NAB acquires Citibank Aus

theblank

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It also doesn't cost anybody anything to prepare for the possibility that an 'exception' product such as the fee free for life Signature card is not transitioned over.
If it happens theres nothing anyone can do about it, and it wont cost anyone anything, and everyone knows it. but you are spending way to much time gazing into a crystal ball and writing about it pessimistically.

there is zero reason to assume that NAB will migrate Citi products into their own, or vica versa. the presentation indicates its new products and innovations.
 

oz_mark

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I am just going to take a wait and see approach. I already have some alternative products so losing any Citibank products won't be the end of the world.

Sure they will fiddle with the product over time, but worry about that when it happens.
 

Must...Fly!

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Do we have any more news or thoughts on how quickly NAB will absorb and/or change Citi's offerings? I guess in the vacuum of news, it's just guesswork anyway.

Never had a Global Currency account, but with travel on the horizon and no fees, I am somewhat tempted to open one and stick a small amount in each week to average out the AUD/EUR moves. Rates seem to be about 1.5-2% off spot, which isn't bad at all really.
 

MGR03

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Do we have any more news or thoughts on how quickly NAB will absorb and/or change Citi's offerings? I guess in the vacuum of news, it's just guesswork anyway.

Never had a Global Currency account, but with travel on the horizon and no fees, I am somewhat tempted to open one and stick a small amount in each week to average out the AUD/EUR moves. Rates seem to be about 1.5-2% off spot, which isn't bad at all really.
If you want to hedge then Citi's global currency account is a good idea but the long term prospects are unknown. I've noticed some of the horizons on credit card offerings have been brought in from 3yrs to 12mths.

I've decided to close my Citi bank and credit card accounts due to the lack of clarity

HSBC operate a similar arrangement with their everyday account. I use that too.

If you're not interested in hedging but simply want a decent exchange rate and no fees then I can recommend a Macquarie account. I use Macquarie as my primary bank account and have spent and withdrawn cash in UK/Europe and Asia and the rates received mimic the Xe rates.

It is an excellent bank in other ways too if you're happy with tech and have no need for a branch network

(I don't work for Macquarie or any other bank)
 

DeKa

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Do we have any more news or thoughts on how quickly NAB will absorb and/or change Citi's offerings? I guess in the vacuum of news, it's just guesswork anyway.

Never had a Global Currency account, but with travel on the horizon and no fees, I am somewhat tempted to open one and stick a small amount in each week to average out the AUD/EUR moves. Rates seem to be about 1.5-2% off spot, which isn't bad at all really.

No news that I’ve seen but a few data points that they’re clearly trying to drum up activity on their cards:
- my Citi Sig has non stop Citi Quick Cash offers for a $100 gift card if I take a $2.5k fixed payment option at 0.9% pa for 6 months.
- my Citi Plus account has an offer with 3 mths of 1% cash back on Apple Pay up to $2.5k/mth ($25/mth cash back)
- PayAll on the Signature card has been extended, fee free, until 31 October 2022.
 

Must...Fly!

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If you're not interested in hedging but simply want a decent exchange rate and no fees then I can recommend a Macquarie account. I use Macquarie as my primary bank account and have spent and withdrawn cash in UK/Europe and Asia and the rates received mimic the Xe rates.
Yep I agree with you, I have a Macquarie Transaction account as well and it overtook Citi as my main account. I keep the Citi basically for travel and dividend payments now, that's it.
 

DeKa

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Seems like changes are starting to be implemented.
eg from Using Your Account
  1. As of 20 March 2022 Citi Global Transfers will be discontinued and you will no longer be able to transfer or receive funds between Citi accounts overseas through Citi Global Transfers. Prior to this date Citi Global Transfers available from Citi Australia to eligible Citi accounts in selected countries/destinations will continue to apply. Daily transfer limit applies. Funds are converted to the destination account currency at the exchange rate specified to you on Citi Online before you confirm your transaction. This exchange rate includes a commission for the conversion service. Subject to local regulations, Transfers will normally reach destination account immediately, but in some cases may take 24 hours.
 

jakeseven7

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I wonder if Citi AU customers that are thinking of churning to a NAB CC to milk some points should do it now rather than later in case they get bundled together…
 
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