From November 29, ING Bank will also be offering its customers in Germany a new or expanded cash service. This should make deposits and withdrawals easier across the board.
In Germany, the number of ATMs is steadily decreasing. Most recently, this decline could be explained, among other things, with the energy crisis. Of course, it is also due to the fact that more and more people prefer to pay without cash. Nevertheless, in many shops you still need cash to pay, which is why ING has announced that it wants to adjust its service accordingly with the “ING Cash” option.
This is behind “ING Cash”
The new service will be available in Germany from November 29th. The idea is not new. In the future, ING customers will also be able to make cash deposits and withdrawals where they are in everyday life anyway: in supermarkets, drugstores or other shops. Over 12,000 retail partners are believed to be part of the service, including big names like Rewe, DM and Penny.
The average number of cash withdrawals has decreased compared to the year before the corona pandemic. In 2019, our customers used an ATM 3.7 times a month on average. In the last twelve months it was only 2.4 times on average. Nevertheless, we observe that our customers value the option of being able to withdraw and deposit cash conveniently when making purchases. With our “ING Cash” service, we offer a suitable and largely free solution.
Laura Wirtz, Head of Daily Banking & Payments
The N26, for example, recently set up a similar service for its customers.
What do you have to consider?
In order to use the “ING Cash” service, ING customers need the company’s Banking-to-Go app. In the future, you can select the corresponding function in the app and specify the amount of the deposit or withdrawal there. The transaction then has to be authorized via the app, which then generates a barcode that can be scanned at the checkout.
With ING’s new cash service, you can deposit or withdraw a maximum of EUR 999.99 within one day. Payouts are also capped at 300 euros and at least ten euros must be withdrawn. Withdrawals are free, while deposits cost 1.5 percent of the amount deposited. It is not necessary to buy something in the corresponding shop.