Download Your foreign exchange specialist

Delivering world-class foreign
exchange solutions
Local knowledge in foreign exchange solutions
We are dedicated to offering the very best international wealth management
solutions that include world-class foreign exchange services. As part of a
global bank, Citigold Wealth Management is well positioned to offer
a wide range of currency options.
Access our knowledge
We understand that our international clients need fast and
efficient access to global currencies, and our multi-currency
banking helps you achieve this.
Placements (DCP) and innovative FX services, such as our
FX Order Watch facility.
Your Relationship Manager is on hand to help give you any
information and to process your foreign exchange requests.
Our foreign exchange solutions range from straightforward
transfers, to multi-currency investments like Dual Currency
Products at a glance
Want to exchange your money
immediately, securely and conveniently?
Operate in more than one currency but
don’t have the time to watch the markets
to ensure you get the best deal?
Live, work or have interests
internationally and want to potentially
benefit from fluctuating exchange rates?
FX Spots
FX Order Watch
Dual Currency Placements
Transfer your money quickly and
securely with Citi’s FX Spots, which
help you to manage your wealth
globally. Convert over 11 different
currencies at Citi UK reference
exchange rates, and withdraw your
money in the local currency at ATMs
across the world (subject to your card
being linked to an account you have
with Citi in the relevant local currency).
FX Order Watch allows you to set your
own exchange rate. You tell us the
currency and your preferred exchange
rate and we’ll monitor the markets. If
your rate is hit, we’ll immediately make
the trade on your behalf.
If you operate in more than one currency
you could use a Dual Currency Placement
to potentially receive a greater return
than with other short-term investments.
These innovative products allow you to
choose two currencies and you may be
paid your return in either. Dual Currency
Placements are complex short-term
investment products that may not be
suitable for everyone.
Intro
|
FX Spots
|
FX Order Watch
|
FX Order Watch Examples
|
Dual Currency Placements
|
Dual Currency Placements benefits
|
Glossary
|
Contact us
Share our expertise
We are experts in foreign exchange markets,
and we are keen to share our knowledge with
you, to help you find the best FX solutions for
your needs. Contact your Relationship
Manager for more information.
FX Spots
Have the right currency, right when you need it
To support your international lifestyle,
Citigold Wealth Management offers
deposit accounts in 11 currencies. This
gives you straightforward and efficient
access to the right currency, at the right
time, enabling you to manage your money
with ease, wherever you are.
An FX Spot allows you to move money
from one currency to another quickly
and without hassle. You can do this on
Citi Online, Citi Mobile or by calling us.
Citi Global Transfers allow you to move
money between your Citi accounts in over
20 countries. The transfer is instant and
free of charge.
Cross-currency transactions and any funds
you transfer between accounts will be
subject to the Citi UK reference exchange
rates at the time. For details see our Rates
and Charges Information.
If you are planning to travel or to buy
something in another currency, you can
link your Citi Debit Card to the appropriate
currency account and, by doing so,
avoid additional transaction fees.
Exchange the following currencies:
United States Dollars (USD)
Australian Dollars (AUD)
British Pounds (GBP)
New Zealand Dollars (NZD)
Euros (EUR)
Swedish Krona (SEK)
Japanese Yen (JPY)
Hong Kong Dollars (HKD)
Swiss Francs (CHF)
Singapore Dollars (SAD)
Canadian Dollars (CAD)
Currency exchange made easy
If you want to exchange currencies contact
your Relationship Manager who will be happy
to explain your options.
Intro
|
FX Spots
|
FX Order Watch
|
FX Order Watch Examples
|
Dual Currency Placements
|
Dual Currency Placements benefits
|
Glossary
|
Contact us
FX Order Watch
You set the rate, we do the rest
FX Order Watch: How it works
If you operate internationally you will
regularly have foreign exchange requirements,
but pinpointing the best time to exchange
currencies can be difficult when you are busy.
pWe monitor the currency markets
24 hours a day, and if the Citi Reference
Market Rate for the foreign currency hits
your Target Rate, we will make the trade
on your behalf.
FX Order Watch allows you to choose
a Target Rate which is the Citi Reference
Market Rate - this is the live spot reference
exchange rate for the currency pair you
have selected. Citi bases this on live rates
published by providers such as Reuters
and Bloomberg and factors such as the
currency pair and the availability and
reliability of the providers’ rates. You
can contact your Relationship Manager
for details of actual rates used when
you transact.
pYou can place an order through
Citi Online at your own convenience
or contact your Relationship Manager
to place the order for you. Once the
order is placed, these funds will not be
available for any other transactions and
withdrawals until the order is cancelled.
