Citibank (us) Online Swift Wire Transfers

[Jingthing]

I am testing out the Citibank (US) SWIFT process and so far it has been very aggravating. I entered my target bank info and they want the phone number and address for the recipient while usually they only want the address of the target bank. After I sent the wire request, they demanded that I call customer service (in the US) immediately or the wire would be canceled So I called and was subject to an intense grilling to confirm my identity include a "fraud detection" survey. I asked them if I was going to be subject to this kind of thing every time I do a wire and was told no, it was random. I don't exactly believe that. They also wanted to confirm my US phone number to call me in the US for further issues with the wire, so I had to give them a Thai phone number. I'll let you know if this wire does get processed, but so far, I am very annoyed by the aggravation.

I had thought the Citibank online system involved sending a passcode to your email address. Previously I had begun tests of the system and saw the beginning of that procees. This time when actually attempting a real wire, that never happened. Was it because they upgraded the security issues with my wire or have they canceled the email passcode system?

What are your recent experiences with US Citibank SWIFT? I am getting the feeling they can't be relied on.

[nakachalet]

jingthing, greetings.... if it would help.... i used citi most often when i was in the us and i always was there in person within the cubicle with the swift officer and never encountered any of the infuriating questions which sounded excessive.

perhaps, it was just the officers in charge for that particular shift. anyway, i was also informed that from their end, it would go at at such and such a time, but then it would be up the fed in sfo and the time window as to when that particular amount would be out from there....

would be very interested to find out what happened the next time.... pls share.

[Boon Mee]

Standard operating procedure these days with the fraud etc. going around re online banking. I've sent a number of wires from my US Citi Bank account to both Citi in Singapore and K-bank in Thailand and they do go thru but you have to give them a contact phone number so they can confirm. After the first few repetitive wires, things get smoother.

[Jingthing]

Thanks for the replies. I should have clarified these details.

I am in Thailand.

I initiated the wire online.

It is an online account. I never actually visited a Citibank office once even to open the account so I don't deal with US bank officers there in person.

It is a common need for those living in Thailand to do SWIFT wires from the US to Thailand.

[Boon Mee]

Thanks for the replies. I should have clarified these details.

I am in Thailand.

I initiated the wire online.

It is an online account. I never actually visited a Citibank office once even to open the account so I don't deal with US bank officers there in person.

It is a common need for those living in Thailand to do SWIFT wires from the US to Thailand.

Same with me. I had to call Citi USA following each online wire request which I did via Skype and each call lasted no longer than 10 - 15 minutes. As soon as they verify your SSN and mother's maiden name etc. the wires go thru. I'm in rural Thailand and sometimes the phone call isn't too clear.

Edited October 19, 2009 by Boon Mee

[Jingthing]

My interrogation was MUCH more involved. I was transferred to the fraud department and given the ninth degree. I am still not sure this wire will go through. I am glad I currently have other options, it would feel very bad to have to depend on Citibank alone.

BM, do you have a US identity with that account or have you changed it to a Thai identity? I think they would probably just cancel my account if I changed the address on record to be non-US.

Edited October 19, 2009 by Jingthing

[Boon Mee]

My interrogation was MUCH more involved. I was transferred to the fraud department and given the ninth degree. I am still not sure this wire will go through. I am glad I currently have other options, it would feel very bad to have to depend on Citibank alone.

BM, do you have a US identity with that account or have you changed it to a Thai identity? I think they would probably just cancel my account if I changed the address on record to be non-US.

I have a Thai address and do get my mail from them but it typically takes 2 weeks or so to reach me. I've signed up for the minimum of paper tho.

Generally I think future wires should go thru for you once you've past the first 'test'.

Citibank Singapore does not allow wire transfers like the states - it's more convoluted. You have to send them a fax vs. everything done online.

It's all a hassle in the end...

[popshirt]

I initiate wire transfers from Citi to Kasikorn about once a month online.

Citi has a US address and phone number for me even though I live in Thailand most of the time.

The phone number is of a friend in the US who always says "yes" to Citi's calls and they have only called once, over a year ago.

My address is also at this friend's house in the US

I do everything online and usually receive my funds within 24 hours at Kasikorn. I always transfer in US dollars.

I've been very happy with Citibank transfers, especially after numerous nightmare (and humiliating) experiences with Bank of America.

[Jingthing]

I initiate wire transfers from Citi to Kasikorn about once a month online.

Citi has a US address and phone number for me even though I live in Thailand most of the time.

The phone number is of a friend in the US who always says "yes" to Citi's calls and they have only called once, over a year ago.

Are you saying this friend in the US lets them assume he is actually you?

[Soutpeel]

Citibank Singapore does not allow wire transfers like the states - it's more convoluted. You have to send them a fax vs. everything done online.

Rubbish....I transfer cash every month from Citi Singapore, Choice is mine which way I do it....On-line, Via Fax, I can even effect a transfer over the telephone through my relationship manager...So not convoluted at all, in fact very easy, and they are very helpful...

