Wire and ACH Limits, Fees, and Transfer Times at Citi Self Invest
A brokerage account with Citi Self Invest and a deposit account with Citibank offer several money transfer options. There are fees and limits in some cases, so it’s important to review the details.
Transfers by Wire
Both Citibank and Citi Self Invest accounts can send and receive wire transfers. The main benefit of this method is speed. Transactions are usually completed by the next business day. If a wire transfer is requested in the morning, it may be processed the same day. The cutoff time is 6:45 pm Eastern Standard Time.
There is often a fee for a wire transfer. The amount depends on the relationship the outgoing account has with Citi. The standard fee is $25 for an outgoing domestic wire and $35 for an outgoing international wire when submitted online. If requested through any other method, there’s an additional $10 charge. Citi is one of the few banks that charges for incoming wires, with a fee of $15.
Some Citi customers can have these fees waived. Citi Private Bank customers, Citigold clients, and Citi Alliance members pay no fees. Other customers may have reduced fees, like Citi Priority customers, who pay nothing for incoming wires, $17.50 for an outgoing domestic wire, and $25 for an outgoing international wire.
Citi also has limits on wire transfer amounts. For regular customers, the limit is $50,000 per business day. This amount can be increased for certain clients.
Requesting a wire transfer on the Citi Self Invest website is simple.
Go to your brokerage account dashboard and click the link to transfer funds. On the next page, select the Wires & Transfers option. Then, specify the bank location (U.S. or foreign), recipient type (person or business), and receiving account number.
ACH Transfers
The same transfer page has a link for transferring between accounts, which is the ACH transfer tool. The benefit of ACH transfers is that they are free for all accounts. The downside is the slower processing time, taking 2 to 3 days to complete. However, Citi Self Invest allows trading on the same day with cash transferred through ACH.
Citi Self Invest has a $500,000 daily limit for ACH transfers, both inbound and outbound. Recurring transfers can be set up using the ACH tool, with options for weekly, bi-weekly, and monthly schedules.
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Checkwriting and Debit Cards
Citi Self Invest does not provide checkwriting or debit cards. However, many Citibank checking accounts do, although they usually come with various fees. Some fees can be avoided by maintaining a minimum account balance.
ATM cards have daily withdrawal limits, which vary by account. One account we found had a withdrawal limit of $1,500 per day, with a $2.50 ATM fee for using a non-Citi machine, in addition to any fee charged by the ATM operator.
Bill Pay
Citibank, but not Citi Self Invest, offers a free bill pay service, which can be used to withdraw funds from a checking account to pay various bills.
Zelle Transfers
Zelle transfers are also available through Citibank checking accounts. There’s no fee from Citi for sending or receiving money this way, and transfers are instant. However, Citi places limits on transfer amounts, ranging from $500 to $40,000, depending on the account type, relationship with Citi, and how long the account has been enrolled in the Zelle service.
Instant Payment
Citibank and Citi Self Invest accounts can send money instantly through the ACH network. This service is free, and as the name implies, transfers are instant. However, only a few banks support this service. Some examples include:
Bank of America
Capital One
Comerica Bank
Fifth Third Bank
HSBC Bank USA
JPMorgan Chase
PNC Bank
Since this is an ACH service, transfer limits apply. They range from $1,500 to $40,000 per day, depending on the same factors mentioned for Zelle transfers.
The instant payment tool is located on the same page as the wire transfer option.
Global Transfers
Citibank, but not Citi Self Invest, offers another payment method: global transfers. This service allows money to be sent between Citi accounts in different countries. You can use a savings or money market account for these transfers.
The service is free, although there are maximum transfer amounts. They range from $50,000 to infinity, depending on various factors. Global transfers are completed instantly.
The global transfer tool is located next to the instant payment and wire transfer options on the Citi website.
Updated on 8/21/2024.
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