posted on May 10, 2008 12:22:04 PM new
I thought I would start a new thread regarding ING. I am really not in love with the ING concept. However, I do find the following information interesting - in the size of ING and the number of accounts, which can transfer funds between them by email address.
"Our unique approach to banking is backed by ING (NYSE:ING), a global financial institution of Dutch origin offering banking, insurance and asset management to over 60 million private, corporate and institutional clients in more than 50 countries. ING employs over 112,000 people in 50 countries, including more than 10,000 in the US, and has been operating in America for over 100 years. ING DIRECT is a member of the FDIC (Federal Deposit Insurance Corporation) which insures bank deposits up to $100,000."
"Open an account and you'll be joining more than 6.5 million Customers who save their money with ING DIRECT in the US, and the 15 million Customers served by ING DIRECT divisions in Canada, Australia, France, Spain, Italy, United Kingdom, Austria and Germany."
ING users help me out here. Apparently, a buyer who has an ING account could easily send their payment directly, and securely, to a payment account I have established. The payment would be sent to my ING email. No charge, no fees, securely, instantly.
I'm sure eBay would claim that such transaction would not be allowed. However this could work with some of those 15 million customers in Europe who do not use PayPal.
Sure could be used with the Vendio store purchases.
posted on May 10, 2008 12:44:09 PM new
if it is between you and a domestic buyer,it is called ACH-automated clearing house which can be done as long as both have accounts with US banks.
But I dont know how it would work with foreign buyers if they keep their fund in their currency?I dont think ING is going to convert the fund into US dollars for you and even if they do,you may not like the exchange rate.
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Lets all stop whining !
I've done approximatelt 10-12 DIRECT BANK TO BANK transfers: FOREIGN BANK into my COMPASS BANK, with never any problems...
The originating foreign bank transfers the money (IN US$) into my COMPASS BANK checking account, and, it usually takes 4-6 hours before the moola appears in my account in the correct US$dollar amount...
COMPASS BANK charges me $12 for accepting an incoming transfer from ANY bank, US or foreign...
THIS WHOLE PROCEDURE HAS NEVER SEEMED TO BE COMPLICATED AT ALL!
posted on May 10, 2008 02:26:50 PM new
If Compass bank is charging you $12 dollars for accepting incoming wire,then it is wiretransfer -your foreign buyer say from Germany goes to his bank and smile nicely and say -I want to transfer money to someone in the US in US dollars please and give the bank your bank name,swift number and your name and your account number and your address and your bank address too.
Your bank routing number is not good enough,it has to be SWIFT or another protocol I cant recall right now.
He could be paying his bank in Euro dollars the sum of whatever he wants to send you plus a wiretransfer fee.
The bank then takes his euro dollars and convert it to US dollars and send it to you.
If your domestic customer is doing wiretransfer,he is paying a fee to do so say 35 dollars,and why?
He could have accomplished the same with ACH,which is really online banking,he goes to his bank site and make out a payment to you and it is free,just like he makes out a payment to his phone company,his credit card issuer.
and ACH is free to you as well.
But then not all US customers know about ACH,he has to have access to his bank account online and his bank has to offer him online banking which most do now,there used to be a fee to do online banking now it is mostly free.
But there are still cases where people prefer to pay $35 for domestic wiretransfer,usually business to business,or business to individual,say you want your broker to send you some money from your brokerage account,and you dont want a check which takes too long ,then you ask them to wire you the money.
You should investigate how your domestic customers are sending you the money,if it is just mere ACH,then it should be free for both parties and Compass should not take 12 from you.
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Lets all stop whining !
posted on May 10, 2008 02:41:24 PM new
I doubt if ING can take a dutch customer who has an account in Euro dollars based in Holland and send you the US equivalent by just taking fund out of his account and deposit in yours.
Just because you and him and Indian and Chinese and Brazilians all have ING accounts in their home country does not mean all these accounts reside on one giant data base and ING can sweep money back and forth.
ING USA does not have much to do with ING Holland or ING Canada,each one is run separately.
Now that guy from Australia,is it otterprop who has bank accounts in different countries and in different currencies said that he can do it within Eurozone,may be he can shed more light on how it works.
WHy not ask ING direct,and see what they have to say?
Dont forget banks make money on the bid and ask price of a foreign currency and wiretransfer fee for an individual retail customer can be as high as 75 dollars.
Citibank once has a neat site which allows you to send checks to individuals in different countries for a fee,and that site was hacked and they dont get much business and so they shut it down
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Lets all stop whining !
posted on May 10, 2008 03:28:53 PM new
hwahwa is correct. At this time, ING USA is run separately from the ING in other countries. Transfers can't be made globally. Too bad.
However, there are 6.5 million U.S. customers, some of whom may be intelligent enough to conceive making account transfers. I'll just have to figure how to do this, so the explanation, is simple and understandable.
posted on May 10, 2008 04:39:41 PM new
Tom,
if you dont have to tell your foreign buyer Compass's swift number,thats good news,may be they have a way of figuring out the SWIFT number from the routing number or they are going through a different system.
As for domestic ACH,now I recall when I am too lazy to go to the bank,I will do ACH to move money from one bank account to another (they are both my bank accounts with 2 different banks),I have to pay 2 dollars to do so,it seems paying utility and merchants are free,but individuals,there is a fee .
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Lets all stop whining !
posted on May 10, 2008 04:44:21 PM new
Well I have 2 ING online accounts,thats because they goofed and send me 2 letters to open an account with them with a $50 bonus each.
So I ended up making 100 dollars and I dont have any fund in my accounts.
I heard that Aussie Ebay sellers will put their bank account number on the item description page so the buyers can do an ACH to send them the money without going through Paypal or post office,but now if Paypal will be mandatory,that will disappear!
posted on May 10, 2008 05:00:33 PM new
If you sell high ticket items,you can just email your bidder and ask them if they would do ACH to make payment?
If they are with ING its great,if not and if their bank charges 2 dollars like mine does,then just give them a 2 dollars discount.
You can use your ING account to receive funds only and zero it out every night.
The problem is buyer gets no protection and they have to have cash in their account,plus they dont earn points like they do if they use their credit card.
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Lets all stop whining !
posted on May 11, 2008 09:16:08 PM new
Both Citibank and HSBC have similar cheap or free international transfers between accounts at branches using their inter-branch transfer systems. I've used it to send very large sums internationally and it was FAST and at inter-bank exchange rates too (when converting currencies). I suspect that ING and other Dutch banks like Rabo use a similar inter-branch transfer system to provide free transfers outside the EU. Within the EU Eurozone and EEA (Switzerland) most banks provide free cross border and domestic transfers via the BIC + IBAN system. The introduction of SEPA (single Euro payments area) will both speed transfers and make Paypal obsolete in Europe.
