⚠️ PSA: Citigold charges exorbitant (>8%) hidden FX markup on international ATM withdrawals — “no fees” doesn’t mean free
If you’re a Citigold customer traveling internationally, you’ve probably heard that ATM withdrawal fees are waived. That’s true — but it doesn’t mean you’re getting a free transaction.
Citi applies their own exchange rate, which can be significantly worse than the mid-market rate.
Here’s a real example from Thailand today:
• Google / mid-market rate: THB 32.75 / USD
• Citigold rate: THB 30.1205 / USD
• Effective markup: ~8.03%
That means on a $500 USD withdrawal, you’re losing the equivalent of ~$40 USD purely to the exchange rate spread — before any other fees.
Bottom line: “No ATM fees” ≠ “no cost.” Always check the exchange rate your bank is applying, not just whether the flat fee is waived. An 8% FX spread will cost you far more than a $5 ATM fee ever would.
Hope this saves someone some money.
Now I’m curious about the current rates offered by Charles Schwab.