Frequently Asked Questions
General FAQs
Payment FAQs
E-Commerce Related FAQs
General FAQs
Does Citpay charge fees for payment or wire transfers?
There are no fees to open or hold an account with Citpay. For peer to peer off platform transfers, there is a 0.2% service fee and a 0.3 service assessed for on platform transfers. For a fee break down of traditional money transmission services, please see our rates page, to design a transaction which fits your rate. However, we require a $10,000 minimum for some exotic currencies (see “How much can I transact with Citpay?”). For business customers, we agree a fee structure that reflects how much business we do together. And, for online sellers there are no fees for transferring funds back to a Citpay domestic account.Sometimes the banks in the middle and at the end will charge for wire transfers, so it appears not all the money was sent. Citpay will try its best to make sure all your money gets to where it needs to be by covering correspondent and receiving charges where we can.
How do I open an account with you? How long will it take?
If you want to open an account for personal use, you can do it over the phone or online. Over the phone shouldn't take longer than 10 minutes. It's super-fast to open an account online too - we can usually get you up and running within an hour (we'll need to verify your identity). Business clients and online sellers can open an account online and our team will get you sorted out as fast as they can.
How much can I transfer with Citpay?
For most currencies, you can transact any amount over our $1,000 transfer minimum. There is a $10,000 transfer minimum for the following exotic currencies:
· Barbados Dollar
· Botswana Pula
· Bulgarian Lev
· East Caribbean Dollar
· Egyptian Pound
· Fijian Dollar
· Indian Rupee
· Jamaican Dollar
· Jordanian Dinar
· Kenyan Shilling
· Kuwaiti Dinar
· Malaysian Ringgit
· Mauritian Rupee
· Moroccan Dirham
· Nepalese Rupee
· Pakistani Rupee
· Philippine Peso
· Romanian Leu
· Russian Ruble
· Sri Lankan Rupee
· Taiwan Dollar
· Trinidad & Tobago Dollar
· Turkish New Lira
· Ugandan Shilling
Can I buy vacation money or cash from you?
At Citpay we can help make international payments from one bank account to another. Unfortunately, we cannot help you out with your vacation money or cash.
Is my money safe with you? Are you regulated?
Ensuring the safety and security of your money is central to our business. Citpay is registered in the USA (California Secretary of State Corporations number: C4176331) and is registered as a Money Services Business in the United States with FinCEN. Citpay, Inc. is able to offer a full service in some States, however in other regions our service is limited. View our State Authorization list. Citpay, Inc. is registered in Canada with the Financial Transactions and Reports Analysis Centre of Canada.
How do you save me money compared to a bank?
There are no fees to open or hold an account with Citpay. For personal transfers, there is a 0.2% service fee on all transactions, so the price is exactly what you see. Most Banks charge based on a foreign exchange spread and make money on the margin. Here at Citpay we don’t take a spread!
So how do you make money then?
The rate you normally view via online currency converters is the Interbank Rate. This is the rate banks and large financial institutions used to trade with each other. It is not the rate they offer you. They quote you a different rate, usually much higher, and that's where they make their money. This is known as the spread, or the margin. We do the opposite, we make our money by charging a flat fee based on the transaction volume, not on the spread, so we can pass on savings to you.
Can I pick an exchange rate for a future date?
Yes, you can lock in a rate now for a date up to three (3) years in the future. This is often called a forward contract. If the rates move against your original selection (i.e. the rate increases decreasing the amount of money your beneficiary will receive), you may need to top up the deposit and then the balance will be due at the end of the contract. Your account manager will explain and discuss this with you before you book your forward. This can be ideal if you want to know exactly how much you’ll get when you come to make your transfer.
I've booked a transaction and want to cancel it. Can I do this?
When you book a transaction with Citpay you enter into a contract to purchase the currency. Citpay enters into an identical transaction with our bank in order to guarantee you the rate you will transfer at. If you do not wish to continue with the transaction, we will need to sell back the currency we have purchases on our end for you. Depending on the market movement, there may be a loss involved which would be passed onto you as a fee. Please call your account manager if you have further inquiries about this.
How do I let you know of changes to my personal details e.g. new address?
If your details have changed please contact your account representative via phone or our secure portal. We may require a new proof of address if you have moved.
What if I am not pleased with the service, I received from Citpay?
If you’re unhappy with any aspect of your interaction here at Citpay, please contact your dealer immediate. Your grievance will always be investigated, and you’ll receive a formal response. We appreciate all feedback, as it helps us improve our services and meet your expectations. See more information in our Complaints Procedures.
What happens after I register?
Our client relations team will contact you directly by phone within one working day after you register online. They will assist you in completing your registration.
How much does the account cost?
All Citpay accounts are free and we do not charge fees for receiving money or charge any ongoing account holding costs.
How do I see rates?
To see a rate please view our online platform, select the currency you wish to buy and follow the steps. You will be shown a live rate and the associated fees. You can choose to book the trade and add payment details, or you can cancel.
How do you keep me up to date on my current balance(s)?
Citpay provides you with online access to your accounts, so you can log in and view current balances and credits for your account(s) at any time. If you have a Canadian account(s) you will receive a balance notification email every Monday.
How do you request a transfer?
You may log into your online account and transfer your balances(s) at any time of day. You can also request your balances be transferred automatically as we receive funds from the marketplace. For all other currencies, please login to your online account or speak to your account manager. Please make sure you have added details of the beneficiary account via Citpay online before you make a transfer.
How do I enter my bank details for my external bank account?
Log on to your Citpay account and click on ‘create a new beneficiary.’ These details will come through to us to verify. Please note we cannot pay to third parties (for e-commerce accounts). Please make sure the account is denominated in a different currency to the one you hold in your Citpay account. If you are unsure of your bank details, please check with your bank.
What is a beneficiary?
The person or entity you wish to pay.
When will my payment go out to my beneficiary?
Your payment will be sent on the date stated on your transfer confirmation.
How long does a transfer take?
This depends on a couple of things, including the currency pairs (currency being sent, and currency being bought), the bank used, the method of transfer (Offline, Peer 2 Peer, Peer 2 Peer Plus etc.) and the size of the transaction. If its US dollars, Euros, or sterling then we usually make a same day payment when we receive your cleared funds. The payment will arrive with your bank the same day though they may not credit your account until the next business day.

