Citibank Plus - No Fee No Overseas Transaction Fee Account

[PointsTraveller!]

I've just closed my account.

When I opened it, around a decade ago, it was a very competitive product in a market where there were few debit cards available with no international transaction or ATM fees. So, I put up with Citibank's terrible customer service in the knowledge I was saving quite a bit of money.

There are now many other products in the market that offer something similar, and without having to deal with Citibank. The latest news about Citibank planning to stop supporting these cards anyway was the final nail in the coffin.

What did you transition to?

 

[Bolt]

Although once they closed their branch in Silom the only place you’d get a Citi ATM was Siam I think? The cost of the BTS kinda off-set the saving (I still did it though to save a few bucks!! )

They have ATMs in Central World with all the other banks. I think it was level 4 or 6. They also have an ATM in Asok near the BTS and MRT in a small commercial centre called Interchange 21. Very convenient.

 

[yojohnny]

Having said that... There's some use cases where Citibank was awesome. Take Thailand for example. Every single ATM operator there would charge you THB220 (about AUD$10) for each ATM withdrawal from a foreign operator - except Citibank.

Unless you have the ING account with all of it's gotchas, you're going to be faced with either taking large amounts of AUD cash and changing it at Superrich in Phaya Thai station, or paying huge ATM fees.

Is this because they're Citibank ATMs or certain types of ATMs don't charge this free for the Citibank cards?

 

[Flashback]

Is this because they're Citibank ATMs or certain types of ATMs don't charge this free for the Citibank cards?

It's because they're Citibank ATMs.

 

[yojohnny]

It's because they're Citibank ATMs.

I haven't been able to find a cash withdrawl limit for international ATMs; do you happen to know what it is?

 

[Flashback]

I haven't been able to find a cash withdrawl limit for international ATMs; do you happen to know what it is?

$1,000 AUD/day in local currency. Note: you may be limited per transaction at some ATMs but just do multiple transactions.

 

[yojohnny]

$1,000 AUD/day in local currency. Note: you may be limited per transaction at some ATMs but just do multiple transactions.

Thanks!

 

[NoName]

The limit can be changed, just ring up and ask. Mine is $3k.

 

[MEL_Traveller]

If you were having a good day… surely there is one way to ruin it.

A call to the citi call centre.

OTP entered. Now confirm full name. Card number. Expiry date.

I can’t help you, you need the security department,

We’re sending you an OTP. Full name. Mothers maiden name. Card number. Mobile. Email address.

That’s TEN pieces of verification on a call. Actually more because each one you had to say twice because ‘your line is bad’ (not citi’s of course, but ours, in Au, calling and Au number).

Why can’t citi have a big message on your screen if your account has been suspended? My card has been locked because they are asking if a transaction I made in november 2022 was legitimate. 5 months ago!!!

 

[Mr_Orange]

I don't miss dealing with Citi!

 

[MELso]

NAB has advised that it's closing down the linked Global Currency Accounts because, rather than carrying over the foreign currency products Citi offered into the NAB portfolio, NAB instead decided it didn't have an equivalent product. I think HSBC offers a similar product, so may look there instead

Dear MELso,

Following the sale of the Citigroup Pty Limited (Citi) consumer banking business in Australia to the National Australia Bank (NAB), we conducted a review of the NAB product suite. Unfortunately, we were unable to identify a NAB product that would enable us to continue delivering the foreign currency service and experience our customers have come to expect.

As a result, the Citi branded deposit account(s) you hold, detailed below, will no longer be offered from 18 May 2023. We will soon need to close your impacted account(s) and any remaining credit balance in your account(s) will be returned to you, either to your eligible Citi transaction or savings account (if you have one), or via bank cheque.

We understand this may inconvenience you. We would like to thank you for using Citi branded deposit products and encourage you to review alternative accounts that may meet your needs.

Visit nab.com.au/personal/accounts for information on other NAB transaction and savings accounts.

