A Complete Guide to Citibank Foreign Currency Account

SINGAPORE, Dec 27, 2023 – (ACN Newswire) – Need to hold funds in a foreign currency outside of the region you are residing in? Citibank’s Foreign Currency Account may be your solution – with a single account, you can conveniently carry out transactions in multiple currencies.

Foreign Currency Accounts are highly beneficial to frequent travellers, expatriates, and international traders or investors who deal in multiple currencies. Here are the 3 essential benefits you can enjoy as a Citibank Foreign Currency Account holder:

Carry out cross-border transactions with ease
Deposit funds in your preferred currency, simplifying the management of your overseas transactions.
Make hassle-free payments abroad with Citibank Debit Mastercard in multiple foreign currencies.

A Foreign Currency Account can be instrumental in streamlining your international banking needs. To understand this service better, we will explore the various types of Foreign Currency Accounts offered by Citibank.

Choose from a wide range of Foreign Currency Accounts from Citi

Citibank offers four types of Foreign Currency Accounts to its customers:

Global Foreign Currency Account : This account allows you to streamline your transactions in multiple currencies such as Australian Dollar, Canadian Dollar, Euro, Hong Kong Dollar, Japanese Yen, New Zealand Dollar, Sterling Pound, Swiss Franc, US dollar, and more on a single platform. You can use the Citibank Debit Card to pay for your international purchases without incurring any currency conversion fees. Additionally, this account helps you easily manage all your regular international transactions via Internet Banking, ATMs, AVR, and CitiPhone Banking. Checking facilities are also available for USD transactions – the first cheque book will be issued upon request at no charge once your account is opened, and subsequent chequebooks can be issued upon request via Citibank Online.
CitiAccess Account : This checking account is offered by Citibank in the US dollar (USD) denomination, enabling you to handle your USD transactions conveniently. Upon opening this account, you will receive a free chequebook without additional charges. A complimentary check imaging service is also provided with this account to help you monitor and track your transactions.
US$ Savings Account : As the name suggests, this Foreign Currency Account is a savings account that helps you conveniently manage your US dollar funds. It allows you to transfer funds between accounts, access global ATMs, and conduct seamless regular transactions through Internet Banking and Citi Phone Banking. This account is particularly advantageous for individuals who are not Singapore residents but frequently conduct transactions in US dollars. With this account, you can obtain preferential rates to exchange Singapore dollars and reduce currency exchange and international transaction fees.
US $ Checking Account : This current account allows you to clear US dollar cheques locally in Singapore. Overseas fund remittance can also be easily done via the Citi Mobile® App or Citibank Online. This Foreign Currency Account by Citibank provides greater transactional flexibility and comes with a complimentary Citibank Debit Card.

Conclusion

Citibank’s Foreign Currency Account will come in handy if you frequently carry out international transactions. You can not only transact in multiple currencies on a single platform but also enjoy preferential exchange rates and streamline your overseas transactions. Apply for a Citibank Foreign Currency Account to start enjoying the benefits today!

Citi Singapore

Citi Singapore is a full-service bank offering consumers, corporations, governments and institutions in Singapore a broad range of financial products and services. It is one of the largest foreign banking employers in Singapore and a significant hub for Citi globally.

The content reflects the view of the article’s author and does not necessarily reflect the views of Citi or its employees. Please read the products and offers on the Citi Singapore website for accuracy or completeness of the information presented in the article.

Contact Information
Sonakshi Murze
Manager
sonakshi.murze@iquanti.com

When is a Good Time to Refinance your Home Loan?

SINGAPORE, Dec 26, 2023 – (ACN Newswire) – Given potential upcoming interest rate hikes, homeowners in Singapore looking to take advantage of lower interest rates should consider refinancing their home loans. Home loan refinancing, also known as mortgage refinancing, involves replacing your existing home loan with a new loan from another bank. By refinancing your home loan, you can potentially reduce your monthly mortgage commitments and repay your debt in a shorter period.

Keep reading to find out if home refinancing is suitable for you.

When should you refinance your home loan?

While mortgage refinancing can be beneficial, it may not suit everyone. You’ll first need to evaluate your eligibility for a home loan refinance:

Lock-in period: Most home loans come with lock-in periods of 2 to 3 years. If you wish to refinance your existing home loan that is still within the lock-in period, you may have to pay a penalty fee.

