Online Foreign Exchange (eFX)

1. If you have an existing Global Foreign Currency Account that is in the same currency as your Overnight Deposit, you can transfer the balance in your Overnight Deposit account via "Payments and Transfers" in Citibank Online. Such transfer does not involve currency conversion.

2. If you do not have an existing Global Foreign Currency Account in a currency that is the same as your Overnight Deposit, you may choose to transfer the balance in your Overnight Deposit account by either using "Payments and Transfers" in Citibank Online or using eFX on the Citibank Mobile® App or Citibank Online. Please take note that such transfer involves currency conversion.

No, there is no administrative fee to open or maintain the Overnight Deposits account.

For Singapore customers:

1. For Singapore Clients, click here to apply for a Citibank Global Foreign Currency Account.
For International Personal Bank Clients, click here to apply for a Citibank Global Foreign Currency Account.

2. Register for Internet Banking on Citibank Online or on the Citi Mobile® App.

The FX market is not traded on a regulated exchange like stocks and commodities, but rather a network of financial institutions and retail brokers. The FX market is available for trading 24 hours a day, five days per week.

Limit Orders: Order Watch service is not available at the following timings:

• i. On weekdays (Mon to Fri), during system downtimes
  • 11:00PM - 11:20PM
  • 03:00AM - 07:00AM
• ii. On gazetted public holidays in Singapore or United Statesc
• iii. On days when commercial banks and FX markets are not open for business in the country of your selected trading currency

Spot Orders: Available 24 hours a day, including Saturdays and Sundays. On Saturdays and Sundays, no live rates are available.

Citibank eFX allows you to trade up to 15 different currencies:

• 1. USD United States Dollar
• 2. EUR Euro
• 3. JPY Japanese Dollar
• 4. GBP British Pound
• 5. SGD Singapore Dollar
• 6. HKD Hong Kong Dollar
• 7. AUD Australian Dollar
• 8. NZD New Zealand Dollar
• 9. CAD Canadian Dollar
• 10. CHF Swiss Franc Dollar
• 11. AED United Arab Emirates Dirham
• 12. DKK Danish Krone
• 13. NOK Norwegian Krone
• 14. SEK Swedish Krona
• 15. ZAR South African Rand

You can place a Market Order, Limit Order or Stop-Limit Order.

• A Market Order or commonly known as a spot transaction, allows you to place a buy or sell order at the current market price. Settlement is immediate and the currency purchased will be credited into your account immediately.
• A Limit Order is an instruction to buy or sell a currency at a price you specify. The order will only be executed when the prevailing market price reaches your specified price. It allows you to monitor the market and wait for your preferred pricing in a volatile market.
• A Stop-Limit Order is executed when a specified target rate is achieved for the purpose of cutting loss or entry upon conditions being met. A Stop-Limit Order is only executed at the next traded price from the specified target rate.
• For FX OrderWatch (Limit and Stop-Limit Orders), instructions placed will expire if the orders are not filled before the expiry date.

• For a Limit Order placed in Citibank eFX - OrderWatch, funds corresponding to the value of your Limit Order will be set aside and held in your debit account (“Hold Balance”). The Hold Balance will be maintained for the duration of the Limit Order and will be released after the order is executed, expired or deleted.
• During this time, you will continue to earn interest on the Hold Balance if your debit account is an interest-bearing account. However, you will not be able to access or withdraw your Hold Balance until the hold is released.

• Buy Limit Order is placed at or below the current market price.
• Sell Limit Order is placed at or above the current market price.
• Buy Stop-Limit Order is placed at or above the current market price.
• Sell Stop-Limit Order is placed at or below the current market price.
• Sell Stop-Limit Order allows you to create a “floor” for your position to limit losses. For example, the current market rate for USD/SGD is 1.42 and a stop-limit order is placed at 1.40. The order is triggered when USD/SGD falls to 1.40 and becomes a market order that is executed.

In comparison, if a Sell Limit Order is used instead for the same purpose (Order placed at 1.40 when prevailing USD/SGD is 1.42), the Sell Limit Order will be executed instantly at 1.42 since the current market price is above the target price.

You have the option of setting the expiry period for 24 hours, a week or a month (calendar days). All orders will expire at 9.00am (Singapore Time) on the expiry date.

If you would like to continue with a lapsed order, you will need to submit a new order.

For Singapore Clients:

eFX Market Order (Spot):

Weekday (Mon - Fri)

Minimum trade amount is US$1.00 and maximum trade amount is S$500,000.00 (per day limit)

Weekend (Sat – Sun)

Minimum trade amount is US$1.00 and maximum trade amount is US$25,000.00. Counter rates only.

eFX Order Watch (Limit):

Weekday (Mon – Fri)

Minimum trade amount is US$1.00 and maximum trade amount is S$500,000.00 (per day limit)

Weekend (Sat – Sun)

Minimum trade amount is US$10.00 and maximum trade amount is US$25,000.00. Counter rates only.

• For Market Orders, upon your trade confirmation, the currency sold will be debited from your account and the new currency purchased will be credited into your Global Foreign Currency account or a new Overnight Deposits account. Limit and Stop-Limit orders are only triggered and fulfilled when the target price has been met.
• Please note that orders which are executed during Night Mode (after 11pm) may only be valued in the morning after 9am. Accordingly, your funds may be unavailable until the corresponding holds are released after the limit orders are valued.

Not directly. To make a withdrawal of your balance in the Overnight Deposits account, you will first need to transfer the balance to a Global Foreign Currency Account or Checking/Saving Account via Citibank Online. You will need to open a Global Foreign Currency Account or Checking/Saving Account if you do not have an existing account. Please note that withdrawal of SGD from Global Foreign Currency Account or Checking/Saving Account using local Citi ATMs will be subject to prevailing exchange rate. Foreign currency withdrawal is not available from local Citi ATMs.

There are no transaction fees charged but the executed FX rate will be the customer "All in Rate", which is different from the prevailing interbank market rate at the time of the execution as it includes a Bank spread ranging from 0.10% – 1.5% determined by the Bank in its discretion according to the amount placed. For amounts above US$3,000,000, please contact your Relationship Manager directly or call the Treasury Hotline +65 6334 2688.

Yes. eFX transactions will appear in the respective debit and credit account in your monthly statement.

Yes. The Overnight Deposits account will appear in your monthly statement. It is segmented into the different currencies which you hold.

For Market Orders and Order Watch (Limit and Stop-Limit Orders), these accounts can be used:

• Debit Checking/Saving to Credit Checking/Saving
• Debit Checking/Saving to Credit Overnight Deposits and vice versa
• Debit Overnight Deposits to Credit Overnight Deposits