With other currencies, your payment is sent out on the date you agreed, but you will need to allow for one (1) to four (4) days for your funds to reach the beneficiary/ destination bank. The length of time depends on the currency pairs involved. For example, Swedish Kroner will be one (1) day; for East Caribbean Dollars it could be four (4) days. Transfers to Australia and New Zealand usually clear within twenty-four (24) hours.

When sending USD to another country (not the U) you should allow up to four (4) days for it to arrive at its requested destination. If you need funds to arrive by a particular date, please call us for accurate information for the country you are sending funds to. On rare occasions delays may occur. Citpay will do everything reasonably possible to ensure your funds arrive on time but is not liable for delays caused by intermediary or receiving institutions.
Will you accept funds from a different source or account?
Yes, we can receive funds from an account in a different name to yours, but due to Anti-Money Laundering regulations we will need to verify the sources and may request further documentation. Please contact us for details.

E-Commerce marketplace sites which have been approved by Citpay may make payments to E-Commerce accounts. Please contact Citpay if you would like to know if a website you would like to sell on is supported. If it’s possible, a member of the team will inform you immediately.
How do you pay me or my nominated beneficiary?
We are a member of the SWIFT network (Society for Worldwide interbank Financial Telecommunication) the main system used throughout the financial world to make payments securely with speed, certainty, and confidence. Once we’ve received your funds, we pay the designated account(s) on the agreed date. A PDF confirmation will be sent to you confirming the transaction has been completed. Please note the funds will arrive in the beneficiary account from Citpay, rather than your name.
What payment/ beneficiary details do I need to be able to send funds?
For all payment/beneficiaries, we require full account name (s) and the following information depending on the destination of funds: • Europe - IBAN and SWIFT
• Canada - account number, SWIFT and Transit code
• Australia - account number, SWIFT or BSB code
• New Zealand - account number, 6 digit bank code and SWIFT
• USA - account number, ABA routing number or SWIFT
• UK - account number and sort code or SWIFT and IBAN
• India - account number, SWIFT and IFSC number, reason for transfer
• China (USD) - account number, SWIFT
• China (CNH) – account number, CNAPS code, SWIFT and purpose of payment
• Mexico - account number, (Clabe no). and SWIFT
Please call for information on other countries
Where do I send my money to?
Once you have booked your transfer, we will let you know our client bank account details and also tell you when you need to send money to us. This can be done via our online portal or, if you prefer, via a phone conversation with our staff.
How do I send money to Citpay?
For personal transactions if you’re sending from a domestic US account to your overseas account, we will accept funds via ACH Direct Debit. There is an initial transaction limit of $25,000.00 and $50.000.00 for transfers thereafter. For personal transactions which are not being sent to your accounts abroad we ask you to send us the funds via domestic wire transfer. For business transfers money may be sent via domestic wire transfer or ACH direct debit. Please speak to one of our staff in order to help you in setting up your ACH Direct Debit transfer.
How does the method I choose for sending funds to Citpay impact my transaction?
We will only send payments once your funds are with us and have cleated. Thus, by choosing quicker methods of delivery, Citpay will be able to fulfill your order in a timely manner.
When do I have to send my money to you?
When you finalize your transaction(s), you will be given a “funds in date” based on the method you have selected for sending funds to Citpay. You will need to make sure your funds have settled with Citpay and cleared by the “funds in date” in order for your transaction to be processed on time.
What is the cutoff time for sending funds to Citpay?
You can send funds to Citpay at any time as long as the funds are cleared by the date of the outgoing payment on your transfer confirmation. If your funds are not received your transaction will not be processed.
When will the payment be sent to the beneficiary?
We will send payment to your selected beneficiary on the date we agree to when you book your transaction. Your beneficiary might not be able to access the funds right away as their bank may take some time to clear the funds on their account. Please not the funds will arrive in the beneficiary’s account from Citpay rather than your name.
