Simple Debt-Free Finance

ING direct now offers Person to Person money transfers. It’s a feature of their Electric Orange Online Checking. Here are the details:

Cost of transfer: FREE
Time to transfer:

To ING DIRECT Accounts: Instant
To External Accounts: 3 business days

Of course, you have to have an Electric Orange account to use this feature, but the recipient does not.

“How to Send a Person2Person Payment:

1. Enter the recipient’s name, amount and select a send date.
2. If the recipient is not in your address book, you can add them by entering their Email Address, Account Number and Routing Number (for non-ING DIRECT accounts only).
3. Verify the information, and click ‘Send’.

Additional Info:

• The amount will be deducted from your account on the Send Date.

• P2P Payments to other ING DIRECT accounts are available immediately upon payment pickup.

• P2P Payments to accounts at other banks take 2 bank business days after payment pickup due to transfer time”

As you can see from above, you do need the account number of your recipient’s bank account and the routing code of his bank to send the money.

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