International Wire Transfer with Citibank

How to Make an International Wire Transfer with Citibank

June 15, 2022

Citibank is the consumer section of financial services multinational Citigroup. The bank started operations in 1812 as the City Bank of New York. Later on, it became the First National City Bank of New York. It has 2,649 branches in nineteen countries. The United States alone has 723 branches throughout the country. There are various transactions you can carry out with the platform. We shall look at how you can make an international wire transfer with Citibank later.

Citibank is one of the most dependent banks for money transfers within and outside the U.S. Its branches are located in six metropolitan areas: New York, Los Angeles, Chicago, Washington D.C., San Francisco, and Miami. In Mexico, Citibank’s subsidiary, Banamex, operates 1,494 branches. The company’s headquarters are in New York City. We all know New York as an economic hub with numerous money-generating activities. No wonder the bank grew to that extent.

The main products offered by the institution are credit cards, mortgages, personal loans, commercial banking, and lines of credit. You can open an account with the platform online using your smartphone if you have the required documents such as your Social Security Number, Identification document, email, and a physical address. When you open Citibank checking account online, you will get a user I.D. to log in with your password. 

What is a wire transfer

Wire transfer is an electronic money transfer method for sending funds between two financial companies, usually banks. The sender provides all the necessary information plus instructions for the funds to reach the recipient. The money transfer process allows people to send money to one another, businesses and organizations to send money to each other, businesses and organizations to people, or people to organizations.

Usually, wire transfers involve the direct participation of the sending and the receiving financial company. That means the sending bank officers can communicate with the receiving bank officials to credit the sent amount to the recipients’ accounts. The transfers attract fees for the sender and recipient.

Wire transfers allow you to move large amounts of money compared to other methods. You need the recipient’s routing and account numbers to send money domestically via wire transfer. You require the IBAN or the SWIFT code for international transfers depending on where you send money. 

How to make an international wire transfer with Citibank

International Wire Transfer with Citibank

You can make a wire transfer at Citibank online if your account has sufficient money. Online wire transfers are suitable for sending money from your Citibank savings, checking, or money market account to accounts in other banks in the US. and internationally. The company has packages such as Citigold, Citigold® Private Client, and Citi Alliance that allows you to make wire transfers at no fees.

However, when you choose Citi Priority, you will have to pay some fees. The package charges you as low as $17.50. With all other account packages, you can send wires for as low as $25.00. Any packages will help you transfer money to an account in a financial institution in the U.S. They are also handy when you want to transfer money to an account at another bank in another country and when you want to transfer funds directly from your computer.

Usually, the Citibank wire transfer service allows you to send funds from your Citibank savings or checking account to accounts at other financial companies in the United States and internationally. Suppose you want to schedule particular transfers to a friend or relative.

In that case, wire transfers are great for scheduling regular transfers. If you want to make a one-time transaction, the wire transfer is also suitable for such a transaction. Above all, the Citibank wire transfers are easy to carry out online; thus, you can do it from the comfort of your couch.

To make your transfer;

  • Open your Citibank mobile app or visit the Citibank website.
  • Log into your online account.
  • Navigate to the “Move Money” section.
  • Select transfers
  • Choose wires
  • Follow other steps.

What do you need to make a wire transfer through Citibank

Just as I mentioned about the requirements of sending wires using banks and other financial companies, Citibank is not an exception. You can send a wire transfer with the recipient’s account and destination bank details. You need the account and routing numbers for domestic transfers.

Again, you need the SWIFT code or IBAN for international transfers. Generally, you need to collect the following information from your recipient.

  • The name of the person you’re sending money to.
  • The location, name, and country of the recipient’s bank.
  • The account number of the recipient.
  • The BIC/SWIFT code of the receiving bank as well as the CHIPS UID# (for some nations)

Wires are generally completed the same business day if their processing ends before 6:45 PM ET for domestic transfers and 6:00 PM ET for international transfers.

Does Citibank charge for incoming wires

To receive money via wire transfers, you have to pay some fees. Almost every financial company charge to receive wire transfers. We discussed the cost of sending international wires. When receiving wires, you have to pay a fee of $15 per incoming wire.

However, when you use the Citigold® Private Client package, Citigold® Clients, and Citi Priority Clients packages, you can receive wires at no charge. Remember that the same packages allow you to send international wires for free.

How much can you send via Citibank wire transfer

The maximum amount you can send per given time varies depending on the package you use for the transfer. For the Citibank® Client’s package, you can send up to $50,000 per business day. There are no monthly transfer limits whatsoever.

The Citi Global Executive Account Package wire transfer limit is $250,000 per business day for outgoing wires. There is no monthly wire transfer limit. Again, the Citi Global Executive Preferred Account Package has no daily or monthly limit for outgoing wires done in U.S. Dollars.

The Citibank® Account Package for Citi Private Bank Clients can go up to $50,000 per business day, while the Citigold® Account Package for Citi Private Bank Clients maximum amount per day is $200,000 per business day.

Bottom line

Citibank is the consumer section of financial services multinational Citigroup. The bank started operations in 1812 as the City Bank of New York. The institution allows you to carry out various transactions using wire transfers to send money domestically or internationally.

Depending on your package, the bank may charge incoming and outgoing transfer fees. The wire transfers can complete within 24 hours if you send them during working hours.

Posted by Spencer Tierney
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Spencer Tierney is a writer and expert on certificates of deposits at transfermone.com. His work has been featured by USA Today, MSN, SF Gate, the Los Angeles Times, NerdWallet and more. He earned a bachelor’s degree in English at UC Berkeley.