Citibank has introduced an account-to-account real-time international and domestic funds transfer service for its US online banking customers.
Citibank Global Transfers service will allow consumer customers to transfer funds either online or at ATMs. After selecting the transfer option on the screen and the location, customers are asked to input the amount to be sent and details of the receiving account. The funds are then instantly transferred.
Customers can transfer funds between two US accounts or between a US account and Citibank accounts abroad in over a dozen countries including Spain, France, the UK and India. In addition, the bank says recipients in Mexico who don't have a bank account will shortly be able to collect cash at Banamex bank branches.
There are no transaction fees during an introductory period through the end of May 2003 for transfers originating in the US, although foreign exchange rates will apply.