Citibank Plus Transaction Account Moving to NAB Branded Account

littlesoldier on 16/08/2023 - 14:59
Last edited 16/08/2023 - 15:01

Just received an email today
Citi Plus was one of the best travelling card, free international transaction fee, free atm fee overseas

Now being moved to NAB, looks like these nice features no longer exist
From the email, the account transition will be happening in March 2024

Here's the email:

In June 2022, we, National Australia Bank Limited (NAB), informed our customers that we had acquired the Australian consumer banking business of Citigroup Pty Limited (“Citi”). As part of the next phase of the journey, your Citibank Plus Transaction Account will be moved to a similar NAB branded account. This is expected to occur by March 2024, however there are actions you will need to take now and in the lead up to this time to ensure you can access and manage your NAB branded account.

As part of the changes, you will receive a notice of changes, your NAB branded account details, and a NAB debit card for each Citi branded account you have that currently has a Citi branded debit card. We will give you notice before we move your funds to your NAB branded account.

While there will be some changes to your Citibank Plus Transaction Account, the essential features, including interest rates and product fees and charges, will remain the same.

To make sure you have flexibility and sufficient time to familiarise yourself with your NAB branded account, we will be opening your NAB branded account before closing your Citi branded account. Once you receive your NAB branded account details, you will be able to complete the set up of your NAB branded account and start using it.

Please note that if you hold other Citi branded accounts, including a deposit, savings and/or offset account, home loan, investment, credit card or personal loan, you will
receive separate communications about changes ahead of time. If you have a Relationship Manager, they will continue to be available to answer any questions you may have.

You can visit our dedicated support page citibank.com.au/nab-transactions-savings.

Financial

Related Stores

Citibank Australia
Citibank Australia
National Australia Bank Group (NAB)
National Australia Bank Group (NAB)

Comments

            • baggyred on 19/12/2023 - 17:50

              @timhn: Where has this been written?

              Or just personal experience?

              • timhn on 19/12/2023 - 19:01
                +4

                @baggyred: You didn't click on the link i put above? Scroll down to the Overseas section.

  • Fexofenadine on 19/12/2023 - 16:39
    -2

    NAB advised me that the exchange rate used at foreign ATMs would not be the Visa exchange rate, but rather determined by the ATM operator itself (i.e. it would use the ATM's exchange rate).

    I may have misunderstood, so happy for anyone here to clarify.

    • mrtin on 19/12/2023 - 18:40
      -2

      Chatted with them. They confirmed nab rates are used. Not visa rates… 94jpy VS 96 jpy

      • yoho on 20/12/2023 - 09:37

        That's annoying, I was hoping it was visa card rates. The hunt for a new overseas card continues….

        • Ryk on 20/12/2023 - 19:24
          +4

          That is not correct. Those rates are for sending or receiving funds, not for card purchases/transactions.

          The rates used are Visa rates as explained in the Terms and Conditions.
          Section C, clause 23
          "Paying in a foreign currency the exchange rate will be a rate:
          – selected by Visa from the range of rates available in wholesale currency markets for the
          applicable processing date"
          https://www.nab.com.au/content/dam/nabrwd/documents/terms-an…

    • diazepam on 20/12/2023 - 14:06

      in that case, closing this account. Their rates are downright awful.
      1AUD = 4.68CNY (NAB) vs 4.83 (Mastercard). Same with Japanese Yen, etc. That's a 3% difference, might as well charge a fee.

      Macquarie it is.

    • Ryk on 20/12/2023 - 19:26
      +2

      That is not correct.
      Read the T&Cs.
      Section C, clause 23
      "Paying in a foreign currency the exchange rate will be a rate:
      – selected by Visa from the range of rates available in wholesale currency markets for the
      applicable processing date"
      https://www.nab.com.au/content/dam/nabrwd/documents/terms-an…

      • Fexofenadine on 21/12/2023 - 11:00
        -1

        I'm just saying what they told me. They said they hadn't published the full information on their website. That section of the T&Cs does not apply to ATM withdrawals.

