The remaining amount would be converted across to Canadian dollars and deposited into your friend's bank account at around CA$3,007.Ĭontrast that to using Wise, a London-based global money transfer service, for the same transfer. If we assume you used Citibank to wire transfer $2,500.00 to a friend in Canada at a 5% exchange rate margin, then $158.26 in total fees would be deducted from the send amount (calculated by the $35.00 handling fee and the $123.25 exchange rate margin*).
While Citibank does not publish the exchange rates that it uses to process your wire transfers internationally, we have found that its American bank competitors charge rates from 4.2% to 9.5%. more than $2,500.00), Citibank's standard services become quite expensive. When accounting for both the fixed fees and the variable costs for international wire transfers, especially for larger transfer amounts (i.e.
To send foreign currency into a non-Citibank bank account, then take a look at the fees that will affect you depending on your account type: *These countries include Australia, Bahrain, China, Hong Kong, India, Indonesia, Jersey C.I, Korea, Malaysia, Mexico, Philippines, Poland, Singapore, Taiwan, Thailand, United Arab Emirates, United Kingdom, and Vietnam. or to any Citibank account in a limited number of countries* free of charge. dollars to any Citibank account in the U.S. You can use the 'Citibank Global' service to send U.S. Citibank charges fixed fees to process international transfers, which vary according to your payment destination. As a client, you can set one up through your local branch, although Citibank allows you to conveniently do this fully online with their Citibank Online interface.Īfter setting up your one-time transfer or your repeat transfer, Citibank will securely wire your funds over SWIFT to reach its destination in a foreign country and currency. Citibank international payments are processed as international wire transfers.
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