Payments and Fund Transfer options


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Most Sterling payments within the UK and Sterling or Euro payments within the EEA will reach the destination account by the end of the next working day following receipt of instructions (subject to instructions being received by our cut off times).

1. Payments in Sterling (up to a maximum of £100,000) to a bank account in the UK, whether single one off payments or standing orders, will be processed using the Faster Payments Service and will reach their destination at the latest by the end of the next working day (subject to receipt of instructions before our cut off times). Payments over £100,000 can only be sent electronically by CHAPS (a fee may apply).

2. We are unable to send Sterling payments to banks in the UK by Faster Payments if that bank does not support the Faster Payments Service. Customers may be able to use CHAPS to make these payments, a fee may apply.

If the payee sort code is not supported by either Faster Payments or CHAPS, we will not be able to send the payment electronically. Customers may consider using cheques in such cases.

3. A payment sent through the Faster Payments Service or CHAPS is irreversible once we have started the process. When initiating an online payment that exceeds our limit we will require you to call CitiPhone with your tPIN, in order to proceed with the transaction request.

4. Up-to-date information regarding Faster Payments can be found at the UK Payment Administration website, including a sort code checker to see if a particular sort code supports Faster Payments or CHAPS. Please visit the UK Payment Administration website.

To see if a particular sort code supports Faster Payments or CHAPS, please refer to the sort code checker

5. Payments greater than the Citibank limit of £100,000 can be sent by using CHAPS (a fee may apply, please refer to Rates and Charges information) or by sending multiple Faster Payments. Please call CitiPhone on 0800 00 55 00 (available 24 hours a day, 7 days a week). If calling from abroad dial +44 20 7500 5500.

If you are with Citigold, speak to your Relationship Manager today or call the Citigold Servicing Team on 0800 00 56 00 (available 24 hours a day, 7 days a week).

6.The Faster Payments Service is a secure payment service that is very widely used in the banking industry. In addition, in most cases (except for example where you are at fault), you will be protected from fraud on your account although you will usually have to pay the first £50. Your terms and conditions explain in more detail the circumstances in which you might be liable.

However, you should always monitor your accounts closely, and alert us immediately of any unauthorised transactions as you are not liable for any fraudulent transactions after you notify us of the fraud.

Money transfer options at a glance

 

Clearance times
Fees
Destination
Cut off times
Faster Payments (electronic transfer between UK accounts) Payments will be received by the beneficiary’s bank no later than the end of the next Banking Day following the Banking Day the instruction is received. No transaction fee Within the UK (£) Any online instructions received by us after 3pm on a Banking Day will be treated as being received on the next Banking Day for the purposes of calculating clearance times.
CHAPS
(same day electronic transfer between UK accounts – usually for large amounts)
Clears on the same Banking Day Yes – please refer to our Rates and Charges information for details Within the UK (£) 3pm on a Banking Day
Citibank Global Transfers
(immediate online transfer between Citibank accounts in over 26 selected countries)
Immediate No transaction charge. For cross currency transfers Citibank reference exchange rates will apply Countries listed on (various currencies) None.
SEPA
(European telegraphic transfer)
Up to the end of next Banking Day to clear from the Banking Day the instruction is processed No transaction fee Euros only within the Single European Payment Area. SEPA participating countries 3pm on a Banking Day
SWIFT (worldwide telegraphic transfer) Takes between 1–5 days from the Banking Day the instruction is processed. The clearance time will depend on the destination and currency of the transfer. Yes – please refer to our Rates and Charges information for details Anywhere outside the EEA (any currency), or any transaction within the EEA in a currency other than £ or Euros 3pm on a Banking Day

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