Citi

Global Currency Account

Go to site
No. of branches: 6
No. of ATMs:
No. of ATMs in the network: Over 3,000 Westpac Group ATMs

special

Earn 0.75% interest and no withdrawal fees.

RateCity Says: Global citizens and avid travellers can take advantage of an international bank account with account details for up to 10 currencies, and no ongoing fees.

Maximum Interest rate

0.75%

ATM Fee

$0

Over 3,000 Westpac Group ATMs

Card Type

MasterCard

Real Time Rating™

4.81

/ 5
Maximum Interest rate

0.75%

ATM Fee

$0

Over 3,000 Westpac Group ATMs

Card Type

MasterCard

Real Time Rating™

4.81

/ 5
Go to site

Pros and Cons

Pros and Cons

  • $0 account keeping fee
  • App banking available
  • Apple Pay, Samsung Pay available
  • No overseas ATM withdrawal fee
  • No currency conversion fees for foreign currency transactions
  • Free transfer to international accounts
  • Send and receive funds with New Payments Platform, eg. PayID
  • Hold multiple currencies in one account
  • Features on 2020 RateCity Awards

Features and Fees

Features

App

Npp

Joint application available

Foreign Currency

Methods of Access

Internet Banking

ATM access

Phone Banking

EFTPOS Facility

Branch Access

Cheque services

Fee Details

Min. deposit for fee free

$0

ATM & EFTPOS Fees

ATM withdrawal fee

$0

Other bank atm withdrawal fee

2.5% of international cross currency ATM withdrawals. 0% for same currency ATM withdrawals. ATM operator may charge a fee.

Daily ATM withdrawal limit

$1,000

EFTPOS Fee

$0

Overseas fees

Overseas atm withdrawal fee

$0

Overseas eftpos fee

$0

Foreign transaction fee

$0

Other transaction fees

Phone transaction fee

$0

Internet transaction fee

$0

Counter withdrawal fee

$0

Free counter transactions

Counter deposit fee

$0

Cheque fee

$0

Cheque dishonour fee

$0

Electronic Wallet Service

Specials
  • Special Earn 0.75% interest and no withdrawal fees.

Other Benefits

All-in-one global banking solution - Consolidate your international bank accounts into one place, with account details of up to 10 currencies.

Switch between currencies instantly - Link your Citibank Debit Card to your currency of choice on the go via the Cit Mobile App to pay like a local when travelling.

Easily exchange currencies - Seamlessly exchange currencies via the Citi Mobile App by simply transferring between your currency accounts.

Send and receive foreign currency - Receive money from friends, family or overseas investments (such as rent from a property) in 10 currencies and hold it until you wish to exchange it.

Fees apply if you withdraw cash in a currency other than your account currencies. 2.5% fee on international cross currency ATM withdrawals. 0% for same currency ATM withdrawals. ATM operator may charge a fee.

Receive a free bottle of wine every time you dine at any Citibank Dining Program Partner and pay with your debit card.

Pros and Cons

  • $0 account keeping fee
  • App banking available
  • Apple Pay, Samsung Pay available
  • No overseas ATM withdrawal fee
  • No currency conversion fees for foreign currency transactions
  • Free transfer to international accounts
  • Send and receive funds with New Payments Platform, eg. PayID
  • Hold multiple currencies in one account
  • Features on 2020 RateCity Awards

Features

App

Npp

Joint application available

Foreign Currency

Methods of Access

Internet Banking

ATM access

Phone Banking

EFTPOS Facility

Branch Access

Cheque services

Fee Details

Min. deposit for fee free

$0

ATM & EFTPOS Fees

ATM withdrawal fee

$0

Other bank atm withdrawal fee

2.5% of international cross currency ATM withdrawals. 0% for same currency ATM withdrawals. ATM operator may charge a fee.

Daily ATM withdrawal limit

$1,000

EFTPOS Fee

$0

Overseas fees

Overseas atm withdrawal fee

$0

Overseas eftpos fee

$0

Foreign transaction fee

$0

Other transaction fees

Phone transaction fee

$0

Internet transaction fee

$0

Counter withdrawal fee

$0

Free counter transactions

Counter deposit fee

$0

Cheque fee

$0

Cheque dishonour fee

$0

Electronic Wallet Service

Specials
  • Special Earn 0.75% interest and no withdrawal fees.