Interest review dates: If your existing home loan package is linked to SIBOR or SORA, which are usually reset monthly or quarterly, you cannot redeem the loan until the interest review is completed. Hence, you must find out when the interest review is happening and when you can refinance your home loan. Otherwise, a penalty fee may apply.

Once you’ve ironed out the above considerations and confirmed your eligibility for home loan refinancing, it’s time to consider your reasons for refinancing. Here are some common reasons to refinance your home loan in Singapore:

Taking advantage of lower interest rates: If market interest rates are experiencing a decline or you are anticipating an interest rate hike, refinancing your home loan can help you take advantage of lower interest rates. With lowered interest rates, you can reduce the total interest payments on your outstanding loan amount and potentially decrease your monthly mortgage instalments.

Shortening your loan term: While switching over to a home loan with a shorter term may result in increased monthly mortgage payments, you can potentially benefit from lower interest rates and significant interest savings over time.

Releasing equity from your home: If your home has appreciated in value and you wish to free up equity, you may consider cash-out refinancing. Cash-out refinancing allows you to use your property as collateral to take out a bigger loan than your previous mortgage, with the difference being paid to you in cash. Do note that only private property is eligible for cash-out refinancing in Singapore.

How to Choose the Best Home Loan for Refinancing

Here are some essential factors to consider when looking for a home loan for refinancing:

Type of Interest rate packages: Banks typically offer fixed-rate, floating-rate, and hybrid packages. Fixed-rate packages guarantee a specific interest rate for a certain number of years, while floating-rate packages are pegged to benchmark rates like SIBOR and SORA. Hybrid packages offer a mix of fixed and floating rates.

Lock-in period: If you are not planning to stay at your current property for long, it’ll be crucial to consider the lock-in period of your new loan and ensure that it aligns with your plans.

Fees and subsidies: As mentioned earlier, you may have to reimburse your existing lender with fee subsidies offered to you previously. You may want to check if your new lender offers subsidies and rebates to offset such fees.

Conclusion

Before deciding to refinance your home loan, it is essential to consider your eligibility and reasons. You may also want to compare various home loan refinancing options to ensure you decide on an option aligned with your financial situation and needs.

Disclaimer

Contact Information
Sonakshi Murze
Manager
sonakshi.murze@iquanti.com

Citibank Home Loan and its Benefits

SINGAPORE, Dec 22, 2023 – (ACN Newswire) – Whether you’re planning to upgrade your home or get an investment property, you will need to take out a home loan to finance your purchase. While picking out a home loan sounds like an uphill task, it is a crucial step in completing your property purchase in Singapore. Keep reading to discover how Citibank Home Loan can fulfil your property financing needs.

Benefits of Citibank Home Loan

With so many home loan options available on the market, it can be challenging to decide on a suitable choice. Here are some reasons why Citibank Home Loan is a worthy consideration:

Dedicated mortgage advisors: Home financing doesn’t have to be a frustrating journey. With the dedicated guidance of our mortgage advisors, you can be assured of a smooth and rewarding home financing journey.
Extensive mortgage options: At Citibank, we offer a wide range of home loan options to fulfil your unique home financing needs. Take your pick from variable, fixed, or hybrid (a combination of fixed and variable rates) loan packages.
Transparent interest rates: Our home loan interest rate packages are pegged to transparent market benchmark rates (1-month and 3-month Compounded SORA).
Mortgage Loan Interest Offset: Enjoy more savings with our Mortgage Loan Interest Offset feature when you sign up for variable interest rate packages.
Preferential interest rates: If you are a Citigold or Citigold Private Client customer, you can get access to preferential mortgage interest rates.

Fixed and Variable Interest Rate Home Loan

The next step in picking a home loan is to decide whether a fixed or variable interest rate home loan will better suit your needs. Fixed interest rate home loans come with interest rates that remain the same throughout the period – this means that if you choose a fixed interest rate loan, your mortgage repayments will remain constant throughout the lock-in period. On the other hand, variable interest rate home loans charge interest based on the prevailing market interest rates. This means that if you decide to take on a variable interest rate loan, your mortgage repayments will vary based on the prevailing market interest rates.