How will my payment appear in my beneficiary’s account?
As we are conducting this transaction on your behalf, the funds will arrive in your beneficiary’s account from Citpay and not in your name. Make sure to let the recipient know just in case they’re expecting to see the money arrive in your name.
What happens if my funds don’t arrive?
This rare happens; however, if your funds do not arrive within the agreed upon timescale, then let us know as soon as possible so we can investigate with our bank. We will liaise with our bank until the issue is resolved and funds are received. We shall keep you informed every step of the way. PLEASE REMEMBER the payment will show as coming from Citpay, and not your name.
I think I made a mistake on one of my transfers, should I book it again?
No-Please contact your account associate and they will help accordingly.
Can I book a forward contract online?
This is only possible for Corporate and Private accounts. E-commerce Clients cannot book forwards online. Simply book your transfer in the usual manner but change the date on the calendar to the date you need in the future. If you haven’t booked a forward contract previously it is advisable to speak to your account associate first.
I have multiple transfers and wish to make one payment form them; how can I do this?
Yes, if you have already booked a transfer you may add as many beneficiaries as necessary to your transfer. If you haven’t booked a transfer. Use the Book a transfer option. This will allow you to add multiple payments and book a larger trade to cover them.
I need my payment to go out sooner than the online system will let me, how can I change this?
Try choosing a different mode of sending funds to Citpay. If you send funds to Citpay by wire transfer rather than direct debit, you should be given an earlier payment date. Remember there are some currencies we can’t buy for the same day or the day after. If you are still unsure, please get in touch with your account associate.
Can I get a breakdown of deposits into my account?
Yes. You can view all incoming and outgoing funds for your Citpay account(s) online by clicking on the “Your Statement(s) tab on the online system.
Who can send money to this account?
E-Commerce marketplace sites which have been approved by Citpay may make payments to E-Commerce accounts. Please contact Citpay if you would like to know if a website you would like to sell on is supported. If it’s possible, a member of the team will inform you immediately
Can I draw money from the account?
No, the account is only used for the purpose of receiving funds in from the e-commerce site that you are selling on.
In which countries can Citpay open receiving accounts?
Currently Citpay may only open receiving accounts in the USA and Canada; however, we are looking to expand into India, China, Mexico, Europe, Australia, New Zealand, Japan, and many more.
Can I get a breakdown of deposits on my account?
Yes, you can view all incoming and outgoing funds to your account online by clicking on account statements.
Fraud Awareness
Citpay, Inc's international payment service is a great way to send money to people you know and trust. If you need to send money to someone you don't know well, you are putting yourself at risk of fraud. Do not become a victim of fraud. At Citpay, Inc., security of your funds is our highest priority. So, before you send money to someone you don't know well, we recommend you make sure you're not sending money: - to someone you don't know
- to prove availability of funds to someone
- to claim an inheritance or winnings from the lottery
- to someone claiming to be a relative and in need of funds
- to a person you met online
- to a 3rd party that asks about your money or bank transactions
- to pay for taxes
And remember, deals and opportunities that seem too good to be true, generally are!

If you have been victimized by scammers, be proactive and report the activity to Citpay, law enforcement, and others like the Federal Trade Commission’s Bureau of Consumer Protection, and various others. These are important steps to aid in preventing fraud and protect future consumers from falling victim to the same or similar scams.

If you used our services and believe the transaction was fraudulent, call us immediately. If the transfer has yet to be paid, we can stop the transfer and refund you at no cost. If your transfer has been completed still contact us and we will do our best to retrieve your funds. All reported fraud cases will be reviewed by Citpay staff to determine if a refund is permitted.