Citi Expands Global Transfers List To Meet Increasing Appetite

Increasing Appetite for Global Money Transfers

Citibank Expands Global Transfer List to 27 Countries

With demand for global money transfers on the rise, Citibank has added Vietnam to the list of countries available through Citi Global Transfers, bringing the total number to 27.

As part of Citibank's expansion of global banking services, Citi Global Transfers offers Citibank account holders within Australia, real-time, fee free transfers between 27 participating countries with no transaction charge.

Ajay Kashyap, Head of Retail Banking at Citibank said gone are the days when transferring money around the world meant obtaining an 'international draft' or waiting days for a funds transfer. "Transferring money globally has never been easier or quicker it takes just minutes to complete a transaction online and more people are doing it," he said.

While the process of transferring money may be easier these days, there are other factors behind the higher volume of transfers being seen. Mr Kashyap commented: "People are more globally minded they travel more, spend time living between multiple countries or have family overseas so there is a growing need to transfer money abroad. And at the heart of these trends in Australia is our diverse population mix," Mr Kashyap said.

Figures from the Australian Bureau of Statistics1 show that as of June 2008, an estimated one quarter of Australian residents (5.5million) were born overseas with more than half a million of those born in China or India. There are also around 190,000 Australians of Vietnamese origin which makes Vietnam a logical addition to Citi's Global Transfer network.

"Australia is a major artery in terms of global money transfers. When you look at the volume of retail transfers which happen between Citi accounts globally, Australia was the third largest source of global transfers this year after the U.K. and U.S. And in the four months to November, Australia to India was the single largest corridor.

"Adding Vietnam to our list is a logical next step and is a great addition to existing corridors. Citi's international reach means we have a distinct advantage in offering a comprehensive list of countries for customers who need to transfer money into or out of Australia."

The list of countries available through Citi Global Transfers includes China, India, Hong Kong, Indonesia, Philippines, Singapore, Taiwan, Guam, U.S.A., Canada, Mexico, Puerto Rico, Colombia, Belgium, Germany, Greece, Jersey, Poland, Spain, Turkey, United Kingdom, United Kingdom IPB, Bahrain, Egypt, Pakistan, United Arab Emirates and now Vietnam.

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Notes to editors:
1. Australian Bureau of Statistics 3412.0 - Migration, September 2009

2. Daily transactions limits may apply. Transfers will normally reach the destination account almost immediately after being effected, but in some cases (depending on the availability of processing facilities at the destination) may take a maximum of 24 hours. Customer must hold a Citibank account within Australia and in one of our 27 participating countries. For more information on Citibank products and services please visit www.citibank.com.au. Citibank Global Transfers is offered by Citigroup Pty Limited ABN 88 004 325 080 AFSL 238098 ("Citibank"). 2009 Citigroup Pty Limited. Citibank, Citi, Citi never sleeps and Arc Design are service marks of Citigroup Inc.

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About Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Additional information may be found at www.citi.com.au.

SOURCE: Citibank