Citibank vs HSBC


Citibank vs HSBC-300Citibank vs HSBC
Australian travellers are ubiquitous around the world which is not surprising with almost 40% of us born or having family ties overseas and being natural explorers it is almost a right of passage to adulthood, to go exploring around the world. To facilitate access to funds whilst your away from home it is a good idea to have access to banking facilities that will firstly be available and secondly easy to use. Two of the world’s largest banking groups, Citibank and HSBC, have Australian offshoots and specialise in cross border banking services. We compare what banking facilities they have to offer Aussies who are playing, home or away.

Bank Products and Services

Premium Services
Premium services are offered by both companies with access dependent upon having a certain level of funds or loans with that company. Membership to either gives you access to a ‘relationship manager’ who will purportedly give you better service. Discounts, waived fees and preferential pricing are common benefits.

Citibank Citigold
Requirements: minimum deposits or investments with Citibank of at least A$100,000

Members of Citigold get a Relationship Manager, who is a combination investment adviser and banker who will ‘proactively pursue the right financial solutions for you’. They act as your central point of contact with the bank and can seek further advice from internal investment, mortgage or treasury consultants if required. Regular reviews of your financial situation are an included benefit.

Along with access to the full suite of Citibank products you will be eligible for discounts on annual credit card fees for the Platinum Credit Card, reduced fees on certain mortgage products, preferential pricing on Term Deposits, 50% discount on Financial Planning Plan preparation fee, discounts of up to 45% on various insurance products and preferential rates on Foreign Exchange transactions.

Other services include; worldwide Citigold Emergency Healthcare Service, Citigold Global Banking, Seminars, regular updates on investments and research.

HSBC Premier
Requirements: minimum of $500,000 in total loans or $200,000 in HSBC deposits or investments or a combination of the two. You must also maintain a HSBC Premier Cash Management Account.

You get a HSBC Premier Relationship Manager who is ‘dedicated to helping you meet your financial goals’. As well as having access to the HSBC Premier Financial Planning service, members get preferential pricing, discounts or fees waived on a number of services or products including; mortgages, deposit products, stockbroking and bank charges.

If you would like to visit the ski resort of Hotham at Mount Hotham in the Victorian ski fields then you can take advantage of HSBC’s exclusive Snow Holiday deals.

Foreign Currency Accounts
Both Citibank and HSBC offer Dual Currency Accounts and Multi Currency Accounts.

Credit Cards

Details Citibank HSBC
Name Citibank Clear HSBC Credit Card
Type of Card Low interest Low Interest
Interest Rate purchases Intro rate 11.99% (12mths) then 15.49% 16.99%
Interest Rate cash advances 21.24% 20.75%
Interest free days Up to 55 Up to 55
Rewards Program No No
Annual Fee $65 $0

For brevity we have only compared the lowest rate credit cards. For more information click the links below.

Savings Accounts

Name

Interest Rate

Citibank Online Saver 6.35% pa intro rate (6 mths) then 5.25% pa
HSBC Serious Saver 5.00% pa for every month you don’t withdraw

Name

Interest Rate

Comparison Rate

Citibank Basic Mortgage Variable

7.28% pa

7.33% pa

Citibank Standard Mortgage Variable

7.63% pa

7.76% pa

HSBC Home Value Loan

6.73% pa

6.80% pa

HSBC Variable Rate Loan

7.34% pa

7.41% pa

Products

Citibank

HSBC

Personal Loans

Yes

No

Life Insurance

Yes

Yes

Travel Insurance

Yes

Yes

Car Insurance

Yes

Yes

Landlord Insurance

Yes

Yes

Home and Contents Insurance

Yes

Yes

Loan Repayment Insurance

Yes

Yes

Financial Planning Service

Yes

Yes

Investments

Yes

Yes

International Banking Services

Yes

Yes

Dual Currency Accounts

Yes

Yes

Multi Currency Accounts

Yes

Yes

Branch numbers in Australia

Citibank Branch Locations
There are a total of 10 Australian branches across the following states:

NSW 5
VIC 2
QLD 1

WA 2

Citibank Branch and ATM Finder

HSBC Branch Locations
There are a total of 25 HSBC branches including 7 HSBC Premier Centres. These are spread across Australia as follows:

NSW 14
QLD 3
VIC 5
WA 2
SA 1

A new Canberra branch is expected in the third quarter of 2010 and HSBC plan to increase its network by five to ten branches a year.

HSBC Branch and ATM Finder

Branches around the world

Citibank Global Locations
99 Countries or Territories
HSBC Locations
83 Countries or Territories
HSBC have substantial numbers of branches in Brazil, Mexico and the UK.
Asian Pacific Coverage
Citibank 19 (includes Guam)
HSBC 21 (includes Cook Islands)
European Coverage
Citibank 30
HSBC 26