Currently, Citibank offers fixed and variable interest rate home loan packages for HDB flats and private property. Whether you should go for fixed or variable interest rate home loan packages will depend on your loan size, personal preferences, and financial circumstances. You may also want to check prevailing interest rate trends and forecasts – for example, if prevailing interest rates are forecasted to increase, taking up a fixed interest rate package could be advantageous in the short term. On the contrary, if prevailing interest rates are forecasted to decline, you may be more inclined to take up a variable interest rate package.

Conclusion

With Citibank Home Loan, you can look forward to a rewarding home financing journey with the guidance of our dedicated mortgage advisors and a selection of home loan packages with attractive interest rates. Before deciding on a home loan package, it is essential to consider factors like your financial profile, personal preferences, loan size, and interest rate trends. If you have any questions about our home loan packages, please reach out to the Citibank team by filling up your details in the form provided. Our mortgage advisor will reach out to provide advice on loan affordability within 1 business day.

Citi Singapore

Citi Singapore is a full-service bank offering consumers, corporations, governments and institutions in Singapore a broad range of financial products and services. It is one of Singapore’s largest foreign banking employers and a significant hub for Citi globally.

Contact Information
Sonakshi Murze
Manager
sonakshi.murze@iquanti.com

Benefits of Using Credit Card Balance Transfer

SINGAPORE, Dec 21, 2023 – (ACN Newswire) – Dealing with mounting debt and snowballing interest charges from several credit cards can be an unnerving and frustrating experience. However, not all is lost – applying for a balance transfer could make the debt repayment process more manageable.

What exactly is a balance transfer? As the term suggests, it entails transferring the outstanding balance on your existing credit card(s) to another credit card to take advantage of lower or zero interest rates for a specified period. Keep reading to learn how balance transfers work in Singapore.

How Does Credit Card Balance Transfer Work?

Balance transfers are short-term, unsecured loans that typically charge 0% or low-interest rates for a specified period. When you transfer your outstanding balance on your credit card to another credit card offering a balance transfer facility, you can have the flexibility of repaying your debt at 0% or low interest rates during the promotional period, typically 6 to 12 months. This also means you can enjoy interest savings on your monthly repayments – provided you manage to clear your debt payments within the promotional period.

While the exact process for balance transfers may vary across providers, here are the general steps:

Apply for a new credit card that offers a balance transfer facility.
Once your application is approved, you may initiate the balance transfer via the bank’s app or online platform.
Upon approval of your balance transfer, the issuer of your new credit card will pay off the outstanding balance(s) on your existing credit card(s). The outstanding balance paid will then be reflected in your new account, together with the balance transfer fee.
You will now need to start making monthly repayments to the new account. If you wish to take advantage of 0% or low interest rates, you must pay off your outstanding balance within the promotional period.

Benefits of using Credit Card Balance Transfer

Here are some reasons why you may consider applying for a credit card balance transfer:

Save on interest payments: High interest rates on your existing credit card debt may be one of the reasons why it’s getting increasingly difficult to fulfil the monthly repayments. With a balance transfer, you can take advantage of 0% or lower interest rates during the promotional period, allowing you to direct more of your monthly repayments towards reducing your credit card balance instead of interest payments.
Improve your credit score: A balance transfer could improve your credit score by lowering your credit utilisation ratio, which is the percentage of your total available credit that is already used. When you transfer your outstanding balances to a new credit card, your total available credit increases by the available credit amount on your new card. As you continue to make consistent monthly repayments, your credit utilisation ratio will decrease over time, improving your credit score.
Consolidate credit card debt: A balance transfer could be beneficial if you find it challenging to keep up with multiple credit card repayments monthly. With a balance transfer, you can consolidate your debt from multiple credit cards to a single account, making it easier to track your monthly financial commitments.

Conclusion

Balance transfers can be instrumental in helping to clear your debt quicker if you have confidence in making consistent monthly repayments throughout the promotional period. Before deciding on a credit card balance transfer , make sure to consider your reasons for wanting to do so, weigh your options and understand the terms and conditions.

Disclaimer

Contact Information
Sonakshi Murze
Manager
sonakshi.murze@iquanti.com

Know the Importance of Citibank Ready Credit

SINGAPORE, Dec 20, 2023 – (ACN Newswire) – Needing to fork out emergency cash for unexpected expenses can be a stressful experience, but thankfully, help is just round the corner. With Citibank Ready Credit, you can access a flexible line of credit up to 4X your monthly income or up to 8X your monthly income if your annual income is S$120,000 and above. You will also have the flexibility of converting your Citi Credit Card and Citibank Ready Credit card statement balance into instalments via the Citi Mobile App for fuss-free repayments.

