- Product combines features of transaction account, currency account and travel debit card
- No fees to use international ATMs or receive money from abroad
Citi has just announced the launch of its Global Currency Account, a multi-feature platform specifically designed for those who travel internationally or who often receive money transfers from abroad.
With the Global Currency Account, users can hold up to 10 different foreign currencies (AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD and USD) and provides account details for each individually held currency.
It is this aspect of the service that sets it apart from other multi-currency products, as it allows account holders to use those details to receive overseas funds for free. Users can then hold funds in the receiver currency or convert to AUD when exchange rates are favourable.
For travellers, having each currency linked to a single debit card account means more flexibility when travelling overseas. Foreign currencies can be pre-loaded onto the card and a simple change to the card's default setting means travellers can use the debit card internationally like a local, without paying hefty foreign ATM or transaction fees.
Citi's Global Currency Account is distinct from other products on the market due to the fact that it combines multi-currency bank account capabilities with that of a foreign currency-based debit card. This ensures that users can hold and transfer up to ten different currencies and switch between them instantaneously, regardless of whether they are purchasing items while travelling or buying overseas commodities.
“Unlike international bank accounts that only allow you to hold and transfer currency, the Global Currency Account enables this while being linked to a single debit card for hassle-free access on the go," said Alan Machet, Head of Consumer Banking for Citi Australia.
Machet also explained that the Citi Global Currency Account offers narrower currency exchange spreads than competitors, as well as greater transparency thanks to live, real-time foreign exchange rates.
