency accounts…

      What do you mean by good fix spread? I used the everyday plus account as a regular account to hold AUD before converting it to foreign currency.

      I've got fee free withdrawals with ING plus the higher interest rate, so the citi plus account doesn't really have many advantages over this?

      • 6079 Smith on 22/03/2023 - 09:48
        +1

        I've always found just keeping money in the Plus account and spending from there to be the best way to go, unless you're really wanting to watch rates before your trip and try and lock in which I CBF doing and I use WISE to pay off my overseas credit cards as their rates seem better.
        My issue with ING is the hoops to jump through which I deem to be too high, but if it works for you then fair enough

    • Some Guy on 22/03/2023 - 09:00

      The email is explicit as to which of your account/s will be closed. Mine says nothing about my Citi Plus Everyday.

      • [Deactivated] on 31/03/2023 - 22:44

        It's discontinued too but current accounts will be working for some time.

    • pooks on 22/03/2023 - 12:26

      so overseas ATM withdrawals are free with the Citibank Plus Everyday? Are the exchange rates good?

      • 6079 Smith on 22/03/2023 - 13:09

        Rates are good and withdrawals are free BUT they don't refund the ATM fee charged by the actual ATM like ING do. I generally find that in the overwhelming majority of countries some light googling will guide you to a fee-free ATM operator

  • Some Guy on 22/03/2023 - 08:58

    My email states: "Closure of your Citi Global Currency Account(s) in Australian dollars (AUD)"

    I also have Citi Global Currency Accounts in HKD and EUR. Could it be that they'll remain open?

    Looks like I'll be relying on the ING account more anyway.

    • silverstone2023 on 22/03/2023 - 11:42
      +1

      I received 2 emails listing the following accounts:
      - Citi Global Currency Account(s) in Australian dollars (AUD)
      - Foreign Currency Citi Global Currency Account(s)

      I called Citi Customer Service for clarification. All Global Currency accounts will be closed on 18-May-23. For me, this covers accounts in AUD, USD & GBP.

      • Some Guy on 24/03/2023 - 01:33

        You're right, I got a second email too (just assumed it was a double up). Thanks for the confirmation. Dang it.

  • Sweet3st on 22/03/2023 - 09:09
    +1

    Here's hoping they don't axe Plus accounts!

    • [Deactivated] on 31/03/2023 - 22:38

      They do, you won't be able open one from 20th of May and who knows how long they'll keep current ones.

    • zrmx on 04/04/2023 - 11:10

      They are. They have been sending out closing notice to the Plus accounts that haven't been active/transacted in the past 12 months. Not sure when they'll close the active ones too.

  • novicenow on 22/03/2023 - 13:16

    I have a Citibank USD account and the email says that the account will be closed on 18 May 2023 with all USD funds being converted to AUD automatically on the day. This sucks!

    I am thinking of opening a USD account with another bank (HSBC?) and seeing if I can transfer the USD from my Citibank account to this other bank.

    Does anyone know of any good options out there? Thanks.

  • relicsinner on 22/03/2023 - 19:03

    Is there a atm withdrawal limit on ING for foreign currency?

    • zrmx on 04/04/2023 - 11:09

      I think the current limits are 5 free ATM transactions (or they'll refund you ATM fees up to 5 times) per month, after meeting their criteria.

      • bluedufflecoat on 04/04/2023 - 15:53

        I didn't know there was a limited number of atm withdrawals?

      • QFFlyer on 27/04/2023 - 02:11

        ING ATM fee refund is being abolished from end of July unfortunately. Still no charges for use, but the actual ATM operator fee will no longer be rebated.

    • karu on 26/04/2023 - 22:06

      Macquarie Platinum Transaction or UBank is a good option for just withdrawing internationally from AUD using Visa/Mastercard rates.

  • [Deactivated] on 31/03/2023 - 22:41

    This is popup from Citibank site which was never communicated by email AFAIK

    Please note after 20 May 2023 we will no longer be accepting new applications for Citibank Online Saver, Citibank Plus Account and the Cash Investment Account. Citibank Term Deposits will only be available for existing customers.

  • ejstuff on 02/06/2023 - 09:22

    Here it is 2 June and my currency accounts are still there.

    • bluedufflecoat on 02/06/2023 - 09:38

      And your currency too? I converted mine

      • ejstuff on 02/06/2023 - 09:44
        +1

        Yes. And I just used PayPal to pay an invoice in JPY. I did remove most of my currency and just left enough to cover some payments. Just in case…

        • bluedufflecoat on 02/06/2023 - 09:51

          May not last forever…but hopefully it works for a long time!

        • bluedufflecoat on 18/06/2023 - 06:15
          +1

          I just checked my account, the fx accounts are gone. Is this the same for you?

  • Scythe Scythe on 07/09/2023 - 16:02

    Well here we are 7 Sep 2023 and my Citi Global Currency Account is still open, and I've received no notice from Citi that it will be closed.

    I have received a notice just today re my Citi Online Saver account to be closed 24 Feb 2024, but I don't care about that account.

    On the landing page of my account there is this: "Citi branded transaction and savings accounts are no longer available to open (effective 20 May 2023)." Nothing about closing.

    • bluedufflecoat on 07/09/2023 - 17:17

      My currency accounts have been closed, but I did not leave and money in any of those accounts.

    • Scythe Scythe on 11/09/2023 - 14:31

      Followup - called and fumbled my way through the IVR to speak to someone. I was advised: my account is not closed because I also have an online saver account that is considered my primary account (with zero balance). (I assume that pushed me down the priority list to close the global currency account due to complexity). I was also advised that no date has been set to close my global currency account, but it would be "soon". When I asked if "soon" was before Feb 2024 when I plan to travel to Japan and use the card (which has much yen on it) I was advised that "soon" was definitely before Feb 2024.

      I tried to transfer direct "from" the Yen account but the only "to:" accounts are my other Citi accounts. That means I have to sell the yen to AUD and take the hit on the rate (much worse that when I bought the yen) and the spread.

      Sigh. I will await for formal notification and hope AUD/yen rate improves.

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