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ING Bank

2016-08-17 00:00:00

ING Wholesel financial group Banking is one of the largest foreign banking organizations operating in the Russian Federation. More than 1,000 clients use the services of ING Bank. The company serves businesses and organizations.

In Russia, the first branch of the bank was opened in 1993. The company is registered under the name JSC "ING Bank (Eurasia)".

 

Opportunities provided by the bank

Business executives can take advantage of a wide range of opportunities that allow them not only to save on cash collection and storage services, but also to control income and expenditure transactions, manage finances, and so on. The bank will also help to minimize the risks that arise as a result of sharp fluctuations in the exchange rate in the foreign exchange market.

The company provides services such as:

  • servicing payroll clients;
  • production of corporate payment cards;
  • provision of settlement and cash services;
  • online customer service systems;
  • sending financial reports to various SWIFT addresses;
  • providing advice on foreign exchange transactions;
  • a convenient system for managing money that is in circulation.

 

Remote maintenance services

ING Bank provides its customers with services that allow them to carry out financial procedures at a distance (without visiting a bank branch). inside business Payments CEE brings together the countries of Eastern and Central Europe.

To become a user of the service, you do not need to download additional programs and applications to your computer. Virtual banking does not require additional investments from the client: account maintenance is free of charge. The system is easy to use: even a child can understand its clear interface.

Holders of electronic accounts should not worry about the security of personal and payment data. All information is transmitted through secure channels.

The client can quickly receive information about the state of the account or view the history of transactions. Online you can find out about the exchange rate.

For the convenience of users, bank employees have developed an automatic reference book system, from which you can learn about the exchange rate, quickly draw up a financial report or create an automatic payment.

 

Operations with currency

Currency exchange procedures

ING Bank offers corporate clients services related to currency exchange.

  1. Exchange transactions with cash on pre-agreed dates for the payment of funds.
  2. FX Swap / Forward exchange procedures with forward and spot payout dates.
  3. Exchange of the most popular types of currencies, including banknotes that are used in Eastern and Central Europe, as well as Chinese yuan.
  4. Providing orders that allow you to participate in exchange transactions that take place on the international currency market. Orders are intended for transactions of the stop type loss / profit taking.
  5. Implementation of payment transactions in various types of currencies (even if, for example, the account is opened in US dollars, and the payment currency is European banknotes).
  6. Conducting an analysis of the foreign exchange market at the time of the conversion operation. Consultations are provided by professionals who specialize in researching the specifics of the foreign exchange market in different countries, including Russia.

Trade schedule with payout date tod

Transactions for outgoing payment transactions for currency pairs dollars / rubles are carried out from 9 am to 4 pm (Moscow time). Transactions on EUR/RUB currency pairs can be carried out from 9 am to 3 pm.

Schedule of transactions with value date tom

The time for making payments for USD/RUB currency pairs is from 9:00 am to 3:00 pm. It is possible to carry out transactions on euro/ruble currency pairs from 9 am to 5.15 pm (Moscow time).

If necessary, you can extend the time of operations.

For clients who do not have an account with ING Bank, there are restrictions on carrying out conversion operations. Limits are also provided if there are no funds on the bank account balance. When carrying out urgent currency transactions, restrictions are also provided. Currency transactions are possible only if the client has signed a cooperation agreement.

 

Minimization of risks (hedging) arising in the foreign exchange market

ING Bank offers several ways to minimize risks in the foreign exchange market. It can be:

  • forwards;
  • swaps;
  • options;
  • structured type products and so on.

Transactions can be concluded for long periods - up to 10 years. In this case, certain conditions must be met:

  1. The bank sets limits on amounts.
  2. The client must conclude an agreement with ING Bank.
  3. Call and put options must have the same value.
  4. In the event that the spot rate is higher than level X on the payout date, the client will purchase the currency at the X rate. If the spot rate is between strike prices Y and X, the client will pay at the option rate. If the spot price is below Y, the trade will need to be paid at the rate of Y.

 

Operations on deposits

ING Bank provides its customers with unique conditions for deposits. The company's clients can open a deposit with a fixed interest rate (determined at the time of registration of the account), or place their funds on one of the foreign currency deposits (except for dollars, euros and rubles, other types of currencies are also accepted). You can also place funds on bi-currency deposits. Such deposits work according to the following scheme: the client deposits an amount in rubles, and dollars, euros and more are credited to the account. Deposits with LIBID and MOSPRIME rates are also very popular among corporate clients.

  1. Bi-currency deposits. This product provides maximum interest rates. The terms of the deposit say that after the expiration of the agreement, the bank has the right to pay the amount stored in the account on another day and in other monetary units (according to the exchange rate at the time of payment). These conditions, as well as additional payment dates and the type of currency, are pre-negotiated with the client.

This deposit is convenient for those who need different types of currencies. The client must understand that, most likely, the reverse conversion will not be carried out.

The interest rate will depend on the exchange rate that has been chosen.

If the deposit was opened in dollars converted into rubles, and the spot at the time of payment is slightly higher or equal to the predetermined rate, then the client will receive the amount in Russian currency. If the spot is below the exchange rate, the Bank issues US dollars. The enterprise will benefit in both situations: interest rates will be equally high.

  1. Regular deposits with floating rates. Such an account can be opened in foreign currency (LIBID-margin) or in Russian rubles (MOSPRIME-margin). Clients can invest in USD, EUR, GBP at current interbank interest rates.

Ruble accounts are opened both at interbank rates and at MOSPRIME rates (0.50%).

ING Bank offers short-term deposits, such as overnight. Such an account is opened for only one day (until 12 noon the next day). Terms can be very different: from 1 day to 6 months. Deposits are placed on a MOSPRIME basis with a trade date of tom. In this case, the LIBID rate is not quoted: all calculations are made at LIBOR rates - 0.125%.

When placing a deposit for up to 12 months, interest is accrued at LIBID rates.

 

Online trading ING Trade

The ING Trade service provides access to the international currency and money market, thanks to which clients can independently carry out even very complex payment transactions. More details about the operation of the ING Trade service from ING Bank can be found on the official website of the organization http://www.ing.ru.

Benefits of working with ING Trade

  • ING Bank clients can work with the international money market on business days (from Monday to Friday) from 10 am to 5 pm;
  • users can monitor currency fluctuations, as well as quickly and safely conduct financial transactions;
  • the service provides the ability to view the history of financial transactions, draw up accounting reports, print documents, and more;
  • customers can set the automatic mode of making payments, which does not require additional confirmations;
  • you do not need to pay anything for connecting ING Trade ; the service is easy to use and accessible to users with basic PC and Internet knowledge.