Sending Large Amounts with ING: Fees, Limits, and Processing Times

There are times in life where you need to send a large transfer; getting a new car, buying a home, or paying for a special (and expensive) experience or purchase. Whatever it is, you need to make sure your financial provider actually allows you to send the amount of money you need to.

If you’re a customer of ING Australia, this guide is going to explore how they handle large money transfers, including the limits, whether it’s safe, and how you go about setting one up. We'll also introduce to you Wise that can help you save on international transfers with it's low, transparent fees and mid-market exchange rates.

Can you send large transfers with ING?

Whether or not you can send large transfers with ING depends on how much you want to send, and where.

Is ING safe for large transfers?

As a major Australian bank, ING is well regulated.³ They hold an Australian Financial Services Licence and an Australian Credit License (229823), and have been recognised as the Canstar Bank of the Year every year from 2020 through to now. As a result, they are considered a safe option for Australians looking to make a large transfer.

Domestic large transfers with ING Australia

Large money transfers with ING are possible within Australia, but it’s likely that you’re going to need to take some additional steps.

The standard limit for an ING Pay Anyone bank transfer is $5000. You can increase this up to $20,000 via the ING app or online banking system. If you need to send more than $20,000 as a once off, you can do it via the ING app provided the account is an Orange Everyday account. ING doesn't specify the maximum for these transfers so you’re best to contact the bank if you need to send a very large amount.

International large transfers with ING Australia

Unfortunately you can’t send large money transfers abroad with ING, as the bank doesn’t support outbound international transfers.² Instead, they suggest using a third-party service to facilitate the transaction.

The way this works is you transfer AUD from your ING account to a licensed money transfer provider operating in Australia. They then convert your funds and send it to your recipient overseas. Wise is an example of a trustworthy partner to do this, offering the mid-market rate for all currency conversions with low, transparent fees.

Send large amount transfers internationally with Wise

Avoid high fees, exchange rate markups, and daily limits on your international transfers. If you are going to send a large sum of money to someone, especially if it’s overseas, it’s worth looking at Wise as a cost-effective alternative. Wise is an easy way to save up to 3x when sending money overseas. You can make extra secure transfers to 140+ countries, which are easy to set up with no physical paperwork and completed usually in seconds.

With low, transparent pricing and the mid-market exchange rate for all your currency conversions for your foreign transfers, you'll usually get the best value for your money. Wise lets you see exactly what you're paying for a transfer, and what the recipient will get, with no hidden fees.

For managing foreign currencies even easier, create a free Wise account, and you'll be able to manage and convert your money in AUD and 40+ other currencies. Plus, you'll get local account details in 8+ currencies, making it easy to receive money from abroad whenever you need. You'll be able to track your transfers all in one place.

When it comes to international transfers, Wise makes things easier and cheaper.

📤 Send money with Wise

💵 Moving big money? Send over 20,000 GBP or equivalent within a month with Wise, and you'll get even lower fees - as low as 0.1% - for all your transfers that month. Whether it's one large transfer or multiple smaller ones in any of the global currencies we support, you can save more with Wise.

👉🏻 Learn more about large amount transfers with Wise

What is ING’s transfer limits

ING offers other methods for moving money and making payments aside from Pay Anyone. Here are the limits they have in place for their Australian customers for each of these methods.³

How to make a large transfer with ING

The steps for making a large transfer with ING depend on whether you’re using the app or online banking.⁴

For the app, follow these steps:

1. Login to the ING App
2. Choose the account you want to send money from
3. Press “Pay”
4. Tap “Pay Anyone”
5. Press the plus (+) button to bring up the address book and either add a new ‘Bank account’ or ‘PayID’, or select a previous recipient
6. Enter the amount you’re sending
7. Add a description and reference if you want
8. Review the transfer then tap ‘Confirm’ to process the transaction

If you’re using online banking, this is what you need to do:

1. Login into ING Online Banking using your client number and access code
2. Go to the navigation menu and press ‘Transfer & pay’
3. Click “Pay Anyone”
4. Select a past recipient from your address book or press ‘New payee’ and enter the account details
5. Enter the amount you’re sending
6. Add a description and reference if you want
7. Choose when you’d like to send your payment
8. Review the transfer then click ‘Confirm’ to process the transaction

If you’re doing a domestic transfer, following these steps will have your money arrive at the final recipient.

For an international transfer, you can follow these steps to send the money to the money transfer provider, and then need to set up a second transfer with them to get the funds to your overseas recipient.

How long do large amount transfers take with ING

The time it takes for an ING transfer to reach its destination generally depends on how it’s sent, rather than the amount. As a general guide, this is what you can expect.⁵

For an international transfer, you can take this amount of time and add it to what the money transfer provider expects their transfer will take, to know the total estimated time.

🌎 Enjoy low, transparent fees on your international large amount transfers 🌎

Send money with Wise 🚀