Australia: Global Current Account – A transaction account with a difference

Citi has launched their new Global Currency Account, which combines characteristics of a transaction account, multicurrency account and travel debit card. Uniquely, the account can hold up to 10 foreign currencies, with individual bank account details for each of the currencies you are holding all linked to one debit card.

This differentiates the account from typical multi-currency accounts because account holders are able to use these bank details to receive money in that currency for free.

Citi’s Head of Consumer Banking Alan Machet, positions the account as a wealth management tool rather than a travel debit card, “Unlike international bank accounts that only allow you to hold and transfer currency, the Global Currency Account enables this while being linked to a single debit card for hassle-free access… the account also stands out because of its narrower foreign exchange spreads than competing products”.

However, the account‘s $8 monthly account-keeping fee could be a major hurdle in the adoption of this account. RFi Group data from March 2018 indicates that the primary reason consumers switch their transaction account is being charged too many fees, with 24% of those that have switched their account in the last year citing this as a motivator.

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