Citibank multi-currency account Singapore: An A-Z Guide

Multi-currency and foreign currency accounts can be a useful tool for people who travel regularly, send and receive international payments, or receive an income in a foreign currency. If you’re a freelancer working for an employer based overseas, or remitting money home on a regular basis, for example, you might decide to get a multi-currency account to cut costs and make it easier to manage your finances.

This guide will give an overview of the multi-currency and foreign currency account products available from Citibank Singapore, as well as the fees and features you need to know about. To help you find the right account for your needs, we’ll also take a look at an alternative service as a comparison - Wise.

With a Wise borderless account you can hold your money in dozens of currencies, and send and receive payments using the mid-market exchange rate with no markup. This makes managing your money safe and simple - and can work out to be cheaper than regular banks and alternative options. More on that a little later - first let’s look at Citibank’s foreign currency account options.

Multi-currency account with Citibank - What are the fees?

Citibank offers a few different foreign currency and multi-currency account products. Each account comes with it’s own fees, and terms and conditions, which you’ll need to review carefully when choosing.

It helps to understand that Citibank accounts come with a fixed minimum total relationship balance. This is the total amount you must hold in all of your Citibank accounts combined. If you don’t hit this minimum balance - typically $15,000 or the currency equivalent - you’ll probably have to pay a monthly maintenance fee for your account.¹

If you don’t want to have restrictions like these on your account, you may decide to look at alternative options. The Wise borderless account is a great choice if you need a multi-currency account which is cheap and flexible, and lets you manage your money conveniently. We’ll look a little more at that later.

Make sure you understand the terms of the account you choose, to avoid nasty surprises or unexpected fees at a later stage. Here’s an overview of some of the key costs for Citibank multi-currency accounts - and the equivalent fees for the Wise borderless account to give a comparison.

Citibank exchange rate Singapore

When you carry out a currency conversion, your money will be exchanged using the Citibank foreign exchange rate. To find this rate you’ll need to log into your online banking.

When you find the rate that will be used for your foreign exchange, be sure to compare it with the mid-market rate to see if a markup has been added. It is common for banks and exchange services to add a markup or margin to the exchange rate they give their customers - but this can mean that your international payment is more expensive than you expect.

If you want to compare the costs of making an international transfer with Citibank, take a look at the service available from Wise. Wise payments are made using the mid-market exchange rate with no markup or margin added, which can work out to be much cheaper than using a regular bank. We’ll look at how Wise can help you manage your money - and make savings - later.

How to apply for a Citibank multi-currency account?

If you choose to apply for any of the Citibank multi-currency or foreign currency account products, you’ll need to complete an online form to give some personal details, and then wait for a call back from a team member to discuss your options.² The exception to this is the CitiAccess account which requires you to call or visit a branch to get started.

You can see the eligibility criteria and other key features of the accounts on the Citibank website, to help you decide which may suit your needs. Here’s a rundown of the account options available.

Global Foreign Currency Account

This account can be opened in any of 9 currencies:

• Australian dollar
• Canadian dollar
• Euro
• Hong Kong dollar
• Japanese yen
• New Zealand dollar
• British pound
• Swiss franc
• US dollar

You can get a linked debit card to use in ATMs around the world. Online and phone banking are available, and you can get checking facilities for US dollar balances.³

CitiAccess

CitiAccess is an interest bearing US dollar checking account. You must have a $10,000 initial deposit to open the account, and will get access to phone and online banking, as well as a Citibank debit card.⁴

US$ Savings Account

Citibank recommend this account for non-Singaporean residents, aged 16 and above, who need a US dollar denominated account. You’ll be paid interest on your savings, but must have a minimum of $10,000 to open an account. This is intended to be a savings product, and as such you don’t get checking facilities, although you can use phone and internet banking, and will get a linked debit card to help manage your money.⁵

Eligibility and requirements to open a Citibank foreign currency account

There are different eligibility requirements for each of the account options with Citibank. Here’s a basic overview - full details can be found online:

• Global Foreign Currency Account - you must be 18 or older to open an account, and have a minimum of the currency equivalent of USD10,000
• CitiAccess Account - you must be 18 or older, and have a minimum opening deposit of USD10,000
• US$ Savings Account - you must be 16 or older, non-Singaporean resident, and have a minimum opening deposit of USD10,000

Before you choose which account will work best for you, take a few moments to check out the Wise borderless account.

This multi-currency account can be opened and managed online, and will let you hold, send and receive dozens of different currencies. You can get your own bank details for US and Australian dollars, British pounds and euros, to receive fee free payments like a local in these major currencies. All currency conversion is done using the mid-market exchange rate with no markup and no hidden fees. You just pay a transparent upfront fee for each transaction.

There’s no monthly fee, no minimum balance,, making this the flexible way to manage your money across borders.

Citibank Singapore contact

Further questions about the Citibank multi-currency account products, the options for a Citibank USD account or a Citibank foreign currency account?

You can get in touch with the Citibank Singapore team in a few different ways:

• Call the service line, 24 hours a day on (65) 6225 5225
• Complete the online form for information and a call back
• Connect via social media
• Visit a local branch in the Citibank network
• Write to Citibank using the following address: Citibank Singapore Ltd, Global Consumer Group, Robinson Road P.O.Box 356, Singapore 900706

Having a multi-currency account can make life much easier, and help to cut your international payment costs. However, you’ll need to do a little research to make sure you’re choosing the right account for your personal situation. Check out a range of options including the accounts on offer from Citibank, alongside modern alternatives like the Wise borderless account, to find the one which works best for you.

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