CitiBank Business Account

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CitiBank Business Account Review, Exchange Rates, Fees Calculator & User Score

  • Fees and costs: Average
  • Transfer speed: Good
  • Safety and reliability: Very Good
  • Customer satisfaction: Good

Advantages

  • IBM additional security
  • Good offer for small businesses

Disadvantages

  • Minimum monthly balance required
  • High markup on the exchange rate

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0 users wouldn’t recommend it

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What is CitiBank's Business Account?

CitiBank also known as Citi Handlowy, is one of the major banks in Poland and has been on the market for almost 150 years. They are part of the international Citi group, which has branches all over the world. The business offer has accounts for startups and small businesses, as well as bigger enterprises. You can also easily access other financial tools and services, get funding and loans for your company or set up saving accounts.

How Does CitiBank Business Account Work?

There is an attractive offer for small businesses below $4 million in turnover. They also have a special support for international enterprises which can benefit from their network of branches in different countries. That way, a big company can easily manage its finances and connect their Citi accounts all over the world. The fees and costs depend on your monthly transactions and what features you’d like to enable. If you have a personal account at Citibank, you can easily connect and manage your business one when using the online banking platform.

CitiBank Business Account Fees and Costs

The monthly maintenance costs are at around $5-$15 depending on account type. You may also need to have an average monthly balance of at least $5,000-$10,000 to be eligible for a business account. A certain amount of transactions in a month are free of charge. Then, you will need to pay regular bank fees, which are based on your location and where you want to send the payment.

CitiBank Business Account Exchange Rate

The rates are adjusted and can be negotiated based on the size and turnover of your company. The basic markup on the exchange rate is set at around 4% compared to the average market prices.

CitiBank Business Account Limits

There doesn’t seem to by any strict limits on the amount of money you can send. However you may need to reach a minimum amount of transactions per month or keep a certain balance to use the account and avoid extra fees. You also can’t make more than 500 transactions per month with the basic account types.

CitiBank Business Account compared to other business accounts

The requirements for monthly balance and limits on the amount on transactions act as a disadvantage for CitiBank. The costs are also not provided transparently in their documentation, and it’s hard to research and estimate all of the fees. The markup on the exchange rates is also quite high compared to other banks or online platforms, which can provide cheaper services. However, Citi is a well-established and reliable group. Therefore the money is handled and stored securely and with the best quality.

How to use CitiBank Business Account?

Business API

There doesn’t seem to be any convenient integration or payment gateways for your e-commerce platforms and online shops. They also don’t offer terminals for physical stores.

How to sign up?

It’s best to contact the bank's representative or set up a meeting at their branch to talk about the details of the account. They can adjust the offer based on your needs.

Is CitiBank Business Account safe and reliable?

CitiBank uses IBM Trusteer technology and safety practices to increase the security of your money. Trusteer Rapport helps prevent certain types of computer malware and phishing attempts, which are the main threats when handling your finances online. The system cooperates with your existing anti-virus software to increase the overall security of your device. The company also educates their users on how to spot suspicious activity and prevent potential scam attempts.

The bank also needs to comply with all of the safety regulations and financial laws, which increases its reliability. While there haven’t been any notable scandals regarding the bank, the City group has faced some criticism and allegations of money laundering or market manipulations. There are not many negative user reviews reports about problems with accounts or transactions in CitiBank.

Customer Support

You can call their phone number or fill out a contact form on the bank’s website so that they can reach you later or prepare an offer for you. There are also many local branches which you can visit and set up a meeting.

Final Thoughts

CitiBank Business Account Review

Citi is a well-established group. Therefore the services and products can be considered quite reliable. However, it’s very inconvenient to research information about fees and features. Compared to other banks and online financial platforms, CitiBank is quite expensive. They also don’t offer free periods for startups, which is often offered by the competition. The currency conversion is quite expensive, which is a disadvantage for international businesses. The online banking platform could be designed better, as it’s not intuitive. However, when it comes to the advantages, the bank offers a free additional security from IBM for your online banking, and they store and handle the money very securely.

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