What’s the deal?

Citibank UK, part of the world’s biggest bank, is offering its customers fee-free euro transfers and payments to third-party accounts across Europe. Called Sepa (for Single European Payment Area) transfers, the payments take three working days and can be to any bank account in 31 European countries. Transfers from Citibank euro current or savings accounts are completely free, but those from other currency accounts attract a conversion charge of up to 2 per cent.