ING Person2Person allows payments and money transfers to be made through the Internet.
An ING Person2Person account is used to receive money from another ING customer. After funds are received in a Person2Person account the funds can be held until they are withdrawn to a U.S. bank account.
Anyone can receive a Person2Person transfer, however the funds received are accessible only to those who have a bank account in the U.S. Only ING bank customers may send money using the Person2Person product.
The Person2Person recipient is notified immediately when funds are sent.
Funds from a Person2Person payment to another ING DIRECT account are credited instantaneously once the recipient confirms the payment. A Person2Person payment confirmed by a customer who banks elsewhere will see funds available at that bank in two to three business days.
Some Bitcoin currency exchanges accept Person2Person as a method for adding funds to the exchange.
To send money an ING bank account customer must log into their checking or savings account with ING and send money from that site.
An e-mail alert will be sent to the recipient which instructions as to how to claim the funds.
Transferring funds through Person2Person requires that the sender enter the last four digits for the recipient's bank account number. The recipient might be reluctant to provide this information. Know that when using paper checks, even more information than this is printed at the bottom of each check.
There are no fees for sending or receiving using Person2Person.
ING launched Person2Person in 2006.