Citibank International Transaction Fees (Australia): How many sneaky fees are you being charged?
Important information: Citi Australia has been acquired by NAB, so Citibank accounts are no longer available to open for new customers. This information applies to and is still valid for existing Citi customers. However, we have some tips for those of you still looking to save on overseas fees.
When travelling abroad or buying online, you must know all the sneaky hidden fees you could be charged.
Most banks will charge you fees on every purchase, anytime your currency is converted, when you withdraw cash from an overseas ATM, and even sometimes to check your balance at an ATM.
Knowing your stuff is essential if you want more money to spend on fun things while on holiday.
If you’re a Citi customer, you may ask yourself what Citibank International transaction fees you may be charged.
In this article, we’ll take a look into Citibank’s products and answer your questions, including:
Citibank International Transaction Fees
Whether you’re travelling and spending while overseas or making purchases online, where the payment is processed abroad, Citibank accounts and Citibank debit cards are great options for you.
Usually, banks charge you around 3% of each purchase transaction in overseas transaction fees. If you withdraw your cash from an overseas ATM, you’ll not only be charged this fee but usually another $5 for each withdrawal.
When you consider that the overseas ATM operator will most likely charge you their own fees on top of that, you’re looking at over $10 per $100 withdrawal. That can add up very quickly!
The great news is that Citibank doesn’t charge you any of these fees. That’s right; you'll save a lot if you’re a current Citibank customer.
Citibank Global Currency Account
| Type of Fee | Amount |
| Citibank International Transaction Fee | $0 |
| Overseas ATM Withdrawal Fee | $0 |
| *You may still be charged by the overseas ATM operator for use of their facility (if it’s not a Citibank ATM). | |
Citibank Plus Transaction Account
| Type of Fee | Amount |
| Citibank International Transaction Fee | $0 |
| Overseas ATM Withdrawal Fee | $0 |
| *You may still be charged by the overseas ATM operator for use of their facility (if it’s not a Citibank ATM). | |
Citibank Travel Card
Citibank doesn’t have an official travel card. However, Citi accounts and debit cards' perks make them an excellent travel choice.
Using Your Citibank Debit Card For Travel
Many savvy travellers take advantage of the Citibank debit card for travel. Mainly because of the excellent exchange rates you get and, of course, because you get charged no International fees.
Alternatives So You Can Avoid Overseas Fees
What if you’re not currently a Citibank customer? It seems unfair that you’ve missed out on such great products.
Don’t worry; we have some great alternatives for you and more money-saving tips.
ING Orange Everyday
A great option to consider is the ING Orange Everyday account and cards, which offers rebates on international transaction fees and some ATM withdrawal fees when you meet eligibility criteria.
Although ING recently removed rebates on overseas ATM operator fees, you can still benefit from unlimited rebates on the 3% international transaction fee, and five rebated ING ATM withdrawal fees monthly.
Up Bank
Another option is Up Bank, which offers no international transaction fees and allows free ATM withdrawals overseas. It is a top pick for Aussies looking to avoid sneaky bank fees when travelling or shopping online abroad.
Customers praise Up Bank’s easy sign-up process, mobile app for tracking spending, and partnership with Wise for international money transfers.
Other Travel Cards
There are several cards designed especially for travel and making online purchases.
They remove the international transaction fee, have low fees, competitive currency conversion rates and offer free ATM withdrawals.
Some great examples are the Wise Travel Card, Revolut and Travelex Money Card.
Changing your Currency Before Travelling
The simplest way to avoid fees on each transaction is to bring cash. All you have to do is convert your Australian dollars to the foreign currency of the country or countries you plan to travel to.
You can convert your currency online and have it delivered directly to you or collect in-store.
Online money exchangers like S Money are often an easy and cheap way to buy foreign currency. You usually only pay a small fee and the currency exchange rate, no hidden fees!
Now you have a good idea of Citibank International transaction fees and the different products Citi have.
Remember, although you may have missed out if you’re not a Citibank customer, there are still plenty of options to save money on your next trip or online purchase.
Safe travels and happy spending!
