Singapore Expats

My latest Citibank statement advises that as of Feb 2013, the "total relationship balance" minimum will increase from $2000 to $5000.

Basically, for me it's too much money to have tied up in a minimum balance, but I have needed citibank so far , as I transfer money abroad using the Citbank Global transfer feature.

I'm now considering closing my citibank account, but am interested in finding an alternate way of transferring funds overseas... Any good suggestions?

I too would like to know, and for the same reasons though I don't have a Citi account here, and from the sounds of it, don't think I will.

Those are stupidly high minimums. And they were one reason I stopped using Citi in Japan.

Splatted wrote:My latest Citibank statement advises that as of Feb 2013, the "total relationship balance" minimum will increase from $2000 to $5000.

Basically, for me it's too much money to have tied up in a minimum balance, but I have needed citibank so far , as I transfer money abroad using the Citbank Global transfer feature.

I'm now considering closing my citibank account, but am interested in finding an alternate way of transferring funds overseas... Any good suggestions?

How much interest could you earn per year on that 'ave bal' of $2k, $5k? Do you value your bank account that much? What would an equivalent rival cost/offer?

This was a decision process I went through in the UK some time ago, after which I closed down my accounts of 25 years that I'd had since Uni. (not flippantly, it was a 'serious bank' the kind of place you join and never leave, ditto your forbears...*)




* Yeah yeah alright, Coutts & Co.

Splatted wrote:My latest Citibank statement advises that as of Feb 2013, the "total relationship balance" minimum will increase from $2000 to $5000.

Basically, for me it's too much money to have tied up in a minimum balance, but I have needed citibank so far , as I transfer money abroad using the Citbank Global transfer feature.

I'm now considering closing my citibank account, but am interested in finding an alternate way of transferring funds overseas... Any good suggestions?

I've found nothing with a lower minimum balance than even that new $5k limit which gives free global transfers. If I transfer ~1 a month, the S$10-$S25 I save each xfer is probably worth the cost of keeping the extra money there. I don't think I could easily and consistently make that much per month off $3k. Plus honestly I usually keep one-two months wages in readily accessible shitty interest accounts here anyway. Laziness on my part I suppose.

I have opened a new account last friday(nov30),in the orchard mrt branch...
But the person I talked to said its only 2000 sgd....
So is this 5000 confirm???have to reconsider then!!!

babji wrote:I have opened a new account last friday(nov30),in the orchard mrt branch...
But the person I talked to said its only 2000 sgd....
So is this 5000 confirm???have to reconsider then!!!

From Feb 2013, it will increase , upon which you get charged $10 for every month you fail to keep the minimum of $5000 across all your citibank accounts.

JR8 wrote:How much interest could you earn per year on that 'ave bal' of $2k, $5k? Do you value your bank account that much? What would an equivalent rival cost/offer?

These days, you don't earn anything worth bragging about. Choice of bank account, for me, comes down to which charge little or no fees.

The $2k minimum is actually easy to circumvent as they don't look at the minimum balance throughout the whole month, but rather on the last day of the statement cycle. This just happened to be a couple days after my pay arrived into my bank account. As I had over $2000 on the last day - no $10 fee payable at start of next cycle.

Then at the start of the next cycle, I would transfer everything out to pay my personal loan.

I suppose the same could be done with the $5k minimum too... however, I don't earn that much per month. Well, technically, I do, but a large chunk of my annual income comes in the form of bonuses.

Anyway, I was just hoping that there might be new options available that I have overlooked or don't know about.

zzm9980 wrote:

Splatted wrote:My latest Citibank statement advises that as of Feb 2013, the "total relationship balance" minimum will increase from $2000 to $5000.

Basically, for me it's too much money to have tied up in a minimum balance, but I have needed citibank so far , as I transfer money abroad using the Citbank Global transfer feature.

I'm now considering closing my citibank account, but am interested in finding an alternate way of transferring funds overseas... Any good suggestions?

I've found nothing with a lower minimum balance than even that new $5k limit which gives free global transfers. If I transfer ~1 a month, the S$10-$S25 I save each xfer is probably worth the cost of keeping the extra money there. I don't think I could easily and consistently make that much per month off $3k. Plus honestly I usually keep one-two months wages in readily accessible shitty interest accounts here anyway. Laziness on my part I suppose.

Yeah, OP should consider parking a sum to meet that $5K requirement. Perhaps start with small sum towards that total of$5K by Feb 2013?

This is the problem I have with DBS - they look at the entire month as far as I know, so any time the wife depletes the Current Account below $3000 there's a $2 + $7 charge. Otherwise wish I could do your clever standing instruction.

The idea of being charged to keep my money grates, I'd change for someone who doesn't do this.

'

Splatted wrote:These days, you don't earn anything worth bragging about. Choice of bank account, for me, comes down to which charge little or no fees.

The $2k minimum is actually easy to circumvent as they don't look at the minimum balance throughout the whole month, but rather on the last day of the statement cycle. This just happened to be a couple days after my pay arrived into my bank account. As I had over $2000 on the last day - no $10 fee payable at start of next cycle.

Then at the start of the next cycle, I would transfer everything out to pay my personal loan

Any one knows about state bank of India or icici ,these are Indian banks out there...my hr said they don't mind any bank to deposit salary..
So hope I can cancel my account in citi and open with sbi.
Plz any one wats the minimum balance to be maintained in state bank of India singapore branch?