ACE Money Transfer
ACE Money Transfer
23 Oct 2026
Sending money internationally through Indian Bank is straightforward once you understand the process, fees, and paperwork involved. This guide walks you through everything from SWIFT codes and regulatory compliance to using ACE Money Transfer for international money transfers. Overview of Indian Bank International Money Transfers
An international money transfer moves funds from your Indian Bank account to a recipient's bank in a foreign country. Indian Bank supports these transfers via SWIFT and correspondent banks in currencies including USD, EUR, GBP, AUD, CAD, and JPY. The remittance system allows transfers to be processed through both online and offline channels.
If you plan to send money abroad, check the applicable transfer fees, processing times, and taxes before proceeding. These may vary depending on the destination country, service provider, transfer method, and applicable charges. Permitted purposes for remittances include education, medical treatment, and family maintenance, along with travel, investments, and gifts.
You can transfer money directly from your Indian bank account or explore online remittance providers, such as ACE Money Transfer, to review available transfer methods, fees, exchange rates, and delivery times. The rest of this article compares Indian Bank SWIFT transfers with online solutions, covering fees, documents, and step-by-step processes.
International wire transfers from Indian Bank use the SWIFT network, not domestic systems like NEFT, RTGS, or IMPS. SWIFT stands for Society for Worldwide Interbank Financial Telecommunication, and it is the most common method for international money transfers from India. Wire transfers can be done both domestically and internationally, but cross-border transfers specifically rely on SWIFT messaging.
Key points about how it works:
SWIFT codes identify specific banks and branches globally, ensuring funds reach the correct receiving bank.
Indian Bank routes outward remittances through correspondent or intermediary banks (e.g., Bank of America, Citibank, Standard Chartered) for different currencies.
These intermediary financial institutions may impose their own charges and add processing time.
You need both a SWIFT/BIC code and, for European or UK recipients, an IBAN alongside the recipient's bank account number.
Outward remittances from India typically take 1 to 5 business days to process. Transfer times vary depending on the service provider, destination country, payment method, and any required verification checks. Always check the provider’s estimated delivery time before initiating a transfer, but intermediary bank delays, public holidays, or incomplete details can stretch this to 4–5 days.
Getting the right SWIFT/BIC code is essential when someone abroad wants to remit money to an Indian Bank account. Each bank in the SWIFT network has a unique code, and SWIFT codes consist of 8 to 11 characters. Indian Bank's primary SWIFT BIC code is IDIBINBBXXX.
Here is how the code breaks down:
| Segment | Characters | Meaning |
|---|---|---|
| Bank code | IDIB | Identifies Indian Bank (formerly Allahabad Bank merged into Indian Bank) |
| Country code | IN | India |
| Location code | BB | Bank's head office or primary location (city) |
| Branch code | XXX | Default/head office; a particular branch may have a specific 3-character branch code |
Always verify the SWIFT code on Indian Bank's official website or directly with your local branch before initiating an international bank transfer. Correct SWIFT codes prevent delays in international transfers. Transfer times vary depending on the service provider, destination country, payment method, and any required verification checks. Always check the provider’s estimated delivery time before initiating a transfer. For transfers to Sweden, ensure you provide the correct beneficiary details, including the IBAN and SWIFT/BIC code where required. Additional documentation, such as valid identification, may also be required depending on the provider and transfer circumstances.
Incorrect SWIFT details can lead to rejection, return of funds, or intermediary charges deducted from the amount received.
Resident individuals can send money abroad for various permitted purposes under RBI's Liberalised Remittance Scheme. Here is the process:
Choose destination and purpose. Decide whether you are paying for education, medical treatment, family maintenance, travel, or investments. Confirm your cumulative remittances for the financial year stay within the LRS cap. You must specify the purpose of transfer for compliance.
Collect recipient details. You need the recipient's full name, address, bank name, bank address, account number or IBAN, and correct SWIFT/BIC code. You need the recipient's bank account details for transfers to go through without issues.
