Citibank Euro Account

ChrisJBarnes91

Anyone here have this account and can say whether its any good? Im thinking of opening it, can anyone say whether they think this will be a good idea as im going to Europe in the summer and want to take advantage of the euro being a mere 94p, before it reaches parity. anyone know of any alternative accounts? cheers

sdooley

I have just opened one, I would prefer an alternative as they are not in the best of financial shapes. But I can't see anyone else offering one.

gozomark

how will you feel if its not parity, but 80p ?

97trophy

sdooley wrote: »

I would prefer an alternative as they are not in the best of financial shapes.

Citi are now part owned by the US Govt, having already been given something like US$ 50 billion. There is no reason to doubt that the US Govt will stand behind Citi 100%. Thus Citi are now IMO are a very safe bank.

There has always been a theory that "says the big banks are too big too fail". This recession has proved that theory right.

gozomark

97trophy wrote: »

There has always been a theory that "says the big banks are too big too fail". This recession has proved that theory right.

Citi did fail - just ask its shareholders :-)

kamir

RBS seem to do a few foreign currency accounts just like Citibank

http://www.rbs.co.uk/personal/travel/g1/currency-accounts/deposit.ashx

http://www.rbs.co.uk/personal/travel/g1/currency-accounts/current.ashx#tabs=section1

Has anyone tried the accounts at either RBS or Citibank, i see Citibank also do interest bearing accounts. Are there any pitfalls like hidden fees or transaction charges ?

http://www.citibank.co.uk/personal/banking/international/currency.htm?merchant=citi

sdooley wrote: »

I have just opened one, I would prefer an alternative as they are not in the best of financial shapes. But I can't see anyone else offering one.

sdooley

I won't have a £1,000 minimum balance to keep in at all times, but if in the future I do the RBS account looks good, thanks.

There don't seem to be any unusual fees at Citi. Free SEPA payments too which is better than most UK banks. (that's euro electric transfers to Europe).

I'm not speculating on where the euro will go - just don't like changing money too and fro.

michaels

Citi is a pain as you only get 1 debit card which you have to nominate to link to one currency account at a time. Their rates for transferring currencies are also pretty poor. They also charge 15 eur a month if you don't keep a 2k positive balance over all your accounts.

However if you have an egg card they have an offer which lets you get 50 eur free (look on egg website) which is nice.

withnell

michaels wrote: »

They also charge 15 eur a month if you don't keep a 2k positive balance over all your accounts.

Where abouts is that condition in the current T&C? I can't see it

GoonerT

the monthly fee condition is for current accounts only. If you just want to use an ATM then the savings account is fine, I've had a dollar account for years and used it in the US to withdraw cash. It has to be from a citibank machine though in the US, not sure how it will work in europe as there arent any citibank ATMs!

I have actually just opened a euro account and didnt realise you could only have one card. How daft is that?

kamir

Because Citibank are American you cant use your debit card at online gambling websites even if your are British, in the UK and want to deposit at a UK bookie! Something to do with the Patriot Act