citibank online transfer rules

FYI a citibank savings account only has a $500 balance required to avoid fees.

I second this. I chatted with a representative last week and their basic savings account only requires you to hold $500. 

Has anyone had their account suspended after opening from Korea using a VPN.  I've heard of this happening, but haven't read it myself personally.  If anyone has some success stories please share your experience. 

I recently open a charles schwab account, and had it suspended until I could show up in person at a physical location and show ID

Hey everyone,
I recently set up my Citibank in both the US and Korea. I've funded both and already transferred money from Korea to the US account via ATMs in Korea. I'm in the states now looking to transfer online, but I keep getting a prompt on citibank.co.kr when trying to transfer which says "incorrect account number" in regards to my US account.

Has anyone else run across this? This is my first time doing an online transfer. I know the account number is fine because it's worked at ATMS already for transfers. Any advice?

When I've had problems in the past with transferring from my Citibank Korea account to my Citibank USA account, I've just called the Citibank Korea English customer service center. They're super helpful and have always resolved my problems. Their phone number is: 02-3704-7711. I would assume that you could call from outside of Korea by adding the +82 country code.

In regards to your problem, I had a similar error when I tried to transfer online my first time. Did you install all of the security certificates? That was my problem the first time, and the customer service representative walked me through the installations and it works fine every time now! Also, be sure that you're using internet explorer and that you are transferring via the FX/Global tab. Hope this helps : )

Just wanted to throw some info out there for anyone. I spent about 4 hours total dealing with CITI Korea in terms of either opening an account (2.5 hours), and trying to set up online banking (1.5 hours). It was a headache but in the end their staff were super helpful and patient. I had to have them do a remote access on my laptop to set up online banking. I also did everything with no Korean help, so maybe that was why it took longer.

Anyways, I found out some interesting info-  you cannot do an overseas remittance on the weekend via the ATM. Only from Monday- Friday from 9:10 am- 10pm. This was the info I was given from the rep when they helped me set up my online banking. Also, she mentioned you cannot link the USA account to he korean one. I read through some of the previous replies, that said you could back then. Unsure why not now. I also didn't see anything on the USA citi site for Korea.

Also, and I think this is true for all Korean banks; if you withdraw your money from your NH account or any other Korean bank, and deposit into your Citi account straight away, you must wait 30 minutes to an hour before doing an ATM transfer to your overseas account. This happened to me a few weeks ago and I kept getting an error message at the ATM. I was told to come back later to do my remittance.

Hope this info is helpful.

Citibank are the best imho.

I'm considering going the Citi route for transferring money back to the USA.

Does anyone know if this entire process can be done online, not at an ATM, and not going to the bank?

NH -> CitiKorea -> Citi (in USA) -> my own USA bank

Does anyone know the complete amount of fees, exchange rate charges, percentages, etc. taken out to complete the process?

I've seen anywhere from 4,000KRW to 25,000 KRW.

Also, I live in a small town, does anyone know if it's possible to open a CitiKorea account online or over the phone?

Has anyone tried doing NH Online Overseas Remittance in comparison with this process? Has anyone compared the end costs/fees and amount of time until the transfer is received?

Has anyone compared the Citi process and the NH online overseas remittance process with using a middleman korean bank like KB or KEB to compare the fees and time it takes to complete?

Thank you for the help!

NH -> CitiKorea -> Citi (in USA) -> my own USA bank

Has anyone compared the Citi process and the NH online overseas remittance process with using a middleman korean bank like KB or KEB to compare the fees and time it takes to complete?

Bumping because same question!

I'm considering going the Citi route for transferring money back to the USA.

Does anyone know if this entire process can be done online, not at an ATM, and not going to the bank?

NH -> CitiKorea -> Citi (in USA) -> my own USA bank

Does anyone know the complete amount of fees, exchange rate charges, percentages, etc. taken out to complete the process?

