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 I use Macquarie as my primary bank account and have spent and withdrawn cash in UK/Europe and Asia and the rates received mimic the Xe rates.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.
 

Mattg

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The ACCC announced this morning that they will not oppose the acquisition of Citi's Australian consumer business by NAB.
 

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