GIGA Explains Online Banks: ING (now Without DiBa)

Table of contents:

GIGA Explains Online Banks: ING (now Without DiBa)
GIGA Explains Online Banks: ING (now Without DiBa)

Video: GIGA Explains Online Banks: ING (now Without DiBa)

Video: GIGA Explains Online Banks: ING (now Without DiBa)
Video: Best High Interest Rates Savings Account Explained | Digital Banks (ING,CIMB,TONIK,KOMO, DISKARTECH) 2023, September

The most important rules for the current account with ING-Bank:

  • The account may only be used for private purposes. Commercial use is excluded. Freelance work is tolerated.
  • The partners in a joint account must have the same primary residence.
  • Regular receipt of wages is not necessary, but is required for the approval of a overdraft facility.
  • The account currently supports Google Pay. Apple Pay is expected to follow later this year. So if you need the feature earlier, you should open an account with Comdirect and collect a bonus of 75 euros.

There are two variants of the ING bank checking account:

  • The basic account: Every German bank must offer a basic account. It only includes basic functions such as online banking, transfers, standing orders - without a VIDA card. It is a credit account that does not allow overdraft. Withdrawals are only possible at the 1,200 bank-owned ATMs.
  • The student account: The special student account, called the "current account student" has an age limit of 30 years. Basically, the same conditions apply as for the normal current account. The main difference: Without proof, students can be given an overdraft facility of up to 500 euros.

Set up a student current account at ING-Bank

The websites and advertising messages of the online banks are always very easy and seductive to read. GIGA lists the statements of ING-Bank and explains them to you:

statement Explanation
Free account management All self-made actions, such as transfers or the creation of a standing order, are free of charge, provided they are carried out via the "Banking to go app" or internet banking. However, if you need the help of an employee to do this - in writing or by phone - each transfer, appointment transfer or the creation or change of a standing order costs 2.50 euros.
Two free cards

There are two fee-free cards for each account: With the debit card (also called EC card or checking card) you can carry out the usual bank card actions. For example, pay at the checkout. There is also a free VISA card. It can be used to pay in shops and online shops. You can also use it to withdraw cash from ATMs that accept VISA. It is a pure credit card, without additional services such as insurance or buyer protection.
Free cash payment Up to 1,000 euros / day Maximum 4,000 euros / week Larger amounts must be entered and registered. Somehow you have to get cash with an online account. Withdrawing cash is free of charge and can be done in two ways: - either by credit card at over 58,000 ATMs across Europe (but only in euro currency) - or by debit card - but only at ING machines. In both cases, at least 50 euros must be withdrawn. In addition - from a purchase value of 10 euros - you can get up to 200 euros cash in some shops. This includes supermarkets such as Netto or ALDI Süd, but also the toom hardware store.
Free money deposit Cash amounts of 1,000 to 25,000 euros can be paid in free of charge at the cooperation partner ReiseBank AG. However, the terms of the account state that this is not possible at all because "there is no branch business with counters". So if you have to deposit cash regularly, you should clarify this beforehand. Some ING ATMs support cash deposits.
Daily allowance extra account Not dependent on a current account You can have a call money account with ING , which even pays interest. In the first 4 months you will receive 1 percent interest there on amounts up to 50,000 euros. After that, a variable interest rate of currently 0.01 percent pa applies

Open an interest-bearing overnight account with ING-Bank now

That costs money at ING-Bank:

Cash withdrawals with the debit card in euro countries 5.00 euros + possible fee of the machine operator.
Transfer or create / change a standing order by phone 2.50 euros
Transfer or create / change a standing order in writing 2.50 euros
Cash payment with the debit card at foreign ATMs in foreign currency or abroad 5.00 euros
Cash payment with a credit card (VISA card) at foreign ATMs in foreign currency (e.g. in dollars or lira) 1.75 percent of the amount paid out also includes a fee for foreign assignments and possibly bank fees from the bank.
Use of the debit card to pay in a foreign currency 1.75 percent of the payment amount, but at least 1.00 euro
Use of the VISA card to pay in a foreign currency 1.75 percent of the amount paid out
Overdraft granted (overdraft facility) 6.99 percent a year
Tolerated overdraft 6.99 percent a year

Replacement cards cost 10 euros each and 5 euros you pay for each replacement card PIN. Paying in casinos, lottery companies and betting offices with your VISA card costs 3 percent of the amount, but at least a fee of 3.90 euros.

In addition, relatively high fees are charged when making transfers in foreign currencies or outside the European Economic Area. The amount depends on various factors, including whether the costs are shared (SHARE) or covered by you (OUR).

Open a current account at ING

How to open an account with ING (DiBa)

As a private person, the free ING current account is definitely worth it. But before you get started and "just open an account", you should consider the following:

  • No matter how easy it all sounds, opening a bank account is an administrative act in Germany with relatively high security hurdles.
  • You have to identify yourself with your ID either in a video chat or at a post office (PostIdent).
  • In any case, a Schufa request is made when opening the account and this can also be the reason if the account opening is rejected.

How to open an account:

  1. You fill out the opening form online and send it off.
  2. Then you have to use a video chat or the PostIdent procedure
  3. If everything went smoothly and the Schufa check went smoothly, you will receive the most important start documents and your IBAN number by email.
  4. The access data for online banking come by post.
  5. This also applies to the iTan list, the debit and the VISA card.
  6. The PIN numbers of the cards are sent separately.

If everything is together, you can start right away and use the account. To simplify matters, ING-Bank also offers a relocation service when opening an account. The application for a overdraft facility or the increase in the withdrawal limit then takes place via online banking.