A Foreign Exchange takes place when you make a transaction to exchange one currency for another. This exchange – either a buy or sell – takes place at an agreed rate, i.e. the price of one currency in terms of another currency.
Banks use different terms to describe the transactions, but here are some common terms you might come across:
To view live FX rates you’ll need to sign on to Citi Mobile® App and select "FX Rates" in the "Quick Links" menu on the left. Or you can view indicative FX rates on Citibank.com.au (without signing-on).
You can view the exchange rate used when you have previously exchanged currency online or via Citi Mobile® App by viewing your statement.
Use your AUD currency account for any recurring or future dated transfers. We are not able to offer recurring or future dated transfers for any transactions involving foreign exchange.
Citi Smart Wallet is a currency matching service. This feature will detect the currency you are spending in and try to find a matching currency account that you hold that has sufficient funds.
Once you “Turn On” the Citi Smart wallet, the currency used will be automatically matched to the currency required for the transaction. So you can pay like a local and avoid foreign exchange fees using your Citi Global Currency Account. If you do not have sufficient funds in the currency account, we will try to debit the funds from the account which your debit card is linked to.
How Citi Smart Wallet works
To Turn On Citi Smart Wallet, simply follow these steps:
If you would like to change your default account, follow the steps below:
If you’re new to Citi, or you don’t have a Debit Card, we’ll automatically issue one to you and link it to the Australian Dollar currency account so that it’s ready for use.
If you already have a Debit Card, it will be linked to your initial Citi account.
Debit Card Linkage
You can link your Debit Card to a currency of your choice.
Using Your Card Overseas
The rules for debit cards differ from one country to another. You will be asked to do one or more of the following:
Using an ATM
If you are using an ATM to withdraw cash, press the "Credit" or "CR" button when selecting your account type (either locally or internationally). This will give you the added protection of ‘Mastercard Zero Liability1’.
Provided you withdraw the currency of the country you’re in, Citi won’t
charge additional foreign exchange fees, although some ATM operators may
charge a fee.
Please be aware that the ATM operator may charge you a fee for using their ATM and the fee amount is not always displayed before completing the transaction.
You can use your account, for purchases in several ways:
Buttons to Press when making a purchase
For an instore purchase – insert your Debit Card in the terminal and press the "Credit" or "CR" button and your PIN to complete the transaction. This gives you the added protection of "Mastercard Zero Liability".
Refunds and reversals – with your purchases
If you request a refund or reversal and the merchant agrees, make sure your Debit Card is linked to the same account you previously transacted with.
How much can I spend each day?
Transfers and purchases are limited to the total available balance in your account. Please be aware that daily limits apply.
Please note: ATM and purchase limits vary between counties and currencies.
Before you travel overseas
If you use a different mobile while overseas, we recommend you register an alternate mobile number with us. Simply sign on to Citibank Online and Select "Services", "My Profile" and "Update Contact Details"
When making a purchase in a foreign currency, performing transfers or travelling overseas, always ensure you have enough money in your currency account.
This type of fee
Can be minimised...
Accessing your account
ATM operator fees
Dynamic Currency Conversion is when a merchant or ATM provider offers to convert a purchase or withdrawal from the transaction currency into another currency (usually into Australian Dollars).
You’ll usually find this service offered at Duty Free Stores and ATMs located outside of Australia.
Please be aware that the rate they apply to the foreign exchange is generally less favourable to you.
Citi doesn’t have any control over these foreign exchange rates or any other fees that may be applied.
To avoid these fees whenever you are overseas, you should avoid paying directly in Australian Dollars. Where possible always use the currency of the country you are in.
To ensure the security of your Citi Global Currency Account, follow these steps:
Phone and computer
Always logout and never leave your devices unattended.
Check your bank statements
Tell us immediately about possible errors or unauthorised transactions and keep your transaction records and numbers.
Your Debit Card
Keep it close to you – store it in the same place.
Login ID and password
Never share these with anyone else.
Never send personal or confidential information to the bank via email.
Never sign any blank or incomplete forms.
Never store usernames, PINs or passwords for your Citi account in the same place, e.g. written on your card.
Online security devices
Keep them in a safe place.
If you deposit large number of transfers or make frequent withdrawals we may contact you to verify transactions.
Call us immediately as soon as you become aware of anything that might put your account security at risk.
Potential compromise of password.
Debit card, password or PIN
Lost or stolen debit card, password or PIN disclosed to someone else.
PIN or password misused or used to make an unauthorised transaction.
Change of address
Your postal address or other relevant details change, including your email address.
For example, cheques or other amounts deducted from your accounts without authority.
1. For more information on Mastercard Zero Liability, please visit https://www.mastercard.com.au/en-au/about-mastercard/what-we-do/terms-of-use/zero-liability-terms-conditions.html
Any advice is general advice only. It was prepared without taking into account your objectives, financial situation, or needs. Before acting on this advice you should consider if it's appropriate for your particular circumstances. You should also obtain and consider the relevant Product Disclosure Statement and terms and conditions before you make a decision about any financial product, and consider if it's suitable for your objectives, financial situation, or needs. Investors are advised to obtain independent legal, financial, and taxation advice prior to investing.
Citi Global Currency Account is issued by Citigroup Pty Limited ABN 88 004 325 080, AFSL 238098, Australian credit licence 238098.
©2020 Citigroup Pty Limited. All rights reserved. Citi, Citibank and Arc Design and other marks used herein are service marks of Citigroup Inc. or its affiliates, used and registered throughout the world.
Eligible Transaction means any purchase excluding (but not limited to) Cash Advances, Balance Transfers, Special Promotions, BPAY payments, purchases of foreign currency and travellers cheques, transactions made in operating a business, payments to other Citi accounts, bank fees and charges such as interest and ATM charges, transactions made using Points and government related transactions. Government related transactions include transactions with government or semi-government entities, or relating to services provided by or in connection with government (for example but not limited to transactions made at Australia Post, payments to the Australian Taxation Office, council rates, motor registries, tolls, parking stations and meters, fares on public transport, fines and court related costs). Please note that whether or not a transaction is an Eligible Transaction will be determined based on information provided either by the merchant or the relevant financial institution (including information about the type of business conducted by the merchant). This means that, for example, spend with certain merchants may be characterised as spend with a government related entity and therefore not an Eligible Transaction, even if that merchant is not in fact a government related entity.