I've seen anywhere from 4,000KRW to 25,000 KRW.

Also, I live in a small town, does anyone know if it's possible to open a CitiKorea account online or over the phone?

Has anyone tried doing NH Online Overseas Remittance in comparison with this process? Has anyone compared the end costs/fees and amount of time until the transfer is received?

Has anyone compared the Citi process and the NH online overseas remittance process with using a middleman korean bank like KB or KEB to compare the fees and time it takes to complete?

Thank you for the help!

I do the whole citibank global transfer process online.
I'm not really sure about KB but I used to do remittance through woori bank, also my boyfriend has used Shinhan, and then I tried KEB, and citibank is the cheapest because there isn't any fees to send it back.  The transfer is instantaneous as well. You don't have to wait a day or whatever that I had to wait when it was a regular remittance through woori and KEB. Citibank to citibank is called a global transfer so the money is in your account instantaneously.

Also its good because then you can send back money at any time of the month, since there's no fees, as long as its $100. So its not like you have to wait for one big transfer when you get paid.  From your citibank america account you can set up external transfers to other banks (I send the money to charles schwab and capital one) and these are free as well.

If you want the cheapest citibank account in America get the access checking account. If you make one bill pay online (like to your credit card or fed loans) on citibank america then you have $0 fees.

I'm considering going the Citi route for transferring money back to the USA.

Does anyone know if this entire process can be done online, not at an ATM, and not going to the bank?

NH -> CitiKorea -> Citi (in USA) -> my own USA bank

Does anyone know the complete amount of fees, exchange rate charges, percentages, etc. taken out to complete the process?

I've seen anywhere from 4,000KRW to 25,000 KRW.

Also, I live in a small town, does anyone know if it's possible to open a CitiKorea account online or over the phone?

Has anyone tried doing NH Online Overseas Remittance in comparison with this process? Has anyone compared the end costs/fees and amount of time until the transfer is received?

Has anyone compared the Citi process and the NH online overseas remittance process with using a middleman korean bank like KB or KEB to compare the fees and time it takes to complete?

Thank you for the help!

Unfortunately you will have to go to a citibank branch in korea in order to open an account. While you are there also tell them you would like to have online banking (if they don't ask). You should be able to open a US account via online, but since I opened one before coming here I don't know how complicated it would be while abroad... might not be complicated at all....I don't know tho..

as others have mentioned citi-to-citi transfer via their global transfer is free and instant (you can do this online even if they want you to go in for the first international transfer.. I never did and just did it online). Citi-US to your bank should also be free too (for me at least). so maybe the only fee you would be paying is from NH to CitiKorea. goodluck!

Hey everyone,
I recently set up my Citibank in both the US and Korea. I've funded both and already transferred money from Korea to the US account via ATMs in Korea. I'm in the states now looking to transfer online, but I keep getting a prompt on citibank.co.kr when trying to transfer which says "incorrect account number" in regards to my US account.

Has anyone else run across this? This is my first time doing an online transfer. I know the account number is fine because it's worked at ATMS already for transfers. Any advice?

Any updates on this?  Before I sign up for Citibank, I need confirmation that I'll be able to transfer from Korea to the US ... from the US. 

Hey everyone,
I recently set up my Citibank in both the US and Korea. I've funded both and already transferred money from Korea to the US account via ATMs in Korea. I'm in the states now looking to transfer online, but I keep getting a prompt on citibank.co.kr when trying to transfer which says "incorrect account number" in regards to my US account.

Has anyone else run across this? This is my first time doing an online transfer. I know the account number is fine because it's worked at ATMS already for transfers. Any advice?

Any updates on this?  Before I sign up for Citibank, I need confirmation that I'll be able to transfer from Korea to the US ... from the US.

Where you are located should make no difference of where you are when transferring money from your citi account in Korea to your citi account in the America. Why would your internet's ip address have anything to do with you being able to send money or not. Surely it was a user error made by the other person. If you are having trouble, use the citi Korea online assistance in English. They should be able to solve any problems for you.