On top of providing access to a flexible line of credit to ease your emergency cashflow needs, Citibank Ready Credit also offers the following features:

Citi Quick Cash: If you need cash for big-ticket expenses like renovations or education, you can convert your available credit limit to a cash loan with competitive interest rates.
Balance Transfer: Look forward to more interest savings when you transfer outstanding balances on any other bank’s credit card or credit line to your Citibank Ready Credit account.
Quick Cash Access: With Citi Ready Credit, you can easily withdraw cash at over 2 million ATMs locally and overseas.
Effortless Fund Transfers & Bill Payments: Carry out hassle-free fund transfers and bill payments anytime via Citibank Online or the Citi Mobile App.

Keep reading to find out how to apply for Citibank Ready Credit in Singapore.

Requirements to apply for Citibank Ready Credit

To apply for Citibank Ready Credit, you will need to fulfil the following criteria:

Age:
– 21 years and above

Minimum annual income:
– Singaporeans and PRs: S$30,000
– Foreigners: S$42,000

You will be required to produce the following documentation for your application:

Salaried Employees:
– NRIC/Passport copy
– Latest original computerised payslip / Tax Notice of Assessment

Self-Employed:
– NRIC/Passport copy
– Income Tax Notice of Assessment from the last 2 years
– Bank statements from the last 3 months

Foreigners:
– Copy of passport and work permit with a validity of minimum 6 months
– Copy of utility or telephone bill/bank statement with your name and address
– Income Tax Notice of Assessment
– Latest original computerised payslip

You may apply for Citibank Ready Credit online using Singpass/call 6363 6666 or visit any Citibank branches in Singapore.

How and where to use Citibank Ready Credit?

Once your application is approved, you can make purchases with ease at millions of merchants worldwide with the Citibank Ready Credit Card. If you prefer to go cashless, simply add your card to Apple Pay/Samsung Pay for hassle-free contactless payment. On top of making purchases, you can also carry out your day-to-day banking transactions effortlessly, including transferring funds from your Citibank Ready Credit Account to any other bank account, issuing cheques, performing ATM cash withdrawals, and paying bills online. You also have the option of converting your available credit line into a cash loan and repaying it in fixed, manageable monthly instalments.

Conclusion

If you are looking for a convenient solution to your emergency cash flow needs, Citibank Ready Credit may be the answer. With the option of repaying your credit card balance statements in affordable instalments, Citibank Ready Credit can help fulfil your urgent liquidity needs while ensuring financial flexibility. Please reach out to the Citibank team in Singapore if you have any queries.

Citi Singapore

Citi Singapore is a full-service bank offering consumers, corporations, governments, and institutions in Singapore a broad range of financial products and services. It is one of Singapore’s largest foreign banking employers and a significant hub for Citi globally.

Contact Information
Sonakshi Murze
Manager
sonakshi.murze@iquanti.com

Top 5 Considerations When Choosing a Credit Card in Singapore

SINGAPORE, Dec 19, 2023 – (ACN Newswire) – Selecting a suitable credit card from the hordes of offers we receive daily can be overwhelming. However, this can be overcome by knowing the factors to consider while choosing a credit card. With the right credit card, you can save on interest and annual fees and enjoy attractive perks like reward points, cash back, and flyer miles.

In this article, we will discuss the factors you should consider when choosing a credit card .

Factors to look out for while choosing a credit card

There are several other factors that you must consider before selecting a credit card. They are as follows:

1. Rewards and Incentives : Credit cards often incentivise customers with perks like reward points, cash back and flyer miles. For example, some cards are co-branded and offer more rewards for specific merchants, while others offer a higher cash back rate for spending in a particular category. Credit card companies also frequently release promotional offers for their customers. Understanding the reward and loyalty programs offered by your shortlisted cards can help you select a suitable credit card for your needs.

2. Interest rates : It denotes the interest charged on the unpaid balance of your credit card. It is noteworthy here that you must pay your credit card outstanding balances by the due date; otherwise, you might accumulate significant debt. In Singapore, interest rates may vary for different credit cards, with some going as high as 26.9% per annum. Hence, it is best to get a credit card only if you are confident of paying your dues in full each month.

