Fast international transfers and competitive rates in more than 17 currencies
If you’re looking for a simple and affordable way to send an international money transfer, ING Direct can help you send money all around the world in 17 currencies.
With exchange rates usually only available to larger corporations, ING transfers are affordable and offer the simplicity of an online transaction. Start a money transfer online any time of day and get money where you need it in as little as a day.
ING Direct exchange rates
As ING Direct International Transfers are offered by OFX, a company that specializes in foreign exchange solutions, customers are able to get better exchange rates than major banks typically offer.
OFX has a large client base, trades large volumes of foreign currency and is also set up to have low overheads, all of which means it can afford to offer its customers better exchange rates. To see how those rates compare, register for a free account online and get a transfer quote.
How much does it cost to transfer money with ING Direct?
ING Direct and OFX offer a simple and transparent fee structure for this service. If you transfer an amount less than $10,000, a flat fee of $15 applies. But if you transfer $10,000 or more, you won’t have to pay any transaction fees. There are no other hidden fees or commissions that you need to worry about with this service.
Minimum transfer amount and available countries
The minimum transfer amount you can send using the ING Direct International Transfer service is AUD $2,000, or an equivalent amount in another currency. If you set up a recurring payment, the minimum transfer amount is AUD $500 per payment.
You can use this transfer facility to send funds to a wide range of transfer destinations around the world – contact ING Direct for a full list of locations. Transfers are available in the following currencies:
- Australian dollar
- Canadian dollar
- Swiss franc
- Czech koruna
- Danish krone
- Great Britain pound
- Hong Kong dollar
- Japanese yen
- Mexican peso
- Norwegian krone
- New Zealand dollar
- Polish zloty
- Swedish krona
- Singapore dollar
- US dollar
- South African rand
What types of transfers can you complete with ING Direct?
ING Direct allows you to send the following types of transfers.
- One-off transfers. This is the quickest and simplest way to send an international transfer. All you have to do is login, enter your transaction details and pay for your transfer.
- Limit orders. This convenient option allows you to lock in a great rate as quickly as possible. All you have to do is nominate the target exchange rate for your transaction, and OFX will then monitor the market for your desired rate. When the rate becomes available, your transfer will automatically be placed.
- Regular transfers. ING Direct allows you to set up a regular payment plan to recur weekly, every two weeks or monthly. There are no establishment or transfer fees to worry about, but your plan needs to include a minimum of four transfers.
If you need help with a transfer or what to find out more about this service, ING Direct offers a handy FAQ section on the International Transfers website. Customer support is also available from ING Direct, or you can speak to an accredited foreign exchange dealer 24 hours a day, five days a week.
The registration and transfer process
In order to send a transfer using this service you will need to:
- Register with ING Direct International Transfers provided by OFX. You’ll need to provide your full name and contact details
- Login to your account and request a live exchange rate.
- Lock in the details of your rate, your recipient and any transfer fee that may apply.
- Transfer your payment to ING Direct International Transfers.
- Your funds will be transferred to the recipient
If you’re depositing funds into your account from Australia, the money should clear within one business day. After that, the following processing times apply to international transfers:
- Canada (CAD): 1-2 days
- Europe (EUR): 1-2 days
- Hong Kong (HKD): 1-2 days
- India (INR): 2 days
- Japan (JPY): 1-2 days
- New Zealand (NZD): 1 day
- Singapore (SGD): 1 day
- Thailand (THB): 1 day
- USA (USD): 1 day
- UK (GBP): 1 day
Pros and cons of ING Direct
- Competitive exchange rates. Thanks to its partnership with OFX, ING Direct can offer highly competitive exchange rates on international transfers.
- Fee-free transfers. Send more than $10,000 and you will not need to pay any transfer fees.
- Supported currencies. With support for 17 currencies, this service offers transfers to an extensive range of transfer destinations.
- High minimum amount. The minimum transfer amount of $2,000 might be out of reach for some customers.
- Fees. If you send less than $10,000, a $15 transfer fee applies.
What is ING Direct?
ING Direct provides a convenient and competitive international transfer service managed by OFX, an Australian foreign exchange specialist established in 1998.
What other products and services does ING Direct offer?
The ING Direct International Transfers service provided by OFX is also available to business customers. It offers competitive exchange rates for small to medium businesses and the same fee structure as applies to personal customers. Every client is also assigned to an accredited foreign exchange dealer to help manage your international payments.
ING Direct offers easy, cost-effective and secure international transfers to its customers. Compare all money transfer providers to find the cheapest and safest way to send money overseas.