Global banking for citizens of the world

When we hear of executives living out of their suitcases, transplanting their families from one country to another every couple of years, and picking up language skills as they move around the world, we are more than a little envious.

They are citizens of the world, no one country can claim them, and they have friends in all corners of the globe.

What we fail to see behind their seemingly glamorous world of corporate work and travels are the practicalities of such a lifestyle. How do they deal with their bank accounts, for example? Or how do they pay their bills when their credit cards are from one country and they are living a continent away? How do they balance their checkbooks? How do they pay cash when they keep changing currencies as they are based in a foreign country but still have to travel several days a month in other countries? 

Citigold Wealth Management director Judith U. Go, in a previous interview we had, said that what they are constantly doing at Citi is to innovate and anticipate their clients’ needs. “The result is an array of specialized services that we call Citigold Global Banking, which represents products and services attuned to the needs of expatriates, frequent travelers and global investors.” The minimum opening balance for a Citigold relationship is P4 million or its US dollar equivalent.

The practicalities of everyday banking and looking after your investment portfolio are settled even before you leave the country for your foreign assignment.

At Citi, says Judith, “Your credit history crosses the borders with you. So even before you leave for abroad the application process for your local credit card has already been started allowing you to have this on hand when making purchases as you settle into your new home abroad.” 

You can even maintain a multi-currency account if you have financial interests in more than one country “to enable you to take advantage of currency fluctuations and global market opportunities.”

In this interview, we asked Judith how Citi’s Global Banking has made the world a truly smaller place where you can pick up where you left off — anywhere in the world.

THE PHILIPPINE STAR: How would you define a true global bank? 

JUDITH GO: It’s not enough to have your presence in other countries to be called a global bank — it’s ensuring that the products, services, benefits and privileges are made available to any client anywhere in the world should they wish to avail of it. It’s about making your global network and resources work for your customer. That’s what being global truly means.

How does Citigold Global Banking fit in today’s world and lifestyles? 

Our global banking proposition is our answer to globalization. We’ve long realized that countries, economies and people do not operate in silos anymore and so interaction with and relocation to other countries is more pronounced, travel is more frequent and overseas products and services are now more accessible to everyone.

Global banking was designed with three client profiles in mind: the expatriate who relocates to another country for his career, the frequent traveler, and the global investor — one who may be based in one country but has investments in overseas markets and needs to be abreast of all related developments.

With Citi Global Banking, we are addressing the banking needs of clients who will be relocating abroad. We help them by facilitating a pre-arrival account and pre-arrival credit card giving them one less thing to worry about when adjusting in a new country. 

For those who frequently travel — we give them access to the Delta Sky Club at NAIA 1 for their comfort when traveling. For their security, they have access to emergency cash withdrawal of up to US$10,000. For their peace of mind, we offer exclusive membership to International SOS, the world’s leading medical assistance provider to assist them in any medical emergency outside their home country. 

Our global investor can have access to world-class products and services giving them more options to meet their financial goals.

Other banks also have a global network, what makes Citigold different? 

Our global network means having more than just a presence in other countries — we make our globality work to the advantage of our customers. We have research analysts around the world, providing us with up-to-date information on market movements and analysis. Because of this, we are able to provide our clients with information on the latest market movements to help them make informed financial decisions. 

Because of our global network, we can refer our Citigold clients to other businesses overseas should there be a need for them to avail of offshore products or services. We can make relocation for our clients seamless and hassle-free.

With our Global Services Center, we can help facilitate pre-arrival account opening and credit card application so that upon arrival in the new country, they can already go about their usual banking transactions. Having a credit card immediately in the country where you’ll be relocating is not easy – some will require that you establish a credit history first before they can issue you a credit card. But with Citigold Global Banking, we can facilitate for a client to have a pre-arrival credit card.

For Filipinos working abroad but still with family ties in the Philippines, how can Citi’s Global Banking help them? 

We have a facility called the Citibank Global Transfers (CGT) where Citigold clients can transfer funds from their Citigold account to any Citibank account in over 20 countries in the world. This facility is available online or through any Citibank ATM. The funds transfer happens in real time, which is very useful particularly in emergency situations. Aside from the convenience and the speed, there are no charges for Citigold clients.

Can you elaborate on the preferential exchange rates? 

Our Citigold clients enjoy preferential rates on foreign currencies, something that’s extremely advantageous to frequent travelers. They can also get preferential rates on their time deposits, enabling them to avail of higher amounts upon maturity of the deposit product.

What other perks do your clients get to enjoy? 

Apart from lounge access at the Delta Sky Club at NAIA-1, they are also sent invitations to exclusive Citigold events, where they can get insights on making informed financial decisions. They can also call our 24-hour Citigold Wealth Management hotline for any of their banking needs.

Can you elaborate on the SOS service? 

International SOS or ISOS is the world’s largest medical and security assistance company that offers Citigold clients emergency healthcare assistance 24/7. Anywhere a client is in the world, whether it’s in his home country or outside, he can call a toll-free number, where he will be able to speak to medical assistants who will help him in his emergency needs.

For those who have found themselves in a similar situation while traveling, especially in a foreign country where language may be a barrier, this service will be most welcome. This is just one of the many things we do to anticipate the needs of our clients.  

How does the pre-arrival bank account and credit card work? 

When relocating to another country, Citigold clients can open a new account even before they leave their home country. The account will be ready for transactions immediately upon their arrival. Citigold clients are also entitled to a pre-arrival credit card, which they can immediately use as soon as they arrive in the new country. Their credit history as Citigold clients will also apply to their credit card entitlements in their home country.

Why should clients choose Citigold over other banks?

Citigold is all about putting our customers first by offering unparalleled services in wealth management, credit cards, deposits, investments, insurance and personal loans. With our Global Banking services, we not only offer you exceptional privileges and benefits. We offer you the world.