{"id":48589,"date":"2021-07-13T09:25:19","date_gmt":"2021-07-13T01:25:19","guid":{"rendered":"http:\/\/wordpress-my-161844363.ap-southeast-1.elb.amazonaws.com\/articles\/?p=48589"},"modified":"2024-01-31T17:14:37","modified_gmt":"2024-01-31T09:14:37","slug":"hsbc-citibank-comparison","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/hsbc-citibank-comparison","title":{"rendered":"HSBC Vs Citibank: Which Bank Is Better?"},"content":{"rendered":"

Looking for an international bank with a solid range of financial products and services? Two popular options in Malaysia include HSBC and Citibank. We compare them side by side to see which bank you should go with.<\/p>\n

Note: Citibank recently announced that it will be exiting retail banking in Malaysia. However, it assured customers that its consumer banking operations will operate as normal<\/a>.<\/div><\/div>\n

<\/span>Branches<\/span><\/h2>\n

There are fewer reasons to visit a bank branch these days, especially since you can do a lot of your banking online<\/a>. But some banking activities still require a physical visit – for example, many banks still require you to verify your identity at a branch when opening an account.<\/p>\n

Having a branch close to where you live is therefore more convenient. Here\u2019s where HSBC has a clear edge over Citibank. HSBC has 54 branches nationwide<\/a> in both East and West Malaysia. Citibank only has 10 branches<\/a> – six in the Klang Valley, two in Penang and one each in Johor and Melaka.<\/p>\n

Winner: HSBC<\/div><\/div>\n

<\/span>Savings account<\/span><\/h2>\n

\n\n\n\n\t\n\n\t\n\t\n\t
<\/th>HSBC<\/th>Citibank<\/th>\n<\/tr>\n<\/thead>\n
Account<\/td>Everyday Global Account<\/td>Basic Savings Account<\/td>AcceleRate Savings Account<\/td>Basic Savings Account<\/td>\n<\/tr>\n
Interest rates<\/td>Not stated<\/td>0.25% p.a.<\/td>Base 0.50% p.a., bonus 4.38%<\/td>0.25% to 1%<\/td>\n<\/tr>\n
Other features<\/td>Buy, save, transfer and spend in 11 currencies<\/td>-<\/td>Free international money transfer<\/td>Free international money transfer<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
\nHSBC offers two savings accounts – an Everyday Global Account, and a Basic Savings Account that offers 0.25% p.a. Its global account allows you to perform your banking activities in 11 currencies, which can be useful for expats or frequent travellers. International money transfers cost between RM25 and RM45, depending on the destination, but HSBC Premier and HSBC Advance customers enjoy zero transfer fees.<\/p>\n

Citibank offers slightly higher interest rates. Its AcceleRate Savings Account has a base rate of 0.50% p.a. and a bonus 4.38% on incremental balances. Its Basic Savings Account offers returns as high as 1%, but you\u2019ll need to deposit at least RM1 million to qualify. Where Citibank shines is with its free international money transfers. Both these savings accounts offer free transfers up to US$12,500 a day for Citibank customers, and US$25,000 a day for Citigold customers.<\/p>\n

Winner: Citibank<\/div><\/div>\n

<\/span>Fixed deposit<\/span><\/h2>\n

\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t
<\/th>HSBC<\/th>Citibank<\/th>\n<\/tr>\n<\/thead>\n
Account<\/td>Time Deposit<\/td>Foreign Currency Time Deposit<\/td>Time Deposit<\/td>Foreign Currency Time Deposit<\/td>\n<\/tr>\n
Interest rates<\/td>1.40% - 2.70%<\/td>Not stated<\/td>1.15% to 1.30%<\/td>Not stated<\/td>\n<\/tr>\n
Tenures<\/td>1 - 60 months<\/td>1,3 6, 9 or 12 months<\/td>1 - 60 months<\/td>1,3 6, 9 or 12 months<\/td>\n<\/tr>\n
Currencies<\/td>-<\/td>12 currencies<\/td>-<\/td>10 currencies<\/td>\n<\/tr>\n
Min deposit<\/td>RM1,000<\/td>US$3,000 or equivalent<\/td>RM 1,000<\/td>US$3,000 or equivalent<\/td>\n<\/tr>\n
Features<\/td>Can open account online<\/td>Can open account online if existing customer<\/td>View your Citibank accounts across participating countries with a single login<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
\nHSBC and Citibank both offer regular time deposits (also known as fixed deposits) and foreign currency time deposits.<\/p>\n

Citibank allows you to view all your Citibank accounts across participating countries with a single login. This feature is free for all Citibank customers. HSBC also has this feature, but it\u2019s available for Premier or Advance customers only.<\/p>\n

However, HSBC shines when it comes to interest rates, offering better returns under its time deposit. You can also open a time deposit account completely online. On the other hand, Citibank requires you to enquire by phone or visit a branch physically.<\/p>\n

Winner: Tie<\/p>\n

HSBC wins at interest rates, while Citibank is better for global access.<\/div><\/div>\n

<\/span>Personal loan<\/span><\/h2>\n

\n\n\n\n\t\n\n\t\n\t\n\t\n\t
<\/th>HSBC<\/th>Citibank<\/th>\n<\/tr>\n<\/thead>\n
Interest\/profit rate<\/td>For new customers:
\n10.50% p.a. - 12.50% p.a.
\n
\nFor existing customers:
\nFrom 7.5% p.a.
\n
\nFor Premier customers:
\nFrom 4.88% p.a.<\/td>		5.33% - 9.80%<\/td>\n<\/tr>\n
Financing amount<\/td>Up to RM250,000<\/td>Up to RM150,000<\/td>\n<\/tr>\n
Tenure<\/td>2 - 7 years<\/td>2 to 6 years<\/td>\n<\/tr>\n
Income requirement<\/td>RM3,000 min monthly income<\/td>RM4,000 min monthly income<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
\nCitibank has lower interest rates that start from 5.33% p.a., while HSBC\u2019s starts from 10.50% p.a. But if you happen to be an existing HSBC customer, your profit rates may start from 4.88% or 7.5%. HSBC also has a higher maximum financing amount up to RM250,000, a longer tenure up to seven years and lower income requirements that start at RM3,000 a month. This can make HSBC a better choice for a personal financing plan, if you already happen to be an existing customer.<\/p>\n
Winner: HSBC<\/div><\/div>\n