Citibank is one of the most popular retail banks in the US and has an overseas presence with branches in 19 countries overall. You’ll find a wide range of products on offer, including credit cards and accounts aimed at day-to-day spending and saving.
Some of the credit card and account packages are aimed at helping expats and travelers make the most of their money with travel rewards, zero exchange fees, and access to a Citibank foreign ATM network. However, other accounts will incur foreign transaction fees and Citibank ATM fees overseas. This guide covers all you need to know.
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Does Citibank charge foreign transaction fees?
First the most important question: does Citi charge foreign transaction fees?
The answer to this will depend on the account you hold with Citi. Many Citi checking accounts have foreign transaction fees, but you may avoid them if you’re a CitiGold or CitiPriority customer.
Credit cards are similar — you could find there’s no foreign transaction fee for Citibank AAdvantage credit cards. The Citibank Costco Visa foreign transaction fee may also come in at zero.
But other card types do charge fees for foreign transactions, so you’ll have to read the terms and conditions on your account carefully before you sign up. Our roundup of Citibank foreign transaction fees will give you a great place to start the search for the right card for you.
Citibank debit card foreign transaction fees
Citibank has a broad range of account packages with linked debit cards available for all customers. When you use your debit card to spend or make withdrawals you may have fees to pay — including international transaction charges.
Foreign transaction fees are usually applied to purchases which are not carried out in dollars — which means you’ll pay them when you travel or buy online from a seller based overseas.
One of the perks of the Citi Priority Package and CitiGold Package is that foreign transaction fees are waived — allowing you to save money. However, you’ll have to keep 200,000 USD in your Citibank accounts to qualify.
| Account type | Foreign transaction fees | Other important fees to consider |
|---|---|---|
| Basic Banking Package¹ | 3% | 12 USD monthly fee, waived if account conditions met |
| Access Account Package² | 3% | 10 USD monthly fee, waived if account conditions met |
| Citibank Account Package³ | 3% | 25 USD monthly fee, waived if account conditions met |
| Citi Priority Package⁴ | No fee | 30 USD monthly fee, waived if account conditions met |
| CitiGold⁵ | No fee | You must have a relationship balance of over 200,000 USD |
Citibank credit card foreign transaction fees
Citibank has a broad range of credit card options including cards which are aimed at customers who travel frequently, or shop online with international sellers. These waive the foreign transaction fee for overseas purchases, but can come with an annual fee.
Other credit cards may not come with an annual fee, but do charge a foreign transaction fee which will be applied for all overseas purchases in person or online. Of course all Citi credit cards come with a range of other features, which may include balance transfers, travel rewards and reduced annual fees.
Here’s a run down of some of the important fees to consider — check out the full details online:
| Fees: 3% of purchase value + APR (which varies depending on the card type, and your assessed creditworthiness |
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The fees above are applicable to the following card types⁶:
- Citi Double Cash
- Citi Simplicity Card
- Citi Rewards
- American Airlines
- AAdvantage Mileup
- Citi Diamond Preferred
- Citi Secured MasterCard⁷
Citibank no foreign transaction fee cards
| Card type⁸ | Foreign transaction fees | Other important fees to consider |
|---|---|---|
| Citi/AAdvantage Credit Cards (excluding American Airlines card) | No foreign transaction fee | Annual fee of 99-450 USD depending on the card type chosen |
| Citi Premier Card | No foreign transaction fee | Annual fee of 95 USD |
| Costco Credit Cards (including the Costco Anywhere Visa Card) | No foreign transaction fee | No annual fee if you hold Costco membership |
Citibank currency exchange rates
When you spend in a foreign currency the exchange rates matter as much as the upfront fees charged by your bank. If you get a poor exchange rate you may end up paying more than you expect.
Citibank uses the Visa or MasterCard exchange rate for international card transactions, depending on which network issued your credit or debit card⁶.
You can find the rate for your purchase, using the tools available on the Visa or MasterCard website. You’ll even be able to look up the rate applied on previous dates to see how it changes over time.
Avoid exchange rate mark-ups with Wise
When looking at exchange rates, it can help to understand a bit about the mid-market rate. This is the exchange rate you’ll find on Google, and the one that banks use to buy and sell currency on the open market.
However, that doesn’t mean it’s the rate that’s applied when you buy things using your card, or exchange your currency.
