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citi bank and dinar and exotic currencies news today


kenshin7
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TORONTO & NEW YORK, Sep 21, 2011 (BUSINESS WIRE) -- Citi today announced that its Global Transaction Services unit has continued to make enhancements to its WorldLink® Payment Services capabilities for making payments in exotic currencies, such as the Chinese Renminbi (RMB) and Iraqi Dinar (IQD). In addition, WorldLink has developed its network to support current and future exotic currency offerings. These enhancements allow for significant reductions in settlement time, increased visibility of important transactional details and a reduction of volume capacity against exotic currencies.

CHINESE RENMINBI

The controlled liberalization of the Renminbi (RMB) in 2009 by the People's Bank of China (PBOC) had been a long anticipated opportunity in the continued globalization of the world economy. Since then, the Chinese government's continued expansion has allowed WorldLink Payment Services the opportunity to further develop its capabilities in making cross-border payments in RMB.

Earlier this year, in January 2011, Citi announced how the regulatory reforms enabled it to significantly reduce the settlement timeframe for receipt of RMB payments to beneficiaries. Because the currency was so heavily restricted, special processing measures were put in place to accommodate the regulations. These measures increased the average receipt time of payments to beneficiaries. Utilizing WorldLink's unique intelligent distribution capabilities, payments to approved corporations in China could now be received by the beneficiary in as little as two business days and without any volume restrictions -- a significant benefit to clients.

At that time, RMB payments could only be made to approved corporations. In August 2011, further extension on the scope of RMB settlement was announced by the PBOC. In effect, WorldLink clients can now make RMB payments to a corporation (for the trade of goods) in the whole nation of China, without the requirement of the corporation being approved -- in other words, a Mainland Designated Enterprise (MDE). As a result of this, clients have a broader opportunity for which they can now send RMB payments to China, allowing their beneficiaries to gain from faster settlement times and giving themselves increased visibility of the payment and foreign exchange.

IRAQI DINAR

WorldLink® Payment Services has been making IQD payments on behalf of selected clients since 2006 adding to the exotic currencies suite. With the success established over five years, WorldLink has differentiated itself by having local expertise and strong banking relationships in Iraq. WorldLink is now offering IQD payments as a fully developed and proven offering to all relevant WorldLink clients.

While the US Dollar remains a widely accepted currency in Iraq, Citi's cross-border payments specialists anticipate that IQD payments will gain an increasing foothold in support of foreign direct investments.

"Making payments into new countries doesn't have to be risky or intimidating for clients; the liberalization of markets especially those in the Middle East and Africa are going to undoubtedly change the global economy in the near future. Providing payment options in local currencies is just one step towards building solutions for our clients looking to do business or invest further in these markets." said, Michael Vallance, Global Head of WorldLink® Payment Services at Citi.

To remain focused on exotic currencies with a view to further enhancements, WorldLink Payment Services has expanded its network to fully optimize the current exotic currency offering. This expansion will see a greater capacity for current exotic currencies and will provide the opportunity in the future to bring to market new currency offerings

Vallance continued, "The payments landscape is changing rapidly and we are watching governments realize the power of their local currencies. It has become imperative to prepare as the shift from the traditional world currencies is being hedged by rising local currency payments. Adding capabilities to bolster cross-border payments capabilities in exotic foreign currencies is a necessary step, not just for Citi, but for any payments provider who is looking to keep pace with expanding client needs and globalization."

For over 25 years, WorldLink Payment Services has successfully enabled Citi's clients to issue payments in more than 135 currencies, by leveraging an existing network of over 225 partner relationships and accounts WorldLink makes over 30 million payments annually with a value of 750 billion US Dollar equivalent. The WorldLink solution is a convenient non-account-based product, offering multicurrency payment solutions for corporations, financial institutions and public entities. Supporting over 4,000 currency pair conversions, WorldLink provides transparent flexible foreign exchange options which are bundled with the most comprehensive distribution network of any international cash management service provider globally.

