| Media Release - 23-02-2004 |
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| Newsroom |
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| Citibank launches innovative online account for working travellers |
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| Sydney, 23 February 2004: Citibank Australia has launched an innovative, online bank account that enables working holiday visa holders from the United Kingdom and Germany to set up an Australian bank account before they leave home. |
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| The Citibank Traveller Account is a world first. It is a transaction account applied for online, to provide British and German working holiday visa holders with the ability to transfer funds into an Australian bank account before they leave home. |
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| The number of working holiday visas granted over recent years had increased from around 35,000 in 1994/1995 to 88,758 in 2002/2003*. |
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| Grant Carson, Head of International Business Development for Citibank Wealth Management said "it is clear that this market is becoming more and more important as its impact on the local economy becomes evident." |
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| "Based on 80,000 annual arrivals, the Australian Tourism Export Council estimates that working holiday makers spend around $1.3 billion annually. |
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| "With working holiday visa holders needing an Australian bank account before they can start work and get paid, the Citibank Traveller Account gives them the advantage of having an account already set up when they arrive and the security of having money in the local currency. |
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| "The Citibank Traveller Account provides a secure alternative to cash and traveller's cheques, especially if the person is travelling for some time before reaching Australia and starting work. Family can also transfer money into the account at any time," he said. |
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| Initially, the account will target 18-30 year olds from the United Kingdom and Germany and will be distributed via www.citibank.com.au/traveller and key industry partners in the working holiday market. |
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| "We have identified the UK, Germany and the broader European markets for the launch due to the large percentage of working holiday travellers that come from these two countries," said Mr Carson. |
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| "We will look to expand the program to include other countries throughout the year." |
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| Overview of Citibank Traveller Account |
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- AUD$3,000 daily ATM and EFTPOS withdrawal
- At-call access to money (24 x 7)
- No monthly account maintenance fee
- No minimum opening or ongoing balance
- Interest calculated daily and paid monthly
- Quarterly electronic bank statement
- Simple AUD$1 charge per transaction
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| How does it work? |
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| "A customer can either apply online at www.citibank.com.au/traveller or via one of our business partners. In some cases, the account is part of a total working holiday travel package that includes pickup from airport, accommodation, access to employment agencies, etc," Mr Carson said. |
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| STEPS |
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- The customer, or business partner (e.g. travel agents), completes the short online application form.
- The customer will then receive an email confirming the account is open.
- The customer logs onto the Internet site to transfer money.
- When the customer arrives in Australia, they just need to show identification to collect their banking documents and ATM card before they can make a withdrawal.
- Family members can deposit money into the account before and while the customer is in Australia.
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| Further details can be found at www.citibank.com.au/traveller |
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| *According to The Australian Department of Immigration. |
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| For media enquiries: |
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| Please E-mail: newsroom.australia@citigroup.com |
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| Citigroup (NYSE: C), the preeminent global financial services company has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers Life and Annuity. Additional information may be found at: www.citigroup.com |
