If you have ever had to deal with an international bank transfer, chances are you have used SWIFT codes. However, you may not yet know the Citibank SWIFT code for United States.
Unfortunately, SWIFT codes are not promotional offers for a Taylor Swift concert. They are integral components of the global financial ecosystem. These designations allow global banks to send or receive payments. Citibank is one such institution and, as one of the largest banks in the United States, has been involved in a fair number of SWIFT code transactions.
This guide to Citibank SWIFT Code for United States will cover the following topics:
- What is a SWIFT code?
- How to find your Citibank SWIFT code
- How is the Citibank SWIFT code used?
- Citibank SWIFT Code vs. Routing Number
- Fees for transferring money
What is a SWIFT code?
SWIFT codes are used for international wire transfers. They are essentially international routing numbers that identify banks and other financial institutions.. This unique identification code can be a combination of letters and numbers, but in any case, it identifies where a bank’s head office is located and which country the bank is from. Banks can also use these codes to send messages to each other.
SWIFT codes have between 8 and 11 characters divided into groups of information.
The format of a SWIFT code is as follows: AAAA BB CC DDD
Here’s what each group of letters means:
YYYY: These four letters represent the bank code, which identifies the institution from which the funds are transferred or where the funds are going.
BB: These two letters represent the country code; that is, it identifies the country where the bank is located.
DC: this two-digit location code represents the location of the bank’s head office.
DDD: the optional three-digit branch code represents a specific branch of a bank.
SWIFT codes are also known as Bank Identifier Codes or BICs, and the terms are used interchangeably.
How to find your Citibank SWIFT code
If you need to know your SWIFT code to send funds through a bank transfer to your Citibank account based in the United States, you can find it among the frequently asked questions of the Citibank website. There it is indicated that you should use CITIUS33 for that purpose.
You can also check the SWIFT website, which lists more than 200 SWIFT codes related to Citibank. That’s because Citibank uses different SWIFT codes for its different institutions around the world. In addition, it also applies to the type of currency being transferred.
Below you will find the information on the Citibank SWIFT code for United States and some important data so you can make or receive a bank transfer.
Information about bank transfer and Citibank SWIFT code
|Citibank address for wire transfers||Citibank, N.A. New York
399 Park Avenue
New York, NY 10043
|Information you must provide||Recipient account information, which will include the recipient’s name, the name and location of your bank, and your account number|
|Citibank Wire Transfer Fees||Tiered pricing, but for standard customers:
How is the Citibank SWIFT code used?
Citibank uses your SWIFT code to verify and confirm electronic transfers between your Citibank account and any international bank you are dealing with.. International banks use Citibank SWIFT codes to verify which institutions are facilitating payments.
Citibank SWIFT Code vs. Routing Number
Banks use SWIFT codes and routing numbers as communication tools. Citibank routing number is used for domestic transfers between banks, while SWIFT codes apply for international transfers.
After all that we have talked about SWIFT codes, you may be wondering what SWIFT stands for and where this term came from.
SWIFT, short for Society for Worldwide Interbank Financial Telecommunication, is actually an organization whose purpose is to streamline and standardize financial transactions around the world. Founded in Brussels in 1973, SWIFT currently provides more than 10,000 financial institutions with the tools they need to send money to each other. More than 210 countries benefit from SWIFT codes.
Before SWIFT codes, there were routing numbers. Developed by the American Bankers Association in 1910. These numbers, also known as ABA numbers, they were designed to confirm where checks were processed or cashed. Now, according to the association’s website, routing numbers can identify “participants in automated clearinghouses, electronic funds transfers, and online banking.”
Fees for transferring money
All Citibank transfers may include a fee for sending money. Also, you should keep in mind that international transfers are usually more expensive. However, Citibank offers free transfers in many situations.
Please note that outgoing international wire transfer fees do not apply to Citi Private Bank, Citi Global Executive Preferred Account and Citigold Private Client tier clients. And no matter what type of customer you are, be sure to read the terms and conditions of your Citibank product carefully so the fees don’t come as a surprise.