Currency exchange is a service in My ING business and the ING app that allows you to easily convert your money into different currencies on weekdays. It uses live exchange rates for the transaction. Upon agreement, the money is within 30 minutes credited in the new currency. You can choose to convert euros to a foreign currency, a foreign currency to euros, or a foreign currency to another foreign currency. All you need is a Foreign currency account for that currency.
"}},{"componentType":"highlight","title":"Convenient!","richBody":{"value":"Did you know that Currency exchange can not only be used for executing a currency transaction? It also provides live insight into the exchange rate and its development over the past period.
"}},{"componentType":"sectionTitle","title":"How does Currency exchange work?"},{"componentType":"paragraph","richBody":{"value":"Exchanging currencies or just viewing the exchange rates are both possible with Currency exchange. Do you want to exchange currency? The money will then be automatically exchanged between your Business account and your Foreign currency account at the live exchange rate, without transaction fees. The money is credited within 30 minutes.
Currency exchange is available 24 hours a day on weekdays (Monday to Friday) in My ING business or the ING app for all ING Business customers. Not yet a business customer with us? Open a Business current account first.
"}},{"componentType":"accordion","accordionList":[{"title":"What do you need to start?","richBody":{"value":"Currency exchange is free to use for all ING Business clients. However, if you want to exchange currencies, you need a Foreign currency account and you will pay a mark-up per transaction. See below an overview of the costs:
| Foreign currency account | Costs |
|---|---|
| Foreign currency account | € 6,00 per account, per month |
| Currency exchange | Costs |
|---|---|
| Subscription Currency exchange | Included in the monthly costs of the Foreign currency account |
| Transaction costs | All costs are included in the exchange rate and are shown when exchanging the currency |
"},"alignedImage":{"position":"right"}},{"componentType":"sectionTitle","title":"Is Currency exchange for you?"},{"componentType":"paragraph","richBody":{"value":"
Currency exchange is interesting for you if you do business abroad and regularly pay or receive money in a currency other than euros. With Currency exchange, you decide when you want to exchange money. This can be done at any time. So, convert foreign currency to euros when you need it here or euros to foreign currency when you need to pay abroad.
"},"alignedImage":{"position":"right"}},{"componentType":"accordion","accordionList":[{"title":"How is this service different from making international transfers currently?","richBody":{"value":"International transfer: when you need to make a payment outside a SEPA country, then it is done via an international transfer. For an International, you pay fixed transaction fees and a mark-up.
Currency exchange: when you want to convert money into another currency. This service brings you far more competitive, live exchange rates. What you see is what you get in your account at the end, as the currency exchange rate is definite when you place the transaction order. Simple and affordable, without fixed transaction fees.
International transfer is for both exchanging currencies and making payments in other currencies. Currency exchange is not for making payments to third parties. You can only exchange currencies between your own Business account and Foreign currency account
Currency exchange has no fees that you typically pay when using international transfers in ING internet banking.
The table below describes commonly used currency transactions. For a detailed product description including risks and examples, click on the different currency transactions in the overview.
| Different currency transactions | What does it mean? |
|---|---|
| Spot transaction | A financial transaction in which currency is exchanged at the current market rate (spot rate). A spot transaction is settled within 2 business days (T+2). A transaction with settlement today or tomorrow is also possible for most currency pairs. |
| Forward transaction | A binding contract, also referred to as a forward transaction, between two parties to exchange one currency for another at an agreed time in the future. The exchange rate is the forward rate. |
| Currency swap | A combination of a spot and a forward transaction. The buying or selling of an amount in one currency in a spot transaction which is then sold (or bought) in a forward transaction. |
| A contract that gives the buyer the right, but not the obligation, to sell (put) or buy (call) a certain amount of currency at an agreed date and time for a premium paid upfront. |
Currency exchange is a service available with a Foreign currency account. So all general terms & conditions applicable for Foreign currency accounts are also applicable, with the addition of the terms and conditions for Currency exchange.
"},"textLinks":[{"url":"https://assets.ing.com/m/33999fac71890f63/original/Voorwaarden-Vreemde-Valutarekening.pdf","text":"Terms and conditions Foreign currency account"},{"url":"https://assets.ing.com/m/79b6be6aa03738f1/original/Voorwaarden-Valuta-Wisselen.pdf","text":"Terms and conditions Currency exchange"}]},{"componentType":"sectionTitle","title":"Frequently Asked Questions about Currency exchange"},{"componentType":"accordion","accordionList":[{"title":"What is a currency transaction?","richBody":{"value":"A currency transaction is an agreement between two parties to exchange an agreed amount of one currency for an agreed amount of another currency. How much you get of one currency for the other depends on the exchange rate. For example, an exchange rate of EUR/USD 1.4000 means that 1 euro is worth 1.4000 US dollars.