Other Benefits

All-in-one global banking solution - Consolidate your international bank accounts into one place, with account details of up to 10 currencies.

Switch between currencies instantly - Link your Citibank Debit Card to your currency of choice on the go via the Cit Mobile App to pay like a local when travelling.

Easily exchange currencies - Seamlessly exchange currencies via the Citi Mobile App by simply transferring between your currency accounts.

Send and receive foreign currency - Receive money from friends, family or overseas investments (such as rent from a property) in 10 currencies and hold it until you wish to exchange it.

Fees apply if you withdraw cash in a currency other than your account currencies. 2.5% fee on international cross currency ATM withdrawals. 0% for same currency ATM withdrawals. ATM operator may charge a fee.

Receive a free bottle of wine every time you dine at any Citibank Dining Program Partner and pay with your debit card.

Go to site

FAQs

Can you open a bank account at 16?

Yes, you can open a bank account at 16, or even younger. If you’re 13 or under, you will probably need a parent to accompany you to a branch.

Can debt collectors take money out of your bank account?

Many people find themselves struggling to cope with debt at one time or another. In these cases, a debt collector could contact you to demand payment for a debt, to explain the consequences of you failing to pay a debt, or to organise alternative payment arrangements.

If you’re contacted by a debt collector, you may be wondering what their rights are and whether they can take money out of your bank account.

Creditors cannot access money in your bank account unless a court order (also known as a ‘garnishee order’) is made to allow creditors to recover debt by taking money from your bank account or salary.

If this happens, the creditor can take money out of your bank account unless you pay the debt in full or make an alternative payment arrangement such as paying in instalments through the court.

Can you find your bank account number online?

If your bank offers online services, you should be able to find your bank account number online by logging into your account on your bank’s website and checking your details there.

Keep in mind that each type of account you have with a bank comes with a unique account number. This means if you have a bank account as well as a savings account, for example, your bank account number and your savings account number will be different.

If you don’t have access to your bank account online or can’t login, you should be able to find your account number on a mailed bank statement, if you have one.

Alternatively, you can call your bank’s customer service number or visit a branch to retrieve your account number.

How can I find bank accounts in my name?

To find ‘live’ bank accounts in your name, you’ll have to ask individual lenders, which involves contacting them one by one and proving your identity each time. To find ‘unclaimed’ bank accounts (those that have been inactive for at least seven years), you can use this website.

How can I close an ANZ Bank account from overseas?

There are two ways you can close your ANZ Bank account from overseas:

  • Call +64 4 472 7123 (toll charges apply)
  • Send a bank mail request via ANZ internet banking

Can the government take your money from your bank account?

There are some instances when the government can take money from your bank account. This generally occurs in situations where you have an outstanding government debt.

Before it can take money from your bank account, the government authority owed money would first need to issue a garnishee notice. 

A garnishee notice is issued by the government agency (such as Centrelink or the ATO) to a third party that holds money for you or owes you money.

To take money from your bank account, your bank would be issued with the garnishee notice requiring it to pay ‘your money’ to the requesting agency to satisfy the debt.

How do you open a bank account in Australia?

Opening a bank account in Australia is usually a straightforward process. Some banks give you the option of opening an account online, while others require you to visit a branch.

Different bank accounts offer different features, so it’s best to compare your options to find one that suits you.

All banks require you to pass an identity check to open a bank account. Australia uses the 100-point identification system, which means you’ll need to show a number of forms of ID that, together, add up to 100 points.

Common ID types include a driver’s licence, passport, Australian visa in a foreign passport, and Australian Medicare card. You’ll find out what types of ID are accepted when you go through the sign-up process online or at a branch.

Once your account is open, you’ll be given or sent a debit card that you can use to make purchases and withdraw money from your account.

Can you get a payday loan without a bank account?

Yes. Some payday lenders are willing to transfer loans to prepaid debit cards instead of bank accounts.

Do I need to open a business bank account?

Just because you’re in business doesn’t necessarily mean you need a business bank account. You could be a sole trader not registered for GST, and use your personal bank account for business.

If you do want a business account, there are plenty of benefits attached to business transaction and savings accounts, as well as business term deposits.