Global Transaction Services, a division of Citi's Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citigroup's Global Transaction Services supports over 65,000 clients. As of the second quarter of 2011, it held on average $365 billion in liability balances and $13.5 trillion in assets under custody.

About Citi.

Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Additional information may be found at | Twitter: @Citi | YouTube: | SOURCE: Citigroup Inc.

Edited by Markinsa
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Good to know Citibank will be there for the Transfer once the RD happens! Most major cities have a Citibank, and i'm willing to bet, it'll save people ALOT vs. the dealer spread

Go Citibank!

Woot, to preparing for the RD!

Edited by donnydoright
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Good to know Citibank will be there for the Transfer once the RD happens! Most major cities have a Citibank, and i'm willing to bet, it'll save people ALOT vs. the dealer spread

Go Citibank!

Woot, to preparing for the RD!

No need to be an ahole if you have dinar you should not be excited about an rd. If you don't have dinar why are you here?

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Citi just annouced their presence in Iraq. They know what time it is , as many of us do, and are there ready to not only help Iraq develop their economy but help others to make money in the process. They realize that investing in Iraq is a no brainer. Im just wondering what they really t hink about the Dinar ?

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Good to know Citibank will be there for the Transfer once the RD happens! Most major cities have a Citibank, and i'm willing to bet, it'll save people ALOT vs. the dealer spread

Go Citibank!

Woot, to preparing for the RD!

Gotta love these "negative newbies". I'll venture to assume that it's some regular member who changed screen names just to post this stuff, or someone who can't afford this investment and has nothing better to do than chastise REAL investors. HA! Got news for ya buddy, your negativity is nothing new. Us investors that have been in for years have thick skin, and your little games may make you feel good, but i'm just trying to give you a heads up that your attempt to discourage this crowd will leave you without gratification. Go heckle some NFL forums.

And great post. The more "big dawg's" involved, the better for us all. Opportunities everywhere in Iraq, so think outside the Dinar. The RV will be a catalyst to many more doors to be open, and we'll have the capital to get the sweetheart opportunities! Go RV!!!

My Avatar is hot! :P

Ummm. Hey. Ummm. Listen, uhhh, well, uhhh. Would you, uhhhh, ummmm, can we, you know, uhhhh, well, what are you doing tonite? :P

Edited by thatoneguy
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Morning Chat:

You are now chatting with 'Antonio' from Citibank, N.A.

Antonio: Good morning and Welcome to Citibank Online Chat! My name is Antonio how may I assist you?

B: Good Morning, i'm inquiring to see if I am required to have an account with Citi before exchanging foreign currency?

Antonio: You don't have to have an account to sell it back to the bank but to buy you would need to have an account.

B: Do you have any POD accounts?

Antonio: Paid on Death, yes they are opened in our branches.

B: I don't think that is what i want. I'm looking for a non-interest bearing account.

Antonio: Well we have checking accounts that are non-interest bearing accounts.

Antonio: All our checking accounts don't earn interest unless you request to open an interest bearing Checking account.

B: Ok, great. If i were to deposit foreing currency into this account is it recognized instantly........or do you have to send it somewhere for validation?

B: Do you validate at the branch level?

Antonio: The currency is recognized right away it's checks that have to be sent for collection.

B: great, is this at any local branch or only specific ones?

B: Do some branches specialize in foreign currency?

Antonio: All branches can convert foreign currency but they don't carry foreign currency it has to be ordered.

B: ok......you've answered all my questions.

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Good to know Citibank will be there for the Transfer once the RD happens! Most major cities have a Citibank, and i'm willing to bet, it'll save people ALOT vs. the dealer spread

Go Citibank!