Visit an Indian Bank branch or use available digital channels. Submit an outward remittance request at the branch handling foreign exchange transactions for your area.
Complete Form A2 and LRS declaration. Fill in the A2 form declaring the amount, currency, purpose, and beneficiary details. Attach your PAN card, passport or Aadhaar, and address proof.
Pay charges and agree to the exchange rate. Indian Bank will quote the TT selling rate, add the flat remittance fee, SWIFT charges, and GST. Confirm whether charges are "OUR" (you pay all), "SHA" (shared), or "BEN" (beneficiary pays).
Track your transfer. Request your MT103 reference number to monitor the transaction. If funds do not arrive within the expected processing time, contact Indian Bank's forex desk with your reference number.
International money transfers from India are regulated by the Reserve Bank of India under FEMA rules. KYC compliance is required for all remittance transactions, and valid identification is required for international bank transfers.
Core documents typically needed:
PAN card
Valid photo ID (passport or Aadhaar)
Address proof
Completed A2 cum LRS declaration form
Documentation requirements vary based on the purpose of the remittance. For education, you will need admission letters and fee invoices. Medical remittances require hospital estimates. Investment transfers need property papers or invoices.
The Liberalised Remittance Scheme (LRS) allows eligible Indian residents to remit up to USD 250,000 per financial year, subject to RBI guidelines and applicable conditions. Verify the latest RBI rules before publishing. This limit applies cumulatively across all banks and platforms. Purpose codes must be correctly declared to avoid compliance issues, and anti-money laundering checks can lead to extra questions for large or unusual financial transactions.
International wire transfer fees vary by bank and transaction type. For accurate details, refer to the bank’s latest official schedule of service charges on the Indian Bank website.
| Transfer Amount | Flat Fee | SWIFT Charges | Pre-GST Total |
|---|---|---|---|
| Up to ?50,000 | ?550 | ?550 | ?1,100 |
| Above ?50,000 | ?1,050 | ?550 | ?1,600 |
International remittance costs may include transfer fees, applicable GST, and an exchange-rate margin. The total cost depends on the bank, transaction type, and amount sent. Check Indian Bank’s official service charges and forex rates for current details before transferring.
Fees for international transfers can include intermediary bank charges and exchange rate markups. Recipient's banks may also impose additional charges on transfers. Transfer fees can vary widely between different banks. Tax Collected at Source applies to certain foreign remittances under Indian law, and Tax Collected at Source (TCS) may apply to foreign remittances under India’s LRS. Check the latest Income Tax Department guidelines for current rates and thresholds.
Online money transfer services vary in their fees, exchange rates, and transfer conditions. Compare the total cost and applicable charges before choosing a provider. Wise reported 18.9 million active customers in FY2026, according to its official financial results published on 26 June 2026.
However, remove the claim that online services offer fee-free transfers for larger amounts unless a current, dated provider source verifies it.
ACE Money Transfer lets you send money abroad to eligible destinations, including Indian bank accounts, subject to availability. You can review the applicable fees, exchange rates, and estimated delivery time before confirming your transfer.
ACE Money Transfer displays applicable fees and exchange rates before you confirm a transaction. Delivery times vary by payment method and destination. Rates and fees may vary. Visit acemoneytransfer.com for current rates. Exchange rates fluctuate, and the rate you receive may differ from any rates quoted. Always check the live rate at acemoneytransfer.com before sending. The app and website operate 24/7, making it convenient for NRIs and migrants who regularly send money to India from the UK, Europe, Canada, Australia, or the USA.
Recipients can receive funds in their Indian Bank account or collect cash at participating outlets, subject to availability. ACE Money Transfer Limited is authorised by the UK Financial Conduct Authority (FCA) under the Payment Services Regulations. You can verify its status on the FCA Financial Services Register. Transfer fees, exchange rates, and delivery times may vary.
