Citibank Hong Kong international transfer: Your guide

If you hold a Citibank Hong Kong account and need to make an international payment, you’ll want to know how to get started - and of course, the fees you’ll need to pay.

Citibank charges a different fee for international transfers, depending on the account type you have, and whether you’re making the payment online, by phone, or in a branch. If you’re sending money to another Citi account, you might also benefit from fee free payments if you use a Citibank global transfer - available for selected countries.

This guide covers all you need to know about Citibank international transfers - and also includes an alternative payment option for comparison - Wise. With Wise you can arrange payments all over the world, online and for a low fee, using the best available exchange rate, and with no hidden fees to worry about.

Here’s your guide to Citibank Hong Kong international payments, to help you get the best deal on your international transfer.

What are the fees to make an international transfer with Citibank Hong Kong?

A cost example: Sending HKD 5000 from Hong Kong to Singapore

Citibank Hong Kong has a different fee structure for international telegraphic transfers, depending on the account type you hold. The charge might also vary depending on the way you arrange the transfer - for example, whether you set it up using Citibank Hong Kong online banking, or in branch.

Citibank Global Transfers are available if you’re sending an international payment from your Citi Hong Kong account to another Citibank account held elsewhere in the world. Fees are waived for these transfers. However, if you’re sending money to an account which is not with Citibank, you’ll have to pay a fee.

Here are the charges by account type, assuming you are making a telegraphic transfer to an account held outside of Citibank: ¹

• Citibanking - payment arranged online HK$200 + at least HK$250 outward remittance service fee
• Citi Priority - payments arranged online are free. Telegraphic transfer arranged in branch or by phone, HK$220 + at least HK$150 outward remittance service fee for all transfers including those arranged online
• Citigold - payments arranged online are free. Telegraphic transfer arranged in branch or by phone, HK$100 + at least HK$150 outward remittance service fee for all transfers including those arranged online
• Citigold Private client - payment arrangement fee is waived but you will pay at least $150 as an outward remittance service fee

Citibank Hong Kong exchange rate

If you want to send money from your Citibank Hong Kong account to a bank account held in a different country or currency, Citibank will first have to convert the funds to the right currency for the destination account.

You’ll see the exchange rate that Citibank will use for your transfer, when you set up your transaction, and can compare it against the mid-market exchange rate as a benchmark.

The mid-market exchange rate is the one banks use when selling currency on global markets, and the one you’ll find on Google. However, it’s often not passed on to customers sending payments internationally. Instead, banks and payment providers may choose to add a markup or margin to the mid-market rate. This can mean your international payment costs more than you expect it to.

Not all international payment services add a markup to the exchange rate used for overseas transfers. Wise, for example, use the mid-market rate, and add a low fee for your transaction.

The other fee you need to know about is the outward remittance service fee which is added by Citibank Hong Kong for telegraphic transfers and local interbank funds transfers. ¹ This fee could be charged to the recipient or the sender, and covers what’s known as correspondent bank fees.

Correspondent bank fees are usually incurred when payments are processed using the SWIFT payment system. This involves a series of banks working in partnership to move payments across borders, much like when you need to take a series of connecting flights to get to your final destination.

A few correspondent banks can be involved in a single transaction, and each one can charge a fee for their service. It’s often not possible to know in advance exactly what these fees will be. Therefore Citibank can charge a fixed minimum amount to the sender to cover this cost, of $150-$250, or will deduct the actual correspondent bank fee if it is higher.

To avoid the costs associated with the SWIFT network, try an alternative payment provider which uses a different payment route - such as Wise.

How long does an international bank transfer with Citibank Hong Kong take?

The length of time it’ll take for your money to reach its destination depends on where you’re sending it to, and the processes in place at your recipient’s own bank.

In general, payments made using the SWIFT system can typically take 3-5 working days to arrive.

How do you make an international bank transfer with Citibank?

International bank transfers, known as telegraphic transfers, can be set up online via the Citibank online banking system. If you are a Citi Priority or Citigold client, you can also set up your transfer in branch or on the phone, although there is a fee for this service.

To make an international transfer with Citibank you’ll need to hold an account, and set up your recipient in advance via the Citi mobile app. You can then arrange the transfer online, on the phone or in branch, depending on the account type you have. ²

What currencies/countries does the bank transfer money to?

To check if you can carry out your transfer with Citibank, you can call into a branch or log into online banking. Payments are available for most countries and currencies, with fee free transfers available to Citibank accounts held in 15 different countries. ³

Wise - an alternative to transfer money using the mid-market rate

If you’re planning on making an international payment, it’s good to check out all of the available options to make sure you’re getting the best deal for your needs.

Although using your regular bank might seem like the simple option, this can end up costing you more that choosing an alternative provider like Wise.

That’s because Wise are international payment and currency specialists, and use a smart new approach to avoid SWIFT fees, as well as passing on the best available exchange rate to their customers. All transfers use the live mid market rate, and the fee charged is always shown before you commit to a transfer, so you can see exactly what you’ll pay.

It’s simple to see if you can save - get an immediate quote for your transfer from Hong Kong, just by clicking on the Wise website.

Citibank Hong Kong contact - How to get in touch ⁴

If you have questions about making an international payment, you can get in touch with Citibank Hong Kong in a few different ways:

• Call into your nearest branch for help - a branch locator is available on the Citi website
• Check out the FAQ section available online for answers to many common questions
• Call the Citi service centre on 2860 0333. Citigold clients can call 24/7 on 2860 0111 and Citigold Private clients have a dedicated phone line available - 2860 8888
• For mail enquiries, write to - Citibank (Hong Kong) Limited, P.O.Box 20151, Hennessy Road Post Office, Hong Kong

Investing a bit of time in checking the fees and charges for making an international transfer can really pay off. By looking at a range of options, including your regular bank, and some specialists in foreign currency payments, like Wise, you’ll be sure to find the right service for you.

Sources used in the article:

1. Citibank Hong Kong fees. (4th or March 2019)
2. How to make an international transfer with Citibank Hong Kong (4th or March 2019)
3. Transfers to Citibank accounts in other countries. (4th or March 2019)
4. Contact information Citibank Hong Kong (4th or March 2019)