Funds that have been converted to the
foreign currency are credited to your
multi-currency account but may not be
available until the next business day,
depending on the time of order execution.
Exchange the following currencies:
pThe price you pay for this service is
a percentage of the Order Amount.
The percentage used to determine the
applicable price will depend on the size of
the Order Amount you wish to exchange.
We deduct the price from any order
successfully executed. We make the
deduction by exchanging your Order
Amount at the Customer Rate, which is
a rate that is marginally lower than your
Target Rate. We will tell you what the
Customer Rate applicable to your order
is, before you place an order.
We keep a constant check on the world’s
currency markets so when you place a
trade in advance, we will only make the
transaction if rates hit your desired level
within an agreed timeframe.
United States Dollars (USD)
British Pounds (GBP)
Euros (EUR)
Japanese Yen (JPY)
Swiss Francs (CHF)
Canadian Dollars (CAD)
Australian Dollars (AUD)
New Zealand Dollars (NZD)
Swedish Krona (SEK)
Hong Kong Dollars (HKD)
Singapore Dollars (SAD)
The minimum trading/investing value is:
$10,000 (or equivalent) when trading through Citi Online
$20,000 (or equivalent) when trading through your Relationship Manager
Intro
|
FX Spots
|
FX Order Watch
|
FX Order Watch Examples
|
Dual Currency Placements
|
Dual Currency Placements benefits
|
Glossary
|
Contact us
FX Order Watch
You set the rate, we do the rest
Simple Order
A Simple Order is a common type of order. By specifying an FX rate that is more
advantageous than the current level, you can aim for a higher exchange gain.
You place one order – either to buy or sell currency – and we make the trade if the
currency hits your desired level within the timeframe. If it doesn’t, the order expires.
Buy Order
1.57
To convert one currency to another at
a rate higher than the prevalent Citi Reference
Market Rate, GBP to USD in this example.
Target Rate
FX Commission
1.56
Customer Rate
Order execution
1.54
1.51
Order date
This example, including the indicative exchange rates, are for illustrative purposes only.
Intro
|
FX Spots
|
FX Order Watch
|
FX Order Watch Examples
|
Dual Currency Placements
|
Dual Currency Placements benefits
|
Glossary
|
Contact us
FX Order Watch
You set the rate, we do the rest
One-cancel-other order
You place two orders at the same time. Whichever target is hit first, that trade
is executed and the other order is automatically cancelled. If neither target is
hit by the end of the term the order expires.
1.57
1.56
Target Rate
FX Commission
Customer Rate
Order execution
1.54
Order cancelled
1.51
Target Rate
Order date
This example, including the indicative exchange rates, are for illustrative purposes only.
Risk of loss of principal
When the exchange rate to convert a foreign currency to your original Base Currency
fluctuates due to market conditions, there is a risk of loss of principal due to an
exchange-rate loss. The amount you receive at maturity, when its value is calculated in
your original Base Currency, may be lower than the principal you originally deposited.
Regardless of the condition of foreign exchange rate fluctuations, there is a risk of loss
of principal because the customer rate applied for converting a foreign currency back
into your Base Currency includes Citi’s foreign exchange commission.
Once the order is matched or executed, the product cannot be cancelled and the
funds placed are not available for further transactions or withdrawal until the order
is executed, cancelled or expired.
Intro
|
FX Spots
|
FX Order Watch
|
FX Order Watch Examples
|
Dual Currency Placements
|
Dual Currency Placements benefits
|
Glossary
|
Contact us
Dual Currency Placements
When you operate in two currencies, make the most of both
2
Select the investment Term
One month
3
Determine your Strike Rate by setting your Differential.
Set your Strike Rate to be equal to the Spot Price or any
other available Differentials
GBP/USD 1.5900
(spot = 1.5800 plus posit
100 Differential)
4
Many of our clients operate in two or more
currencies and with our Dual Currency
Placements they can potentially take
advantage of exchange rate fluctuations
to gain a better return.
Our Dual Currency Placements are innovative
short-term foreign exchange products that
are suitable for sophisticated investors.
They can potentially offer greater returns
than Time Deposits, although they do
carry greater risks to your capital.
If you regularly use more than one currency
and are happy to take out an investment
where the return may be paid in one of two
of your chosen currencies, a Dual Currency
Placement could be for you.