[Jingthing]

The topic is about Citibank US. If I had a "relationship manager" I am sure everything would be peachy ...

[Jingthing]

OK, my wire went through. However my confidence level that future wires will go through with them without major hassle is shaken. BTW, after I got through with my grilling and I asked so my wire will go through now OK, they refused to commit.

[CaptHaddock]

OK, my wire went through. However my confidence level that future wires will go through with them without major hassle is shaken. BTW, after I got through with my grilling and I asked so my wire will go through now OK, they refused to commit.

I send monthly wires from Citibank to Thailand, but they go to an account at Bangkok Bank. Since BB has a branch in New York with an ABA number, the transfer is done as a domestic transfer on the Citi web site. I was telephoned and asked some questions the first time I did such a transfer and maybe one other time, but not for a long time now.

The monthly transfer to Bangkok Bank is automatic and works reliably at a cost of only USD 18.75, which is less than the rate on the international transfers. Others here have reported that Citi eventually refused to carry out any more such transfers. I have been doing them for three years and they haven't shut me down yet. If you will need regular transfers you might consider opening an account at BB.

[Boon Mee]

Citibank Singapore does not allow wire transfers like the states - it's more convoluted. You have to send them a fax vs. everything done online.

Rubbish....I transfer cash every month from Citi Singapore, Choice is mine which way I do it....On-line, Via Fax, I can even effect a transfer over the telephone through my relationship manager...So not convoluted at all, in fact very easy, and they are very helpful...

Uh huh...right. Well, in fact, if you don't fax that form, you don't get the funds transferred to your bank in Thailand. There is no method for online transfers like Citi in the states as Citibank Bangkok is not a member of the Global Transfer Network. Imagine that.

Spoke with my relationship manager about methodology to transfer funds from Citi Singapore to my K-Bank account and as Jack Webb used to say on Dragnet "Just the fax". And, if you want to save a bit on those transfer fees, get Citi Singapore to put the funds to be wired into a separate account for ~ a week and the fee is just SGD30.00.

Don't believe me? From the horses mouth:

"A telegraphic transfer from checking account is subjected to a standard SGD30 cable charge + 3/8% commission charges, whereas a transfer from a 1-week time deposit is subjected to only SGD 30.

The funds sitting in the checking account would accrue interest daily as per the following (rates are in per annum basis)

Tier

US$ Interest Checking Account

US$0 - US$4,999

0%

US$5,000 & above

0.05%

Pays interest for amounts above US$5,000

Example

US$6,000 deposit

1st US$4,999 earns 0%

Balance US$1,001 earns 0.05%

Whereas funds in a 1-week time deposit would also earn 0% p.a. interest but it would save you the 3/8% commission charge. To set up a 1-week time deposit, you can call me or you can also do so through Citibank Online.

As for the manner in which we receive transfer instructions, unfortunately as of now we can only accept either a fax copy or snail mail.

Simply fax the form to us at +65 6328 8389 and we will contact you..."

Not saying they are not helpful, it's just more work than transferring funds from a Citibank in the states.

Edited October 21, 2009 by Boon Mee

[Soutpeel]

Uh huh...right. Well, in fact, if you don't fax that form, you don't get the funds transferred to your bank in Thailand. There is no method for online transfers like Citi in the states as Citibank Bangkok is not a member of the Global Transfer Network. Imagine that.

Rubbish...I have transferring money from Citi Singapore into to Thailand every month for nearly the last 4 years and dont have to FAX any form, as stated to Citi in Singapore, I can effect a transfer in one of 3 ways, on-line, via fax or over the telephone, these are carried out by SWIFT, now seeing as you mention Citibank Bangkok, who I dont deal with in Thailand, this requirement to fax maybe a Citibank Thailand requirement, so that I cannot comment further on, Certainly transferring money out of Thailand requires you to fax documents, but this is a BOT requirement not a specific bank requirement per se..

[Boon Mee]

Uh huh...right. Well, in fact, if you don't fax that form, you don't get the funds transferred to your bank in Thailand. There is no method for online transfers like Citi in the states as Citibank Bangkok is not a member of the Global Transfer Network. Imagine that.

Rubbish...I have transferring money from Citi Singapore into to Thailand every month for nearly the last 4 years and dont have to FAX any form, as stated to Citi in Singapore, I can effect a transfer in one of 3 ways, on-line, via fax or over the telephone, these are carried out by SWIFT, now seeing as you mention Citibank Bangkok, who I dont deal with in Thailand, this requirement to fax maybe a Citibank Thailand requirement, so that I cannot comment further on, Certainly transferring money out of Thailand requires you to fax documents, but this is a BOT requirement not a specific bank requirement per se..

Well, all I can tell you is what my relationship manager wrote me: "As for the manner in which we receive transfer instructions, unfortunately as of now we can only accept either a fax copy or snail mail."

You must have a better manager...or, pay more than SGD30 for each wire.

Edited October 22, 2009 by Boon Mee