ING (NL) international transfer: fees, rates, limits, and transfer times

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 💰

What are the fees for an international transfer with ING?

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.

ING international transfer fees¹

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 exchange rates¹

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.

Additional fees from ING¹

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.

How do you make an international bank transfer with ING?

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

What do you need to make an international money transfer with ING?

To make your international bank transfer with ING, you're going to need a few key details:¹

• The recipient’s country and currency
• The transfer amount
• The full name of the person you’re sending the money to, as written on the account
• The recipient’s IBAN if you’re sending to Europe, or account number and branch details if not
• The SWIFT/BIC code, or routing number if you’re transferring to the US⁵
• Cost bearing option (OUR, SHA, BEN)

When does the transfer arrive to the recipient’s account?⁶

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.

What’s the maximum transfer limit with ING?⁷

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.

How to contact ING?⁸

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

Send money internationally with Wise

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.

Sign up with Wise today

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