Frequently Asked Questions (FAQ)

  1. How do I access the ING DIRECT International Transfers website?
  2. What are the charges for using this service?
  3. How does it work?
  4. How do I pay you the funds?
  5. I am not comfortable using the Internet, is there another option?
  6. When I buy currency through ING DIRECT International Transfers, when do I need to pay?
  7. What's your background?
  8. Who can use this service?
  9. I'm an individual - can I use this service to send money overseas?
  10. What are Limit Orders and who can use them?
  11. What are Regular International Payments?
  12. Which currencies do you offer for Regular Payment plans?
  13. What payment methods can I use?
  14. How much does it cost to set up a Regular Payment with ING DIRECT International Transfers?
  15. How much is the deposit?
  16. How do I set up a Regular Payment plan with ING DIRECT International Transfers?
  17. Can I cancel a Regular Payment plan anytime? What are the conditions?
  18. How many Regular Payments can we enter into?
  19. What's the difference between a 'telegraphic transfer', a 'wire' and a 'TT'?
  20. What are Swift codes, ABA, IBAN numbers and Sort Codes?

How do I access the ING DIRECT International Transfers website?

  • Easy. Login to the ING DIRECT website ingdirect.com.au, click 'Move My money', then 'International Transfers'
  • The first time you visit, you will need to register. From then on login in with your unique ING DIRECT International Transfers Username and Password.


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What are the charges for using this service?

  • There are no fees for transfers of A$10,000 or more.
  • For transfers under A$10,000 there's a $15 transaction fee.


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How does it work?

  • Simply register on the website and log in (you will always access the site through ingdirect.com.au).
  • Then you can get quotes, add beneficiary (person or company) details and book deals (adeal is the term used for the purchase of your international currency).
  • After you submit your details, an ING DIRECT Representative will call you:
    • to discuss your transfer(s);
    • make sure the system is set up correctly for your needs; and
    • answer any questions you may have about the service and process.
Locking in exchange rates:
  • You can lock in rates for currencies before we have your funds, as long as we receive the funds overnight
  • If it takes longer, it may be better to send us the funds before booking the exchange rate. We'll let you know when we've received the funds and then lock in the exchange rate.


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How do I pay you the funds?

  • You can transfer funds to ING DIRECT via BPAY, Internet transfer, or at participating bank branches. For full details on any of the above, simply visit the 'Our Accounts' section of the ING DIRECT International Transfers.
  • ING DIRECT maintains accounts in all major currencies, ensuring you can transfer funds to us quickly and easily.


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I am not comfortable using the Internet, is there another option?

Yes. If you'd prefer to deal with us over the phone, you can contact ING DIRECT directly on 1300 671 649 in Australia, or +61 2 8667 8089 if you're calling from overseas. 

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When I buy currency through ING DIRECT International Transfers, when do I need to pay?

  • You need to initiate the transfer the same day you book your deal.
  • Depending on how you transfer the funds, ING DIRECT usually receives funds the same or the next day.
  • ING DIRECT will only send the payment to the recipients when your funds have cleared in their accounts.


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What's your background?

  • The ING DIRECT International Transfers service was launched in June 2009. The service is provided by OzForex Limited.
  • OzForex was founded in April 1998 in Sydney.
  • It has enjoyed steady growth and is now one of the largest non-bank foreign exchange providers in Australia.
  • OzForex is a strategic investment of Macquarie Bank, Accel Partners and the Carlyle Group.


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Who can use your service?

  • Companies and individuals who wish to send money in a foreign currency to a person or company in another country.
  • Funds must be paid into the recipient's overseas bank account.


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I'm an individual - can I use the service to send money overseas

  • Yes. Once you're registered, all you need to do is provide us with details of the recipient you're sending money to.
  • To do this, simply login to ING DIRECT International Transfers, select 'Add Recipient' then add in their name and bank account details.


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What are Limit Orders and who can use them?

Limit Orders allow you to nominate a target rate to convert to when sending money internationally. Once you have booked a Limit Order, we will monitor the market for this rate and convert your funds if that rate is reached and let you know by phone and email.

We need to set you up for online Limit Orders. To discuss gaining access or set up a Limit Order over the phone, please call your dealer on 1300 671 649 or +612 8667 8089.

