Citi Australia launches global currency account

Source: Citi

Citi Australia today launched the Global Currency Account, an all-in-one global banking solution that combines the capabilities of a multi-currency bank account with that of a foreign currency debit card, giving convenience and control to the customer.

Ideal for investors, business executives and frequent travellers, the Global Currency Account lets account holders consolidate their foreign currency holdings in one place, with account details for up to 10 currencies.

The currencies are linked directly to a Citibank debit card – meaning users can switch between currencies instantly via their mobile app and pay like a local with their card when travelling. There are zero ATM fees when using local currency, reducing cost and hassle.

The currencies currently include the Australian Dollar, US Dollar, British Pound, Euro, Canadian Dollar, Hong Kong Dollar, Japanese Yen, New Zealand Dollar, Singapore Dollar and the Swiss Franc, and there is potential to expand the list based on customer demand.

Citi’s Consumer Bank CEO Alan Machet, said: “Whether, transferring money to family abroad, receiving international income, making repayments to investment properties offshore, or travelling overseas, dealing in foreign currency is a critical part of life for many Australians today.

“The Global Currency Account gives holders the ability to easily send, receive and exchange money 24/7. This means they have complete control of their money, no matter where they are in the world, via a convenient and cost-effective platform,” said Mr Machet.

Leveraging the Global Currency Account for international investments

Citi’s clients have increasingly turned to global opportunities to diversify their portfolios and increase their level of returns in recent years. Only two years ago, Citi customers split their assets at a ratio of 36% international and 64% domestic. Today, this has reversed, with 61% international and 39% domestic investment.

Citi’s Global Currency Account facilitates easy access to global investments, empowering investors to take advantage of favourable currency trends and see a consolidated view of all their currency holdings, in real time.

Furthermore, it removes prohibitive foreign currency fees to enable more Australian investors to seek the benefits of diversifying their global portfolio, providing more security and control over their transactions. Citi offers competitive variable interest rates as high as 2.25 per cent for those investing more than AUD 250,000, and narrower foreign exchange spreads.

“Australian investors face several challenges in generating local returns in 2018. Our housing market is challenged, the equity market is lagging behind offshore markets, the cash rate is low, and bond yields look more attractive in Europe and emerging markets,” said Mr Machet.

“Already we are seeing Citi’s investment clients take advantage of currency changes. In April 2018, we saw a 50% increase in the number of foreign exchange transactions on the previous year with the pickup in volatility.

“The Citi Global Currency Account is ideal for investors who are closely attuned to global events. Capitalising on growth opportunities that may not be apparent in Australia is made easy when you can swap currencies quickly and cost-effectively via the website or app,” he continued. 

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