International credit transfer
International credit transfers are non-SEPA cross-border payments or payments denominated in a foreign currency that allow you to transfer funds worldwide. These payments are essential in today's highly interconnected and global economy, making trade in goods and services possible. Businesses depend on these payments to fund foreign operations, and to facilitate trade with foreign partners, enabling access to a diverse range of suppliers, products and services.
Multiple currencies supported with global reach
Accessible through multiple initiation channels
Based on global messaging standards (ISO 20022)
Initiate international credit transfer with ING
Foreign currency payments
Payments and receipts denominated in a currency other than the currency of your account are supported. ING will perform a currency conversion in case the payment instruction requires this. Outgoing payments (122 currencies) and incoming payments (37 currencies) are both available.
Foreign currency accounts
If you regularly initiate or receive international credit transfers denominated in foreign currencies, we recommend opening a foreign currency account to save on additional foreign currency exchange costs. A foreign currency account provides a solution against exchange rate fluctuations and helps you manage interest rates.
Payment types
The priority of an international credit transfer determines the speed at which the instruction will be processed, which has an effect on the credit value date of a payment. Urgent or High Priority payments are processed faster through the international network.
Cut-off times
The cut-off times can differ depending on the currency.
ING InsideBusiness channels
ING offers an array of digital channels and initiation formats so you can easily enter and execute international credit transfers manually or in a batch.
Standard information for international credit transfer
To initiate an international credit transfer, please provide the following information:
- Currency
- Amount
- Full Beneficiary name and address
- Beneficiary account
- Charges you will incur (BEN/SHA/OUR)
- Beneficiary Bank SWIFT BIC (unique identifier code) or beneficiary bank’s bank code
- Clear purpose of the payment
Proof of payment and payment tracking
Via our InsideBusiness Portal, you have access to our proof of payment module, where you are able to view all international credit transfers initiated by your business, including details such as the status of the payments based on Swift GPI tracking information. The module allows you to download a report with the same details which you can share with your counterparties as required. This tracking capability is available for international credit transfers initiated from specific branches.