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What are Regular International Payments?

Regular International Payments provides a quick and simple way to make recurring international payments. Regular payment plans can be set up to recur fortnightly, monthly or quarterly. Simply set up a transfer plan that suits your needs and leave the rest to us.

To set up a Regular International Payment please call your dealer on 1300 671 649 or +612 8667 8089.

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Which currencies do you offer for Regular Payment plans?

Currencies currently offered are: AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, JPY, MXN, NOK, NZD, PLN, SEK, SGD, USD and ZAR.

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What payment methods can I use?

We accept payment via electronic transfer or Direct Debit. We currently accept Direct Debit instructions for AUD, CAD, GBP, and USD (USD accounts must be based in Canada) only.

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How much does it cost to set up a Regular Payment with ING DIRECT International Transfers?

There are no transaction costs or fees involved. You simply pay your regular installments and the deposit as agreed in the payment plan and we will convert and transfer at the agreed rate.

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How much is the deposit?

The deposit is the amount of one payment and needs to be transferred together with your first installment. Please note that the deposit is not a fee and we will use it to pay off the last installment of your regular payment plan.

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How do I set up a Regular Payment plan with ING DIRECT International Transfers?

Call us today and we’ll chat through to discuss a payment plan according to your needs.

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Can I cancel a Regular Payment plan anytime? What are the conditions?

If a contract is cancelled or terminated, the Company will sell the balance of the purchased currency (if any) and buy back the balance of the original currency. The deposit will be returned minus any losses that may have resulted as a result of variations on the exchange rate.

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How many Regular Payments can we enter into?

A minimum of four Regular Payments can be set up, with a maximum of 12 months & can recur fortnightly, monthly or quarterly. Shortly before your plan is due to finish, one of our accredited dealers will contact you to discuss renewing or changing the plan depending on your requirements.

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What's the difference between a 'telegraphic transfer', a 'wire' and a 'TT'?

  • Absolutely nothing, they're one and the same thing.
  • Basically it's an electronic payment between banks (our service doesn't support 'drafts', which is a paper-based system).
  • If you're sending a telegraphic transfer (TT)/wire you need to provide:
    • Accurate details of the recipient's banking details (Account Name and Account Number); and
    • either the recipient's bank address and/or their bank Swift/ABA/Sort Code.


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What are Swift codes, ABA & IBAN numbers and Sort Codes?

  • SWIFT is a secure messaging system, used around the world, that allows financial institutions to instruct each other on payments and accounts they hold with each other.
  • In Australia, it's sufficient to provide a branch code, such as a BSB code.
  • In the UK we need a Sort Code.
  • For America, it's ABA codes or routing numbers.
  • In United Kingdom and Europe, we require an IBAN number.
  • All these codes allow the ING DIRECT operations team to accurately identify the bank and branch where your money is being sent.


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The ING DIRECT International Transfers ("IT") service is provided by OzForex Limited, ABN 65 092-375-703, ("OzForex") Australian Financial Services Licence No. 226484. Any reference on this page to "ING DIRECT International Transfers", "we", "us", or "our" is a reference to OzForex.

Where information is provided on this website, it has been prepared by OzForex without considering the investment objectives, financial situation and particular needs of any person. Before acting on any general advice on this website, you should consider its appropriateness to your circumstances. To the extent permitted by law, OzForex makes no warranty as to the accuracy or suitability of this information and accepts no responsibility for errors or misstatements, negligent or otherwise. Any quotes given are indicative only. The information may be based on assumptions or market conditions and may change without notice. No part of the information is to be construed as solicitation to make a financial investment.

If you use the IT service, OzForex will pay ING DIRECT a referral fee. These benefits may be based on a percentage of OzForex's fees and margins in relation to transactions you conduct using the IT service. For further details, refer to OzForex's Financial Services Guide.

OzForex is not an authorised deposit-taking institution for the purposes of the Banking Act (Commonwealth of Australia) 1959, and their obligations do not represent deposits of ING Bank (Australia) Limited ABN 24 000 893 292. ING Bank does not guarantee or otherwise provide assurance in respect of the obligations of OzForex.