Cancelled account with no notice, stuck without travelling account
USD Multicurrency account - update2019 January - I haven't been able to access the account for a week or so. When I got in touch Citibank told me that they shut our USD account because they now require a $250,000 minimum balance. They did not notify us of this either on email or snail mail. They said they would send a cheque in the post, no doubt in AUD at their not very good exchange rate. We have overseas clients currently trying to pay into this account. This is very disruptive. 2017 - I have opened a business account with Citibank opened specifically for thier multicurrency account since we sell products globally in USD. The website is easy to use but difficult to understand. They provide each entry as a Debit and a Credit, so it is not obvious if it's coming in or going out. You have to try to work this out from the balance. It could be a lot simpler that this. The biggest issue though is the customer service. We've been hit by a lot of hidden fees, and if we go to the chat line or call them, which I've done many times, they don't have access to the multicurrency account so they say they will get someone to call back. However, no-one ever does call back. This has been going on for 12 months or more. A further issues is on commencement we put a stop to any incoming funds that were in AUD. The issue here is the intermediary banks see the funds going to Australia so they automatically convert at their not very good exchange rate to AUD despite the receiver being a USD account. The stop was to prevent this. However, you know what Citibank did in it's wisdom, they converted it back at their not very good exchange rate to USD eroding significant value and completely ignored the stop on the account. I've been asking for a reversal on this transaction for some time now and the client is prepared to put it through again, but Citibank don't call back. I've now physically written to them, still no response. Citi have told me on occasion that these issues should be dealt with by our account manager. However, clients are only given an account manager when the balance goes beyond $100,000 so we don't have one. Unfortunately I need to find another provider for this service.
If you intend to open an Online Saver account with Citibank and link it to a third party bank, please note that it takes 5 business days (effectively one calendar week) before you can touch your money in your Citibank account. But when I transfered money from Citibank back to the third party bank it is available the next day. Citibank is surprisingly that slow in this modern day of computers and Internet
Customer service would be great. If you could actually speak to someone
Absolute disgusting excuse for a finance company. Deserves negative scores. Pathetic.
Citibank is an Australian Bank based in Perth, Western Australia. Citibank is located at Ground, 37 St Georges Terrace, Terrace Perth WA 6000, Australia.
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