Citi offers numerous options to its customers when it comes to transferring money from one account to another. The multiple options available will also help you transfer funds to your friends and family around the world. Whenever you make a foreign currency transaction, you will be charged a foreign currency exchange fee, but you will not have to pay any processing fee depending on the daily outgoing limit that varies from one country to another.
Different Options Available to Transfer Money
Citibank Global Transfer (CGT)
With Citibank Global Transfer, you will be able to transfer money online from one Citi savings account in Singapore to another Citi account overseas. The money transfer carried out in such a way takes effect instantly. This process of transferring money is more cost-effective, faster and easier to use when compared to conventional Telegraphic Transfer.
The daily transfer limit varies from one country to another and it changes based on the rules and regulations set by the country of the recipient’s account. It is currently fixed at S$250,000 per day. However, you can carry out these transactions free of charge.
Steps to Take When Making the Money Transfer
Once you log in to your personal internet banking account, you will have to carry out the following steps:
- Go to ‘Payments & Transfers’ on the menu.
- Choose a destination account where you would like to transfer money.
- Add beneficiaries if you have not added them already.
- Under "Overseas Payee", choose either "Telegraphic Transfer" or "Pay an organisation with Citibank Global Transfer".
Benefits of Citibank Global Transfer
You will get the following benefits when you use Citibank Global Transfer:
- Cost-effective way of transferring money between different Citi accounts.
- The transfer takes place immediately.
- Easy to use.
You can make use of telegraphic transfer to carry out inward remittance as well as outward remittance.
If you wish to transfer money within Singapore, you will have to provide the following information:
- Account Name
- Account Number
- Citi SWIFT Code
- Bank Address
- Bank Name
If you want to transfer money to a transactional account, you will have to enter your 10 digit account number. Other information that you will have to provide your remitting bank include Citi’s SWIFT code and the correspondent bank name that varies based on currency. Citi does not impose any fee, but you may be charged a fee by the correspondent bank.
If you want to carry out an overseas money transfer, you will have to sign in to your online account and carry out the following steps:
- Select your payee type.
- Choose Telegraphic Transfers.
- Enter the details of your payee.
- Pick your destination bank from the results shown in the search.
- Proceed to the next step if your destination bank's details are auto-populated in the Payee details screen.
- Click on ‘Confirm’ if the payee details are correct.
- Activate your payee by entering the Transaction Authorisation Code (TAC).
- Once you are on the 'Payment & Transfers' screen, choose your payee added previously.
- Pick the source account and enter the remaining transaction details.
- Check the details once again and click on ‘Confirm & Pay'.
- If you are transferring more than S$10,000, you will have to enter the Transaction Authorisation Code (TAC).
With PayNow, you can send as well as receive money immediately from one account to another by using just your NRIC and mobile number. You can use PayNow by linking your mobile number or NRIC to your Citi account using your mobile banking app or Citibank Online. However, linking the phone number is mandatory only if you want to receive funds. Once you register for this service, you will get a text message confirming the same.
PayNow is a secure way of transferring money and follows similar security standards recognised by the Singapore banking industry for other funds transfer services. These transfers can be carried out throughout the day.
With PayNow, you can send/receive a minimum of S$1 up to S$1,000 every day. You can only carry out fund transfer with PayNow between participating banks currently. However, this mode of transfer can only be used for transferring money in Singapore dollars. To find out whether the transaction you have made is carried out successfully, you can check your transaction history on your online account. In addition, you will also receive alert messages and emails. PayNow transfers are completely free. To transfer money through PayNow, you will have to take the following steps for Citibank online as well as through the Citi Mobile App:
- Log in to your online banking account, choose 'Transfer via PayNow' from the menu. Enter your contact name, mobile number or NRIC/FIN of the recipient.
- Choose the account you need to pay from and enter the amount you need to transfer.
- Validate and confirm your transaction details.
You can use the following Citi accounts to send funds via PayNow:
- Citi credit card accounts
- Citi Ready Credit accounts
- S$ Step-Up Interest Account
- S$ Tap & Save Account
- S$ InterestPlus Savings Account
- S$ Maxisave Sweep Account
- S$ Maxisave Account
- S$ Citi MaxiGain Savings Account
- S$ Checking Account
- S$ Basic Banking Account
- S$ Money Market Account
- S$ Savings Account
FAST Funds Transfer
Citi is one of the partner banks that offers payment through FAST which was introduced by the Association of Banks in Singapore (ABS). You can transfer money to or from your Citi account anywhere in Singapore instantly. FAST is one of the fastest and secure ways of transferring money. With FAST, you can transfer or pull funds almost immediately among partaking banks in Singapore. You can make a funds transfer using FAST anytime including Sundays and public holidays. FAST can only be used for transferring funds in Singapore dollars between bank accounts of participating banks in Singapore.
If you wish to transfer money via FAST (Fast and Secure Transfer), here are the steps that you need to carry out:
- Log in to your online banking account.
- Choose ‘Make a transfer’.
- Choose an electronic transfer payee and opt for FAST.
Other ways of transferring money include GIRO. Using GIRO it will take about 2 to 3 working days for the transfer to take place without any charges. You can also make use of MEPS that allows you to transfer money from your Citi account to other accounts in Singapore in 24 hours, simply for a small charge of S$5.
FAST funds transfers can be made to and from these accounts:
- Savings Account
- Money Market Account
- Basic Banking Account
- Checking Account
- Maxisave Account
- Maxisave Sweep Account
- InterestPlus Savings Account
- Tap & Save Account
- Step-Up Interest Account
FAST funds transfers can be made to these accounts:
- Citi credit card accounts
- CitiBusiness accounts
- Citi Ready Credit accounts
- Citi commercial cards
Transfers and Payments
The table below shows the daily transaction limit and the speed with which the money gets transferred:
|Description||Daily Transaction Limit||Speed|
|Transferring money within Singapore|
|Payment by cheque/bill||S$100,000||The transfer will take effect in five to six working days|
|Transfer to other Citi accounts||S$100,000||Instant|
|Transfer to other bank's accounts||S$100,000||FAST-Within minutes MEPS-Instructions received before 5:00 p.m. will be effected on the same day while instructions received after 5:00 p.m. will be effected on the next working day GIRO- 2-3 working days|
|Transferring money outside Singapore|
|Citibank Global Transfer||S$65,000 (based on the rules and regulations of the beneficiary’s country)||Instant|
|Telegraphic Transfer||S$250,000||3 working days|
Whether you wish to make a transfer locally or globally, you can do so using your Citi account instantly, depending on the mode of transfer. While some transfer options are only applicable for transfer in Singapore dollars, there are others that allow transfer to foreign accounts and other banks’ accounts.