If we had to give this account and debit card a standing ovation for one thing, it’d be how effortless (and cheap) it makes life for travellers and overseas spenders. If you’ve got friends and family in other countries, a rental property overseas, or you frequently send or receive money in other currencies, this account was made with you in mind.

What’s great?

You won’t pay any Citi foreign exchange fees at all with this transaction account, including international ATM withdrawals (as long as you’re withdrawing in the local currency). In fact, Citi doesn’t charge any fees at all. Let’s deep dive into how the Citi Global Currency Account and Mastercard debit card work.

Access Local Money Anywhere

The standout feature of the Citi Global Currency Account is the way it manages foreign currencies. You can add 9 different currencies to your account (10 in total, with one being Australian Dollars), each with an individual account number.

Currencies include 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), and United States Dollars (USD).

You can shop online, in-store or in-person with your Citi Mastercard debit card in your chosen currency without paying any foreign exchange fees. If you receive money, you can hold it in the foreign account until you're ready to exchange it.

Funds can be instantly transferred to different currencies via the Citi Mobile® App or your internet banking portal, Citi Online.

Fee-free Global ATM Access

The Citi Global Currency Account is designed to make overseas transactions free and easy. You won’t be charged any Citi fees at an ATM in Australia or overseas, as long as you’re withdrawing in the local currency.

For instance, if you’re in New Zealand and withdraw Australian money from an ATM, you’ll usually be charged a 2.5% foreign exchange fee. Fortunately, the Citi Smart Wallet in the Citi Mobile® App uses dynamic currency conversion to protect you from accidentally withdrawing from the wrong account. It automatically chooses the local currency unless you specify otherwise.

Digital Wallets and Apps

Citi debit cards can be added to Samsung Pay and Apple Pay wallets. At this stage, Google Pay isn’t available to Australian accountholders.

Debit cards also can’t be accessed via the Citi Mobile® App. However, if you already have a Citi debit card, you can add your Global Currency Account to the same card.

What’s worth considering?

You’ll only earn interest on funds in your Australian currency account, and only when it holds at least $25,000. This could be a pain if you tend to hold more cash in other currencies and don’t want to exchange it to AUD.

Citi doesn’t charge any fees on this transaction account, but third-party fees might apply. You may still be charged fees by local or international ATM providers, and pay for SWIFT/telegraphic transfers.

As of 24 November 2022, Citi has said that to be eligible for application you must be assigned to a Relationship Manager or Wealth Management Centre to help manage your portfolio.

Why should you choose it?

If you’re a global wanderer, or send and receive foreign money frequently, the Citi Global Currency Account is one of the most rewarding transaction accounts you could find. It functions as a one-stop worldwide payment system and a simple bank account for everyday use.

You can switch seamlessly between currencies using the Citi Mobile® App, so you can ‘shop like a local’ no matter where you are. The app is simple to use, making on-the-go transfers between currencies stress-free and convenient. Unlike many other transaction accounts, you can earn interest on your Australian savings, too.