Citi Priority Banking – A Wealth of Opportunities
Citi Priority may be the best priority banking service for you; find out more as GoBear Malaysia explores Citibank Malaysia’s solutions for affluent individuals
Most banks in Malaysia provide an enhanced set of services to their more affluent and wealthy customers, recognising that this class of customers often need more than just the standard savings account and ATM card. From Public Bank’s Red Carpet Banking to HSBC’s Premier, being recognised on one of these ‘priority banking’ tiers means that you are a valued customer with assets that the bank would like to help manage and grow on your behalf. Some banks, such as Citibank Malaysia, recognise two tiers of priority customers; in Citibank’s case, Citi Priority and Citigold. GoBear Malaysia takes a look at the services offered to customers on the Citi Priority tier.
How to Jump the Queue
In order to become a new Citi Priority customer, Citibank Malaysia customers must maintain a minimum of RM100,000 with the bank; whether in deposits, insurance, investments or a combination of the three. This amount is called the Total Relationship Balance (TRB). Above a TRB of RM350,000, customers are enrolled instead in the Citigold tier.
As part of a global banking network, Citibank Malaysia is able to provide global banking and financial services to all of its customers, including Citi Priority ones. Customers may enjoy free-free cash withdrawals from all Citibank ATMs throughout the world (i.e. only subject to foreign exchange rates) via their debit or ATM card(s). Citi Priority customers may withdraw up to USD1000 in an emergency while overseas, and enjoy shopping and dining privileges worldwide while using their Citibank debit or credit card(s). And should they need to open a bank account overseas (usually because of a transfer or migration), Citibank is ready to facilitate that process for them.
Rewards & Benefits
However, Citi Priority customers have a number of benefits and privileges above and beyond those that the bank extends to all its customers. Firstly, as the name of the tier suggests, they get priority customer service, whether at the branch or on the phone. A team of dedicated Relationship Managers are on hand to resolve Citi Priority customers’ needs at the branch, while calls to CitiPhone Banking are given high priority and, as Citibank Malaysia puts it, enable them to ‘jump the queue’.
Citi Priority customers also enjoy access to fee waivers on selected banking services, as well as promotional rates on investments and fixed/time deposits. For instance, the fees for the first two cash withdrawals transactions done at a MEPS ATM every month are waived (normally RM4.24 per transaction), as are the fees for the first two Instant Transfers. New Citibank Malaysia customers often get rewards and incentives for joining at the Citi Priority tier; until 31 December 2016, for instance, first-time customers will get up to 8.88% on their time deposits, as well as free vouchers or gifts (depending on how much they’re investing), when they also invest in selected Citibank products such as unit trusts. Citi Priority customers also benefit from a referrals programme, where they will earn Privilege Points for each successful referral, which can then be used to redeem gifts or vouchers.
More than just banking
Beyond that, Citi Priority customers have access to exclusive banking packages curated by Citibank Malaysia to suit specific customer needs. For instance, the Wealth Builder package includes multiple investment options, the Private Retirement Scheme and investment-linked insurance coverage. The Home Owner package allows Citi Priority customers to access mortgages, personal loans and mortgage insurance at preferential rates. Meanwhile, the Lifestyle package offers 2 years of annual fee waivers on the Citi PremierMiles, Citi Platinum and/or Citi Rewards Platinum credit cards, and lifetime annual fee waivers on all other Citibank credit cards (except Citi Prestige), as well as preferential rates on personal loans.
Citibank Malaysia also has the Citigold tier of private banking, which is available to customers with a TRB of over RM350,000. Alongside the privileges available to the Citi Priority tier, Citigold customers also maintain that status worldwide. Anywhere you go that has Citibank branches, you will be treated as a Citigold customer, and any accounts you open globally will have Citigold status. Citigold customers will additionally get a newsletter, have access to USD10,000 of emergency cash overseas, and be able to use Citigold Centres across the globe.
Take that first step to priority .
Find out how here at GoBear Malaysia.