NAB acquires Citibank Australia

[SYD]

Tap on the account>details>scroll ½ way down... current interest rate 0.01% (yes, ⅒ of ⅒ of 1%)

Isn’t that 0.01% more than the existing Citi account….?

If you want a linked high interest account open/reopen? a UBank acc.

 

[Happy Dude]

I've been sent a NAB card so, without looking into it, I guess I'm a customer now. Just a query for those that might have already activated the NAB account:

When the account is registered online, does it bring across all the payee details/accounts too?

I have many payees in my Citi address book and do not want to have to redo them.

 

[jakeseven7]

I wonder how many people will actually stay with NAB….

 

[flyingmachine]

Unfortunately not. I contacted them two days ago and they can’t do it atm. I was told they would be able to do it in March 2024 once everyone’s migrated. A bit of a pain as you will need to sign in and out of the app to use the differnt NAB products.

The same just happened to me - got told it has to wait until end of Feb to be able to merge the new NAB ID with the old. So painful! And both my citibank and NAB had the same name and contact details.... arg

 

[SYD]

I wonder how many people will actually stay with NAB….

I’m staying with NAB but will close the new (former Citi) account in due course…. No urgency to close for now.

 

[Black Duck]

Unless you’re transferring money overseas or v.v, the NAB/Citi, ING, UBank Debit Cards are as good, if not better than Wise.

I opened a Wise account the other day but will close it. Completely redundant AFAIC.

Just a question about transferring money from overseas into the new NAB acc. I understood it would carry on the same as with Citi - no fees. Have I missed something? How is Wise better for international transfers please?

 

[RooFlyer]

Unless you’re transferring money overseas or v.v, the NAB/Citi, ING, UBank Debit Cards are as good, if not better than Wise.

I opened a Wise account the other day but will close it. Completely redundant AFAIC.

I liked my Citi card; got Wise as a second option; gave it a test run on a recent o/s trip and will definitely stick with it. Fantastic app; Citi app ... I use NAB app for my NAB CC - a bit fiddly. Don't need 2 debit cards, so Citi/Nab will go, unless, when I get round to reading the fine print, its worth it. But I'm o/t now.

 

[exceladdict]

I wonder how many people will actually stay with NAB….

Not me.

If you want a linked high interest account open/reopen? a UBank acc.

Macquarie has decent (non zero) interest on their transaction accounts too, with the standard no fees. That's going to be my new alt I think.

on the account>details>scroll ½ way down... current interest rate 0.01% (yes, ⅒ of ⅒ of 1%)
Scroll to bottom Options: Close account.
Easy.

Perfect, I will have to set up online banking I guess but will be able to close without calling.

I am annoyed they didn't give an opt out option along the way

 

[kpc]

I just got my debit card for this NAB classic acct...haven't been following this thread til now and could not easily find this info. If I withdraw cash from àn overseas ATM, is there àn ATM tranaction fee? Is there a Fx fee? Thanks

 

[serfty]

I just got my debit card for this NAB classic acct...haven't been following this thread til now and could not easily find this info. If I withdraw cash from àn overseas ATM, is there àn ATM tranaction fee? Is there a Fx fee? Thanks

As you were grandfathered from Citi, the fees are basically as they were with Citi.

 

[serfty]

As you were grandfathered from Citi, the fees are basically as they were with Citi.

@kpc , more here:

NAB Greed kills a great product.

NAB Greed kills off Citibank plus. With the takeover of Citibank accounts, NAB couldn't help themselves. Their Greed to charge for overseas cash withdrawals means the salad days are over. While NAB won't charge the typical 4% on credit transactions, their GREED conversion rates kills any...

www.australianfrequentflyer.com.au

 

[kpc]

@kpc , more here:

NAB Greed kills a great product.

NAB Greed kills off Citibank plus. With the takeover of Citibank accounts, NAB couldn't help themselves. Their Greed to charge for overseas cash withdrawals means the salad days are over. While NAB won't charge the typical 4% on credit transactions, their GREED conversion rates kills any...

www.australianfrequentflyer.com.au

Thanks @serfty! Hope NAB don't change that. Very pi$$ed off with NAB for ditching Diners Club at end Jan 2024, a card I have had for 33 years which was gradfathered fee free for life!

