Citi Global Currency Account

Mozo snapshot:

The Citi Global Currency Account is an everyday bank account and a multi-currency travel card all in one. With the ability to have up to 10 currencies in the account, it's your one stop global banking solution that allows you to switch seamlessly between currencies and have complete control over your money no matter where you are. The Citi Global Currency Account has no monthly fees and no overseas ATM or transaction fees as long as you are withdrawing the same currency of the account.

Could there be more? You bet. The Global Currency Account was named a 2020 Mozo Expert Choice Award winner in the Exceptional Everyday Account category, which is in addition to the its best Foreign Currency Debit Card victory in the 2019 Mozo Experts Choice Travel Money awards. 

Key features:

Transactions have never been so easy with the Citi Global Currency Account. The Global Currency Account comes with a linked debit card that can be used in store, online and around the world. It can hold up to 10 currencies including AUD, USD, EUR, SGD, NZD, JPY, GBP, CAD, HKD and CHF. 

The account has access to real-time exchange rates which are updated on the Citi mobile app every 10 seconds, meaning that you can exchange your money when rates are most favourable and convenient to you. There's also no foreign exchange fee on regular over the counter purchases - but keep in mind that if you're withdrawing cash from an ATM, in a currency not currently held in your account, you'll pay a 2.50% foreign exchange fee.

There is no account fee, no minimum opening balance, and unlike many standard everyday bank accounts you’ll have the ability to earn interest.

Interest rates are tiered depending on your AUD balance with the highest rate at 1.50% for balances over Australian $250,000. You’ll get 0.75% for balances between $100K-$249K and 0.50% interest for balances under $100K and more than $5000.

As an added reward, you’ll also receive a free bottle of wine every time you pay with your Citibank Debit Card at any Citibank Dining Program partner restaurant.

Who it's good for:

The Global Currency Account has a minimum age requirement of 18 years and is best suited to global nomads or frequent travellers and are after a flexible personal bank account. For example, those who have family living abroad, have international investments, have overseas property or who make international purchases or transfers often. You must also have a valid email, mobile number and Australian residential address to open the account.