Founded in New York in 1812, Citibank is the consumer division of Citigroup.
Citigroup Inc. or Citi (the parent group of Citibank) is a multinational investment banking and financial services corporation in America. The group was formed by the merger of banking group Citicorp and financial conglomerate Travelers Group in the year 1998.
Citibank is said to have $24 trillion of assets under management (as of 31st December, 2020) and 204,000 employees worldwide.
Citibank provides different individual and institutional banking and financial services that they hope will enable overall economic development.
Citibank's services can be divided into four main categories:
Additionally, Citibank has a range of credit cards and rewards programmes such as Citi Easy Deals, Citi Entertainment and other special offers for clients.
Let's have a look into what exactly Citibank offers under each category mentioned above.
Citibank offers clients personal accounts, time deposits, fund transfer services, FX order watch, debit cards and more.
|USD 0 to 9,999||0.05%|
|USD 10,000 to 999,999||0.10%|
|USD 1,000,000 or more||0.15%|
Priority banking accounts:
Citibank offers two priority banking options:
Citibank offers personal loans, salary transfer loans and other lending and overdraft solutions to their clients. Additionally, Citibank also finances loans for buying houses and allows you to borrow against your home and make debt consolidations.
Citibank offers self-directed trading and expert advised options when it comes to investing.
Their investment products include:
Citibank also provides market insights like daily currency updates, economic, stock market news and key global development updates.
4. Wealth management:
Citibank's wealth management service essentially includes their investing services mentioned above and their private banking options of Citigold and Citigold Private Client.
We would highly recommend reading the expert verdict section of this review to make an informed financial decision.
Additionally, here's a free guide that can help you achieve better results. In this guide, you'll learn:
Subject to any minimum balance, service fee or other requirements Citibank may have, the customer may request Citibank in writing, over the telephone or through Citibank online (where possible) to open an additional account in their name.
Citibank's Global Wallet allows you to shop on international websites using your Citibank debit card, while paying zero foreign transaction or currency conversion rates.
It essentially allows you to switch to the currency you want to purchase in before making the payment.
This is available for the following currencies:
Citibank's private banking services are mainly aimed at:
Citibank is a very large bank backed by a well-known brand.
This does make it one of the better options for senior international investors, however your banker will only able to push Citibank’s own products and services, as opposed to being able to offer you the best available, which will likely lead to higher fees. Its bankers are also more likely to come from a retail banking background than a private banking one.
If you are already a private banking client of Citibank, we would recommend a no-obligation Second Opinion to ensure you are on track to reach your ideal future.
Additionally, we are happy to review the financial plan that has led to the investment portfolio you currently have.