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If you’re planning on sending money back home in 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.
Sending euros to another account in SEPA countries (also includes the UK) is typically a more straightforward transaction than transferring in a different currency. Transfers going outside of the SEPA area are called World Payments (Wereldbetaling) by ING. Unsurprisingly, how much your transfer will cost, and how long it’ll take varies, depending on where your money is headed.
But, before we get into the guide, here’s an example on how Wise's wire transfer compares against ING’s wire transfer when sending 1,000 EUR to GBP in the UK. Notice how Wise uses the mid-market exchange rate – the one you can see on Google – and how you see exactly the fees involved.
|Provider||Fee (22/12/2022, 2:30 p.m. UTC)||Exchange Rate||Total Cost|
|ING Bank (Netherlands)¹||€6||Exchange rate + 0.85% markup¹||€6 + 0.85% markup + likely fees from both intermediary and recipient banks|
|Wise||€5.14||The mid-market exchange rate||€5.14|
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.
You can calculate the likely cost of your transaction on the ING website. There’s also a listing (in Dutch) of transfer costs per country.²
|ING Bank Transaction||Regular Fee|
|Incoming international transfer|
|Outgoing international transfer|
|Additional fees may apply|
If your transfer also includes converting the currency, 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 is fair.
ING exchange rate comes from an external certified exchange rate provider Refinitiv, which in turn takes the mid-market rate published by WM Reuters. ING then adds a markup, or a rate surcharge (koersopslag in Dutch) of 0.85%.¹
You will see the exact exchange rate prior to the transaction. However, if the rate is adjusted during your transfer, it can still affect the sum the recipient receives.¹
At the time you arrange your transfer, ING will ask you how you want the costs of the transaction to be handled. Depending on the circumstances, and where you’re transferring money to, you can pay them yourself (OUR), share them with the recipient (SHA), or have the recipient pay the full amount (BEN).¹ It’s important to note that under the law, transfers within the EEA must be done on the basis of shared costs.
You might find that banks other than ING also add flat fees if your transfer is processed using the SWIFT system.¹ 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 enquiring about or tracing international payment is €30.¹
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 online, from the mobile app, over the phone, or using a European credit card.³
If you’re sending money outside of the SEPA area, or in a different currency, you can do this using the online ‘My ING’ service or from the mobile banking application.¹ The site is in Dutch, but in case you need a little help the first time, you’ll find step-by-step instructions on making an international payment online with ING, in English as well.
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)
The length of time it takes to process your international money transfer with ING depends on where your money is going. You can see the maximum processing time when you create the payment.⁶
There are currencies with instant processing – which includes the British pounds (GBP) – currencies that get processed by the next business day, and some rare currencies that are processed within two business days.⁶
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 with ING is €5,000, and you can increase it to €50,000 using online banking or mobile banking app. You can raise the limit to €1,000,000 from 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.⁷
If you have specific questions about your transfer, you can talk to the advisors at ING:
- Log in to online banking or mobile banking app for frequently asked questions and to chat with an advisor
- Get help in person at your local branch
- ING phone number in the Netherlands - +31 20 22 888 88
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.
- ING - International transfer
- ING - Explanation per country
- ING - European transfer
- ING - Rates per country
- ING - Great Britain
- ING - Processing time World Payments
- ING - Limits
Sources last checked on date: 23-Dec-2022
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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