ING international transfer: Fees, rates and transfer time

TransferWise content team
8 minute read

If you’re planning on sending money abroad with ING, it’s a good idea to understand a bit about how an international money transfer works. How ING will transfer your money depends on where it’s going, and what currency you want to transfer. Sending euros to another account in the euro area, known by ING as a European transfer (SEPA), is typically a more straight forward transaction than transferring in a different currency. Transfers going outside of the SEPA area are called world payments by ING. Unsurprisingly, how much your transfer will cost, and how long it’ll take varies, depending on where your money is headed. And, you may be able to save using a transfer provider like TransferWise. But more on that later.

A quick example before we get started.

A theoretical online bank transfer (SHA) sending €1000 from the Netherlands to a pound sterling bank account in the UK.

While the prices between the two may not look too different at first glance, it isn’t just the stated fees you need to pay attention to.

What isn’t often mentioned is that, on average, banks and money transfer providers often mark up an exchange rate by 4-6% to make money on converting your currency. Which means it’s a good idea to compare the exchange rate you’re offered with an online currency converter to find out how much your international transfer is really costing you.

In addition, nearly all transfers sent internationally are sent via SWIFT. Which means there are likely 1-3 intermediary banks in addition to the recipient bank that may levy fees of their own. Costing you even more.

Provider Fee Exchange Rate Total Cost
ING Bank (Holland) €6 Exchange rate + markup €6 + exchange rate markup + likely fees from both intermediary and recipient banks
TransferWise €4.98 The real exchange rate - the same one you find on Google €4.98

(Source 1, Source 2 19 January 2018)

Now that you know a bit more about how much international transfers really cost, here’s all you need to know about making an international transfer with ING - so you can send your money safely and with no unwelcome surprises.

What are the fees for a world payment (international transfer) with ING Bank in the Netherlands?

ING’s normal international money transfer rates vary depending on the destination and currency.

(Source 19 January 2018)

ING International transfer fees table

Before you start, it’s a good plan to understand the fees involved when making an international transfer with ING, as these may vary depending on your account type, and where you’re sending money. You can calculate the likely cost of your transaction on the ING website. There’s also a listing (in Dutch) of transfer costs per country.

(Source 19 January 2018)

ING Bank Transaction Regular Fee
Incoming international transfer ING doesn’t charge for incoming international transfers, through the SEPA system. Don’t forget, though, that the sender could have you pay all or some of any charges they incur when transferring money to youIf your money is being transferred from outside the SEPA area, there’s a charge based on the amount of the transfer. This can either be paid by the recipient, the sender or be split between both. The costs will be between €5 and €50.
Outgoing international transfer Payments made in euro to European accounts at SEPA compliant banks are fee free. However, ING notes that the recipient bank could levy a fee which is deducted from the transfer amountPayments made in a currency other than euro or to any account outside of the SEPA area are chargeable, but the fee depends on the detail of the transaction.
Additional fees may apply See Additional Fees section below

(Source 1, Source 2 19 January 2017)

ING exchange rates

If your transfer also includes converting the currency, it’s not only the flat fees which are important. Unless you’re sending a transfer in euro to someone with a euro account, you also need to know if the exchange rate used is fair. The exchange rates they use are set twice a day and depend on the time the payment orders are received.

You see the exact rate after it has been processed, either on your bank statement or through the My ING online banking portal.

All exchange rates set by ING include a ‘price margin’ (*koersmarge* in Dutch). That means that they’re marked up compared to the real, mid-market rate which you’ll find on google.

Where this gets even more complicated is that it’s not always ING that sets the exchange rate used. Instead, depending on how your transaction is structured, an intermediary bank might choose the exchange rate to apply. If that happens, it’s even less likely that you’ll get a good rate on your conversion.

(Source 19 January 2018)

Additional fees from ING

At the time you arrange your transfer, ING will ask you how you want the costs of the transaction to be handled. Depending on the circumstances, and where you’re transferring money to, you can pay them yourself, share them with the recipient, or have the recipient pay the full amount. It’s important to note that under the law, transfers within the EEA must be done on the basis of shared costs.