Woot, to preparing for the RD!

hahaha so you think Citi will change your large bills for small bills if a RD is required (start holding your breath now)

The only way you will get anything is to go to IRAQ hahahahaha

come on people !!!!!!do you really know this little about the institution that holds you money(THE BANK)

American banks do not exchange foreign currency for foreign currency (ONLY DOLLARS)

If it RD's you will be stuck with a bunch of toilet paper because you cant get in iraq with more that 200,000

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Morning Chat:

You are now chatting with 'Antonio' from Citibank, N.A.

Antonio: Good morning and Welcome to Citibank Online Chat! My name is Antonio how may I assist you?

B: Good Morning, i'm inquiring to see if I am required to have an account with Citi before exchanging foreign currency?

Antonio: You don't have to have an account to sell it back to the bank but to buy you would need to have an account.

B: Do you have any POD accounts?

Antonio: Paid on Death, yes they are opened in our branches.

B: I don't think that is what i want. I'm looking for a non-interest bearing account.

Antonio: Well we have checking accounts that are non-interest bearing accounts.

Antonio: All our checking accounts don't earn interest unless you request to open an interest bearing Checking account.

B: Ok, great. If i were to deposit foreing currency into this account is it recognized instantly........or do you have to send it somewhere for validation?

B: Do you validate at the branch level?

Antonio: The currency is recognized right away it's checks that have to be sent for collection.

B: great, is this at any local branch or only specific ones?

B: Do some branches specialize in foreign currency?

Antonio: All branches can convert foreign currency but they don't carry foreign currency it has to be ordered.

B: ok......you've answered all my questions.

call him back and ask specifically about changing 25000 dinar notes for 250 -100 dinar notes see if they do that

because if they RD there will be no change in the exchange rate 1170 and the bills will be no good after a certain period (03'-04' already been through this once )

if you need a link call citi im sure they know

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hahaha so you think Citi will change your large bills for small bills if a RD is required (start holding your breath now)

The only way you will get anything is to go to IRAQ hahahahaha

come on people !!!!!!do you really know this little about the institution that holds you money(THE BANK)

American banks do not exchange foreign currency for foreign currency (ONLY DOLLARS)

If it RD's you will be stuck with a bunch of toilet paper because you cant get in iraq with more that 200,000

No, but you could open an account in iraq, via citi, wire your funds into that account, let it simmer, remove after rv....

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  • 2 years later...

One question would be...... Once you deposit your Iraq dinars into citibank, are they instantly converted to dollars in electronic funds. Thats the way I see it. Dont deposit till you find out. 



call him back and ask specifically about changing 25000 dinar notes for 250 -100 dinar notes see if they do that

because if they RD there will be no change in the exchange rate 1170 and the bills will be no good after a certain period (03'-04' already been through this once )

if you need a link call citi im sure they know

What are you doing here, I thought you cashed out some time back with the street vendors in Iraq. 



I think safety deposit box is the only way the bank is getting mine until I see a rise in value.

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One question would be...... Once you deposit your Iraq dinars into citibank, are they instantly converted to dollars in electronic funds. Thats the way I see it. Dont deposit till you find out.

What are you doing here, I thought you cashed out some time back with the street vendors in Iraq.

I think safety deposit box is the only way the bank is getting mine until I see a rise in value.

You just asked that from a 2 year old post. Someone bumped it:/

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I understand the discourse in "Rumors," but wow, in the news section?

 

Some folks need to step away from the computer.

 

GO RV!  B)

 

But you read it right. Go RV. 

You just asked that from a 2 year old post. Someone bumped it:/

Does that mean the question is not valid? Do you know the answer?

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Nice find for 2011..... wonder how they are doing now



BTW I am curious... why are people going back to the same day two or three years ago and responding to posts as if they were posted within the last few days.... Meaning is there something significant relative to what is happening today (like in this case, this article would suggest that the IQD is something used internationally... )..... or is it just something to do...

 

Wish there was a way in the title section to clearly delineate that a post is in response to something really old.... Meaning we can no longer simply respond the the last thing said, and have to go to the beginning in every case to see when it was first posted...

 

Just curious... :peace:

Edited by Rayzur
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