How to Withdraw Money from Citi Self Invest
Using either Citi’s website or mobile app, it’s possible to withdraw money from a Citi Self Invest account at little to no cost. Here are the details:
Citi Self Invest Withdrawal by Wire
To send money to a bank account from a Citi Self Invest account via wire transfer, log into the Citi website (which is used for both Citi investing and banking accounts) and click on the Payments & Transfers tab at the top of the site. A drop-down menu will appear. Click on the link for the payments dashboard.
On the next page, you’ll see a list of transfer choices at the top. One of these is Wires & Transfers. Click on this icon to begin a withdrawal by wire. You’ll need to add a payee if you haven’t done so yet. Just click on the link and follow the instructions. The receiving bank account can be either a U.S. or foreign bank, which can be either a personal or business account. Follow the on-screen prompts and submit the wire request when everything has been filled in correctly.
A wire transfer can be initiated on the mobile app, too. Tap on the Payments icon in the bottom menu. On this page, tap on the Pay & Transfer icon and follow the instructions.
The great advantage of withdrawing by wire is the speed. Typically, a wire transfer is completed the same day. The cutoff time at Citi Self Invest is 6:45 pm, Eastern Standard Time, for domestic wires and 6:00 pm for international wires. And withdrawal limits are usually quite high. They vary by the relationship the account has with Citi. Some packages have no limits at all; these include Citigold® and Citi Priority customers (at least for wires made in U.S. dollars). All accounts can withdraw at least $50,000 per day by wire.
The disadvantage of withdrawing by wire is the cost. Domestic and international wires cost anywhere from $17.50 to $35, depending on the receiving bank’s location and the relationship with Citi. Some customers, including Citi Private Bank and Citi Alliance customers, pay nothing.
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Citi Self Invest Withdrawal by ACH
Regular Citi customers who don’t want to pay an outgoing wire fee can opt for a withdrawal by ACH, which is always free. To perform this type of transfer, go back to the payments dashboard and this time look for the list of external accounts that can receive a transfer of funds. It’s also possible to withdraw from a Citi Self Invest account into a Citibank account; checking and savings accounts held at Citi will automatically be listed here. Simply click on the transfer link that appears next to the account you want to transfer into. You’ll get the ACH form.
On the ACH form, select the account to withdraw from (in case you have more than one Citi Self Invest account). There’s a second drop-down menu to select the receiving account. Again, more than one could be listed here if you have more than one, so choose carefully. Select the transfer date, which could be in the future if desired. Review the transfer request and submit it when everything looks right.
On the mobile app, the tool to perform an ACH withdrawal appears on the Payments page mentioned above. Here, it’s possible to add an external deposit account if you need to do so. Just look for the link to add an external account. Citi does use Plaid to create the link, so you’ll need the login credentials for the external deposit account. The same link exists on the website. Look for it at the top of the ACH transfer hub.
At Citi, for a withdrawal by ACH from a Citi Self Invest account or Citibank account, the minimum amount is $1. The daily withdrawal maximum is $500,000.
The primary downside of ACH transfers, compared to wire transfers, is the speed. Expect about 3 to 5 business days for funds withdrawn from a Citi Self Invest account to show up inside an external checking or savings accounts.
Updated on 10/7/2024.
Chad Morris is a financial writer with more than 20 years experience
as both an English teacher and an avid trader. When he isn’t writing
expert content for Brokerage-Review.com, Chad can usually be found
managing his portfolio or building a new home computer.
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