ING Direct International Money Transfer 2018 Review
This ING Direct review will cover everything you need to know with regards to making international money transfers with ING Direct.
ING Direct is a Dutch financial service provider with subsidiaries in the United States, the United Kingdom, Australia, France, and other countries. The Australian branch was established in 1999. Since then it has been providing customers with the means to make international money transfers both conveniently and affordably. ING Direct gives you the power to transfer money online or over the telephone with 24/7 access to your account.
- Can transfer international currency at a locked-in exchange rate.
- Money transfers can be tracked through the entire process, allowing you and the recipient to have full transparency.
- Accredited exchange brokers available for consultation.
- Anytime access.
- Only major currencies and some minor currencies are eligible.
- Minimum transfer amount may be higher than other services.
- Using direct debit limits currencies available.
How it works
The process works through several steps. We have outlined them below for you:
Creating an account
First, you should create an OZForex account through the ING Direct website. Registration for this is completely free. After this, the account creation consists of providing necessary contact information and setting up a username and password. Follow all standard precautions when setting up passwords. For example, never give it to anyone and make it complex enough so someone cannot easily guess it. Doing so will enhance the security of your account.
Setting up a transfer
You can then add the details for a financial beneficiary and ask for a currency quote. The quote is a particular exchange rate subject to market changes. Then you can book a deal, locking in the exchange rate as long as the transfer initiates that day.
A representative from the company will contact you to confirm the transfer and answer any questions. Once the transfer is confirmed, it can take several days for the funds to appear in your beneficiary’s bank account depending on your bank.
Once the funds clear, the recipient gets money in the target currency at the locked-in exchange rate at the time you booked the deal.
A limit order takes advantage of the shifting exchange rates, letting you set up a desired ratio and initiating a transaction only when the market hits a specific price. Setting up a limit order must be done over the phone. It can be cancelled or altered at any time before activation but becomes binding once activated.
For example, you could set up an AUD-USD exchange to activate when the rate is at least 1.2. This means that the transfer would only activate if one United States dollar were worth at least 1.2 of the Australian dollar and not before. Use a currency converter to get an idea of what you need.
Regular payment plans
You can also set up a recurring payment plan for either quarterly, monthly, or biweekly payments. After providing an advance payment, funds will deduct from your account on the agreed-upon date at the locked-in exchange rate for the duration of your payment plan. A payment plan must consist of at least four payments of no less than $500AUD. For one-time transactions, the minimum amount is $250AUD.
You must make a payment immediately when setting up a regular payment plan. The deposit acts as security insurance and will be used to make the final payment of the plan unless you change or cancel it.
ING international fees
Transactions over AUD 10,000 have no fee. Below this amount, a $15AUD transfer fee applies. ING Direct levies no further fees, but you and your recipient’s respective banks may do so.
Is it safe?
ING Direct protects your data and information with 128-bit SSL encryption. Also, it takes strict precautions against money laundering and ensures that all funds are from a legitimate source and available. ING is affiliated with some of the most prestigious financial institutions and has a reputation to uphold as a reliable and trustworthy service provider.
You can, of course, increase safety by exercising all due caution when sending or receiving money from another party. Always verify his or her identity and ensure the funds are intended for a legitimate purpose.
ING exchange rates
ING Direct provides competitive exchange rates. Currency fluctuations happen daily, sometimes multiple times. The main website has a currency calculator so you can get an idea of what the exchange rate is before making a transfer. Just pick your starting currency and the currency to which you want to convert.
As mentioned, you can set up a limit exchange in which transfers initiate when exchange rates reach a pre-set ratio.
Sending and receiving international transfers
International transfers are, for the most part, completed within a few days to a week. First ING Direct has to receive funds from your bank account and then has to convert and transfer them to the recipient’s account. The website includes an estimated timetable, but it is subject to change at any time.
ING Direct accepts money transfers only through direct debit and electronic transfer. For direct debit, the only currencies ING Direct accepts are AUD, USD, CAD, or GBP. USD accounts, however, must be based in Canada. You cannot pay by cheque, cash, credit card, or traveller’s cheque.
ING Direct deals in the following: Australian dollar (AUD), Canadian dollar (CAD), Swiss franc (CHF), Czech koruna (CZK), Danish kroner (DKK), Euro (EUR), British pound (GBP), Hong Kong dollar (HKD), Japanese yen (JPY), Mexican peso (MXN), Norwegian kroner (NOK), New Zealand dollar (NZD), Polish zloty (PLN), Swedish krona (SEK), Singapore dollar (SGD), United States dollar (USD), and South African rand (ZAR).
Available services for businesses
If you are a business customer of ING Direct, you receive up-to-date advice from an accredited foreign exchange broker. This keeps you abreast of market trends that might affect international transfers. Also, you receive the same competitive exchange rates as non-business customers.
Limit orders are ideal for business customers to protect against market fluctuation.
ING Direct offers a diverse set of options for international money transfers. With its different plans, fee transparency, and prompt customer service this company is likely to be suited well for your international banking needs. Just be aware of the restrictions on what currencies can be used for your transaction method.