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Citibank ATM fees?


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guy, can i ask if atm transactions at citibank in cebu from u.s. account are fee-free?

 

citi is my lifeline here in ac, i live off of a u.s. atm card with no philippine bank accounts...

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Jim Sibbick

Only your bank can tell you what fees they will charge.

 

As for Citibank themselves, they do not charge an additional fee

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guy, can i ask if atm transactions at citibank in cebu from u.s. account are fee-free?

 

citi is my lifeline here in ac, i live off of a u.s. atm card with no philippine bank accounts...

 

It used to be free and they used to give me close to the exchange rate but changed that a few years ago, so now only if you have a CitGold account will it be fee free according to THIS, otherwise the last time I used mine there it was a lower conversion rate and a 3% foreign transaction fee, so I stopped using it because those fees and lower conversion can add up over time.

 

May I suggest if you are going to, or do live in the Philippines, that you get yourself local dollar and peso accounts and then write US checks and deposit them into your local dollar account and then you would have to wait the 21 business days for it to clear and then take the cash to a money changer for the best rates. If you are a tourist and do not spend a lot of time in the Philippines, then it is probably better to just use your card at a local Citibank ATM and pay the fees.

 

If you use your card at a non Citibank ATM then there will be fees charged by that ATM as well.

Edited by Mr. Lee
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Guy60417

As Mr. Lee said, there is a foreign transaction fee, not just on ATM withdrawals, but also on purchases when using your Citi card. I use a similar plan to Mr. Lee's, except that instead of writing checks and waiting 21 days for it to clear, I do a wire transfer from Citi to BdO (my bank here), and wait only 5 days. However, there is a charge of $20 for the wire transfer -- so I do it only occasionally and in amounts that make the fee more reasonable (e.g., $2000 or more, so it is only a 1% fee).

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samatm

It used to be free and they used to give me close to the exchange rate but changed that a few years ago, so now only if you have a CitGold account will it be fee free according to THIS, otherwise the last time I used mine there it was a lower conversion rate and a 3% foreign transaction fee, so I stopped using it because those fees and lower conversion can add up over time.

 

May I suggest if you are going to, or do live in the Philippines, that you get yourself local dollar and peso accounts and then write US checks and deposit them into your local dollar account and then you would have to wait the 21 business days for it to clear and then take the cash to a money changer for the best rates. If you are a tourist and do not spend a lot of time in the Philippines, then it is probably better to just use your card at a local Citibank ATM and pay the fees.

 

If you use your card at a non Citibank ATM then there will be fees charged by that ATM as well.

 

 

Lee that is weird as I am not charged any fee with my US issued BOA card and the currency exchange is spot on. In fact its a much better rate than if i went to the teller and exchanged cash. Guess it depends on the type of account and your home bank card. I do get whacked with a 200 p transaction fee with most other pinoy banks no matter the amount.

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Lee that is weird as I am not charged any fee with my US issued BOA card and the currency exchange is spot on. In fact its a much better rate than if i went to the teller and exchanged cash. Guess it depends on the type of account and your home bank card. I do get whacked with a 200 p transaction fee with most other pinoy banks no matter the amount.

 

I guess BOA might be different and again it might have to do with the type of account you have. One friend has a US HSBC account and tells me there are no fees for him to withdraw from the local HSBC in Cebu and said the exchange rate is fair but I found Citi was charging me too much overall and it just was not worth it, so we closed all our Citi accounts both in Cebu and in the US because I cannot afford to put the $250,000 to get CitiGold.

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tomaw

Lee that is weird as I am not charged any fee with my US issued BOA card and the currency exchange is spot on. In fact its a much better rate than if i went to the teller and exchanged cash. Guess it depends on the type of account and your home bank card. I do get whacked with a 200 p transaction fee with most other pinoy banks no matter the amount.