"}},{"title":"Why would you exchange currencies?","richBody":{"value":"If you choose to exchange currency at the right time, a currency transaction protects you and your money against unfavourable exchange rate developments. Should the exchange rate drop, your money is safe. However, keep in mind that by converting currency, you also forgo the benefit of any favourable exchange rate developments.
"}},{"title":"Where and when can I use Currency exchange?","richBody":{"value":"Currency exchange service is available in My ING business and the ING app 24 hours a day on all business days (from Monday 3AM to Friday 10PM). To use Currency exchange, you need a Business account at ING and a Foreign currency account for every currency you want exchange.
"}},{"title":"Who is Currency exchange for?","richBody":{"value":"Currency Exchange is suitable for ING business customers who trade internationally and make or receive payments in a currency other than the euro.
"}},{"title":"What currencies can I exchange?","richBody":{"value":"Currency exchange is available for these 22 foreign currencies. To exchange currencies to another currency, you will need a Foreign currency account in the specific currency you want to use it for.
N.B. When applying for a Foreign currency account or placing a transaction in a specific foreign currency, restrictions may apply as stated in the terms and conditions.
| Currency | Country | Description |
| AED | United Arab Emirates | AR Dirham |
| AUD | Australia | Australian Dollar |
| CAD | Canada | Canadian Dollar |
| CHF | Switzerland | Swiss Franc |
| CNY | China | Chinese Yuan |
| CZK | Czech Republic | Czech Koruna |
| DKK | Denmark | Danish Krone |
| GBP | Great Britain | Pound Sterling |
| HKD | Hong Kong | Hong Kong Dollar |
| HUF | Hungary | Hungarian Forint |
| JPY | Japan | Japanese Yen |
| MXN | Mexico | Mexican Peso |
| NOK | Norway | Norwegian Krone |
| NZD | New Zealand | New Zealand Dollar |
| PLN | Poland | Polish Zloty |
| RON | Romania | Romanian Lei |
| SEK | Sweden | Swedish Krona |
| SGD | Singapore | Singapore Dollar |
| THB | Thailand | Thai Baht |
| TRY | Turkey | Turkish Lira |
| USD | United States | US Dollar |
| ZAR | South Africa | South African Rand |
Currency exchange is free to use for all our business clients. Viewing exchange rates is completely free. However, if you want to exchange currencies, you need a Foreign currency account and you will pay a mark-up per transaction.
"}},{"title":"Where can I find Currency exchange?","richBody":{"value":"Login to My ING business or the ING app
Select one of your Business accounts or Foreign currency accounts
Click on ‘Currency exchange’ via the top menu
Currency exchange uses live rates. This means the exchange rate can change per second. You will see the live rate for the selected currency pair. Once you confirm the currency pair and the amount, the final amount including all applicable costs is shown to you as a summary. The exchange rate will be held for you for a short time (20 seconds) for your final review. After accepting this summary, the transaction is done and the amounts will be credited and debited to your accounts.
"}},{"title":"What is the maximum amount I can covert?","richBody":{"value":"You can convert up to 5.000.000 euros per transaction, as long as the amount is available in your account at the moment of exchange.
"}},{"title":"How long does it take for the amount to be credited?","richBody":{"value":"The amount will be credited to your destination account within 30 minutes. There can be some exceptions in case of circumstances with specific currency pairs.
"}},{"title":"Can I use Currency exchange for currency trading?","richBody":{"value":"No, this service is only for use to exchange money between your own accounts for your payment receipts & obligations.
"}}]},{"componentType":"linkList","componentStyle":"default","iconTitle":{"icon":{"transformBaseUrl":"https://assets.ing.com/transform/9b2c6ad3-b2ea-4db5-a2ca-1c48b46f01ae/Feedback-Light_Bulb_Outline","type":"image","width":2500,"original":"https://assets.ing.com/m/b3ad527d82eaff3/original/Feedback-Light_Bulb_Outline.png","extension":"png"},"title":"Also interesting for you"},"textLinks":[{"url":"/zakelijk/betalen/zakelijke-rekening/vreemde-valuta-rekening","text":"Foreign currency account"},{"url":"/zakelijk/betalen/zakelijke-rekening","text":"Open a Business current account"},{"url":"/zakelijk/betalen/internationaal-betalingsverkeer","text":"More about international payments"}]}]}}}