Foreign currency transactions

If no conversion is needed, the funds reach the beneficiary bank the next business day following the receipt of your payment instruction by the bank.

In case a conversion is needed, funds reach the beneficiary bank on the 2nd business day following the receipt of your instruction by the bank.

In case you need to make a payment urgently, you can reduce the number of days required for the conversion by using Citibank's Quick FX product.

About IBAN - International Bank Account Number

A common initiative It is a common initiative of the European Union and the European banks is to increase the pace and the cost efficiency, and to reduce the manual inputs processing of transfers within Europe, including national and cross-border transactions. (e. g. transactions directed from Germany to Hungary and from Hungary to Germany).

In order to support the initiative mentioned above, please indicate your account's IBAN number on invoives issued to your partners located in the EU. It may require some new computer settings, nevertheless the transfered funds are credited faster and prompter on your account.

To make the usage of the international bank account number easier Citibank diisplays your company's IBAN number on your statements.

Equally important is to indicate your partner's IBAN number as the beneficiary's account number when initiating transfers to your European partners. It is also facilitated by our CitiDirect electronic banking system in case of international transfers.

Instructions can be initiated Via the CitiDirect electronic banking system Via mail, fax, tested fax or can be handed in any of our branches By a Swift message (in MT101 or MT103 formats) Instruction for foreign currency transfer, SEPA transfer anf Hungarian forint transfers abroad Transaction fees and costs AND Cut-off times Actual Corporate List of Conditions

Foreign currency exchange rates

Citibank quotes official exchange rates twice each business day, at around 9:00 a.m. and 2:00 p.m., with spot value date (becomes valid the second day following the quotation).

In case of foreign currency transfers and credits, which require need a conversion and their amount of which does not exceed USD 10,000 or its currency equivalent, Citibank uses exchange rates quoted by 9:00 a.m.

Exchange rates quoted around 2:00 p.m. are used taken into account at for foreign currency transfers and credits, which require need a conversion and their amount of which exceeds USD 10,000 or its currency equivalent.

The complete list of the official exchange rates is also published by Világgazdaság, a daily newspaper.