        • Ryk on 22/12/2023 - 10:39
          +1

          It applies to the card. It does apply to card use at ATMs as the call out in section (b) Fees clarifies with a specific reference to the additional ATM withdrawal fee (waived for citibank-variant accounts).

          23.2 This clause deals with international transactions.
          - use a NAB Visa Debit card overseas
          (a) Exchange rates

          couldn't be clearer.

          • Fexofenadine on 22/12/2023 - 14:03

            @Ryk: Thanks, that's good news, I must have misunderstood the information told to me.

            • Ryk on 22/12/2023 - 15:47

              @Fexofenadine: I suspect the call centre aren't giving a very specific, technical answer. Just trying to reassure callers that other third parties are not doing the exchange, outside of nab and visa.

      • mrtin on 23/12/2023 - 22:24

        I was also posting what they told me on the chat. However, it seems possible the chat person likened the rate as theirs as it is visa rare less their fee (for normal visa debit card holders). For the Citi accts rolled into nab visa debit, the fee doesn't apply.

  • baggyred on 19/12/2023 - 17:49

    Anyone trialled Up cards?

    Always kept my Citi card for international travel - trying to find something equivalent

    • BiotBargin on 19/12/2023 - 18:43

      i went over to HSBC. Really liked Citibank for the convenience overseas.

      • YesPleaseThankYou on 19/12/2023 - 18:44
        +1

        HSBC uses HSBC exchange rates.

        The HSBC Everyday Global account is only good for the 2% cash back.

        • tunzafun001 on 22/03/2024 - 16:01

          So 2% back on international purchases, with no trans fee (and Visa rates)?

          Looks like HSBC ATM's are globally free, but only HSBC branded ATM's

          • rickb on 25/03/2024 - 06:05

            @tunzafun001: Cash back applies when you tap and on transactions less than $100.

    • wangasm on 22/12/2023 - 12:25

      Up is great, had no issues using it overseas. It is similar to the Citi card except the Up app is a million times better. They also use the Mastercard market exchange rates

  • Ntense on 28/12/2023 - 21:17

    I used my Citi transaction account to transfer money overseas (ZAR).
    Looked at both Macquarie and HSBC, and opened a Macquarie account, only to realize that you can't perform international transfers with the account and that they suggest using a 3rd party (like Wise, I assume)
    From the HSBC site it does seem like you can perform international transfers.
    Can someone confirm that I would be able to transfer AUD to ZAR? Seem like online banking only - not Mobile? Found term which mentions online and mobile…

  • CheapBrah on 01/01/2024 - 13:27

    If I activate my NAB account, do I still keep my Citi account until Feb? Keen to have both while overseas so I have a backup. If so, any benefit to using one over the other?

    • YesPleaseThankYou on 01/01/2024 - 13:29

      If the account is open it is active.

      • CheapBrah on 01/01/2024 - 13:54

        Right, so my citi account will stay open until Fed regardless?

        • YesPleaseThankYou on 01/01/2024 - 13:55

          Yes. All covered in the info published by NAB.

          (Oops for my incorrect quoting above.)

        • Baysew on 01/01/2024 - 14:34

          Right at the moment I have both accounts open and active.

          Citibank has just sent me a new card.

          Also the transition will happen in March, not February.

    • bluesky on 01/01/2024 - 14:53

      Should be fine, keep using until close to 23 Feb 2024. Any funds still in the Citi account will be automatically moved over to the NAB account when the time comes.

      From their email:

      If you have not transferred your funds from the Citibank Plus Transaction Account to your NAB Classic Banking account on or before 23 February 2024, we will transfer those funds for you on 24 February 2024.

      Your Citibank Plus Transaction Account and Citi Debit Mastercard will be closed on 24 February 2024, and the NAB Classic Banking account and NAB Visa Debit card will continue.

  • dina79 on 01/01/2024 - 16:19

    Received a Nab Platinum debit card for my new nab classic account created to replace my Citiplus debit card. Still hesitate to activate the card yet as I'm not sure if I will get charged $10 card monthly fee, while there is no fee for the Citiplus. Anyone in the same boat?

