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.

Pros
  • 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.
Cons
  • 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.

Available products

Limit orders

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.

Payment methods

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.

Accepted currencies

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.

Conclusion

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.

Compare money transfer services like ING Direct

The best deal for you

TransferwiseRead ReviewTotal (AUD)$13,933.54Exchange Rate0.7210Transfer Fees$63.91Transfer Time1-2 DaysLearn MoreTotal (AUD)$13,933.54Rate Updated less than 3 mins agoGO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7210 will cost you $13,933.54 which includes a fee of $63.91

About TransferWise

Transparency and an easy online experience are the 2 things that set TransferWise apart from the banks and other money transfer companies. If you prefer to bank online, you'll like TransferWise. Setting up an account and making a transfer is very easy. They are also very clear on the exchange rate and fees you'll pay before you make a transfer. Click here for the full review

Pros

  • Clear and transparent exchange rates fees
  • The online experience is first class
  • Like the banks, they are regulated by ASIC and registered with AFSL
  • Constantly bringing out new innovative products

Cons

  • There are currently a number of global currencies they do not currently support
  • Limited support based in Australia
  • Percentage based fee can add up on very large transfers

More trusted money transfer options

Provider Exchange Rate Transfer Fees Transfer TimeTotal (AUD) Rate Updated less than 3 mins ago
TorFXRead ReviewTotal (AUD)$13,939.32$5.78 more expensive Exchange Rate0.7174 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,939.32$5.78 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7174 will cost you $13,939.32 with no fees.

About TorFX

TorFX are particularly good taking care of customers over the phone but using their website isn't the easiest to use. They don't charge a flat fee which is great but it's important to consider their exchange rates. While, they don't offer fantastic rates for small amounts under $2000 , TorFX offer exceptionally good exchange rates for larger transfers to the UK, New Zealand, South Africa and Europe.

Pros

  • No transfer fees
  • Highly competitive exchange rates
  • Secure transfers with authorised
  • Assigned account manager
  • 24 / 7 Assistance
  • Available range of transfer options

Cons

  • Limited exotic currencies available
  • Exchange rates on small transfers aren't great
  • Website experience could be better
XERead ReviewTotal (AUD)$13,950.54$17.00 more expensive Exchange Rate0.7168 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,950.54$17.00 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7168 will cost you $13,950.54 with no fees.

About XE

XE is a well known and trusted name in the money transfer industry. With over twenty years experience, they now help 33,000 people and 2,000 businesses make transfers each year. Over 60 currencies can be transferred with XE and they pride themselves on the free tools and transparent rates they offer. Click here to read the full review

Pros

  • Well known and trusted brand.
  • Very informative website. Extensive information on currency and money transfers.
  • XE App is available on both iOS and Android. It allows you to see the interbank rate for over 100 currencies.
  • XE themselves charge no fees for international money transfers.
  • Offers support for both individuals and businesses when it comes to international money transfers.

Cons

  • Cannot pay via cash or cheque. Must pay via bank transfer, BPay is also accepted in Australia.
  • Maximum transfer amount is $500,000USD.
  • While XE compares more than 100 currencies, there are only 60 that are available for money transfers.
WorldFirstRead ReviewTotal (AUD)$13,953.35$19.81 more expensive Exchange Rate0.7167 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,953.35$19.81 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7167 will cost you $13,953.35 with no fees.

About World First

World First was founded in 2004 in the UK and has grown rapidly with offices now in the U.S., Canada and throughout Asia. They consistently receive strong customer reviews and in a recent study, 98% of their clients said they would use them again.World First have a strong online offering, particular for businesses selling online. They do provide local support as well with offices in Sydney. Click here to read the full review

Pros

  • No fees and great exchange rates
  • Safe and secure transfers
  • Regulated by ASIC and registered with AFSL
  • Great for personal and business payments

Cons

  • Does not accept BPAY, credit card, cheque or cash
  • Limited currencies available
WorldRemitRead ReviewTotal (AUD)$14,014.89$81.35 more expensive Exchange Rate0.7137 Transfer Fees$3.99 Transfer Time1-2 DaysGet discounted rate $14,014.89$81.35 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7137 will cost you $14,014.89 which includes a fee of $3.99

About WorldRemit

WorldRemit are particularly good for transfers under $10,000 to destinations across Asia, Africa and South America. Sending money online is significantly easier than using companies like Western Union or Moneygram and their exchange rates and fees are clear and transparent. With 2 million users, WorldRemit has a focus on improving access to remittances for the billions people worldwide who don’t have access to banking. Because of this, WorldRemit has a number of ways to both make and receive transfers. They concentrate on servicing individual needs as opposed to businesses. Click here for the full review

Pros

  • They have a great network in Asia and Africa and number of receiving options like cash-pick up or bank transfer.
  • They are clear about their exchange rates and fees
  • No minimum amount

Cons

  • Maximum transfer sizes for every transfer
  • No support for business customers
  • They are not licensed to provide financial advice.
OFXRead ReviewTotal (AUD)$14,060.74$127.20 more expensive Exchange Rate0.7112 Transfer Fees$0.00 Transfer Time1-3 DaysGet discounted rate $14,060.74$127.20 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7112 will cost you $14,060.74 with no fees.

About OFX

OFX (formally known as Ozforex) is the largest Australian owned money transfer company. It launched in 1998 and grew rapidly until finally listing on the Australian Stock Exchange in 2013. OFX excels in 2 areas – Online experience and customer service. The company was born online and continues to develop easy, intuitive products. While OFX customers do most of their transactions online, they are backed up with exceptional customer service.

Pros

  • Better exchange rates compared to banks
  • Highly safe and secure transfers
  • 1 - 2 days delivery times for most countries
  • Quick response time
  • Fantastic customer service

Cons

  • Credit cards, cheques and cash are not accepted
  • Transfers to Thailand can take up to 4 days
  • Fees for transfers smaller transfers
ANZRead ReviewTotal (AUD)$14,398.85$465.31 more expensive Exchange Rate0.6945 Transfer Fees$0.00 Transfer Time1-2 DaysGet discounted rate $14,398.85$465.31 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.6945 will cost you $14,398.85 with no fees.
ANZ International Money Transfer is a secure and fast way to transfer money overseas.

Pros:

  • Fast transfers
  • Safe and secure
  • No fee for transfers under $10 000 via Internet banking

Cons

  • $12 fee for transfers under $10 000 via Internet banking
  • Poor exchange rates
  • 24 hour hotline not available
Commonwealth BankRead ReviewTotal (AUD)$14,689.82$756.28 more expensive Exchange Rate0.6813 Transfer Fees$12.00 Transfer Time1-2 DaysGet discounted rate $14,689.82$756.28 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.6813 will cost you $14,689.82 which includes a fee of $12.00
Commonwealth Bank provides secure and easy transfers to over 200 countries and more than 30 currencies.

Pros:

  • Fast transfers+ Easy transfers
  • Security guarantee covers any losses from unauthorised transactions

Cons

  • $6 fee for transfers under $1000 via Internet banking
  • $12 fee for transfers under $1000 via Internet banking
  • Poor exchange rates