Instead, you are likely to find that your card issuer or currency exchange service adds a markup to the mid-market rate, which they keep for themselves.
If you’re looking for a provider that uses the mid-market rate for all transactions, you should definitely try Wise.
Wise offers you a multi-currency account and international card with no foreign transaction fee, that uses the mid-market rate for all payments.
You can send, spend and receive money like a local, without having to worry about mark-ups.
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Citibank international ATM fees
There are several different charges to know about, if you’re using your Citibank card abroad.
ATM usage fees
You can find Citibank branded ATMs in over 20 countries around the world⁹.
Customers with a Citibank card can get fee free withdrawals from Citibank ATMs globally. You can also get free USD withdrawals within the US at a broader network of 80,000 ATMs.
If you use a Citi debit card to withdraw money from an out of network ATM you may need to pay a fee. A charge of 2.50 USD is made for non-Citibank withdrawals for some accounts — check your account package if you want to know whether you’re affected or not.
Foreign transaction fees
Depending on the card or account type you hold, you may pay an international transaction fee for using an ATM overseas. These fees are covered in the sections above, by card type.
Using a credit card in an ATM abroad
Withdrawing money using your Citibank credit card — rather than a debit card linked to your account — is usually more expensive. You’ll need to check the terms of your card, but you may pay a 10 USD or 5% cash advance fee, depending on which is larger, on top of any other fees you incur for the ATM withdrawal, such as a foreign transaction fee.
Non-Citibank charges
If you use an ATM which is not managed by citibank, the provider might add their own fees and charges. These are in addition to the fees detailed above.
Citigold customers qualify for unlimited refunds of ATM fees applied by other providers — so even if the ATM operator adds their own fee, you will have the money refunded.
Dynamic currency conversion (DCC)
When traveling you want to get the best available exchange rate every time, so your money goes further.
One thing you should understand is dynamic currency conversion (DCC). DCC is where you’re asked by a merchant or when making an ATM withdrawal if you’d like to pay in your own home currency rather than the local one.
DCC sounds like it’ll help you keep track of your money more easily. But there’s a problem. Using DCC will usually cost you more than choosing to pay in the local currency.
With DCC, the merchant or ATM operator will choose the exchange rate applied and can also add on fees to the transaction. This exchange rate may not be as good as the one you would otherwise get from Visa or MasterCard, which makes the true cost of the purchase higher.
If you want to get the best price for your overseas purchases, always choose to pay in the local currency wherever in the world you are.
Using your card abroad: tips and tricks
Taking your card with you when you travel abroad can be convenient, especially when you don’t want to carry a money belt with all your cash.
But, to make the most of your international spending — and to avoid paying extra — take a look at the tips below:
You’ll also want to make sure you have all the contact details for your bank recorded in case of issues while you’re away
Let your bank know you’ll be traveling, so overseas transactions don’t get flagged as suspicious, and get a 4 digit PIN for your bank card if you’re headed to Europe
Make sure you know how much your bank will charge you for overseas withdrawals. If there is a charge per transaction, you may be better off making fewer, larger, withdrawals, to minimize the overall costs
Check whether your card will be accepted wherever you are headed. Visa and MasterCard have high acceptance rates in many countries, but American Express and Discover cards can be trickier in Europe. There are tools available online to check whether merchants and ATMs will accept your card as you travel
Know the exchange rate used by your provider. Make sure to compare it with the mid-market exchange rate, so you know you’re making the most of your money.
| 🌐 Going abroad? Get the Wise card and multi-currency account to send and spend like a local, without having to worry about notifying your bank or getting mark-ups on the exchange rate. |
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If you’re planning on paying for your trip abroad using your credit or debit card, Citibank has a few credit or debit cards which can help you get a better deal on your spending. It helps to understand the terms of your specific card before you travel, so you don’t get any nasty surprises — but by choosing the right card, and following our tips, you can get a good deal on your day to day spending when traveling.
Sources:
- Citi- Basic banking pricing
- Citi - Access Account pricing
- Citi - Account pricing
- Citi- Priority Account pricing
- Citi - Gold Account pricing
- Citi - Credit card comparison
- Citi - Secured credit card
- Citi - No foreign transaction fee cards
- Citi - Bank location
Sources checked on 06.03.2022
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