    • YesPleaseThankYou on 01/01/2024 - 16:22
      +1

      I'm not sure if I will get charged $10 card monthly fee

      Did you read anything NAB sent to you?

    • CheapBrah on 06/01/2024 - 19:28

      How'd you get a platinum debit card instead of the standard debit card?

      • YesPleaseThankYou on 06/01/2024 - 20:57
        +1

        Through the powers of:

        • Not reading anything NAB sent to them; and
        • Confusion
    • timhn on 07/01/2024 - 08:21

      Where did you get the info about $10 monthly fee?

  • dina79 on 01/01/2024 - 16:28

    NAB sent me the card including some general card info, but nothing about replacing the Citiplus card and the new nab account.

    • timhn on 07/01/2024 - 08:20
      +1

      Huh? Was your card glued on to a letter with a bold line "Here's your NAB Visa Debit card to replace your Citi Debit MasterCard" ?

      • jabbairc on 10/01/2024 - 23:41

        Yep that's what it says on mine.

  • mrtin on 04/01/2024 - 16:49
    +9

    OK here is a real life scenario: I just withdrew 2 amounts out of an atm within a few minutes of each other to test it out. Citi cost me 104.90aud. Nab cost me, surprisingly, 104.45aud. I can't see any transaction costs (Citi as expected and nab as per their claim) so far.

    • timhn on 04/01/2024 - 17:32
      +1

      I guess that the mastercard vs visa exchange rates.

    • Fexofenadine on 05/01/2024 - 15:41
      +1

      The hero we don't deserve. Thanks, I'll keep the card in that case.

    • Craze on 07/01/2024 - 10:57

      Where have you tested this out? 😊

      • mrtin on 08/01/2024 - 00:40
        +1

        China

  • mrtin on 16/01/2024 - 00:48
    +1

    Here's another interesting one.

    I made a withdrawal from each card at 7-11 at in Japan.
    10,000yen with Citi cost $103.56aud. No transaction fees.

    With nab, it cost $103.27 but the atm charged me 110 yen /1.14aud transaction fee!

    • littlesoldier on 16/01/2024 - 00:51
      +3

      That’s mainly because Japan 7-11 atm (7bank) charge any Visacard service fee while no fee for Mastercard, so this 110yen applies to all Visa cards withdrawal

      • clover on 27/01/2024 - 13:24

        Is there any other ATMs dont charge service fee for visa card in Japan?

    • Yola on 16/01/2024 - 10:04
      -1

      What Citi card?

      • mrtin on 17/01/2024 - 22:44
        +1

        The one that is going to be cancelled soom.

    • sakurakiks on 26/01/2024 - 11:00

      thank you, this is really helpful!

  • tunzafun001 on 22/03/2024 - 16:04

    So anyone know how international ATM withdrawl's work with the NAB card?

    Ie. Citi had a map of fee free ATM'S around the world? Does this map still apply?

    • timhn on 24/03/2024 - 23:38
      +1

      Obviously not because this is NAB card

      • tunzafun001 on 24/03/2024 - 23:47

        I read a post elsewhere after posting this that said the free international ATM withdrawals still work with the NAB card. So….yeah…

        • huydn on 25/03/2024 - 00:26

          ATM currency conversion fee (1) and operator fee (2) are separate. (1) is still free for NAB but (2) varies by the local operator, where if it happened to be a Citi ATM it was free but not anymore.

          • tunzafun001 on 25/03/2024 - 00:32
            +1

            @huydn: Yep, I know the process. But that's not what I'm reading.
            People are still getting no foreign ATM charges whatsoever with the NAB card.

            • huydn on 25/03/2024 - 01:13

              @tunzafun001: Operator fee was never guaranteed to be free for non-Citi ATMs, so no it is definitely not free everywhere or 'whatsoever' for NAB. Those people used ATMs that did not charge a local operator fee.

  • coolsteps on 07/04/2024 - 14:02
    -6

    does the new citi nab classic visa debit card come with any travel insurances? does Macquarie waive Operator fee for atm's overseas ? are there any Operator fee free atm's left in Thailand?

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