Whether for business or pleasure, the benefits of travelling cannot be overemphasized. From enlightenment to stress-relief, exploring the world can be a transformative experience. Having to purchase foreign currency or pay foreign transaction fees every time you use your credit card abroad can be annoying, but as payment technology gets smarter, travelers can focus on the journey rather than the currency.
Citibank Global Wallet makes foreign transactions seamless in select countries. Whether you're making payments while traveling or buying from a foreign e-commerce site, you can avoid currency conversion charges and transaction processing fees. So, what exactly is Citibank Global Wallet and how does it work? Read on to find out.
Citibank Global Wallet is a feature available to all Citibank Debit Mastercard® holders. It enables users to make payments in select foreign currencies. When turned on, users can access up to eight additional currencies to make purchases overseas at point-of-sale or online, and enjoy fee-free withdrawals at Citi ATMs worldwide. For example, if you decide to turn on your Citibank Global Wallet feature on your next trip to Spain, Euro payments or cash withdrawals you make with your card while in Spain will be debited directly from your Euro Savings account with Citi, with no additional fees. Without the feature, payments would be debited from your primary AED account, and currency conversion rates and fees would apply.
As an existing Citibank account holder with a Mastercard® Debit card, you are eligible to use the Global Wallet feature. All you need to do is:
Once it is turned on, your Citibank Global Wallet automatically links to all your foreign currency accounts. Currently, the eight (8) available foreign currencies are:
When you love travelling or shopping online, Citibank Global Wallet simply makes sense. Fewer fees and fast, easy transactions are just the beginning. Learn more about what Global Wallet has to offer.
Citi Global Wallet enables users to streamline payments and gain better control over their international spending. You don’t need to spend time trying to figure out currency exchange rates or conversion fees. In addition, if you’re physically abroad, it eliminates the need to queue at banks or currency exchanges to get local currency. It also removes the risks involved with travelling with large amounts of cash.
The feature is available to all Citi Debit Mastercard® holders and is easily turned on via the Citi Mobile® App. While there is no minimum deposit required to turn on the feature, do make sure you have sufficient funds in your foreign currency account to carry out your transactions. Once the feature is activated, you do not need to manually switch between currencies, as your debit card will automatically choose the right currency for you by matching the currency of the transaction or the withdrawal against the currency of the account. It’s really that easy!
Without Citi Global Wallet, foreign currency transactions or withdrawals are debited from your primary AED account at the current exchange rate and are subject to administrative fees. However, with Citi Global Wallet you not only avoid additional administrative fees, but you can also take advantage of favourable exchange rates. Let’s say you have a trip to the US coming up in a few months, but the current USD exchange rate is good; you can add a USD savings account to your Citi Global Wallet now, in anticipation of your trip. To add an account, simply tap "+" under "Citibank Global Wallet", select a currency, and then a Savings Account of the currency you pick will be created and added to Citibank Global Wallet. You can then exchange the foreign currency amount you need to be added to your account.
Another major benefit of the Citi Global Wallet feature is that it is available to you even if you’re not physically abroad. Once the feature is activated, you can use your Citi Debit Mastercard® to shop from your favourite online stores around the world and pay in the local currency of the store — as long as it is one of the eight foreign currencies currently available on Citi Global Wallet. So, even if you’re not yet able to travel, you can still experience the pleasures of international retail therapy right from the comfort of your living room!
Forget costly and time-consuming currency services and payment cards with hidden fees. Citi Global Wallet is a must-have for global travelers and savvy shoppers alike. Activate it today to experience seamless shopping with zero fees and maximum convenience! To get started or learn more about Global Wallet, please click here.
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Consider the following instances: A: If someone offered to give you AED 100 now or in a year’s time, you’re likely to take it now, without pausing to think about it.
This article is intended to provide general information about finance and investments and does not replace or should be taken as professional financial advice. The content reflects the view of the author of the article and does not necessarily reflect the views of Citi or its employees, and we do not guarantee the accuracy or completeness of the information presented in the article except information on Citibank N.A. – UAE products referenced herein.
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