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Citibank 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 worldâ€™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
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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 â€˜relationship managerâ€™ who will purportedly give you better service. Discounts, waived fees and preferential pricing are common benefits.
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 â€˜proactively pursue the right financial solutions for youâ€™. 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.
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 â€˜dedicated to helping you meet your financial goalsâ€™. 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 HSBCâ€™s exclusive Snow Holiday deals.
Foreign Currency Accounts
Both Citibank and HSBC offer Dual Currency Accounts and Multi Currency Accounts.
|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|
For brevity we have only compared the lowest rate credit cards. For more information click the links below.