 

[SYD]

As you were grandfathered from Citi, the fees are basically as they were with Citi.

Probably with the exception of no waiver of Citi (and partner) ATM imposed fees - well until advised otherwise?

But there should be no international transaction fee on OS ATM withdrawals nor foreign currency purchases using the debit card function (normally 3%). There should be no NAB imposed international ATM transaction fee (normally something $5).

 

[Cynicor]

Just a question about transferring money from overseas into the new NAB acc. I understood it would carry on the same as with Citi - no fees. Have I missed something? How is Wise better for international transfers please?

It isn’t. There is no benefit to closing this account, only nab winning.
I’m not sure why so many people are taking pleasure in closing it; it’s an account that is impossible to obtain any other way, pays some tiny interest and is completely free.
Keeping it open would spite NAB more

 

[pauly7]

It isn’t. There is no benefit to closing this account, only nab winning.
I’m not sure why so many people are taking pleasure in closing it; it’s an account that is impossible to obtain any other way, pays some tiny interest and is completely free.
Keeping it open would spite NAB more

Interesting take - Personally I’ve barely had a spare second to work out / read what NAB has actually done to the Citi accounts.

Without trawling through the masses of posts in both threads, is it right that you maintain all your Citi plus benefits / fee structures but what people are complaining about is that the NAB Forex conversion rates are woeful and that is where they are clawing back their $?

Happy to be pointed to a decent summary post! The run to Christmas this year has been manic….

 

[SYD]

Interesting take - Personally I’ve barely had a spare second to work out / read what NAB has actually done to the Citi accounts.

Grand fathered them into a special type of account. The Ts&Cs are not the same as a standard “NAB Classic Banking Account”.

Without trawling through the masses of posts in both threads, is it right that you maintain all your Citi plus benefits / fee structures

Yes, that’s my understanding.

but what people are complaining about is that the NAB Forex conversion rates are woeful and that is where they are clawing back their $?

Not sure where you saw that but they’re waiving standard 3% international transaction fee on these accounts.

I‘ve used several NAB products over the years (foreign ATM withdrawals and OS debit purchases) and the exchange rates have been very good.

Happy to be pointed to a decent summary post! The run to Christmas this year has been manic….

Don’t think there is one.

 

[Cynicor]

Interesting take - Personally I’ve barely had a spare second to work out / read what NAB has actually done to the Citi accounts.

Without trawling through the masses of posts in both threads, is it right that you maintain all your Citi plus benefits / fee structures but what people are complaining about is that the NAB Forex conversion rates are woeful and that is where they are clawing back their $?

Happy to be pointed to a decent summary post! The run to Christmas this year has been manic….

nope, the conversion rates are also 0 commission, fee free.
People are just closing their accounts because it’s a change.
They aren’t changing anything, fee/cost/conversion wise yet.

 

[pauly7]

Thank you @Cynicor and @SYD that helps as a quick summary. Guess I’ll have to read through all the letters from NAB properly myself as well Sounds like a 2024 problem!

 

[anat0l]

nope, the conversion rates are also 0 commission, fee free.
People are just closing their accounts because it’s a change.
They aren’t changing anything, fee/cost/conversion wise yet.

Thank you @Cynicor and @SYD that helps as a quick summary. Guess I’ll have to read through all the letters from NAB properly myself as well Sounds like a 2024 problem!

Second the thank you - am about to take off tomorrow and just pulled out old Citibank Debit. Good to hear things will be normal for now.

I also have ING Everyday Orange with the 5 fee free transactions (sans the owner's ATM fee, which can't be waived with Citibank anyway), so that's a second option.

I guess it may come down to who uses a better interchange rate to calculate the AUD cost?

 

[jkbaus]

I think ING stopped rebating for the 5 a couple of months ago