1. Why is there a change in payment instructions to Citibank Singapore Limited?
Citi Singapore operates under two legal entities – Citibank N.A., Singapore Branch and Citibank Singapore Limited.
Citi Singapore has decided to maintain separate transaction settlement accounts for the two legal entities. As such, Citibank Singapore Limited will be issued a new SWIFT Bank Identifier Code (BIC) and a new Bank Code to be used for its SGD transactions. This means that you will need to use these new codes when you make any SGD transaction to your Citibank Singapore Limited ((Wealth management products and services, unsecured and secured products), International Personal Banking and CitiBusiness Banking account(s).
Kindly take note of the correct corresponding banking information, as listed in the table below.
Table 1 :
Currency | SGD | Others (No change. For reference only) | |
Before 15 April 2019 (Old BIC) | On and After 15 April 2019 (New BIC) | ||
SWIFT Bank Identifier Code (BIC) | CITISGSGXXX | CITISGSLXXX | CITISGSGGCB |
Bank Code | 7214 | 9201 | - |
FAST bank description | CITIBANK, N.A. | CITIBANK SINGAPORE LIMITED | - |
2. How does this affect my outgoing transfers?
Any existing outgoing transfers from Citibank will not be affected by the change in BIC and Bank Code.
However, from 15 April 2019 onwards, you will need to ensure you select the correct BIC (refer to Table 1 above) when you initiate new SGD fund transfers from your Citibank Singapore Limited account to other Citibank Singapore Limited and Citibank N.A., Singapore branch account. No action is required for your existing payment set up.
In the event you experience difficulties in transferring funds to your Citibank Singapore Limited account, please delete your existing setup and re-establish a new transfer instruction.
3. How does this affect my incoming transfers?
With effect from April 15 2019, the SWIFT Bank Identifier Code (BIC) will be changed to CITISGSL. This is applicable for all new SGD fund transfers (for SGD only) setup done via inter-bank payment platforms such as Fast and Secure Transfer (“FAST”), Inter-bank GIRO (“GIRO”), MAS Electronic Payment System (“MEPS”) and Telegraphic Transfers (“TT”) to Citibank Singapore Limited.
In order for incoming SGD funds/payments (for SGD only) to your Citibank Singapore Limited account(s) to be successfully processed, please provide the SWIFT Bank Identifier Code (BIC) as CITISGSL to the relevant parties.
Payments made to an account(s) with incorrect BIC will not be processed and you may incur additional charges.
For incoming transfers in other currencies, there is no change in current BIC Code (CITISGSGGCB) and Bank Code (7214).
4. Are there are any changes for my existing ‘account payee’ of another Citibank Singapore Limited account, already set up in my account?
No, there is no change to your existing account payee set up.
5. What should I do if I want to add a new payee of another Citibank Singapore Limited account?
If you are adding a payee via Citibank Online or Citi Mobile App, select Citibank Account (local) or ‘Electronic Transfer (GIRO/MEPS/FAST).
If you have selected to make a SGD payment via Electronic Transfer, please ensure you enter the correct SWIFT Bank Identifier Code (BIC).
6. What do I have to do when I transfer funds to another party’s Citibank N.A., Singapore Branch account from
15 April 2019 onwards?
There will be no change to the legal entity name and corresponding bank identifier codes for fund transfers to Citibank N.A., Singapore Branch accounts.
As such, you do not need to make any changes in any pre-established payees which you may have set up for regular funds transfers to Citibank N.A., Singapore Branch accounts.
However, please note that there will now be two bank names, Citibank NA Singapore and Citibank Singapore Limited, on the various inter-bank payment platforms (FAST, GIRO, MEPS, TT) To ensure that your transaction is processed successfully, kindly ensure that you select the correct Citi legal entity name and corresponding bank identifier codes when you initiate and/or receive payment instructions per stipulated in Table 1 as shown above.