Citi Global Transfer FX rate worse than before. What to do?

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WindyCity11
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Citi Global Transfer FX rate worse than before. What to do?

Post by WindyCity11 » Mon, 13 Jan 2014 9:36 pm

Hi all,

I was about to make my small monthly online transfer of cash to the US today when I noticed that the Citi Global exchange rate is no longer very competitive.

I've been in Singapore for 2 years and using this every month to send money to the US to pay student loans - the exchange rate used has always been between 1.5% and 2% higher than the spot FX rate - not great, but it was something I can accept for the convenience, no fees, and the small amounts (1-2k SGD) that I typically transfer.

I set it up like normal today but I was quoted a rate of 1.303745, that's a flat 3% mark-up on the spot rate of 1.2651, which means that Citi has raised its fees by at least 50%. Has anyone else using Global Transfer noticed a worse exchange rate in the last month than before? I tried calling Citi but the Customer service rep seemed confused by my question and he said a bank officer would call me back, which needless to say didn't happen.

Assuming that Citi has jacked up their fees on global transfers, does anyone know of any other ways to transfer money without the extortionate exchange rates? I can't really wait to hand carry cash the next time I go to the US since I have monthly payments to make. Should I just revert to less frequent, but larger, telegraphic transfers? (With flat fees but better exchange rates)

Do any banks offer good rates on TTs? The reason I went with Citi when I moved here was the convenience of the global transfers, but if that's no longer the best option I'm willing to consider other banks as well...

Thanks!

Beeroclock
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Post by Beeroclock » Mon, 13 Jan 2014 10:48 pm

I made a few recommendations here

http://forum.singaporeexpats.com/ftopic99421.html

Oxforex and directfx, suggest you give them a call and explain your situation they might give you a better spread if they know it's a regular monthly transfer.

WindyCity11
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Post by WindyCity11 » Sun, 19 Jan 2014 8:31 pm

Thanks for the idea.

While the rates do indeed look better...but I was unable to register with a Singapore address. Ozforex responded to my inquiry about why with the following:

"Thank you for your email.

We are currently not accepting new registrations from clients that reside in Singapore. This is due to a change in the regulations and our service will be not available until further notice."

Hopefully this can get sorted soon, as I'm really not looking forward to paying 3% on a regular transfer...

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durain
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Post by durain » Tue, 21 Jan 2014 12:22 am

use ukforex.com ages before which i think is the same as ozforex.com. try www.hifx.co.uk instead. i find using a money broker seems to give you a better rate then banks.

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