New monthly fee: CitiBank foreign currency current accounts (EUR & USD)

Jew

BeachNut wrote: »

I called them and they confirmed that they cannot charge on a zero balance AND that the fees due would not accumulate. They did say the charge would be made if funds went into the account, so the risk is if they flag your account to prevent instant withdrawals ("security call back required" ?).

They even flagged my account once before - after I deposited a check, and I had to wait a month to be able to use it. Crazy!

I'm happy to have left

Porcupine

For what it's worth, I've been operating my account like this for a few months now, and it's been working out quite well.

I maintain a Euro savings account which is just above the minimal threshold (have to keep an eye on the exchange rates). The fees are only levied on 1st of the month. So as long as I make sure that I have sufficient funds in my savings account and nothing in my current account(s), I don't get hit by fees.

I've only been caught out once - I did a transfer from the Continent a bit too close to the end of the month and it didn't come through in time. Also card payments may take a while to come out (so there's more funds in than you think) - this makes operating near the 1st a little bit dicey, but I'm generally happy.

seattle29

I have a USD current account with Citibank and I'm trying to transfer funds back out to my Natwest GBP account.

It's so easy to transfer money into Citibank, but it looks like the only way I can withdraw money is to make a SWIFT transfer costing £25 ??

They only allow free transfers for Sterling, but their EUR/USD current accounts are obviously foreign currency and they therefore charge a fee.

Can anyone confirm if this is correct?

grumbler

I am pretty sure that all banks charge for non-£ transfers even within UK.
You need to open a £ account with City to avoid this charge.