July 19, 2024, 2:11 pm | Read time: 3 minutes
Real-time transfers are expected to be available free of charge at all banks within the EU by mid-2025 at the latest. Currently, there is a transition period for the new EU regulation. ING, as a direct bank, has already introduced real-time transfers, though currently with some limitations.
While ING has allowed incoming real-time transfers–also known as instant payments–for years, outgoing real-time transfers have only been possible since April 2024. Since then, certain customers of the bank have been able to transfer money from one account to another within seconds. However, this type of transfer is limited to certain account types. ING has now adjusted another limitation, the maximum transferable amount.
These ING Accounts Allow Real-Time Transfers
Currently, ING offers real-time transfers only with Giropay and the Girokonto Future. Giropay is a service for ING customers. Through their banking app, they can send money to friends and acquaintances without needing to enter their IBAN. The service is very similar to offerings like PayPal.
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The Girokonto Future, on the other hand, is a traditional bank account that ING added to its offerings in April 2023. It is an alternative to ING’s classic checking account, which does not incur monthly account maintenance fees. However, the condition is that customers must be no older than 28 years or have more than 700 euros deposited monthly. Otherwise, the bank charges 4.90 euros per month.
The Girokonto Future is similarly structured but costs one euro more per month. Depending on the situation, customers thus pay either this one euro or 5.90 euros. In return, they receive a checking account with guaranteed sustainability criteria. Customers can choose which partner share project they want to support. ING, in turn, guarantees sustainable investments and financing under social and ecological aspects. Currently, the Girokonto Future is the only account where ING enables outgoing real-time transfers.
ING Increases Limit for Real-Time Transfers
Since April, customers with a Girokonto Future have been able to transfer funds to other accounts within seconds. However, the maximum amount was limited to 1,000 euros–another drawback besides the availability being restricted to the Future account. ING has now improved this.
From now on, up to 10,000 euros can be transferred in real-time at once through the Girokonto Future. The money must be credited to the recipient’s account within 10 seconds, according to the regulation. This applies to all real-time transactions in the euro area, regardless of the day or time of the transfer.