 

By BOA I think you mean Bank of America. If that's the case I'm glad since I am currently a Bof A account holder. You say you aren't charged any fees. At which bank or ATM? As far as I know there are no Bof A Banks in Cebu or anywhere in The Philippines. I was considering switching to Citibank and keeping my money in a Citibank Account in a U.S. branch. If I can access my money in any or at least some convienient Cebu atms with a B of A atm/debit card I'll do that. What about point of sale debit prchases? Are you charged for that?

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My opinion stay away from Citi and maybe try the HSBC US online account which pays .40% and you should be able to use your ATM at the HSBC next to Ayala in Cebu City or any HSBC if there is one near where you live.

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Lee that is weird as I am not charged any fee with my US issued BOA card and the currency exchange is spot on. In fact its a much better rate than if i went to the teller and exchanged cash. Guess it depends on the type of account and your home bank card. I do get whacked with a 200 p transaction fee with most other pinoy banks no matter the amount.

 

thanks for that, samatm. that is my experience here in ac with citibank, which is why i asked. i don't have a citibank account, i use my wells fargo debit card. no fees from wells or from citi, and the rate is usually better than the street changers.

 

it seems to be a function of your stateside bank and the type of account, and whether they have some reciprocal deal with citi. now all i need to worry about is when will my rapidly depleting savings balance drop below the threshold for this deal...

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samatm

By BOA I think you mean Bank of America. If that's the case I'm glad since I am currently a Bof A account holder. You say you aren't charged any fees. At which bank or ATM? As far as I know there are no Bof A Banks in Cebu or anywhere in The Philippines. I was considering switching to Citibank and keeping my money in a Citibank Account in a U.S. branch. If I can access my money in any or at least some convienient Cebu atms with a B of A atm/debit card I'll do that. What about point of sale debit prchases? Are you charged for that?

 

right Bank of America. not sure if it matters but in the US i do all my Banking with BoA and have my Retirement account with them as well .. So it could be that i hv some sort of Advantage account that has no fees with Citi Bank. That I am not sure about. But Citi is still no transaction fee and I can pull about 1000 usd per day. I can make two withdraws if i time it ..right one in the morning then after the new banking day starts in the US in the afternoon here. So I can pull cash.. then go deposit in the next door BPI. Im the guy with bulging pockets, a wild blond afro, usually wearing a Hawaiian Shirt, flip flops, and a big smile. :)

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liquido

I have an ATM card with Fidelity Investments in the USA..I have never payed a 200p ATM fee here in the RP with any bank..I also have a BOA,ING and HSBC atm cards for backup..Always better to have more than one ATM card just in case you lose it or a problem with your card...

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Maybe Next Yr

Lee that is weird as I am not charged any fee with my US issued BOA card and the currency exchange is spot on. In fact its a much better rate than if i went to the teller and exchanged cash. Guess it depends on the type of account and your home bank card. I do get whacked with a 200 p transaction fee with most other pinoy banks no matter the amount.

 

It really must depend upon the type of account you have at BOA. I have a normal checking account there an when in phils they always charge me for foriegn ATM transactions. So, I started using my Charles Schwab ATM card and they reimburse my account for any fees that occur. I'm still in tourist mode (3 times a year).

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littlePP

It really must depend upon the type of account you have at BOA. I have a normal checking account there an when in phils they always charge me for foriegn ATM transactions. So, I started using my Charles Schwab ATM card and they reimburse my account for any fees that occur. I'm still in tourist mode (3 times a year).

 

And they now refund the fee by the end of the business day (used to be the end of the month). :cheers:

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Justin Kredible

Trying to figure out the whole money/accounts/atm/exchange rate/fee schedule always reduces me to virtual, digital tears...

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Jim Sibbick

Trying to figure out the whole money/accounts/atm/exchange rate/fee schedule always reduces me to virtual, digital tears...

Working out the exchange rate on an ATM transaction is simple.

 

Divide the piso amount withdrawn by the amount that came out of your account.

 

For example, if you withdraw P40,000 and aud $910 comes out of your account, the exchange rate was 43.95

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