You might find that banks other than ING also add flat fees if your transfer is processed using the SWIFT system. While SWIFT is a safe way to move your money, the downside is that there are often several banks involved in the process. These are the agent or intermediary banks, mentioned above, who might also pick the exchange rate to use. As well as potentially giving you a poor value conversion, they can also take a cut as a fee for helping to process the transaction.

International transfers with ING Additional fees
If you pay all bank and intermediary fees (OUR transfer) 0.1% of the transaction amount (minimum € 6, max € 50) + different costs per recipient country
If you and recipient split the fees (SHA transfer) 0.1% of the transaction amount (minimum € 6, max € 50)
Recipient fee Transfers within the EEA must be done on the basis of shared costs, which means that you’ll have to pay a portion of the overall cost of the transaction
Enquiring about, or tracing an international payment €30

(Source 1 19 January 2018)

A cheap and transparent alternative: TransferWise

International money transfers managed via your regular bank can work out pretty costly - but you do have other options. A good alternative could be to use a specialist in international money transfers like TransferWise. TransferWise uses the real exchange rate to process your transfer and add only a small transparent cost per transaction.

And if you live or work overseas, or need to move money internationally often, you might also benefit from getting yourself a TransferWise borderless multi-currency account.

A borderless account lets you hold your money in different currencies, so you can convert it using the best available rates whenever you need it. If you get paid in the EU, the UK, Australia or the US but live elsewhere, a borderless account also allows you to get paid locally using local bank details. That cuts out international transfers entirely, with no extra, hidden fees to worry about.

See for yourself if you can get a better deal with TransferWise.

How do you make an international bank transfer (European transfer, or world payment) with ING?

If you’re making a euro transfer to a SEPA (Single Euro Payment Area) compliant bank - usually one within the EU - you’ll be able to manage the transaction online or through the app, or using telephone banking.

If you’re sending money outside of the SEPA area, or in a different currency, you can do this using the online ‘My ING’ service. The site is in Dutch, but in case you need a little help the first time, you’ll find step by step instructions on making an international payment online with ING, in English as well. You can not process these transactions in an ING office, only online.

(Source 19 January 2018)

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

To make your international bank transfer, you're going to need a few key details:

  • The transfer amount
  • The full name of the person you’re sending the money to, as written on the account
  • The recipient’s IBAN if you’re sending to Europe, or account number and branch details if not
  • The SWIFT/BIC code, or routing number if you’re transferring to the USA

ING will ask you how you want the costs of the transaction to be managed. You can either pay them in full, have the beneficiary pay in full, or share the costs. In some cases, sharing the costs is mandatory. If you enter the details of your specific transfer into the calculator available online it’ll tell you the costs and your options regarding paying them.

(Source 19 January 2018)

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

You’ll need to give the sender the following to receive an international money transfer with ING:

  • Your full name and address, and that of your bank
  • Your IBAN
  • The correct SWIFT/BIC code
  • The amount being transferred - and the currency to be used. Don’t forget to take into account any charges when you agree on the amount.

You’ll find your IBAN on any bank statement, or by logging into your online banking, and you can use this helpful tool to find, or check your SWIFT/BIC code.

How long does an international bank transfer with ING take?

The length of time it takes to process your international money transfer with ING depends on where your money is going. In most cases, your transfer will take no more than a couple of business days. In some cases, money transfers take only a day.

It’s important to remember that you have to hit the cut off times for payments, which are listed here along with an estimated processing time for each currency/location.

(Source 19 January 2018)

Contact / Help - More questions around your transfer?

If you have specific questions about your transfer, you can talk to the advisors at ING:

  • Log in to online banking for frequently asked questions and to chat with an advisor
  • Get help in person at your local branch
  • ING phone number in the Netherlands - 020 22 888 88

Wherever you’re transferring your money to, you’re more likely to get the best deal for your situation if do your research in advance. You’ll avoid the common pitfalls, and save yourself some cash at the same time. Most likely you’ll be able to save money when you use TransferWise, instead of your bank.

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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