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!