Citi Australia has recently reported the launch of its new Global Currency Account. The new service allows its clients to use up to ten global currencies in a single debit card.
The Global Currency Account gives its clients the access to foreign exchange rates and send or receive money in various currencies. This includes the Aussie Dollar, US Dollar, British Pound, Euro, Canadian Dollar, Hong Kong Dollar, Japanese Yen, New Zealand Dollar, Singapore Dollar and the Swiss Franc.
Furthermore, this new feature allows its clients to have 10 accounts in a single debit card. Clients may use the card on an everyday basis or be linked to international accounts. Additionally, given this feature, clients can freely use the card in other countries making it very accessible at the same time.
“The account also stands out because of its narrower foreign exchange spreads than competing products in the market. Not only are our spreads narrower, but they are more transparent as customers can view live rates before conversion via the Global Currency Account – a process that is often opaque and confusing with competitor products.” Consumer Bank CEO of Citi Alan Machet told reporters.
More so, this new feature is free for all Citi’s Wealth Management who are looking to avail the program . However, other clients of the Global Currency Account are required to pay a $8 monthly fee.
Citi, Deutsche Bank, ANZ
In other news, Citi Group along with Deutsche Bank and ANZ are currently facing charges in Australia. The Australian authorities penalized the former heads of the said banks with criminal cartel offenses. The charge centers on the $2.3 billion stock case issued back in 2015.
“These serious charges are the result of an ACCC investigation that has been running for more than two years.” Australian Competition & Consumer Commission Chairman Rod Sims expressed in a statement.
However, Citi denied these allegations. The bank along with ANZ announced that they’ll fight against the charges pressed against them.
“Deutsche Bank reiterates that it believes it and its staff, including two former staff members Michael Ormaechea and Michael Richardson, acted responsibly, in the interests of clients and in a manner consistent with the Corporations Act and ASIC market integrity rules in relation to ANZ’s institutional share placement.” Citi explained in a recent statement.
“Both Michael Ormaechea and Michael Richardson are highly regarded and have our full support. This is a highly technical area. If the ACCC believes there are matters to address, these should be clarified by law or regulation or consultation.” the bank added.
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