Register or log in using email, Google, or Apple ID on the ACE website or mobile app. Complete basic KYC verification.
Choose your sending country and destination country. Enter the amount, and view the live exchange rate and total fees before proceeding.
Select the payout method: bank deposit to an Indian Bank account, cash pickup, or mobile wallet.
Enter recipient details accurately, including full name, account number, bank name, branch, and SWIFT BIC or IFSC code.
Choose a payment method (debit card, credit card, or online bank transfer). Add a payment reason such as family support, education, or bill payment.
Review the summary showing amount, fees, exchange rate, and estimated delivery time. Confirm by clicking "Pay Now."
Receive a reference tracking number and monitor your international money transfer in real time until funds reach the recipient.
Bank Deposit: Direct transfer to major partner banks globally, including Indian Bank. The exact amount and currency are displayed before confirming. Bank deposit delivery times vary depending on the destination, payment method, and verification requirements. Rates and fees may vary. Visit acemoneytransfer.com for current rates.
Cash Pickup: Over-the-counter cash collection at authorized partner bank branches. The recipient needs a government ID and transaction reference number.
Mobile Wallet: Mobile Wallet: In supported countries, recipients can receive funds in their mobile wallets for eligible transactions, such as purchases and bill payments. Availability and access to ATM withdrawals depend on the wallet provider and local services.
The sender selects the payout method upfront, and delivery estimates differ by method and country corridor.
Double check all recipient data: name, bank account or IBAN, SWIFT/BIC, and address before confirming any transaction.
Send a small test amount on first-time transfers to a new recipient or account to confirm details are correct.
Compare total cost (exchange rate plus all fees) between Indian Bank and ACE before each transfer. Do not assume one is always the way to save money.
Use secure internet connections, enable 2FA, and never share OTPs or login credentials to keep your savings and account safe.
Monitor exchange rates to understand currency fluctuations, but future rates cannot be guaranteed. This is not financial or legal advice. Please consult a qualified professional.
How long does an Indian Bank international wire transfer take? Most people see funds arrive in 1–3 business days for major corridors. Transfers to less common countries or those involving multiple intermediary banks can take up to 5 business days.
What is the maximum I can remit abroad under LRS? The annual limit under India’s Liberalised Remittance Scheme (LRS) is USD 250,000 per financial year for resident individuals across all authorised dealers, subject to RBI rules and applicable conditions. Verify the latest RBI guidelines before publishing.
Do I always need a SWIFT code to send money to India? Yes, for international wire transfers into any Indian Bank account at different branches, the SWIFT code is mandatory. Without it, the receiving bank cannot be identified correctly.
Is it cheaper to use Indian Bank or ACE Money Transfer? For small transfers, compare the applicable fees, exchange rates, taxes, and other charges for Indian Bank and ACE Money Transfer before choosing a provider. For larger transfers, review the latest pricing for each transaction, as costs vary by amount, destination, and transfer method.
Does the recipient need an Indian Bank account? Not necessarily. With ACE, recipients can collect via cash pickup or mobile wallet without needing a specific bank account. For direct SWIFT wires, the recipient's bank details at any bank abroad will work.
What happens if details are wrong? A wrong SWIFT code, name mismatch, or closed account can cause funds to be returned with deductions. Always verify details with the recipient before paying, and contact Indian Bank or ACE support for corridor-specific limits and required documents before sending high-value transfers.
Disclaimer: This article is intended for general informational and educational purposes only and should not be construed as legal, regulatory, tax, business, or financial advice. While reasonable efforts have been made to ensure that all facts, figures, and data are accurate and valid as of the date of publication, no warranty or guarantee is given as to the ongoing completeness, accuracy, or currency of the information.
The content is based on information available at the time of publication. Regulations, government policies, market conditions, and service offerings may change over time and vary across jurisdictions and providers. As a result, some information may no longer be current or applicable. Readers should independently verify all information and consult qualified professional advisors before making any financial, legal, or business decisions.