You choose a Base and an Alternate
Currency from those listed below, and
any return may be repaid to you in either
of these:
p
British Pounds (GBP)
United States Dollars (USD)
Euros (EUR)
Australian Dollars (AUD)
Japanese Yen (JPY)
Swiss Francs (CHF)
Canadian Dollars (CAD)
On the Expiry Date, We will pay you the Initial Investment
plus your return in one of the two ways shown below
How does a Dual Currency
Placement work?
1
9:00 AM.
on expiry
date
Investment
date
4
GBP appreciation
pFirst you select your two currencies –
a Base Currency and an Alternate Currency.
pYou could choose GBP as your Base
Currency, for example, and invest £50,000,
with USD as the Alternate Currency you are
happy to be repaid in. You might also
choose a Term of one month (though you
can choose Terms from just one week).
pThen you nominate a Strike Rate at which
the Base Currency would be converted to
the Alternate Currency. The level of this
Strike Rate helps determine the return on
your investment, and we can help you to
work out your options.
pYour Initial Investment, plus the Option
Premium are paid to you in your Base
Currency if the Base Currency has
weakened in relation to your nominated
Strike Rate at the expiry time on the Expiry
Date. Otherwise, if the Base Currency has
strengthened in relation to your nominated
Strike Rate at the expiry time on the Expiry
Date, then your Initial Investment, plus the
Option Premium are converted into the
Alternate Currency at the Strike Rate.
1% gross2 p.a. (1% AER3)
plus 7.50% p.a. is derive
Based on the above selection, agree the Interest Rate and
the Option Premium 1
2
Investment term : 1 month
Initial Investment and return wil
since GBP on Expiry Date streng
in relation to Strike Rate of 1.590
1.66
1.65
1.64
1.63
3
1.62
GBP 1.5900
USD
Strike Rate
Foreign
exchange
fluctuation
1.61
A
1.60
|
FX Spots
|
FX Order Watch
|
FX Order Watch Examples
|
Dual Currency Placements
|
Total earned on Expiry Date
(Initial Investment + Option Prem
Strike Rate
(GBP £50,000 + 8.50% p.a.) x 1.5
USD $80,055*
1.59
Differential: +100Pips
GBP 1.5800
USD
Spot Price
Scenario B
1.58
Initial Investment and return will
since GBP on Expiry Date weake
relation to Strike Rate of 1.5900
1.57
1.56
1.55
1.54
B
1.53
1.52
Total earned on Expiry Date
(Initial Investment + Option Prem
GBP £50,000 + 8.50% p.a. GBP
1.51
GBP depreciation
Scenario A
Scenario B
*In Scenario B, We do not exercise Our Currency Opt
Alternate Currency and We will pay your Initial Inves
Base Currency.
*In Scenario A, you should be aware that if you chose
to GBP at a lower level than the Strike Rate, you may
you initially invested, i.e. you may not get back in GB
your Initial Investment as the GBP-USD exchange ra
Initial Investment and return will be paid in USD
Initial Investment and return will be paid in GBP
since GBP on Expiry Date strengthens to 1.6000
since GBP on Expiry Date weakens to 1.5100 in
Please note:
in relation to 1Strike
Rate
of 1.5900
relation
toCurrency,
Strike the
Rate
of the
1.5900
The Option
Premium
can vary depending on the Base and
Alternate
Term,
Strike Rate and current market conditions; in this example, the O
set by Citi International Personal Bank at 7.50%.
Total earned 2on
Date
Total
earned
on Expiry
Date
TheExpiry
gross rate
is the contractual rate of Interest payable
before
the deduction
of income
tax at the rate specified by applicable local law.
3
AER stands
for Annual
EquivalentxRate and illustrates what
the Interest
rate would
be if Interest
was paid and compounded once each year.
(Initial Investment
+ Option
Premium)
(Initial
Investment
+ Option
Premium)
Indicative exchange rate for illustration purposes only
Strike Rate
GBP £50,000 + 8.50% p.a. GBP £50,349
(GBP £50,000 + 8.50% p.a.) x 1.5900
7
USD $80,055*
This example, including the indicative exchange rates, are for illustrative purposes only.
Intro
Scenario A
Dual Currency Placements benefits
|
Glossary
|
Contact us
Benefits and risks of
Dual Currency Placements
Higher risk but potentially higher returns
These innovative foreign exchange products
offer the chance of a higher return on your
money than other short-term deposits if you
are comfortable being repaid in one of two
currencies of your choosing.
A Dual Currency Placement could potentially
provide an opportunity to generate greater
returns than from short term cash investments.
