How long do international bank transfers from the UK take?
How long do international transfers take? Find out in our helpful guide, covering average transfer times for SWIFT and SEPA.
If you’re planning on sending money back home to the UK or any other country from the Netherlands with ING, it’s a good idea to understand a bit about how an international money transfer works. Unsurprisingly, how much your transfer will cost and how long it’ll take varies, depending on where your money is headed.
To explain this further, we’ve created a guide to ING international transfer fees. This includes exchange rates, transfer limits and how long it will take for your transfer to arrive
And if you’re looking for an alternative to traditional banks, the money services provider Wise might be a good option. With the Wise account, you’ll be able to send money abroad for much lower fees* compared to leading UK high street banks. Wise uses the mid-market exchange rate and there are no hidden charges.
Learn more about the Wise account 💰
Before you start, it’s a good plan to understand the fees involved when making an international transfer with ING, as these may vary depending on your account type, and where you’re sending money.
We’ll begin with an ING international transfer fee overview. You can also find a listing (in Dutch) of transfer costs per country on their website.
Let’s jump in:
ING Bank Transaction | Fee |
---|---|
Incoming international transfer | ING doesn’t charge for incoming international transfers, through the SEPA system² If your money is being transferred from outside the SEPA area, there’s a fixed charge of 6 EUR for receiving the money |
Outgoing international transfer | Payments made in euro to European accounts at SEPA compliant banks are fee free. However, ING notes that the recipient bank could levy a fee which is deducted from the transfer amount.² Payments made in a currency other than euro or to any account outside of the SEPA area are chargeable. ING bank applies a fixed fee of 6 EUR for sending and receiving World Payments. If you choose to bear all costs (OUR), including those of the recipient, the fee will be between 9 EUR to 50 EUR (the fee for sending money to the UK is €15).³ |
Additional fees may apply | See Additional Fees section below |
If your transfer also includes currency converting, it’s not only the flat fees which are important. Unless you’re sending a transfer in euro to someone with a euro account, you also need to know if the exchange rate used by ING is fair.
ING’s exchange rate comes from an external certified exchange rate provider Refinitiv, which in turn takes the mid-market exchange rate published by WM Reuters. On top of that rate, ING adds a markup, or a rate surcharge (koersopslag in Dutch) of 0.85%.
And don’t worry, you will be able to see the exact exchange rate prior to the transaction. However, if the rate is slightly adjusted during your transfer, it can still affect the sum the recipient receives.
While you’re arranging your transfer, ING will ask you how you want the costs of the transaction to be handled. Based on what you pick, this could be another expense on top.
You’ll have three options, depending on the circumstances: you can pay the costs yourself (OUR), split them with the recipient (SHA), or have the recipient pay the full amount (BEN). It’s important to note that your decision will also depend on where you’re sending money to, since transfers within the EEA must be done on the basis of shared costs.
Also, you might find that banks other than ING add flat fees if your transfer is processed using the SWIFT system. While SWIFT is a safe way to move your money, the downside is that there are often several banks involved in the process.
These are the agent or intermediary banks, mentioned above, who might also pick the exchange rate to use. As well as potentially giving you a poor value conversion, they can also take a cut as a fee for helping to process the transaction.
It’s also worth noting that ING’s rate for requesting an international payment is €30.
But, if you value transparent fees and want to avoid exchange rate markups, consider sending money with Wise. You’ll get a low transfer fee*, no hidden costs and the mid-market exchange rate.
If you’re making a euro transfer to a SEPA (Single Euro Payment Area) compliant bank - usually one within the EU - you’ll be able to manage the transaction in one of four ways: online, from the mobile app, over the phone or using a European credit card.²
If you’re sending money outside of the SEPA area, or in a different currency, you can do this using the app or the online ‘My ING’ service.¹ They also have a website version in English, so using it won’t be a problem.⁴
To make your international bank transfer with ING, you're going to need a few key details:¹
The length of time it takes to process your ING international transfer depends on where your money is going. You’ll be able to see the maximum processing time when you create the payment.
There are three categories of currencies based on transfer speed: currencies with instant processing, those that get processed by the next business day and some rare currencies that are processed within two business days. The British pound falls into the first category.
It’s important to remember that you have to hit the cut off times for the payments to reach the recipient within the processing time, which are listed here along with an estimated processing time for each currency/location.
The default transfer limit in the ING app or via My ING is €2,000 per day. However, you can increase this to €50,000 a day. If you plan on sending a transfer larger than €50,000, you can raise the limit to €1,000,000 at an ING branch office – it’s valid for that same day, but you can also set up the payment to be sent on a later date.
If you need to get in touch with ING customer support regarding your transfer, you can start in the official banking app or via My ING. The first step will be trying to solve your issue with a digital assistant, but if that doesn’t work out, you’ll talk to an employee directly.
You could always visit your local branch and get help in person. Make sure you look for the one closest to you.
Finally, there’s an emergency line in case of something urgent. It’s open 24/7 for any urgent issues. You can reach it at +31 20 22 888 88.⁹
When you transfer your money abroad, you’re more likely to get the best deal for your situation if you do your research in advance. You’ll avoid the common pitfalls, and save yourself some cash at the same time. Also, consider checking out Wise as an alternative to using a traditional bank for your international transfers.
Open a Wise account and you’ll only pay a small, transparent fee* to send money in 40+ currencies (including EUR and GBP). Better still, you’ll get the mid-market exchange rate for every foreign currency transaction and your transfers are always secured and trackable.
Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.
Sources used:
Sources last checked on date: 09-Sep-2024
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
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.
How long do international transfers take? Find out in our helpful guide, covering average transfer times for SWIFT and SEPA.
You may not know it but if you receive RSUs or sell shares in US dollars you could be losing money paying currency conversion fees. Discover how to avoid this.
Read our guide on receiving inheritance from abroad, the steps you should take after becoming a beneficiary and UK inheritance tax.
Wondering how Revolut works and whether it’s the best choice for you? Our Revolut review should help answer those questions and more.
Are you a new Revolut user? Read our guide on Revolut limits, including how much you can transfer, withdraw and deposit.
Can you use Revolut to receive an international transfer? Read all about this, along with info on international transfer fees and transfer details.