Does Citibank Exchange Foreign Currencies?

One thing you certainly have to deal with while traveling abroad is the issue of foreign currency. You’d have to exchange one for the other.

If you are new to traveling, you may have heard of some establishments that exchange foreign currency. Like hotels, bureaus at the airport, and local kiosks, etc.

Your local bank like Wells Fargo and Bank of America can exchange foreign currencies for you before you travel. One of such banks is Citibank.

Old-time travelers may also have questions about foreign currency exchange at Citibank. This article contains details about that. Read on to find out more!

Does Citibank Exchange Foreign Currency?

Citibank does exchange foreign currencies if you have an account with them. Any foreign currency exchange transaction under $1,000 is free for Citibank account holders. If the exchange is less than $1,000, there will be a fee of $5.

It does the exchange at a rate set at the mid-market rate and the bank’s discretion.  The rates are real-time and are subject to change.

There are over 50 currencies you can exchange at Citibank. Account-holders can only exchange two kinds of currency at once without visiting the bank. They can do that

Not only can account holders buy foreign currency from the bank, but they can also sell them to the bank upon their return from their trip.

What Is Citibank Foreign Currency Exchange Policy?

Citibank’s foreign currency exchange policy states that the exchange is usually through buying and selling. The bank sells the currency to their customers, who also purchase the foreign currency with local ones.

Only Citibank customers can exchange foreign currency at the bank. In other words, you must have a savings or a checking account with them before exchanging your currency.

Currencies are ordered online through the World Wallet or by calling the bank with their hotline. Citibank does not accept cash orders. Orders placed are debited from the customers’ accounts.

The currencies are delivered to any Citibank closest to you or any address of your choice. Customers are allowed to exchange only two kinds of currencies at a time, out of the fifty available for exchange at Citibank.

There is a 10,000 USD limit applied to every exchange according to the custom cash limit.

Customers can also sell unused foreign currency to the bank at a competitive rate. Citibank gives a 5 USD discount for currency sales over 1,000 USD.

Does Citibank Charge To Exchange Foreign Currency?

No fee is charged for foreign currency exchange from customers with Citigold or Citi priority accounts. But a 5 USD charge is applied for customers with other kinds of Citibank accounts for exchange below 1,000 USD. An exchange above that is free.

Related: Is Notary Public free at Citibank?

Other fees paid are those charged for delivery. Currency cannot be picked up at Citibank but at the delivery address.

Any order delivered to the bank branch closest to you is free, but an order delivered to a home or office address comes with a fee. The delivery fee is subsidized for Citigold and Citi priority account holders.

The delivery fee is in three categories; standard overnight delivery (10 USD), overnight priority (15 USD), and Saturday overnight (20 USD).

What Document Do I Need To Exchange Foreign Currency At Citibank?

To exchange foreign currency at Citibank, you need to have a checking or savings account with them. As proof of being a customer, a debit card is always given with other forms of identification.

This is used to set up a profile on the world wallet before ordering for foreign currency.

If you do not have the required document and want to exchange your currency with Citibank, you would open an account with them first.

You can do that online through their website or visit the branch nearest to you. Otherwise, visit an exchange office to make the trade.

Does Citibank Exchange Foreign Currency Online?

Citibank has an online option for account holders where foreign currency can be exchanged without visiting any of their branches.

The online currency exchange service is available for all Citibank account holders. Customers of the bank make the order online and have the currency delivered to any address of their choice for a token or the nearest Citibank branch for free.

The Citibank world wallet is an online platform that helps customers order currency online. The purchase is inclusive of a bank commission for the service rendered.

The wallet is linked to the Citibank debit card and funds can also be stored in the wallet to make online purchases.

Customers can shop foreign commercial websites and pay with the country’s local currency at zero cost.

What Other Places Exchange Foreign Currency?

BankFeeMinimumOnline Ordering
Bank of Americano fee$100Yes
Wells Fargono fee$100Yes
Citigroup3%$5 fee if Under $1000Yes
PNCno fee$100No
TD Bank3%$250No
U.S. Bankno nee if over $250$10 fee if Under $250

Alternative places where you can exchange your foreign currencies are foreign exchange kiosks and desks at the airport. Also private money exchange offices.

It may seem like a convenience to exchange your currency at these places upon your arrival, but it’s not.

Exchange businesses at the airport charge a 20% fee for each exchange. They also buy currencies at lower rates compared to banks.

You can also use credit cards, debit cards, traveler checks, or foreign currency cards. But they are not always accepted and may attract charges.

The foreign currency card is a pre-paid card with foreign currency on it. It allows transactions to be made abroad without charges.

The cardholder can decide the currency he wants on it. Pre-paid currency cards are not accepted in all countries.

Related: Does Chase Exchange Foreign Currency?

Can You Still Exchange Foreign Currency At Citibank In 2021?

You can exchange your foreign currency at Citibank in 2021 provided you are a customer at the bank and you agree to the terms of the exchange. The exchange rate at Citibank comes with a commission.

To exchange your foreign currency, call the bank’s hotline (1-800-756-7050) or place an order online.

There are 50 currencies available for exchange and delivery at any address of your choice.

Use their exchange rate calculator to know what currencies are available for exchange and how much each is worth.