I've not had a single problem since opening my account and being able to transfer money between the two accounts. Now if the exchange rate would just get a bit better!

More detail on this topic from your neighborhood finance/markets guy...

Regarding the "freeness" of Citibank, all the financial institutions are charging obscene fees for moving your money around the planet (even when transferring between your own accounts at the same bank).

It's either 1) the scam of "look no fixed fee", where they hit you with a FX bid/ask spread fee, as in the case of Citi Global Transfers, or 2) the scam of "look real FX spot rates", where they hit you with a fixed fee, as in the case with TransferWise. In either case the fee tends to be the roughly 1%-ish, although it can be worse if you are not careful (like doing a lot of small transfers and taking double damage; fixed fee plus fx spread). BTW if anyone wants to log into their Citi system and tell me the current FX rate I'd be curious to calculate the fee, I notice they refuse to publish their rates online, which makes me suspicious it's quite a nasty spread.

For people transferring small amounts frequently, not getting hit with a $25 wire fee each time is better, but you are still probably paying around 1% each way. But take someone who transfers $100K with "no fee", you are getting hit with a $1000 fee by the bank due to their criminal FX spread. I'd rather pay the $25!

The only way to truly pay zero fee is using an online broker. For example you set up three accounts: US Chase, KR Shinhan, and an Interactive Brokers account. In IB you sell some of your AAPL stock or whatever, then place an FX trade converting USD to KRW at the real market rate (because markets won't tolerate the absurd bank bid/ask spreads), and pay a $2 transaction charge to the exchange. You then do a transfer of that KRW out of your IBKR account to your KRW denominated bank account (IB offers one free wire transfer out per month). In that way you can truly move $100K USD with only a $2 fee (0.002%)...

...except, for some reason IBKR offers trading of every other common currency except KRW. I've been told this may be a Korean regulatory thing, and that people do it using Korean online brokers, however I have not heard yet from anyone who has actually done it (let me know if you have). This is infuriating for people moving large amounts, say for buying a house, as the bank is seriously taking $1K in the above example, for a near effortless digital transfer, and dragging their feet for days so you don't know what FX rate you will actually get. If the deal falls thru and want to wire your money back to the states, they take a second $1K. At least Citi does near-instantaneous transfers, BUT they have absurd low caps on the transfer amounts.

In other words, all the institutions are screwing you, in different ways.

Does anyone have experience using their citibank korean account to transfer back money after you leave Korea and give up your arc?

I'm leaving in August and a lot of money will be coming my way like severance, flight money, etc. I use the global transfer regularly on the internet banking and it works fine. I just want to make sure it'll still work fine after I leave Korea and I'm in another country and I've given up my ARC.

Does anyone have experience using their citibank korean account to transfer back money after you leave Korea and give up your arc?

I'm leaving in August and a lot of money will be coming my way like severance, flight money, etc. I use the global transfer regularly on the internet banking and it works fine. I just want to make sure it'll still work fine after I leave Korea and I'm in another country and I've given up my ARC.

I did that back in 2011 and I had no problem doing the same way I did while in Korea. Things could be different now, though.

Thanks. Yeah anyone one else have any experience? It'll just be a lot nicer if I can transfer the money when the exchange rate is good and whatnot.

exchange rate is not as it was a couple months ago

So nobody has been able to open a citibank Korean account over the phone I take it?  There are none where I am.  I can't even get the site to work correctly to show me what city I have to travel to to open one.

So nobody has been able to open a citibank Korean account over the phone I take it?  There are none where I am.  I can't even get the site to work correctly to show me what city I have to travel to to open one.

I can get the Korean Branch and ATM locator to work from the States. Where are you located?

http://www.findmyciti.com/kr/

I'm in Iksan

Has anybody had success in disputing charges on their Korean credit card?