ING credit transfers, direct debits and reporting

International Credit Transfer

Payments are considered International Credit Transfers when the transfer is a transaction outside the SEPA area or when the transaction doesn’t meets the SEPA criteria. In addition, transactions between residents in a currency other than the local currency are also considered as International Credit Transfers.

The various ING (interactive) channels and various initiation formats offer possibilities to quickly enter and execute an International Credit Transfer manually or in a batch.

If you initiate an International Credit Transfer, please provide the following information:

  • The currency of the payment
  • Name of the beneficiary
  • Account number of the beneficiary
  • Charges you will be paying (BEN/SHA/OUR)
  • Bank name - we need the full name
  • SWIFT BIC (unique identifier code) or bank code of the beneficiary bank

 

ING offers different types of International Credit Transfers. Each of these products has a specific set of characteristics and conditions.


International Credit Transfer
If you want to make a payment or receive a payment in a foreign currency or your local currency abroad (not meeting the SEPA criteria), you can choose for an International Credit Transfer. This payment can be done worldwide and in the major currencies.


International Credit Transfer Next Day

If you want to make a cross border payment, but the beneficiary bank needs to be credited early, you can opt for an International Credit Transfer Next Day. With the International Credit Transfer Next Day, the receiving bank will be credited the next business day (if the payment is initiated before the cut off time). The International Credit Transfer Next Day is priced higher than the International Credit Transfer.


International Credit Transfer Same Day
If you want to make an cross border payment, but the beneficiary bank needs to be credited as soon as possible, you can opt for an International Credit Transfer Same Day. With the International Credit Transfer Same Day, the receiving bank will be credited on the current business day (if the payment is initiated before the cut off time). This payment is usually credited to the beneficiary's account on the same working day if this is supported by local market practice. The International Credit Transfer Same Day is priced higher than the International Credit Transfer and the International Credit Transfer Next Day.


International Credit Transfer Intra-company
If you want to make cross border payment between two accounts that belong to the same economic group of your company, you can opt for the International Credit Transfer Intra-company. The beneficiary account must be an ING account. The receiving bank will be credited as soon as possible (if the payment is initiated before the cut off time).


International Credit Transfer ING In-house
If you make or receive an International Credit Transfer between two accounts that are hold at ING, the payment will be processed as an International Credit Transfer ING In-house. The receiving bank will be credited as soon as possible if the payment is initiated before the cut off time and the payment will be priced lower than the International Credit Transfer.


The cut off time of International Credit Transfers can differ per currency of the International Credit Transfer that is being used. In the terms and conditions per ING office is an overview available of the cut off time for the International Credit Transfer. If the currency of the Credit Transfer is different from the account that is debited, a different cut off time is applicable and it will take more time before the beneficiary bank receives the funds. More information on the International Credit Transfer at ING in the Netherlands and ING in Belgium.


FAQ's International Credit Transfer

What is the processing time of an international Credit Transfer?

The processing time of an international payment is in general between one and five days. Although the processing time can differ between bank and country.

Is it possible to use an urgent international Credit Transfer?

ING offers various kinds of international payments via the interactive channels. The international Credit Transfer same day is processed on the current business day.

What is the difference between the SEPA Credit Transfer and the international Credit Transfer?

SEPA Credit Transfer characteristics:

  • Payments in the SEPA area
  • Transfers in euro
  • Creditor and debtor are sharing the costs (SHA)

International Credit Transfer characteristics:

  • Payments to accounts inside and outside the SEPA area
  • Transfer in euro’s and all other foreign currencies
  • Debtor and creditor can decide on which party will pay the costs