Citibank overseas spending, online statement amount inconsistent

nicholaslee

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Dear all,

Wondering what is happening with Citibank.

Did some overseas retail transaction on my citibank card.

On 2 different occasions, I logged in Citibank Online to check what is the actual converted rate. And realized the rates actually changed even after it was reflected in my account!

2 days ago (27 June) checked online...
23/06/2016 *WANGBIJIB 2666 SEOUL KR KRW 36,000 SGD 43.32
23/06/2016 *HEUKDONGA 0432 SEOUL KR KRW 40,000 SGD 48.12
24/06/2016 *RESTAURANT 8452 SEOUL KR KRW 6,000 SGD 7.21
24/06/2016 *UKLIJJIMDAG Seoul KR KRW 23,000 SGD 27.64
24/06/2016 *MOOHANGGAGGA Seoul KR KRW 61,000 SGD 73.31


Today checked again...
23/06/2016 *WANGBIJIB 2666178SEOUL KR KRW 36,000 SGD 44.35
23/06/2016 *HEUKDONGA 0432078SEOUL KR KRW 40,000 SGD 49.28
24/06/2016 *RESTAURANT 8452185SEOUL KR KRW 6,000 SGD 7.39
24/06/2016 *UKLIJJIMDAG Seoul KR KRW 23,000 SGD 28.33
24/06/2016 *MOOHANGGAGGA Seoul KR KRW 61,000 SGD 75.15

They can suka suka change one??? :vijayadmin::vijayadmin::vijayadmin:
 

relaxxjaxx

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The initial amount was probably taken on authorization at that day's rate. The later one is based on settlement with MC/Visa and the Merchant Acquiring bank and the 2.5% FX markup.
 

Yellowtank

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Shitty Bank

Yes, real shitty.

My advice is check everything thoroughly with citibank, especially the rewards points.
 

hwmook

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Yes, real shitty.

My advice is check everything thoroughly with citibank, especially the rewards points.

ALL banks do it this way, when you charge to your cards, they reserved an amount which is equivalent to the amount converted without the 2.5% fee for foreign currency. When the transaction posted then it will be changed to use the exchange rate at the posted date and also add on the 2.5%. This is how ALL banks do it, citibank mistake is they shouldn't have show you the amount before its posted.
 

phelyk

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ALL banks do it this way, when you charge to your cards, they reserved an amount which is equivalent to the amount converted without the 2.5% fee for foreign currency. When the transaction posted then it will be changed to use the exchange rate at the posted date and also add on the 2.5%. This is how ALL banks do it, citibank mistake is they shouldn't have show you the amount before its posted.

To add, Citibank's ibanking has been upgraded recently to almost show transactions after they have been made. For pending transactions, they normally put a "//" after it. After the merchant tallys the transactions and posts it to their bank, the merchant bank then asks the issuing bank thru Visa/MC/Amex/etc to settle it. That's when one sees the true settled amount with the foreign transaction fees and/or DCC.
 

nicholaslee

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submitted company expenses claims based on the initial amount then like that :(
 

ceecookie

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submitted company expenses claims based on the initial amount then like that :(

I suggest u wait until the monthly bill come before claiming from coy.. this way the charges reflected are always final :)
 
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