There are business bank accounts designed for businesses with a high volume of transactions, and those for start-ups with a small amount of trade. You could also include an EFTPOS service with your account.

Some business bank accounts charge for the number of transactions per month, while others offer a pay-as-you-go fee structure, where you only pay fees for transactions you make.

It’s up to you whether your priority is mainly transactions, or earning the maximum amount of interest on your principal. There’s a business banking solution for you if you need one.

Are bank accounts frozen when someone dies?

Yes, Australian bank accounts are frozen when someone dies. If you want to close the account of somebody who has died, you might have to provide proof of death and a copy of the will. You might also have to prove your relationship to the deceased person.

If you have a joint bank account with somebody who has died, you will generally be entitled to all the money in the account. Again, you might have to provide proof of death if you want to change the bank account from a joint account to a one-person account.

How can you cash a cheque without a bank account?

You can cash a cheque without a bank account if you visit the bank that issued the cheque. For example, if somebody sends you a cheque from Bank X (as written on the cheque) and you visit Bank X, it’s likely that Bank X will let you cash the cheque – provided the person who wrote the cheque has enough money in their account. Bank X would probably charge you a fee for the service.

Can I link a bank account to Paypal?

Paypal is a safe and convenient way to pay online without the need to share your financial details. You can send and receive money or accept credit and debit cards as a seller using Paypal.

It’s easy to link your bank account to a Paypal account and start making transactions within minutes.

To start, you first need a Paypal account (it’s free to join). When setting up your Paypal account, you will be prompted to link a credit card or bank account (or both if you wish).

PayPal works without a balance; you can use Paypal to shop or send money when your balance is zero.

When your Paypal balance is zero, Paypal will ask you to choose your preferred payment method at the checkout.

This could be either your linked bank account or credit card. Your bank details can be updated if you change banks or credit cards.

What do I need to open a company bank account?

To open a company bank account, you will probably have to provide 100 points of ID, an ABN and an ACN. You will probably have to provide the details of all signatories as well.

Can foreigners open bank accounts in Australia?

Many Australian lenders allow foreigners to open bank accounts in Australia. Often, this can be done before you arrive in the country – with no Australian address required. When you get to Australia, you can pick up your debit card, using your passport as identification.

How do I transfer money from Paypal to my bank account?

Transferring cash from Paypal into your bank account is simple…if you have a Paypal account that is.

Once you’re logged into your Paypal account, the account balance will appear on your home page. Below your balance are two options:

  • Add money
  • Withdraw money

Choose option two if you want to transfer money from your Paypal account to your personal bank account.

The next screen will prompt you to either enter new bank account details or choose a bank account that’s connected to Paypal. You can always add more bank accounts to your Paypal profile.

Another way to transfer out of Paypal is by jumping to the wallet tab on the top menu, and clicking ‘transfer money’. Both options will give you the same result.

How can I close a Commonwealth Bank account?

You can close your Commonwealth Bank account at any branch, provided you have appropriate identification. You can also close your account over the phone, by calling 132 221, 24 hours a day.

How do you find a bank account number by name?

For privacy reasons, Australian banks won’t hand out account numbers or other details about their customers. However, if you provide a bank with a BSB and account number, they should be able to confirm if those numbers belong to one of their customers.

How do I open a new bank account?

There are a number of ways to open a new bank account – online, over the phone or in the branch. The trick is to decide what type of bank account you want beforehand.

It might sound like a simple enough task, but there are literally hundreds of bank accounts to choose from. And each offer their own banking features and benefits.

A comparison site like RateCity can help you work out what bank account product matches your needs.

Once you’ve made up your mind what you want, it’s advisable to have the following information ready for the application process.

  • A couple of forms of identification (such as driver’s licence, Medicare card, passport)
  • Tax file number
  • Residential address, contact phone number and email (though email is not essential)

Can I have a PayPal account without a bank account?

You don’t need a bank account to send or receive money through PayPal. However, you do need a bank account if you want to withdraw money from your PayPal account.

How do you transfer money from PayPal to a bank account?

Transferring money from PayPal to an Australian bank account is simple. Just follow these three steps:

  • Go to your Wallet
  • Click ‘Transfer Money’
  • Follow the instructions

The money will take three to seven business days to reach your bank account.

Once you’ve made the transfer request, it can’t be withdrawn.