The benefits include:
pDiversification of your portfolio by gaining
exposure to the foreign exchange market.
pInstant, live pricing reflecting any changes
in the market.
pTailoring your investment to suit your
view, expectation and requirements.
pA wide variety of currency pairs and
Strike Rates.
pAccess to Citi’s Market Research and
Analysis, giving you views on market
movements. These views are provided by
in-house Citigroup analysts.
pOur booking times span the trading hours of
a variety of markets making it more convenient
for you to take out a Dual Currency Placement.
pChoose to open and manage your Dual
Currency Placement through your Relationship
Manager (advisory or non-advisory).
Intro
|
FX Spots
|
FX Order Watch
|
Are there any risks?
Dual Currency Placements are complex foreign
currency investments and as such they come
with risks attached. Because of this they are
best suited to experienced investors who fully
understand the products.
Below are some of the risks you should consider
before investing in a Dual Currency Placement:
pYou could receive less than your initial
capital if, at the Expiry Date, you choose to
convert the Alternate Currency back into the
Base Currency, as this will be done at the
prevailing exchange rate.
pThere may be tax implications to taking out
a Dual Currency Placement. You should have
good knowledge of your tax position, or seek
professional tax advice.
pDual Currency Placements are not protected
by the Irish Deposit Guarantee Scheme or
any other government agency as your Initial
Investment and your Dual Currency
Placement are not deposits.
pThe returns on a Dual Currency Placement
are not guaranteed, and neither is the
amount you initially invested. There are
more risks to be aware of when considering
a Dual Currency Placement.
FX Order Watch Examples
|
Dual Currency Placements
|
Find out more
Dual Currency Placements allow you to potentially
benefit from currency fluctuations. Contact your
Relationship Manager for more information on
these innovative products.
Dual Currency Placements benefits
|
Glossary
|
Contact us
Glossary
Alternate Currency (Dual Currency Placement) –
means the currency in which we buy the Base
Currency from you, in the event We choose to exercise
the Currency Option
Base Currency – the original currency in which the
Initial Investment or trade is made
Currency Option (Dual Currency Placement) – the
right (but not the obligation) for Citi to convert your
Initial Investment, Interest and Option Premium into
the Alternate Currency at the Strike Rate
Customer Rate (FX Order Watch) – this is the rate
you receive on Order Execution. It is a rate that is
marginally lower than your Target Rate as it includes
the price you pay for this service. The price you pay
is a percentage of the Order Amount and varies
based on the size of the Order Amount
Expiry Date – means the date on which your product
or service matures
Foreign Exchange Commission – the charge made
by Citi for facilitating the exchange of one currency
into another
FX Order Watch – a service where you set your
preferred exchange rate and we make the trade
if currency rates hit that level
Intro
|
FX Spots
|
FX Order Watch
|
FX Spots – a straightforward foreign currency
exchange
Initial Investment (Dual Currency Placement) –
means the initial principal sum invested by you and
which we may buy back from you in the Alternate
Currency (this must be at least US$20,000 or
currency equivalent)
Citi Reference Market Rate – this is the live spot
reference exchange rate for the currency pair you
have selected. Citi bases this on live rates published
by providers such as Reuters and Bloomberg and
factors such as the currency pair and the availability
and reliability of the providers’ rates. You can
contact your Relationship Manager for details of
actual rates used when you transact
One-cancel-other order (FX Order Watch) – you
place two orders at the same time with FX Order
Watch. Whichever target is hit first, that trade is
executed and the other order is automatically
cancelled. If neither target is hit by the end of the
term the order expires
Simple order – you place one order with FX Order
Watch and we make the trade if the currency hits
your desired level within the timeframe. If it doesn’t
the order expires
Strike Rate (Dual Currency Placement) – means the
pre-agreed exchange rate of one unit of the Base
Currency into the Alternate Currency
Target Rate (FX Order Watch) – is the rate specified
by you at which you wish to exchange currencies
Term – means the period of time from when a
product or service begins until the Expiry Date
Total Return (Dual Currency Placement) – the Total
Return you receive. This will be a combination of the
Initial Investment, Interest Rate and the Option
Premium
Option Premium – means the premium payable by
us to you as consideration for you granting us the
Currency Option
FX Order Watch Examples
|
Dual Currency Placements
|
Dual Currency Placements benefits
|
Glossary
|
Contact us
Contact us
Find out how you could benefit from our range of foreign exchange solutions
Visit our website citibank.co.uk or, contact us using the details below, or if you are an existing Citigold client contact your Relationship Manager.
