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Finding the right bank account can take a lot of research. These days, you can find a whole range of accounts that come with a range of fee structures, benefits and eligibility requirements to open. ING Bank, commonly recognised by their orange lion logo, has a range of accounts suitable for all types of needs.
We’ll take you through what sort of accounts are available, how to open and what you might need to provide.
|💸 Hold over 40 currencies in your account and spend at the mid-market exchange rate with the Wise card while abroad.
ING Bank offers an everyday transaction account and a savings option. Here is a breakdown of the features and benefits.
This account is the ING option for an everyday transaction account where you can get your salary deposited, make purchases and transfer money in or out. This account also comes with some extra benefits including¹:
- 1% back on eligible utility bills
- No international transaction fees
- Rebates on up to 5 international ATM withdrawals per month
To qualify for all these benefits, you’ll need to meet some basic conditions each month including depositing at least AU $1000 into the account and making 5 eligible ING card transactions.
The Savings Maximiser is ING’s highest interest account that you can open. Some of the benefits include²:
- Up to 5.5% interest for balances up to AU $100,000
- No monthly fees
- Linked to the Orange Everyday account
The way to access these benefits is the same as those attached with the benefits associated with the everyday account.¹
To open an Orange Everyday account, you can apply online in around 10 minutes.³
- Click “Open my account” on ING Banks website
- Fill out the online form
- Upload your documents
- Verify your account with your mobile
For some, your documents will be verified instantly, however sometimes it may take between 3 to 5 days for your documents to get approved by ING. Your new linked Visa Debit card can take up to 10 days to be mailed out to you. To activate the account, you’ll need to make a deposit into the account.¹
When you open an Orange Everyday Account, you can choose if you want to open a Savings Maximiser at the same time. If you already have an account with ING bank, you can apply through the ING banking portal by⁴:
- Go to “Apply for Products”
- Click “Open Now”
- Input the requested details
You can also apply for this account through the ING banking app.
Joint accounts are available with the Orange Everyday account, the Savings Maximiser account and a term deposit. To open a Ing joint account, the main account holder will need to⁵:
- Visit the ING website
- Click “Open my Account”
- Choose the joint option
- Fill out the rest of the application.
This will prompt an email to the second person required to be on the account with details on how to set up the account. Both customers will need to provide the required documents verified.
Some accounts can come with a range of maintenance or transaction fees. We’ll have a look at some of the fees with the Orange Everyday account and compare it with an alternative account you can check out with Wise.
|Orange Everyday Account¹
|Account monthly fees
|Free to hold up to $23,000 AUD per month. 0.00437% daily holding fee for any amount over $23,000 AUD
|International transfer fee (for a sample amount of $1,000 AUD to GBP)
|Small payout fee + 0.48% variable conversion fee (e.g. for a transfer of $1,000 AUD to GBP, the total fee charged is $5.31 AUD) You can make a fee calculation here.
AU 5$ per withdrawal unless eligible for rebate + 3% conversion fee
|You can take out money for free twice a month — as long as the total amount is under $350 AUD. After that, there is a $1.50 AUD per transaction fixed fee. If you take out over $350 AUD in one month, there is a 1.75% on the amount exceeding that. See card fees here.
*Reference rate only - actual rate may vary. Information last checked on 22 October 2023
Before you begin your online application, you will need to meet some eligibility requirements.
All applicants must be at least 18 years of age, an Australian resident and have a mobile that can receive the verification SMS. You’ll also need to provide³:
- Proof of your Australian address
- Your Tax File Number
- Two forms of identification documents
If you can’t upload some of these documents online, you will need to post a copy to ING to verify your account.
There is no minimum deposit to open an ING account, however you will need to make a transfer to activate your account. If you want to be eligible for the added benefits, you will also need to deposit AU $1000 monthly.¹
Unfortunately there are no ING branches for customers to visit, unless they reside in Sydney where they can visit the ING Lounge. This means you can only open your account online.
There are two things that all customers should know about this account before applying that relate with using the account for international transactions.
It is important that you tell ING before you travel overseas, so that you can use your ING Visa debit card abroad without any issues. To use your card overseas, you will need to choose “Credit” when you make a purchase or when withdrawing from ATMs.
It is not possible to send international transfers with your ING account. You are however able to receive money from overseas.⁶
If you need to reach out to ING for any reason, you can:
- Call from within Australia on 133 464
- Call from overseas on +61 2 9028 4077
You can also visit their contact page to find other ways to reach out to a customer representative.
Although ING has some great transaction and savings accounts on offer, they may not suit your needs. You can also check out the big four banks including National Australia Bank (NAB), Commonwealth Bank, Westpac or ANZ bank. If you are looking for an account where you can send and receive money from abroad, while making purchases online and overseas, check out Wise.
If you’re looking for a flexible account that is great for daily spending in Australia and overseas, the Wise Account is worth a look.
The Wise Account can be opened for free and allows you to hold money in over 40 currencies and send money to 160 countries. You can also order local account details for 10 world currencies including AUD.
You can also use the Wise Debit card to spend money in 150+ countries without markups and hidden transaction fees. The mid-market rate is used when switching between currencies, helping to keep costs low when sending money internationally. It’s the rate you see on a Google conversion search.
Join over 16 million customers currently enjoying Wise. It’ll only take a few minutes to register and see what’s inside.
- ING Everyday account
- ING Savings Maximiser
- ING How to open
- ING Maximiser open
- ING Joint account
- ING International transfer
- ING internationally
Sources checked on: 22 October 2022
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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