Charges of Citibank for a wire transfer
Citibank is one of the renowned banks in the United States, which provides a variety of financial services. Banking and money transfer are some of the essential features provided by them. Wire transfer is also one of them, which is a method of transferring funds electronically from one person to another swiftly. The bank charges some money for these wire transfers. If the transfer is within the U.S., then it charges $25. For international transfers, it charges $35, and for incoming wire transfers, it charges $15 per transfer. Let us know ‘How Much Does Citibank Charge For A Wire Transfer?’.
Wire transfer charges of Citibank
In the U.S., the average cost for transfer fees ranges from $0 to $50. The cost for outgoing domestic wire transfer fees varies from $0 to $35, whereas international outgoing wire transfer fees range anything from $35 to $50. Based on the type of account, these fees will vary. Citibank charge $25 for outgoing domestic wire transfer, $35 for outgoing international wire transfers, and $15 for incoming wire transfers. Using Citibank’s account, one can wire transfer money to non- Citibank accounts all around the world. There is also a limitation on the amount of transfer that can be done per day and per week.
How to send money using a wire transfer?
Sending money using a wire transfer is very simple, and it can be done using these steps:
- First, you need to login into your net banking app of Citibank.
- Select the account from which the transfer is to be made.
- It is essential to check the limit for the wire transfer.
- You have to enter the details of the beneficiary.
- The next step is to choose the amount and the currency for transferring.
- Then you need to pay the bank fees for the transfer on the basis of whether it is domestic or international.
- After that, one needs to submit the wire transfer order.
- The last step is to confirm the process of the bank wire transfer.
Types of accounts and their related wire transfer fees
The transfer charges are assigned based on the type of account the client holds. Some of these accounts are:
- Citigold Private Client – For this type of account, the domestic and international transfer fees are waived for both incoming and outgoing. There is also no limit for transfers that are made in U.S. dollars.
- Citi Priority – For this account type, outgoing domestic transfer fees are charged as $17.50, and outgoing international wire transfer fees are $25. Incoming wire transfer charges are waived, and there is no limit for transfers that are made in U.S. dollars.
- Citigold International Account – For outgoing domestic transfer fees is charged as $10.00, and outgoing international wire transfer fees are $10.00 for these account holders. The incoming transfer fee is waived off. There is no limit for transfers made in U.S. dollars.
- Citi International Personal Account – This account charges outgoing domestic transfer fees of $18.75, and outgoing international wire transfer fees are $30.00 for these account holders. The incoming transfer fee is waived off. There is a limit of $250,000 per business day for transfers made.
- Citi Global Executive account – For this account type, outgoing domestic transfer fees are charged as $18.75, and outgoing international wire transfer fees are $30. Incoming wire transfer charges are waived, and there is a limit of $250,000 per business day for transfers made.
- Citi Private Bank (Citibank account package) – For this type of account, the domestic and international transfer fees are waived for both incoming and outgoing. There is a limit of $50,000 per business day for transfers made.
- Citi Private Bank (Citigold account package) – For this type of account, the domestic and international transfer fees are waived for both incoming and outgoing. There is a limit of $200,000 per business day for transfers made.
- Other accounts – For all the other accounts, outgoing domestic transfer fees are charged as $25, and outgoing international wire transfer fees are $35. Incoming wire transfer charges are $15. The limitation of $50,000 per business day is also applicable.
Limitation on wire transfer
There are various packages under which the accounts are classified. These accounts have certain limits on them per day as well per week. This limitation can be extended to requests made in the bank. For Citigold Private Client, its daily online limit is $100,000, and its weekly limit is $500,000. Citigold Account has a $100,000 daily limit, and $150,000 is the weekly limit. Similarly, Citi Priority Account’s daily online limit is $75,000, the weekly limit is $100,000, and Citibank’s Basic Banking Account limit is $50,000 daily and weekly.
Conclusion
Based on the type of account, Citibank charge wire transfer fees. This fee is sometimes waived off for certain accounts like Citigold private clients, Citi Alliance, Citigold, and so on. Some of the accounts like Citi Priority, Citigold International Account, and Citi global Executive Account charges for both outgoing wire transfer fees. For all other accounts, both incoming and outgoing wire transfer fee is charged. There is also a certain limit for transferring the money also. These limitations are on a daily as well as weekly basis. Wire transfer is a simple money transferring medium. Basically, this transfer can range from $0 to $50 at max. Citibank offers various accounts, and one should choose wisely and the purpose of use; it can save you a lot of money.
