ING business bank accounts: a comparison

5 minutes

Finance

As part of our business bank account comparison series, we’ve analysed ING’s business bank account options to help you understand their key products, features and limitations. For Aussie businesses, ING offers two banking options, the ING Business Optimiser account, and the Business Term Deposit account.

The ING Business Optimiser Account is their high variable interest business savings account, and the Business Term Deposit offers a high fixed interest rate for business savings. Of their business bank account offerings, the Business Optimiser is the more general banking option, so we will be looking at this account in more detail. 

As a standard business account, it’s a good option for businesses whose only business is with Australian customers and clients. So it would be beneficial for more traditional, brick-and-mortar businesses, as opposed to eCommerce businesses, or those that exist more in the online space.

A detailed look at the ING Business Optimiser bank account

Key features

  • Customers receive a high 1% variable rate for the first six months of opening their account

  • There are no fixed terms for holding the account and no account fees

  • Customers can access their ING business bank account 24/7 using their secure netbank offering

  • ING may from time to time offer special promotional interest rates or bonus interest. If your Business Optimiser account is eligible to receive these specials, you’ll be notified by the bank

  • Your savings, up to a balance of $250k, are guaranteed by the Australian Government

Limitations of your account

  • One big limitation of banking with ING is that no ING accounts are able to send money internationally

  • On top of this, your ING Business Optimiser account only sends, holds, and receives AUD, making this type of account unsuited to businesses with any overseas dealings

  • It can’t receive international transfers, either. The only ING accounts that can receive international transfers are their personal banking account, and home loan accounts. ING recommends that if you’re keen to transfer funds internationally then you should look into a third-party service

  • Up to four (4) users are authorised to access your ING business account

  • You can only transfer money to or from your ING Business Optimiser account and one other linked account. This means that you can’t send or receive payments to or from clients, suppliers, staff, or customers

  • There are no debit cards linked to this account

Fees and rates

One benefit of the ING Business Optimiser is that they don’t charge account fees, either transparent or hidden, nor are you charged any fees to transfer money to your other linked account.

And, as you can’t send, hold, or receive foreign currency, there are no FX, SWIFT, or international payment fees to worry about.

Opening an ING Business Optimiser account

Opening a business bank account with ING is reasonably straightforward. You need to provide:

  • Proof that you’re over 18

  • Proof that you’re an Australian registered business, OR

  • Proof that you’re an Australian resident for tax purposes

Once this is confirmed, you’ll need to supply them with:

  • Business details, including the name, address, and phone number

  • Registration information such as your ACN or ABN

  • Details of the business owner

  • Details of all business directors

  • Details of all authorised users

You’ll also need to provide the details and legal confirmation that your other linked bank account is operating in your name. This may be another ING account or another business bank account. 

When it comes to business banking, Airwallex Global Accounts offer a truly flexible alternative

Airwallex global accounts are designed for businesses whose customers, clients, contractors, and suppliers aren’t confined to Australia. You can create individual accounts in up to 11 different currencies, and you’re able to send and receive international payments to and from up to 130 countries.

Key features

Global Accounts: You’re not confined to one AUD bank account. You can created separate accounts for up to 11 different currencies. You’re not locked into creating an AUD account first, either; you can start with whichever currency you need. Each of these foreign currency accounts will use local bank details for that country, so you don’t have to supply your international contact with any extra information. For them, it’s just like making a local payment.

FX & International Payments: Airwallex enables you to make payments to 130 countries, in over 23 different currencies—with no minimum transfer amount or fees charged.

Multi-currency virtual Visa cards: You gain access to multi-currency payment cards, which can be used anywhere Visa is accepted. You can make payments directly from your Global Account with this card, and there are no additional FX fees for doing so.

Xero integration: Airwallex Global Accounts integrate directly to your Xero accounting software, making it easy to reconcile your banking in real time. You even get individual currency feeds for each account, so you can check the progress of each account, up to the hour.

Fees and rates

Much like ING, Airwallex doesn’t charge any monthly or annual account fees. There are no card fees and no minimum amount you need to keep in your account. 

We don’t charge for foreign currency transfers either. You’re transacting directly in that currency, so it’s just like local banking, just overseas. That means no SWIFT fees, no transfer fees, and no exorbitant FX rates. 

However, other fees and charges may apply, which you can find on our website.

When you do need to exchange foreign currency to or from AUD, you’ll receive competitive wholesale exchange rates, at just 0.3% or 0.6% above the interbank rate. This means that when you check the exchange rate with us, you always know what you’re getting.

Supported currencies

As well as AUD, Airwallex Global Accounts support the following international currencies:

  • CAD Canadian Dollar

  • CHF Swiss Franc

  • CNH Chinese Yuan

  • EUR Euro

  • GBP British Pound

  • HKD Hong Kong Dollar

  • JPY Japanese Yen

  • NZD New Zealand Dollar

  • SGD Singapore Dollar

  • USD US Dollar

Airwallex Global Accounts are made for Australian businesses that want to spread their wings

Airwallex Global Accounts provide Australian businesses with the usability, flexibility, and transparency that stands them head and shoulders above a traditional business banking account.

You’re able to send and receive money not just within Australia, but to 130 different countries. You can create multiple accounts, with as many users as you need, and send, hold, and receive 11 different currencies.

This isn’t a business savings account. It’s better. So if your business is growing, grow with us.

Get in touch with us today to book a demo, and see the international banking potential you receive with an Airwallex Global Account .

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References

https://www.ing.com.au/pdf/BO_Terms_and_Conditions.pdf

 https://www.ing.com.au/faq-result.html?faqid=7429

 https://www.ing.com.au/business/business-optimiser.html

Last updated as of January 2021

Our products and services are provided by Airwallex Pty Ltd ABN 37 609 653 312 who holds AFSL 487221 (Airwallex). This article is provided for general information purposes only and is correct at the time of publication but may change. This article does not take into account your objectives, financial situation or needs. Airwallex is not providing you with any legal, financial or tax advice. You should consider the appropriateness of the information in light of your own objectives, financial situation or needs and obtain your own legal, financial or tax advice. Please read and consider the Product Disclosure Statement available on our website before using our service.

Airwallex provides third-party links for general informational purposes only. Airwallex does not endorse or approve these products and services, or the opinions of these corporations or organizations or individuals. Airwallex accepts no responsibility for the accuracy, legality, or content on these sites.

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