Features of MultiMoney Credit
This convenient credit service enables you to borrow up to 80% of your eligible MultiMoney account balance.
MultiMoney Credit Interest Rates
- Please make sure to read the "Important notes" stated below.
- The maximum overdraft limit shall be 80% of the Japanese Yen deposit or, if the currency is not Japanese Yen, 80% of the amount converted into Yen by application of TTB rate at the time of execution. This overdraft limit is subject to change at the bank's discretion.
- Please consult our branch staff or call CitiPhone Banking for the available credit line.
- Loan interest rates are floating rates and applicable to the outstanding balance.
- Loan interest rates will vary with market fluctuations and are subject to change without notice at any time.
- The interest will be calculated every day and the accumulated interest will be added to the outstanding balance at the end of the month.
- No fee or commission for borrowing or repayment.
- In the event that the overdraft currency is converted to other currencies or if repayment of the overdraft is converted from other currencies (including circumstances in which your MultiMoney Credit overdraft balance is offset against your MultiMoney deposit), foreign exchange commission is required at the time of exchange (e.g. currently, 1 yen for conversion to or from 1 US dollar, and 2 yen for conversion to and from 1 US dollar).
- For a detailed product specification, please refer to the Information Memorandum on our website, at our branches or available by mail. Further information can also be obtained from our CitiPhone Banking.
- Once the outstanding balance exceeds 90% of the total value of your collateral MultiMoney deposit, we will automatically offset your MultiMoney Credit overdraft balance against your MultiMoney deposit without any prior notice according to the terms stated in the MultiMoney Account Customer Agreement. If the currency of the MultiMoney deposit account and MultiMoney Credit overdraft do not match, the currency of the offset funds must be converted to the overdraft currency.
- The entire MultiMoney deposit amount can potentially be applied to offset the overdraft balance due to changes in the FX market.
- Upon such offset, you may be required to pay the costs or fees to terminate and/or liquidate the deposits. We will require you to pay those costs or fees which we will calculate for each case in consideration of our funding costs, cost of liquidation of options and a possible yield obtainable after the termination.
- If the currency of the deposit is not Japanese Yen, the maximum overdraft limit is 80% of the Yen equivalent amount (converted at TTB rate). The maximum overdraft limit will vary with changes in the foreign exchange rate. This means that if you borrow close to the maximum overdraft limit and FX markets are volatile, the outstanding balance may exceed the 80% limit and you may be asked to repay the MultiMoney Credit or deposit additional funds.
- If the loan interest rate applicable to the overdraft is higher than the interest rate for the collateral deposit, the outstanding balance may exceed the maximum overdraft limit.
- In order to mitigate the risk of the outstanding balance exceeding the maximum overdraft limit as a result of Foreign Exchange rate fluctuation or accumulated loan interest, it is suggested that customers borrow up to 60% of the deposit balance.
- Please note the following funds cannot be used as MultiMoney Credit collateral:
- -Time Deposits that are subject to forward contracts of foreign exchange transactions
- -Time Deposits pledged for other credit products
- -Certain prescribed Structured Deposits
- -Yen funds in savings accounts that can be accessed by Citibank Banking Card
- -US dollar funds in savings accounts that can be accessed by Citibank Gaika Cash Card
- Customers are asked to request Customer Service to arrange repayment of MultiMoney Credit (since repayments of this product are not automatically deducted from deposit accounts, such as the Yen Savings Account).
- In the event that the currency borrowed is not Japanese Yen, the outstanding balance in Yen equivalent may increase if the exchange rate fluctuates. When you use MultiMoney Credit, please be aware of foreign exchange commission and exchange rate fluctuation.
- MultiMoney Credit usage is restricted to the temporary need for funds. You may not use MultiMoney Credit to purchase investment products* at Citibank.
- *Investment products include Foreign Currency Deposits, Structured Deposits, Mutual Funds, Financial Products Intermediary Business and Insurance Products.
- MultiMoney Credit is not available to Corporate Customers, Non Residents of Japan and customers under the age of 20 years.
- Customers who apply for MultiMoney Credit for the first time are requested to follow the bank's designated procedure at branches or via CitiPhone Banking.
Applying for MultiMoney Credit
- Access Citibank homepage and click "MultiMoney Credit" and select "MultiMoney Credit Borrowing".
- If you understand MultiMoney Credit usage is limited to the temporary need for funds, select "Agree and proceed".
- Select the "Currency to borrow", and then enter the "Amount to borrow".
Please consult with Customer Service Representative.
Please visit consultation desk of Citibank Branches.
Repayment for MultiMoney Credit
Customer are asked to request Customer Service to arrange repayment of MultiMoney Credit (since repayments of this product are not automatically deducted from deposit accounts, such as the Yen Savings Account).