Citigold Lounge
Canary Wharf
Citigroup Centre
33 Canada Square
Canary Wharf
London, E14 5LB
Tel: 0800 005 600 or
+44 207 500 5600
(If calling outside the UK)
Important information
Investment products are not bank deposits and are neither obligations of, nor guaranteed by, Citigroup, or any of its affiliates, unless otherwise stated. They are subject to investment risks, including Issuer risk and possible loss of the principal amount
invested. Past performance is not indicative of future results, investments can go down as well as up. This means you might get back less than you invested. Investors investing in investment products denominated in non-local currency may be subject to
Risk of Exchange Rate fluctuations if the investment is not in your home currency, which could result in loss of principal if converted back to your home currency. We will provide you with full details of any fees, penalties or surrender charges that apply to
any investment you make. We will advise you whether an investment transaction has been made for you on an execution only or advisory basis.
Because currency markets fluctuate, there is always a risk with any FX product that you could lose some of your capital if you make a trade and then immediately decide to switch back to your original currency. For this reason our FX solutions, including FX
Order Watch, are best suited to experienced investors and those clients who already operate in more than one currency, or those who are prepared to accept the risk that currencies can fluctuate.
The Bank is bound by the provisions of the General Code of Conduct for Authorised Financial Services Providers and their Representatives, 2003 (as amended) (Code), which Code requires the Bank to adopt, implement and maintain a conflicts of interest management
policy that complies with the requirements of the Code (Conflicts Policy). In compliance with the Code, the Conflicts Policy details the manner in which the Bank shall avoid conflicts of interests in its dealings with (or relevant to) the Client or, under circumstances where
avoidance is not possible, the manner in which the Bank shall identify, manage and mitigate such conflicts of interest. The Conflicts Policy further provides for the Bank’s duty to disclose to the Client the existence of a conflict of interest which is or may be relevant to the
Client. A copy of the Conflicts Policy will be provided on request - requests can be made in person, by telephone, telefax or electronic mail.
This document has been prepared for your personal use for information purposes only and is not intended as an offer or personal recommendation for the purchase or sale of a Dual Currency Placement or any other investment. The information in this document has been
prepared without taking account of the objectives, financial situation or needs of any particular investor. Accordingly, investors should, before acting on the information, consider its appropriateness, having regard to their objectives, the risks, and their financial situation
and their needs. Any investment decisions should be made based on a review of your particular circumstances with your financial adviser and other professional advisers as appropriate. Prior to making any investment decision, you should fully understand the economic
risks and merits as well as the legal, tax and accounting characteristics and consequences of the transaction, and make your own determination that the investment is consistent with your objectives and that you are able to assume the risk.
This document is not an offer to sell nor is it a solicitation of an offer to enter into a transaction and all expressions of opinion are subject to change without notice. All products and services offered by Citi International Personal Bank are subject to terms and conditions
and you must agree to be bound by them before we can offer any product or service to you. In all cases we recommend that qualified tax advice is sought where relevant. Interest rates are variable.
Some products and services may not be available for individuals residing in certain jurisdictions.
This information is confidential and intended solely for the use of Citibank N.A., Citigroup Inc., our affiliates and you. It is not to be reproduced or distributed to any other person except to your professional advisers. All effort has been made to ensure that information
contained in this document is accurate.
We support languages of our target market countries but depending on circumstances this option may not always be available. Citibank N.A., or its representatives make no warranties and assumes no liability or responsibility with respect to the products and services
provided by any third party entity(ies).
Citibank Europe plc is authorised by the Central Bank of Ireland and by the Prudential Regulation Authority. It is subject to supervision by the Central Bank of Ireland, and subject to limited regulation by the Financial Conduct Authority and the Prudential Regulation
Authority. Details about the extent of our authorisation and regulation by the Prudential Regulation Authority, and regulation by the Financial Conduct Authority are available from us on request. Citibank Europe plc, UK Branch is registered as a branch (registration
number FC032763) in the register of companies for England and Wales. The registered address in the UK is Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB. Citibank Europe plc is registered in Ireland with number 132781, with its registered office at
1 North Wall Quay, Dublin 1. Citibank Europe plc is regulated by the Central Bank of Ireland. Ultimately owned by Citigroup Inc., New York, USA. © Citibank N.A. 2016. CITI, CITI and Arc Design are registered service marks of Citigroup Inc. Calls may be monitored or recorded
for training and service quality purposes.
2308 0417
Intro
|
FX Spots
|
FX Order Watch
|
FX Order Watch Examples
|
Dual Currency Placements
|
Dual Currency Placements benefits
|
Glossary
|
Contact us