ING Direct international transfer: Fees, rates and transfer time

27.10.17
5 minute read
Tagged:

With all the different processes, requirements and fees, sending money overseas can seem prohibitively complicated. But it doesn’t have to be. By educating yourself on all the ins and outs of sending and receiving international transfers at your bank, you can make sure you’re making the choices that get your money where it needs to go, quickly and cheaply. Read on to learn everything you need to know about making an international money transfer (sometimes called a telegraphic transfer or TT) to or from Australia’s ING Direct.

How do you make an international bank transfer with ING Direct?

ING Direct partners with OzForex (OFX) Limited, an online money transfer service, for international transfers. That provides customers with a couple of options for sending money overseas:

  • Online
  • Over the phone

ING Direct only offers international transfers for amounts of at least A$250.

Online

  • Log into the ING Direct website
  • Click “Transfer & Pay”
  • Click “International Transfers”
  • Follow the on-screen instructions

(Source 16 October 2017)

By phone

  • Gather the necessary information for making an international transfer (more on that below)
  • Call ING at 1300 671 649 from Australia, or +61 2 8667 8089 from overseas

What do I need in order to make an international money transfer?

To make an international transfer with ING Direct, you’ll need:

  • The recipient’s full name
  • The recipient’s account name if it’s different
  • The recipient’s address
  • The recipient’s account number
  • Either the recipient bank’s full address, or its SWIFT/BIC code

What do I need or what should I give to the sender in order to receive an international bank transfer?

To receive an international money transfer to ING Direct, you’ll need to give the sender:

  • Bank name: ING Bank Australia
  • ING Direct’s SWIFT code: INGBAU2S
  • BSB Code: 923-100
  • Head office address: 60 Margaret Street, Sydney, NSW, 2000
  • You branch name and address
  • Your complete ING Direct account number
  • Your full name
  • Your complete address

You can log into ING Direct internet banking to find this information, or call ING Direct at 1300 671 649.

How long does an international bank transfer with ING Direct take?

How long does it take normally to arrive to the destination account?

ING Direct’s partnership with OzForex Limited allows you to initiate international transfers 24 hours a day, 7 days a week, excluding major bank holidays. Transfers to many countries will take 1-3 days total between OFX receiving your money and sending it out to the recipient bank account.

(Source 16 October 2017)

What are the different payment methods?

OFX can receive your money a number different ways:

  • BPAY
  • Internet transfer
  • At a participating bank branch

(Source 16 October 2017)

Is there any way to make a faster transfer for an extra fee?

ING Direct doesn’t currently offer a faster transfer for an extra fee.

Does the amount of time it takes vary by destination?

Transfer times aren’t guaranteed, and some countries and recipient banks may take longer to process international transfers.

What are the fees?

ING Direct (OFX) International Transfer Regular Fees
Minimum transfer amount If isn’t a recurring transfer, the minimum you’ll need to send is A$250For recurring transfers, the minimum you’ll need to send is A$500
Incoming international transfer A$15 for transfers under A$10,000A$0 for transfers over A$10,000
Outgoing international transfer A$15 for transfers under A$10,000A$0 for transfers over A$10,000
Additional fees may apply See Additional Fees section below

(Source 1 Source 2 16 October 2017)

ING Direct exchange rates

Sending or receiving money in a currency different than what's used in your home bank account means it may be that the money will be converted into the destination account’s currency either by the recipient’s bank or an intermediary bank.

However, because ING Direct partners with OFX for your international transfers, OFX will be the one doing the exchanging. Often, when banks convert they make the conversion at an exchange rate of its choosing which you have no say in. In these cases, the bank generally uses a rate 4-6% poorer than the mid-market rate and keeps a profit for itself. That means the person receiving the transfer will end up receiving less money because of the amount skimmed by the bank during the conversion.

OFX as an actual currency exchange service operates a bit differently. They do note that you can book and lock an exchange rate, as long as you send the money to them shortly. Or they also offer you the ability to send them the money first and book the exchange rate later.

OFX offers you the ability to look at their rates online first, however, they do note in their terms of use that the information on their public website may not be accurate and may not have been updated. So before you make your decision, you’ll want to use an online currency converter to check the current exchange rate and then give OFX a call or login to the private side, as they note, to see what their rate is. That way, you can compare the rate they offer you with the real rate you’ll find online. They note that they take less of a cut than most banks, but there may still be a margin they have worked into an exchange rate. But you’ll have to compare to find out.

(Source 1 Source 2 Source 3 Source 4 16 October 2017)

Additional fees

OFX makes transfers with local banks, but on occasion there may be banks that still charge to receive a local payment.

ING Direct (OFX) International Transfers Additional Fees
Receiving bank OFX notes “occasionally, third party banks may deduct a fee from your transfer before paying your recipient”

(Source 16 October 2017)

A cheap and transparent alternative: TransferWise

A cheap way to transfer money overseas is with TransferWise, which lets you send money at the exact mid-market rate - the same rate you find on Google or XE. TransferWise charges a minimal, fair transfer fee that’s spelled out upfront — 0.5 - 2.5% depending on the destination country for the transfer. You don’t pay any international or intermediary bank fees, because, like OFX, TransferWise sends money using local bank transfers, meaning your money never crosses any borders.

TransferWise also offers borderless accounts, so users can send, receive and manage money in multiple global currencies at once. Borderless account holders will also have access to consumer debit cards by 2018.

Try TransferWise today to see how easy sending money internationally can truly be.

Contact / Help - More questions around your transfer?

ING Direct’s help desk offers an extensive FAQ section, as well as options for contacting customer service. Phone numbers and emails vary by location, so check their website to find out the best way to get in touch.

When it comes to sending money internationally, there are many options. But when it comes to protecting your money by finding the fastest and cheapest way to send money internationally, knowledge truly is power.

TransferWise is the smart, new way to send money abroad.

Find out more