Ing Direct?

[Sandyincanada]

Hi, I've been looking over the website for ING Direct, I've read some info on this board about it but I'm hoping to clear up abit of confusion on my part.

If I have a US Ing account attached to my regular banking, I can transfer money over from my regular account to the ING account whenever I want? ING will automatically change the Canadian money over to US funds? SO when I withdraw I get US funds? SOrry if these sound like dumb questions, lol...just want to make sure I'm clear on this.

thanks so much

 

[minnie56]

I only have Auto/Home Insurance with them but...

I have a U.S dollar account at RBC and often transfer when the rate is great (A lot lately!) from my chequing into my U.S chequing and yes..I can withdraw at anytime from it and receive the cash in U.S currency.

I would presume ING would be the same?

 

[Sandyincanada]

Minnie, can you do all the transfers online (web banking) and are you paying service fees? I think the thing with ING is they do not charge any monthly fees at all, you can do it all online and supposedly have better interest rates. There was alot of info awhile back on the Budget board, people seemed very impressed with them but I'm not sure how it works as a Canadian with an ING US account. I was hoping someone on here knew.

thanks

 

[Debbie]

Sandy, in order to transfer into the US account, you have to have a US money account at the "real" bank. You can set up a US one on ING to transfer from your Investment(?) Savings Account. I've done that. BUT, ING wouldn't transfer CDN $ from, say Royal or Bank of Montreal, to the US account. If your ATM dispenses US$, I think that you might be able to withdraw from your US ING account. Clear as mud??

I loved when ING had banking machines at Canadian Tire. Then I COULD withdraw US$. HTH

 

[minnie56]

I have a VIP account at RBC...I pay $30 a month service fee and for that it covers 4 accounts. My chequing, savings, U.S dollar and my daughters account.We pay no other fees.

I can transfer anytime from any other account online into the U.S dollar account.To withdraw...I must go into a branch as I haven't found an ATM that has U.S money or write a cheque of course.

It works very well for me..I often just check out the rates and then have 10 minutes that the rate is guaranteed for and I transfer into my U.S account.My sister that lives in England recently visited and had me buy her U.S money for her (she had a sidetrip to the States) this way. I just seized the rate one great day and she was happy happy happy!

Let me know if I missed anything?

 

[Sandyincanada]

Thanks for all your help. That ING site almost made it sound as if you can just transfer Cdn money over, thought it seemed too easy, lol. Now to decide if its worth the service charges at our bank to open a US account...we travel all over, not just to the States.

Thanks again