Citibank Review for Expats

In this Citibank review for expats, I look at what Citi offers people living abroad, its main account packages and the pros and cons. Citibank is part of Citigroup, one of the largest banks in the world. Its history goes back to 1812, when it was founded as the City Bank of New York. It later became the First National City Bank of New York and, eventually, Citibank.

Citibank at a Glance

In the US, Citibank has several hundred branches. Its main branches are in cities such as New York, Chicago, Los Angeles, San Francisco, Washington DC and Miami. Customers also get access to a large network of fee-free ATMs.

Citi has a long record of innovation. For example, in 1961 it introduced the negotiable certificate of deposit (CD), which became a key product for banks.

The bank serves individuals and businesses around the world. For individuals, it offers current and savings accounts, loans, cards and investment services. For businesses, it helps with working capital, payroll and international trade.

Citi’s stated mission is to be a trusted partner, providing financial services that support economic growth. In addition, it funds long-term projects such as housing, transport and schools.

Citibank Accounts and Deposit Protection

In the US, Citi offers bundled packages, so you can open current and savings accounts with one application. The details depend on the package you choose. Policies, minimum deposits and savings offers can also vary by state.

Citi provides phone support around the clock, plus online chat. US deposits are protected by the FDIC, usually up to $250,000 per depositor, per ownership category. You can check the rules on the FDIC website.

If you want a full-service bank and have substantial savings, a Citi account can offer useful benefits. Citi groups its services into packages. Each package gives different perks depending on how much you hold with the bank.

Available Accounts

Citibank’s US banking packages have included the following, roughly in ascending order of services:

1. Access Account Package
2. Basic Banking Package
3. Citi Elevate Account (selected markets only)
4. Citibank Account Package
5. Citi Priority Package
6. Citigold® Package
7. Citigold® Private Client Package
8. Citigold® International

The right package for you depends on your budget and the services you need. Package names and terms change, however, so check Citi’s current list before you apply.

Is Citibank Good for Expats?

One of Citi’s strengths is its global reach. Its corporate and institutional business covers well over 100 countries. However, its personal banking is now much smaller. Since 2021, Citi has exited consumer banking in many markets, including Australia, India, Malaysia, Thailand and Vietnam. So check whether Citi still serves personal customers where you live.

For expats who qualify, Citi offers international banking through its wealth hubs. Services include multi-currency accounts, international transfers and foreign exchange. As a result, you can manage money across several currencies and countries. Dedicated teams also support expats with account opening and day-to-day banking.

Citigold and Citigold International packages add wealth management and planning tools to everyday banking. However, they usually require a high combined balance, or you pay a monthly fee. They may also waive some charges and refund some non-Citi ATM fees. Check Citi’s current terms, because minimum balances and fees change.

Citi also offers savings accounts, investments, credit cards and loans. Its online and mobile banking let you track transactions, pay bills and move money at any time.

Fees to Watch

Citi offers several types of current account in the US, each with its own features and costs. Even if you avoid the monthly fee, you may still pay for some transactions. Examples include cash withdrawals outside Citi’s network and international payments. So read the fee schedule before choosing an account.

If you have a Citibank US account, you may be able to fund a foreign currency account with Citi’s international banking arm. However, these multi-currency accounts are aimed at affluent clients. They may need a large opening deposit or carry ongoing charges. Also, check which Citi entity holds your money, because deposit protection depends on the country.

International Financial Services from Citibank

For international clients, Citibank offers:

• Multi-currency banking: a foreign currency account helps if you have income, property or family in several countries. However, its terms can differ a lot from a standard bank account.
• Wealth management: Citi’s advisers can help you plan investments, both onshore and offshore. Remember that investments can fall in value, and capital is at risk.
• Specialist support: relationship managers are backed by specialists who provide global market research.

To get a dedicated relationship manager, you normally need a high minimum balance, or you pay a monthly relationship fee. Before you open a multi-currency account or use offshore services, do your research. Also, compare Citi with other options in our guide to offshore banks for British expats.

Citibank Review: Why Citibank Could Be Good

1. Global presence: Citi’s international network can help if you move between countries.
2. Tailored service: wealth clients get personal planning and investment support.
3. Expertise: relationship managers have access to specialist research.
4. Multi-currency banking: you can hold and manage several currencies.
5. Citigold status: premium clients get extra benefits when travelling.

Potential Downsides of Citibank

1. High entry requirements: some services need a large deposit or carry ongoing costs.
2. Fees and charges: some transactions and investment products have extra charges.
3. Shrinking retail network: Citi has closed consumer banking in many countries since 2021.
4. Minimum balances: premium service usually needs a high balance or a monthly fee.
5. Local rules: expats must follow local banking and tax rules, which can limit what Citi can offer.

Summary of Our Citibank Review

Overall, Citibank offers a broad range of services for expats with substantial savings. However, its consumer network is smaller than it was, and the entry requirements are high. So weigh the pros and cons against your own situation. If you are unsure, take advice before you decide. You can also read our guide to why you might want an offshore bank account.

For more reviews of products like this, please read more of my articles:

• Lloyds Bank Fixed Term Deposit Accounts with Ardan – How to guide
• Optimising Investments for U.S. Expats: Trusts, Tax-Effective Accounts, and Wealth Transfer Strategies
• Options on Investing as a U.S. Expat: Navigating PFICs Tax and Best Investment Strategies
• How to Find the Best Investments for U.S Expats

This review is for information only and is not financial advice. Bank products, fees and minimum balances change, so check Citi’s current terms. Capital is at risk on investments.

Henry Temple-Baxter

Henry Temple-Baxter is the founder of Investments for Expats and is CISI Level 4 qualified. A long-term expat himself, he has lived and worked in Kuala Lumpur, Beijing, Bangkok, Hong Kong and Ho Chi Minh City. He set up the firm in 2018 to give UK expats fee-only, transparent advice on pensions, tax and investing abroad.

This guide is general information, not personal advice. Tax rules can change and their effect depends on your circumstances. Capital at risk.