You are here:CitiBusiness>Foreign Exchange Services
If you need to deal in foreign currency, transfer funds to India, make payments etc., Citibank has a range of products and services that you can choose from to transact smoothly, efficiently and in a timely manner.
a. Foreign Currency Cash and Traveller's Cheques*
Travelling abroad has never been simpler! Whether you are travelling for work or pleasure, just walk into the nearest Citibank branch to get foreign currency or traveller's cheques to make your trip smooth and effortless.
You can avail of Foreign Currency Cash and Traveller's Cheques in USD, GBP or Euro from our branches offering Foreign Exchange facilities.
Click here to know your Foreign Exchange Limits.
b. Foreign Currency Cheque Collection
Foreign Currency Cheques and Drafts deposited in your account can be processed in very short turnaround times. We process cheques payable in USD, GBP, Euro, SGD, CAD, AUD, JPY. Do away with long waiting periods or delays, when you experience the ease of Citibank's Foreign Exchange Services.
c. Foreign Currency Draft
Just walk into your nearest Citibank branch to get a foreign currency draft issued within minutes. Whether it is for admission to universities abroad or for any other purpose, Citibank Foreign Exchange Services ensures that your payments are managed efficiently.
Click here to know your Foreign Exchange Limits.
d. Inward and Outward Remittances
Citibank's global network makes it effortless and simple to transfer funds from anywhere in the world, instantly. Manage your foreign exchange flows efficiently, with our attractive rates and faster turnaround times. Just use the routing codes and the MT103 format mentioned here.
Click here for MT103 format.
e. Foreign Currency Accounts
1. International Account
This unique account for resident Indian individuals, allows you to deposit foreign currency and retain it as foreign currency without having to convert it into Indian Rupees. Guard against any fluctuations in currency conversion, and avail of a foreign currency denominated chequebook that can be used to make your payments abroad. This service is currently offered in 4 currencies - USD, Euro, Pound Sterling and Yen.
2. Sources of Funds
RBI has specified the following as sources of funds into the account:
3. Withdrawals from the Account
4. Globe Deposits
Experience the flexibility and the freedom that comes from a truly global fixed deposit. Here, you could deposit your money in as many as nine foreign currencies - namely as USD, GBP, Euro, Australian Dollar (AUD), Canadian Dollar (CAD), New Zealand Dollar (NZD), Hong Kong Dollar (HKD), Swiss Francs (CHF) and South African Rand (ZAR). You can invest up to USD 200,000 per financial year per individual.
5. Multi-Currency EEFC Account
As an exporter you now have the flexibility to open an EEFC Account in USD, Euro, Pound Sterling, Japanese Yen or Australian Dollar. You can set up standing instructions to credit up to 100% of your inward remittance in foreign currency in EEFC Account and the remaining in Rupees to your Current Account. A chequebook will be issued to you. You can also utilise the balance in your EEFC Accounts for making import payments.
f. Hedging Products
We have a team of highly skilled market experts, who are waiting to help you manage all your foreign exchange flows through various hedging products such as forwards and options. The underlying exposure could be Import/Export transactions or foreign currency loans/bonds. Your Relationship Manager can help you structure the products depending on your requirements.
This is a contract with the Bank to buy/sell a specific currency, at a pre-determined exchange rate and on an agreed future date. A forward contract is binding on both the parties to the contract. We offer forward contracts in the following major currencies USD, Euro, Japanese Yen, Pound Sterling, Australian Dollar, Singapore Dollar, Swiss Franc, Swedish Kroner, Canadian Dollar and Danish Kroner.
A foreign currency option is a contractual agreement between two parties whereby the buyer of the option has the right, but not the obligation, to buy/sell a stated amount of one currency against another, at a specified exchange rate, during a pre-determined period of time. If the buyer exercises this right, the seller (also called the writer of the option) is obliged to accept the other side of the resulting foreign exchange contract. For this right, the option buyer normally pays an upfront premium. We offer OTC cross currency FX option structures where the underlying currency pair could be any reserve i.e., fully convertible currency. There are two generally accepted methods of price quotation - Premium and Volatility. In each case, the counter parties shall agree upon:
Volatility when combined with the spot rate, interest rate of the currency pair concerned, the days to expiry of the option and the strike price, is used to compute the Premium.
3. RBI Circulars
Click here to download RBI Master Circular on Risk Management and Inter Bank Dealings.
g. Expert Currency Views
Get access to our in-house experts and reports giving you updated information about currency markets worldwide to help you manage your payables and receivables in the best possible manner.
h. Trade Services
A boon for any exporter or importer, Citibank gives you the power of managing your foreign exchange flows effectively. Make Citibank, with it's global presence in as many as 102 countries, your ally in all of your international dealings. State of the art image based processing of documents ensures excellent turnaround times.