Here’s all you need to know about foreign currency accounts with Bank of Sydney. The fees requirements and foreign exchange rates.
There is no doubt that it is becoming far easier and more common to make foreign transactions. In some ways, it has become a key feature that some look for when it comes to opening an account in Australia.
If you are looking at ING bank or are already a customer with them, you may be wondering if they offer foreign currencies as part of their accounts or as an added product. We’ll answer this and introduce you to some alternative providers that may better suit your needs.
|💸 Hold over 40 currencies in your account and spend at the mid-market exchange rate with the Wise card while abroad.|
ING Australia is owned by the larger international ING group and has been offering their various financial products and services to Australians since 1994. ING AU has over 2 millions customers.¹
ING Australia does not offer any dedicated foreign or multi currency account to their consumer or business banking customers. Instead, their products range from everyday transaction accounts, savings accounts, credit cards, superannuation, personal loans, home loans and insurances.¹
If you want to open an account with ING AU as a personal banking customer, you can open the ING Orange Everyday account or an ING Savings Maximiser account. Both these accounts are suitable if you are predominantly making local transactions such as paying bills and making purchases.
We’ll go through what this account option is below.
The Orange Everyday account is an everyday transaction account and ING most popular option due to its added benefits and features.
The ING Orange Everyday account comes with the following features:
- 1% cashback when paying eligible utility bills
- Avoid international transaction fees for purchases made overseas
- 5 Rebated ATM withdrawal fees on domestic withdrawals using your ING debit card
Another feature of this account can only be initiated if you open an ING Savings Maximiser account at the same time. If you do this and meet the monthly eligibility criteria, you could accrue up to 5.5% interest per annum on balances up to $100,000. Otherwise, you can open the ING Savings Maximiser as a singular product and link a non-ING account to it for easy transfers.
Unfortunately, you cannot send international transfers using your Orange Everyday Account. ING AU recommends using a third party provider if you want to send money abroad. You can however receive money into your ING Australia account using the SWIFT network.
Using the SWIFT network can incur extra fees by intermediary banks used as part of the international transfer. As this account is only denominated in AUD, this means transfers will be converted from the local currency before being cleared in your ING account.³
If you are looking for an account that offers international transactions and dedicated foreign currency accounts, ING may not be the right choice for you. Some alternatives for you to look at include:
We’ll now go into more details about what each of these alternative providers offer and the features of each available foreign currency account.
Wise, formerly known as Transferwise, is an international fintech company offering their Australian customers the Wise Account.
With this Wise account, you’ll get local account details in 10 major currencies meaning you send and receive transfers like local and save on fees commonly associated with international transfers.
On top of this, you’ll be able to send and hold your money in 40 global currencies, and make easy conversions in your account using the mid-market rate. You can also order a physical and virtual Wise Debit card so you can spend your money around the world in 160 countries.
We’ve also gathered some foreign currency account alternatives offered by popular banks in Australia.
The Commonwealth Bank or Commbank is one of Australia’s largest banks. Commbank offers both personal and business banking customers the opportunity to open foreign currency accounts in up to 15 major currencies. To be eligible, you need to have an existing Commbank Everyday or Savings account so you can make transfers in and out of this account as there is no linked debit card.
Westpac is another of the big four banks in Australia that offers their own foreign currency account. Both consumer and business customers can open an account given they already are a customer with Westpac. This account allows customers to send, receive and hold in 12 currencies. There is no debit card attached with this account so all transactions are managed online through Westpac Online Banking portal.
Large international bank HSBC offers their Australian consumer base the Everyday Global Account which allows users to hold, spend and send money in up to 10 major foreign currencies. This account comes with no monthly account keeping fees and no to low transaction fees, with added cashback rewards on eligible purchases. This account also comes with its own Visa Debit card. To open an account, you must meet some specific eligibility criteria set out by HSBC.
If you need to contact ING AU for any reason, you can visit their website here or you can:
- Call 133 464 from within Australia
- Call +61 2 9028 4077 if you are calling from overseas
ING AU phone lines are open Monday to Friday between 8 am to 8 pm AEST.
Sadly, ING bank Australia does not offer a multi-currency account product here. There are many options though, and we listed some above. These are only to help you start your search into the world of foreign currency accounts.
Remember, if you wish to jump right in with a flexible online account that can be set up in minutes from the comfort of your home, check out Wise and see why 13 million customers chose us.
- ING AU About
- ING AU Orange Everyday
- ING AU International transfers
- Commbank Foreign Currency
- Westpac Foreign Currency Account
- HSBC Everyday Global Account
Sources checked on: 07 July 2023
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 Wise Payments 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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