3. Annual Fees : Most credit cards charge annual fees, while some may offer promotional waivers for the first year. It is essential to carefully weigh the annual fees against the benefits offered by the credit card; if the benefits are not aligned with your financial and lifestyle preferences, it may not be worth paying the annual fee. Select credit cards, such as the Citi Cash B ack Card , offer a first-year annual fee waiver. Alternatively, there are instances when paying the annual fee instead of waiving it might reward you. For example, by paying the annual fee for the Citi Prestige Card , cardmembers get a welcome gift of 62,500 Citi ThankYou SM Points. With these Points , you can choose to redeem, shop, or even pay with Points on your favourite transactions.

4. Lifestyle and Spending Habits : Every credit card has its benefits and offers that cater to the needs of specific categories of customers. For example, if you are a globetrotter, travel credit cards offering air miles and travel perks will be more beneficial to you. If you spend mainly on groceries and shopping, you may benefit more from credit cards that offer rewards or cash back on such purchase categories. Hence, you must understand your lifestyle needs and financial requirements before you apply for a credit card.

5. Terms and Conditions : You should read the fine print and understand the exclusions and conditions to maximise the benefits offered by your credit card. Other factors like credit limits, annual fees, and late fees should also be taken into consideration. Paying attention to these details will aid you in choosing the right credit card that aligns with your needs.

Conclusion

Credit cards can be beneficial in increasing purchasing power, but it is essential to use them responsibly and pay off your outstanding balances on time. With so many options out there, it is crucial to compare your credit card offers by considering the abovementioned factors. By doing so, you can enjoy lifestyle privileges, cash back, and rewards tailored to your needs and unlock exciting benefits.

Disclaimer

Contact Information
Sonakshi Murze
Manager
sonakshi.murze@iquanti.com

8 Citibank Credit Card Offers You Should Not Miss?

SINGAPORE, Dec 18, 2023 – (ACN Newswire) – In today’s fast-paced world, credit cards have emerged as useful financial tools that are convenient and secure. Keeping our needs in mind, Citibank has designed a comprehensive range of credit cards to suit our diverse needs and preferences.

In this article, we have compiled a list of the eight most popular Citi Credit Cards and their irresistible offers you should not miss.

Here are eight credit cards from Citibank with their exciting benefits and privileges:

1. Citi Rewards Card : With this credit card, you can earn up to 10X reward points on both online and in-store purchases, and 1X reward points for all other eligible retail purchases. Reward points can be redeemed flexibly via Citi ThankYou Rewards.

2. Citi Cash Back+ Mastercard®: This Citi Credit Card offers a flat 1.6% cash back on all eligible retail purchases with no minimum spend requirement and no cash back cap. Additionally, look forward to a 0.4% Bonus Cash Back if you are a Citi Plus customer and the Primary Account Holder of the Citi Interest Booster Account.

3. Citi PremierMiles Card: This Citi Credit Card offers 1.2 Citi Miles for every S$1 local spend and 2 Citi Miles for every S$1 foreign currency spend. On your card anniversary, you will receive a renewal bonus of 10,000 Citi Miles. What’s more, Citi Miles never expire, so they can be used whenever you want. Additionally, enjoy complimentary airport lounge visits and insurance coverage for tickets purchased with this card.

4. Citi Prestige Card: Leverage this card to get 5 ThankYou Points (2 miles) for every S$1 spent overseas and 3.25 ThankYou Points (1.3 miles) for every S$1 spent locally. Plus, enjoy complimentary hotel stays, one-way airport limousine transfers, exclusive golf games at renowned golf courses in Asia, and access to Priority Pass airport lounges.

5. Citi Lazada Credit Card : This Citi Credit Card launched in partnership with Lazada offers exciting rewards exclusively for Lazada shoppers. With this card, you can get up to 10X rewards points on Lazada spend and 5X rewards on lifestyle categories. Additionally, enjoy up to 4 monthly shipping rebates with a minimum spending of S$50 at Lazada.

6. Citi SMRT Card : This Citi Credit Card offers up to 5% savings on groceries, online purchases and transportation, and 0.3% savings on other retail spend in the form of SMRT$, which you may redeem for shopping vouchers or cash rebates.

7. Citi M1 Card: This Citi Credit Card offers up to a 10% rebate on recurring M1 bills and a 0.3% rebate on eligible retail transactions. Your earned Citi M1 rebate will never expire and can be redeemed easily via SMS or Citibank Online.

