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Glossary of
Terms
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1. Telegraphic
Transfer Instruction
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A) Group 1 Currencies
Transactions at or below SGD250,000.00 (or equivalent) will be processed instantly. For transactions above SGD250,000.00, the foreign currency exchange rate quoted is only indicative. Our officer will contact you the next working day to confirm the order.
B) Group 2 Currencies
The minimum transaction limit for South Korean Won (KRW), Taiwan Dollar (TWD), Laotian Kip (LAK) and Nepalese Rupee (NPR) is USD25.00 equivalent.The maximum transaction limit for these 23 currencies is SGD250,000.00 (or equivalent). The 23 currencies are: Bahraini Dinar (BHD), Bangladeshi Taka (BDT), Cambodian Riel (KHR), Czech Koruna (CZK), East Caribbean Dollar (XCD), Fiji Dollar (FJD), Hungarian Forint (HUF), Indonesian Rupiah (IDR), Israeli New Shekel (ILS), Kenyan Shilling (KES), Laotian Kip (LAK), Macanese Pataca (MOP), Malaysian Ringgit (MYR), Mauritian Rupee (MUR), Nepalese Rupee (NPR), New Taiwan Dollar (TWD), Pakistani Rupee (PKR), Papua New Guinean Kina (PGK), Polish Zloty (PLN), Renminbi Yuan (CNY), South Korean Won (KRW), Turkish Lira (TRY), Vietnamese Dong (VND). For these 23 currencies, no currency exchange rate is available above SGD250,000.00 (or equivalent).
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2. Routing
Methods & Mandatory Remittance Details
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Please
refer to below table for types of routing method available in "Add
Payee".
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Routing Method
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What is it?
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When is it required?
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SWIFT
(Society for Worldwide Interbank Financial Telecommunication)
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8
or 11 alphanumeric code
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The
most generic routing method globally. Select this routing method UNLESS
your Telegraphic Transfer meets one of the other scenarios stated
below.
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BSB
(Bank-State-Branch)
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6
digit code
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Required
ONLY if transferring AUD to Australia.
Required ONLY if transferring NZD to New Zealand.
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FEDWIRE
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9
digit code
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Required
ONLY if you are transferring USD to United States.
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SORT
CODE
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6
digit code
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Required
ONLY if transferring GBP to United Kingdom.
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CHIPS
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6
digit code
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Require
ONLY if transferring in USD (This is only used upon request by the
beneficiary bank).
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If
you are transferring using other routing methods please select SWIFT and
indicate your instructions under "Payment Details" field while
performing the transfer. Please refer to the mandatory remittance details
required as below:
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Instruction to specific countries
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Information required under Payee Details
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Europe/Middle
East (All currencies), Cambodia, Pakistan; recommended for Mauritius
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IBAN
(International Bank Account Number)
15-31 alphanumeric characters (Dependant on the countries)
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Mexico
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CLABE
(Clave Bancaria Estandarizada)
– 18 digits
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Indonesia, Taiwan, Malaysia, Korea, Russia, Vietnam, Macau, Israel, Mauritius, Poland, Kenya, Pakistan, Nepal, China, United Arab Emirates, Fiji, China if Beneficiary type is "Individual"
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Purpose of Transfer must be selected.
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India
ISFC code is only for INR currency and this is the branch code for
local Indian Banks to remit under their local RTGS / NEFT payment system.
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IFSC
(Indian Financial System Codes)
11 alphanumeric code & destination branch Name & address
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Canada
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Transit
Code Number - 9 digit code & Payee address. The 9 digit code starts
with '0' followed by 8 digits for branch and institution code
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Instruction to specific countries
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Information required under Payment Details
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Taiwan, Malaysia, Korea, Cambodia, Poland, Kenya, Pakistan, Bangladesh
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Beneficiary's
Contact Number
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Thailand
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Purpose
of payment required ONLY if transferring THB to Thailand.
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Brazil/Argentina
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If
payment is to an individual, the beneficiary needs to be present at the
bank counter to claim the funds.
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China
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Beneficiary Type: Individual or Corporate
Purpose code is mandatory if Beneficiary Type is corporate.
Date of Birth is required if the beneficiary type is individual.
If
payment is to an individual, the beneficiary needs to be present at the bank counter to claim the funds.
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Indonesia
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Bank Code 3 digits + Branch code 4 digits.
Beneficiary Type: Individual, Corporate or Government
Resident status: Resident or Non-Resident
Transaction Type: Transfer between Customers or Government Transactions
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Vietnam
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Bank Code
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Israel
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Bank code 2 digits + Branch 3 digits
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Pakistan
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Beneficiary Type: Individual or Corporate
If Individual:
Resident status: Resident or Non-Resident
National ID Type:
1) If beneficiary is individual resident, select CNIC or SNIC
2) If beneficiary is individual non resident, select Passport
3) If beneficiary is corporate, select NTN.
National ID:
CNIC / SNIC is 13 digits
NTN is 8 digits
Beneficiary Bank Address
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Bangladesh
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Beneficiary Bank Address
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United Arab Emirates
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Purpose of transfer is required
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3. Charges
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All
Telegraphic Transfers carried out via Citibank Online will be subject to
our charges and that of the correspondent bank and beneficiary bank. When
you are carrying out a Telegraphic Transfer via Citibank Online, you will
need to select how you would like these charges to be paid by clicking
the appropriate option under the "Debit Charges From" field.
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Descriptions
of the different options available under the "Debit Charges
From" field are set out below.
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1) Your
Account - All Charges (Local & Overseas)
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By
selecting this option, you will bear all charges (i.e. our charges, the
correspondent bank and the beneficiary bank charges) of the remittance.
Accordingly, the remittance amount as well as all charges will be debited
from your Citibank account ("Account") which you have specified
as the source of funds for the Telegraphic Transfer.
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2) Payee
Account - All Charges (Local & Overseas)
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By
selecting this option, all charges (i.e. our charges, the correspondent
bank and the beneficiary bank charges) will be borne by the payee as
specified by you. Only the remittance amount will be debited from your
Citibank account which you have specified as the source of funds for the
Telegraphic Transfer. All charges will be deducted from the remittance
amount and your payee will receive the remaining balance after such
deduction.
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3)
Your Account - Citibank Singapore charges ONLY
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By
selecting this option, the remittance amount and our charges will be
debited from your Citibank account which you have specified as the source
of funds for the Telegraphic Transfer. The payee will bear the
correspondent bank and the beneficiary bank charges. The correspondent
bank and the beneficiary bank charges will be deducted from the
remittance amount and your payee will receive the remaining balance after
such deduction.
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If
you are using Payments and Transfers option, to find out the amount of our
charges, you may refer to the amount stated as "Local Bank
Charges" on the pre-confirmation page. Please note that the amount
under "Local Bank Charges" on the pre-confirmation page refers
only to our charges and does not include the correspondent bank and the
beneficiary bank charges.
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