Citibank Wire Transfer: Everything You Need to Know

Citibank is a subsidiary of Citigroup, one of the largest financial institutions in America. In addition to the versatile financial products this bank offers, its clients can also benefit from fast online bank transfers: This global powerhouse offers customers numerous ways to send their funds around the world.

Whether they want to send money abroad or within the US, to a Citi account or those from other banks, Citibank will help its users.

However, this service is not cheap, especially if you want to send money internationally. Depending on the account type you have with Citibank, you will be charged certain fees.

Citibank Options to Transfer Money Online

At this moment, Citibank offers two options for its clients to send money: The first is Citibank Global Transfers, and the second is Online Wire Transfer Services.

Your choice depends on your Citibank bank account type, as well as where and to whom you want to transfer funds. Let’s take a look at both options:

Citibank Global Transfers

Whether you wish to transfer money internationally or across the states, Citibank global transfer is an option for Citibank account holders who want to send money from their checking, savings, or money market accounts to another Citibank account.

This bank service is available for the US and the following countries: Australia, Bahrain, China, Hong Kong, India, Indonesia, Jersey, Korea, Malaysia, Mexico, the Philippines, Poland, Singapore, Taiwan, Thailand, the United Arab Emirates, the United Kingdom, and Vietnam.

If you want to send money to friends or family who already have Citibank accounts, this is the right option. You need to have the recipient’s personal information (name and surname) and account number to do the transfer.

The first thing you have to do is log in to your Citibank account, go to Transfers, and add the recipient’s details. Check the transfer limit allowed for this transfer option, type the amount you want to send, and click the Send button.

The bank will review your wire transfer first and then draw money from your account and transfer it to the recipient. Alternatively, if you prefer face-to-face banking, you can visit the closest Citibank branch and send money with a clerk’s help.

Opening a checking account, savings account, or money market account with Citibank is a prerequisite for this service. Luckily, the process is easy and can be completed through the bank’s website.

Online Wire Transfer Services

Citibank’s international wire transfer is your next option. This is the best choice for those with Citibank bank accounts who want to send money to a non-Citi account.

The service is available for one-time and recurring wire transfers in the US or abroad.

If you don’t know how to send a wire transfer to other domestic or international banks, Citibank provides a short explanation on the website. Generally, the procedure is the same with Citi Global Transfers.

You need to have an account at Citibank - checking, savings, or money market - and log in. The service can be completed in some physical Citibank branches, too.

You need to have the recipient’s bank information and the account number. There’s a difference between sending money to domestic and international non-Citi accounts.

If you send money to an account in the United States, you’ll need to know the recipient’s name, account number, bank name, and location. You also need to know the ABA routing number of the recipient’s bank.

The ABA routing number is a 9-digit code used to identify the bank inside the US where the recipient has an account. If you don’t know the ABA routing number, Citibank has a routing number list for all banks in America.

When it comes to international wire transfers, the instructions are almost the same as for transferring money domestically. The only difference is that, instead of an ABA routing number, you need to know the SWIFT code of your recipient’s bank.

A SWIFT code is used for transferring money internationally. The recipient’s CHIPS UID (Clearing House Interbank Payment System Universal Identifier) is also required.

When it comes to transfer times, international transactions are completed in the same business day if you send the request before 5:15 p.m. ET.

The Costs of a Citibank Wire Transfer

The transfer fee depends on the type of service you need. If you want to send money to any Citibank account in America or to a Citibank international account in select countries, the service is free.

If you're going to send money to non-Citi accounts, the bank charges some fees. Depending on the account package you have at Citibank, the cost will slightly vary:

Transfer Limits

Citibank’s wire transfer limit also depends on your account package. For example, if you have a Citigold package, the daily limit is $2,000, while the weekly limit is $5,000 for the Citibank Global Transfers service. If you want to send money to a non-Citi account, other transfer limits will apply.

Citibank’s exchange rate depends on whether you’re buying or selling a currency. You can find the exact exchange rates by currency on the bank’s website or contact the support team.

Wire Transfers Available at Citibank

You can choose between several types of wire transfers with Citibank. 

For starters, you can send a one-time transfer to your family or friends. There’s also an option to set up recurring transfers, but it’s only available for sending funds to another Citibank account.

If you have a beneficiary, for example, they should open an account at Citibank or change their current bank.

A wire transfer through Citibank is exclusively bank-to-bank. Your recipients must have a bank account at Citibank or some other financial institution.