The changes and impacted accounts are as follows:

Closure of your foreign currency Citi Global Currency Account(s)

In accordance with clause 14.3 of the Transaction and Savings Accounts Terms and Conditions, we are providing notice that we will close your Citi Global Currency Account(s) held in Canadian Dollars (CAD), Japanese Yen (JPY), Pound Sterling (GBP), Euro (EUR), New Zealand Dollars (NZD), Swiss Francs (CHF), Hong Kong Dollars (HKD), Singapore Dollars (SGD) or United States Dollars (USD) from 18 May 2023.

What does this mean?

Foreign currency Citi Global Currency Account(s)

As your Citi Global Currency Accounts(s) in foreign currency will be closing from 18 May 2023, any remaining credit balance will be converted to Australian dollars (AUD) using the Citi Exchange Rate on the day and at the time of the conversion before being returned to you.

If, at the date of closure, you hold an eligible Citi branded transaction or savings account in AUD (excluding a Citi Global Currency Account in AUD or an Overnight Multi Currency Account in AUD), we will return your converted credit balance to this account. Otherwise, we will return your converted credit balance of more than $5 Australian dollars (or its foreign currency equivalent) via bank cheque.

What do I need to do?

Foreign currency Citi Global Currency Account(s)

IMPORTANT : Please transfer any credit balances in your Citi Global Currency Account(s) to another account you hold before 18 May 2023 to minimise any disruptions or delay in accessing your funds and in consideration of any exchange rate movements.

Review all regular, recurring, direct debit, or scheduled payments linked to your account, as these will need to be updated by 18 May 2023.

Log on to Citi Online to ensure your contact details are correct so we can continue to keep you informed of any future changes to your products and services.

If you have any questions about these changes, please visit citibank.com.au/nab or call us on 13 24 84.

Yours sincerely,
The Customer Service Team

 

[Mr_Orange]

I think HSBC offers a similar product, so may look there instead

They do. It's called the Everyday Global account.

 

[Julio Lamont]

products are removed from sale all the time. If something changes in the T&Cs for exisiting customers, you'll be notified. Until then, business as usual for the account.

NAB are not only keeping the Citibank Plus T&Cs as is, they're improving on the Citibank Online Saver. The Citibank debit Mastercard will be replaced with a NAB Visa debit card attached to a Classic account with no foreign transaction fees or overseas ATM charges. The Online Saver will be replaced with a special version of the Reward Saver which, as of writing, will pay 4.35% base interest with a 1% bonus if you make no withdrawals and one deposit by the second last business day of the month! These products are not for sale and only apply to existing Citibank customers.

 

[Flashback]

NAB are not only keeping the Citibank Plus T&Cs as is, they're improving on the Citibank Online Saver. The Citibank debit Mastercard will be replaced with a NAB Visa debit card attached to a Classic account with no foreign transaction fees or overseas ATM charges. The Online Saver will be replaced with a special version of the Reward Saver which, as of writing, will pay 4.35% base interest with a 1% bonus if you make no withdrawals and one deposit by the second last business day of the month! These products are not for sale and only apply to existing Citibank customers.

Interesting, this seems to be across the board. Over the past 5 years all the MC debit cards I've had which are ForEx free have all become Visa. In some countries, that's a problem.

 

[Lynda2475]

Interesting, this seems to be across the board. Over the past 5 years all the MC debit cards I've had which are ForEx free have all become Visa. In some countries, that's a problem.

Macquarie Bank is fee free and still a Mastercard. The app is heaps better than Citi too.

 

[Cynicor]

Bankwest is MC too. I think it’s an even split

 

[oz_mark]

Citi Plus was originally a Visa, then it was a MasterCard. The banks go back and forth on it.

 

[SYD]

Macquarie Bank is fee free and still a Mastercard. The app is heaps better than Citi too.

That’s a low bar! The Citi app is dreadful.