Guys,

Thought some of the aussie members might be interested in this banking product.

Great ATM card when overseas and perfect bank to TT from Australia to Thailand

Citibank Plus

No monthly fee

No ATM fee's (local charges may apply)

No forex fee's

Free international money transfers from Australia to any account, anywhere in the world

See the following link for further information:

http://www.citibank....CQ9Y7YG6AAYSAZH

thanks

smacko

But there is some note codes/fine print. I doesn't appear any ATM fees would be reimbursed so be sure to use an ATM such as an AEON ATM that does not charge a 150 baht foreign card fee. I expect withdrawal from a Citibank ATM would be free also. Also, free funds transfer are only to other select Citibank accounts. And the bank converts the AUD to Baht before sending which means a lower exchange rate/commission probably in the 2 to 4% ballpark...this is a fee in disguise.

See quote of notes/fine print below:

2.Non-Citibank and non-Partner* ATM owners may charge you a fee for use of their ATMs. *Partner ATMs include Westpac branded, St. George, Bank of Melbourne and Bank SA ATMs within Australia.

3. Free international transfers available from Citibank Australia to select Citibank accounts in more than 25 countries worldwide using Citibank Global Transfers. Daily transfer limit applies. Funds are converted to the destination account currency at the exchange rate specified to you on Citibank Online before you confirm your transaction. This exchange rate includes a commission for the conversion service. Subject to local regulations, transfers will normally reach the destination account almost immediately after being effected, but in some cases (depending on the availability of processing facilities at the destination) may take a maximum of 24 hours.

I believe number 3 in the Terms and conditions is for the instant money transfers between Citibank accounts.

Directly off the benefits list:

Free international money transfers from Australia to any account, anywhere in the world.

Instant money transfers when sending funds overseas to another Citibank account using Citibank Global Transfers3.

The free transfer benefit, does not have any Terms and conditions linked to it (in the front page anyways).

You can always use the debit card for over the counter withdraws which I believe are free in thailand?

Edited April 11, 201214 yr by smacko

This is nothing new from Citibank, have these facilties on my gold accunt with Singapore for years.

You will get hit with an ATM fee in Thailand ie the THB 150, Citibank will not reinburse you.

The last time I looked at this with a view to opening a Thai Citi account in order to transfer money in from Singapore for free.....Thai Citi was not on the list of the 25 countries, Did ask Citi Thailand, they said "Cannot" ...I have used the free transfer to pay for some stuff by TT to the US and yes it was free.

Zero monthly fee's payable ?......what is the minimum balance on the account that needs to be maintained to get this ?....in Singapore its US$25,000 to get free banking.

Edited April 11, 201214 yr by Soutpeel

There's no minimum balance, very few transaction bank accounts have balance requirements in Australia, so you can open the account and only transfer money to it when you want to TT.

Instant online transfer from Citibank Singapore to citi thailand is available been doing it every month for the last year.

Obviously no 150thb charge if you use citi thailand ATM"s with your Citibank account.

Edited April 12, 201214 yr by negreanu

In this free funds transfer service, do/can you send in AUD (or whatever home country currency) or does Citibank convert to baht before sending, which usually means a lower exchange rate in the 2-4% ballpark?

Edited April 12, 201214 yr by Pib

Instant online transfer from Citibank Singapore to citi thailand is available been doing it every month for the last year.

Obviously no 150thb charge if you use citi thailand ATM"s with your Citibank account.

Good to know, as stated previously looked at this a few years ago and Citi Thailand said cannot, as I wanted to link my Citi singapore account with a Thai one for the express purpose of shipping money in for free, but note you do say that using a Thailand Citibank ATM card in Thailand at an ATM other than Citibank you will get hit for THB 150 ?....so kinda defects the object I guess