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Understanding the Table:
The comparison table above helps you see the total cost of your Citibank currency transaction by showing the exchange rates offered by different providers. It also makes it easy to spot potential savings from market-leading FX services compared to bank rates.
To see a full list of available providers, simply enter your details and click ‘Get Rates’.
In 2022, NAB (National Australia Bank) announced their acquisition of the Citi consumer banking business in Australia.
If you previously had a Citi branded deposit, home loan or investment account, your account was closed, and balance transferred to your NAB branded account on 24 February 2024.
You can manage your foreign transfers through NAB Internet Banking or the NAB app where NAB exchange rates will now apply.
Sending money to the United States can be an expensive business, more so if you aren’t even aware of all the hidden fees. Money transfer companies and banks profit by charging you fees and a normally hidden margin on the exchange rate.
Using your Bank to make international wire transfers to India can be especially expensive – often 5% to 10% worse than using a foreign exchange specialist to send to the United States bank accounts or pay a US dollar invoice.
The Citibank AUD to USD exchange rate is 0.6067. This is -6.6% compared to the latest AUD-USD mid-market rate 0.6494.
As exchange rates can vary significantly between banks and also between currency exchange providers, it's therefore important to carefully compare Australian dollar (AUD) to US dollar (USD) rates from different sources before making a conversion.
The above Citibank - Aussie to Dollar comparison table makes it easy to compare the Total Fees (both variable and fixed) you are being charged by Citibank and other foreign exchange providers against the latest AUD-USD mid-rate and the possible savings of using various providers.
Looking at the full comparison table the best AUD to USD exchange rate is 0.6462 from OFX, -0.49% from the mid-market rate 0.6494. The next best rate is 0.6455 from XE, -0.6% from the mid-rate. Then Wise with 0.6452 is -0.65% from the mid-rate.
The Western Union rate is 0.6429 which is -1% from the mid-rate.
Among the banks the Commonwealth Bank rate is 0.6252 at -3.7% the ANZ Bank rate is 0.6296 at -3% and the ING Bank rate is 0.6236 at -4% compared to the mid-rate 0.6494.
It's important to note that exchange rates also fluctuate frequently due to market conditions. Additionally, banks like Citibank often apply a margin to the exchange rate, resulting in a less favorable rate for customers compared to the mid-market rate. For more competitive rates, you might consider using a specialized currency exchange service or platforms that offer rates closer to the mid-market rate.
View a full list of exchange rates by selecting your Base (from) currency: