Travel

Travel Frequently? Here Are 3 Ways You Can Save Money On Your Overseas Purchases With Citibank Global Wallet

Joanne Poh

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This post was written in collaboration with Citibank. While we are financially compensated by them, we nonetheless strive to maintain our editorial integrity and review products with the same objective lens. We are committed to providing the best recommendations and advice in order for you to make personal financial decisions with confidence. You can view our Editorial Guidelines here.

It’s a good thing Changi Airport is one of the world’s best airports, because Singaporeans love to make use of it! Hopping on a plane, for a long vacation or a quick weekend getaway, is something that happens multiple times a year for many of us.

But all that jet-setting can take its toll on the wallet. Thankfully, gone are the days when you had to be subjected to the exchange rate presented at the time you went to the money changer. Tools like the Citibank Global Wallet are here to help you save money whenever you travel abroad, and here’s how you can do just that.

 

Lock in preferred exchange rates

You might not be a forex trader, but as a frequent traveller, the rise and fall of exchange rates are something you pay attention to nonetheless.

Thanks to Citibank Global Wallet, you can now lock in favourable exchange rates and save whatever foreign currencies you have purchased for later.

Citibank Global Wallet enables you to electronically exchange Singapore Dollars for 9 foreign currencies: Australian Dollar, Canadian Dollar, Euro, Hong Kong Dollar, Japanese Yen, New Zealand Dollar, Sterling Pound, Swiss Franc and US Dollar.

How it works is that you exchange currencies using your Citibank account whenever exchange rates are favourable, and each currency is then kept in an account that’s been set up especially for it. SGD deposits of up to S$75,000 are insured by the Singapore Deposit Insurance Corporation.

With Citibank Global Wallet, you only need to pay the foreign currency conversion charges when you exchange the foreign currencies offered. Other than that, you do not have to pay any additional processing or admin fees.

So, if you’re an ardent Melbourne cafe hopper, feel free to exchange SGD for AUD whenever the exchange rate is favourable. The AUD you’ve exchanged will be kept in a Citibank AUD account, which you can then use whenever you decide to travel to Australia.

 

Withdraw cash from Citibank ATMs* overseas without paying additional fees

While your Citibank Debit Mastercard will enable you to make payments at many places, sometimes you just need to pay in cash, such as when shopping at a traditional market or enjoying street food.

No problem! Just use your Citibank Debit Mastercard to withdraw cash at any Citibank ATM without worrying about withdrawal fees being charged, so feel free to make as many withdrawals as you like.

Thanks to Citibank’s extensive global reach, you can easily find Citibank ATMs worldwide and withdraw cash for free, as many times as you like.

 

Track your expenditure and plan your spending with Citi Mobile App

Exchanging currency at a favourable rate is just one part of the equation for spending wisely when you travel. It is also important to monitor your spending so you keep within your budget for the trip.

The Citi Mobile App makes it easy to do just that with a plethora of functions which make it easy to manage your money.

Using Citi Mobile App Snapshot, check the account balance in your foreign currencies account without going through the hassle of signing in. When your foreign currency account balance runs low, transferring funds on the go is quick and easy. You can also use the app to locate nearby Citibank ATMs and bank branches to avoid incurring ATM withdrawal charges from other banks.

 

Start using Citibank Global Wallet right away

Activating Citibank Global Wallet is easy and can be done through the Citi Mobile App. Once switched on, Citibank Global Wallet will automatically link your SGD and foreign currency accounts to your Citibank Debit Mastercard

You will be able to use Citibank Global Wallet so long as you have the eligible accounts (e.g. Citi MaxiGain Savings Account, Citibank MaxiSave Account, Citibank InterestPlus Savings Account). If you don’t have an account with Citibank yet, simply open one now to enjoy the perks of Citibank Global Wallet.

Don’t forget to activate overseas usage for your Citibank Debit Mastercard before you leave Singapore.

Now, sit back and congratulate yourself for travelling smart with Citibank Global Wallet.

 

*No overseas cash withdrawal processing fees when using Citi ATM/Debit Cards at any Citi proprietary ATMs

 

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Joanne Poh

In my previous life, I was a property lawyer who spent most of my time struggling to get out of bed or stuck in peak hour traffic. These days, as a freelance commercial writer, I work in bed, on the beach, in parks and at cafes, all while being really frugal. I like helping other people save money so they can stop living lives they don't like.