8. Citi Clear Card : Ideal for tertiary students, this Citi Credit Card has no minimum income requirement and earns you 1X Reward for every S$1 qualifying spend. Additionally, enjoy dining deals at over 1,000 eateries in Singapore and exclusive fashion, lifestyle, and travel offers at your favourite online brands.

Citibank provides a comprehensive range of credit cards to fulfil a range of diverse needs. Whether you enjoy travelling, love to shop and indulge in lifestyle experiences, or seek rewards and cash back, you will find a Citi Credit Card that aligns with your preferences. Find out more about Citibank’s credit cards and apply for one that suits your needs today.

Citi Singapore

Citi Singapore is a full-service bank offering consumers, corporations, governments and institutions in Singapore a broad range of financial products and services. It is one of Singapore’s largest foreign banking employers and a significant hub for Citi globally.

Contact Information
Sonakshi Murze
Manager
sonakshi.murze@iquanti.com

How to Pick the Right Credit Card for Yourself

HONG KONG, Dec 15, 2023 – (ACN Newswire) – Selecting the best credit card from a plethora of options can be tedious. While one may offer benefits like redeemable points, the other may provide attractive cashback options. With so many choices available, choosing one that would help you earn the best rewards as you spend can get confusing.

However, this limitation can be easily tackled by simply narrowing down the choices based on a few factors discussed below:

What to Look for in a Credit Card?

Identify the Reason

Before you apply for a credit card, it is necessary to identify the reason for applying for one. For instance, if you want to get a credit card to simply make purchases and are not too concerned about receiving rewards, you may want to select one with flexible features and a sufficient credit limit. You can then easily filter out the options that do not meet your requirements.

Select the Credit Card Providing the Best Value

Once you have filtered out the options that do not fit your needs, you can further narrow down the choices according to the value they offer. For example, if you have to compare two rewards credit cards, you can select the one that offers points that never expire. If both offer this option, you can compare other factors, such as interest rates and whether the cards come with late fee penalties. You may also want to check if your shortlisted cards offer additional value, such as higher cashback earn rates for specific spending categories, travel privileges or in-store purchase discounts. By comparing credit cards , you can make an informed decision and select the one that aligns with your needs.

Benefits and Features

Almost all credit cards charge an annual fee. While selecting one, it is crucial to know the amount that will be charged annually so it doesn’t come as a setback when you have to pay for it. Apart from these factors, you can compare the sign-up bonus and joining rewards offered by your selected cards to make the best choice. You may also check if your shortlisted credit cards offer additional benefits, such as complimentary airport lounge access, cash rebate, and exclusive discounts and rewards redemption options.

Final Thoughts

Credit cards come with a diverse list of features and benefits, so selecting the right one can prove to be beneficial. Choosing a credit card that aligns with your needs can not only ease the payment process but also allow you to take advantage of attractive rewards and cashback offers. You can check out the different types of cards available on the market and apply for the best credit card online today.

Notice: Opinions, analyses, reviews, or recommendations expressed in this article are those of the select editorial staff alone and have not been reviewed, approved, or otherwise endorsed by any third party.

Contact Information
Sonakshi Murze
Manager
sonakshi.murze@iquanti.com

Current Account vs Savings Account: Differences and Benefits

SINGAPORE, Dec 15, 2023 – (ACN Newswire) – Current and Savings Accounts are the most common bank accounts that people own in Singapore. While both Current and Savings Account allow you to carry out transactions via ATMs, debit cards and digital banking, they have distinct features and work differently to fulfil specific financial purposes. Let’s take a closer look at the differences between a Current and a Savings Account.

Current Account vs Savings Account

Purpose

A Savings Account is where excess funds not needed in the near term are deposited. On the flip side, a Current account is meant for carrying out day-to-day transactions, including paying bills and withdrawing cash. If you run a business and need to carry out significant transactions daily, having a Current account will be helpful.

Interest

Savings Accounts typically offer base interest rates of 0.05% to 0.25% per annum. Still, some banks may offer bonus interest if account holders fulfil certain criteria, such as meeting the minimum spending requirement or crediting their monthly salaries to the account.

Since Current Accounts are not meant to hold large sums of money for extended periods, they usually generate little to no interest.

