ING exchange rates
While you won't be able to send money overseas with ING anymore, check out what exchange rate you'll get on card purchases.
From July 2019, ING no longer offers international money transfers to its customers in Australia. If you want to send money overseas, you'll need to use a third-party transfer service instead.
But if you're planning on using your ING debit card overseas, you'll still be able to. Read on to find out what exchange rate you'll get.
ING's exchange rate on international transactions
If you're using your ING card overseas, you'll be getting the Visa exchange rate. You can see what today's rate is on Visa's site, but keep in mind that ING adds 2.5% on top of this for all international transactions.
You can avoid this, however, by meeting the account's conditions. These include depositing at least $1,000 and making five card purchases each month. As part of this, you'll also get back any ATM fees, both within and outside of Australia. This means that you'll still be charged the ATM fee when you're overseas, but ING will rebate the money within five business days.
Sending money overseas
Previously, you could send money overseas with ING via its partnership with OFX. This meant you'd be getting the exchange rate OFX offers, which you can read more about in our review of OFX.
However, since July 2019, this service has been discontinued. While you won't be able to send money overseas through ING anymore, there are still plenty of other options. You can check them out below and compare each of them on the amount your receiver will get at the end, as well as transfer speed and exchange rate.
International Money Transfer OffersImportant Information*
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
Send money overseas in 30+ currencies with competitive rates for transfer amounts over $2,000.
Global Reach will match any competitor's exchange rates. Conditions apply.
No transfer fee when transferring more than £10,000 or equivalent. Send money in over 130 currencies. No maximum transfer amount.
Sign up for a new account and receive a $50 Myer gift card when you transfer $10,000 or more.
Send 60+ currencies at competitive rates and no fees. If you find a better eligible quote, WorldFirst will beat it.
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