Transaction Limit

Savings Accounts are usually imposed with daily transaction limits, which means that account holders can only pay or transfer a certain amount of money daily. On the contrary, Current Accounts usually do not come with transaction limits.

Overdraft Facilities

Current Accounts generally offer overdraft facilities, which enable account holders to withdraw more funds than the account balance. Savings Accounts do not offer overdraft facilities.

Minimum Balance Requirement

Current Accounts typically have a higher minimum balance requirement than Savings Accounts. A fall-below fee is applicable if the account balance falls below the minimum balance requirement. This is true for both Current and Savings Account.

Benefits of Current Accounts and Savings Accounts

Here are some benefits of Current Accounts and Savings Accounts you may wish to consider:

Benefits of Current Accounts

No transaction limits , making it easy for you to transfer money for your daily or business needs.

Access to overdraft facilities , which allows the withdrawal of more funds than what is available in your account. This is particularly helpful when you or your business have urgent cash flow needs.

A convenient mode of payment with access to ATMs, cheques, debit cards and digital banking.

Benefits of Savings Accounts

Interest-bearing, which means that account holders can leverage the power of compounding and increase their balance significantly over time as they continue to deposit funds in the Savings Account.

Ease of withdrawals, making Savings Account an ideal place to park your emergency funds.

A convenient mode of payment with access to ATMs, debit cards and digital banking.

Conclusion

To decide whether a Current or a Savings Account, which is more suitable for you, consider factors like your financial needs, cheque book options, minimum balance requirements and any monthly/transaction fees. It will also be prudent to compare accounts offered by different financial institutions to make an informed decision. Remember that you are not limited to opening only one account – feel free to open multiple accounts if that is necessary for your daily needs.

Disclaimer

The content reflects the view of the author of the article and does not necessarily reflect the views of Citi or its employees. Please read the products and offers on Citi Singapore website for accuracy or completeness of the information presented in the article.

Contact Information
Sonakshi Murze
Manager
sonakshi.murze@iquanti.com

How to Manage and Maximize Your Wealth

HONG KONG, Dec 15, 2023 – (ACN Newswire) – Managing wealth is multifaceted and comprises practices like saving, investing, and budgeting. Whether you are planning for your next trip or early retirement to enjoy time with your family, you will need funds. So, the goal of managing wealth is to maximize the value of your funds so that you can use them to fulfill your life goals.

Prioritizing your short-term and long-term goals is one of the ways that can help you effectively manage and maximize your wealth. Choosing the right wealth management strategies can enhance your financial journey and may help you pay for expenses related to emergencies or achieve post-retirement goals without facing monetary challenges.

Ways to Manage and Maximize Your Wealth

Here are various ways to manage your wealth and achieve your long-term and short-term financial goals:

Start Investing Early

Investing early allows you to achieve long-term goals like purchasing a home and buying property. As you invest, the time value of your money increases over time. So, starting to invest early can allow you to take more significant risks and leverage better earning opportunities.

Diversify Your Investments

Investment diversification can help you reduce risk by allocating investments across different financial sectors and categories. Different asset classes, such as bonds and stocks, may react to market swings differently. By diversifying your investment portfolio, any adverse performance of one asset class may be balanced out by the performance of the other assets.

Prioritize Your Financial Goals

Identifying and prioritizing your financial goals can help you manage your wealth more effectively. Understand your current financial situation and identify what you want to achieve first. You may have big-ticket items to purchase or a significant expense you want to be prepared for. All these goals may have vastly different timelines. So, prioritizing your goals chronologically can be helpful.

Proper Financial Planning

You can manage your wealth and systematically fulfill your financial goals by having proper financial planning. Financial planning includes investing in the right assets, budgeting your expenses, managing wealth, setting life goals, and planning for retirement.

Consulting Financial Advisors

Financial planning can be tedious and time-consuming, so you can consider getting guidance from financial advisors who can help establish a plan to manage and grow your wealth. They can provide you with wealth strategies tailored to your financial requirements and risk appetite. Their knowledge and experience may come in handy in easing your wealth management woes.

Final Thoughts

Above are a few ways to help you manage and maximize your wealth. Managing wealth to fulfill your financial goals doesn’t have to be an arduous journey. Consider consulting a financial advisor who can provide wealth management and financial planning strategies to help you achieve your goals and make the most of your wealth-building journey.