This article walks through the exact codes, steps, and alternatives you need to get cross-border transfers right, whether you are sending from India or receiving funds from overseas.

Overview: Syndicate Bank & International Transfers

Syndicate Bank was officially merged into Canara Bank on April 1, 2020, ending its 95-year run as an independent public sector bank in India. Before the merger, Syndicate Bank handled international money transfers through the SWIFT messaging network, the same infrastructure used for global wire transfers between banks worldwide. SWIFT registrations are managed by the Society for Worldwide Interbank Financial Telecommunication, which assigns unique codes to each participating institution and branch.

Customers still reference legacy Syndicate Bank details when sending or receiving money across borders. The SWIFT code SYNBINBBH41 was listed for Syndicate Bank’s Bhatkal branch at Anugraha Building, Bunder Road, Bhatkal, Karnataka 581320. This historical listing requires verification against current official bank or SWIFT records before publication. The IFSC code SYNB0009042 identified the International Business branch (also called the Large Corporate Branch) at B-39, First Floor, Middle Circle, near Plaza PVR, Connaught Place, New Delhi. SWIFT codes consist of a bank code, country code, location code, and branch code; each segment pinpoints where the transfer lands.

Syndicate Bank offered international money transfer services for expatriates, and its international transfers supported payments to various countries. International money transfers now use Canara Bank's systems and procedures, but the underlying mechanics remain the same.

Here is how a typical international bank transfer flows:

The sender's bank originates a SWIFT message (format MT103) containing the beneficiary's name, account number, branch, and purpose code.

The message routes through one or more correspondent banks. Correspondent banks are used for routing international transfers when the sending bank does not hold a direct relationship with the receiving bank.

SWIFT messaging is used for global wire transfers; the message arrives at Canara Bank's treasury wing, which processes it and credits the beneficiary's branch.

Funds settling in India from abroad are typically converted to Indian Rupees (INR) at the bank's prevailing exchange rate, unless the recipient holds an NRE, NRO, or FCNR account.

SWIFT codes are used for international bank transfers to ensure the money reaches the correct institution and branch.

Many people still search for "Syndicate Bank international money transfer" because their account numbers, passbooks, and older documents reference the Syndicate brand. If you want to send money quickly without navigating branch visits and paper forms, online remittance partners like ACE Money Transfer offer a faster path. The next two sections cover both routes: traditional bank transfers and the ACE Money Transfer process.

How to Send Money to and from Syndicate Bank (Now Canara Bank)

Whether you want to send money abroad from India or receive a transfer from overseas into your old Syndicate Bank account, accurate bank details determine whether the transaction succeeds or fails. Since the merger, every former Syndicate branch operates under Canara Bank's infrastructure, but many account holders still carry passbooks and statements printed with the old codes.

Details required to receive money into a former Syndicate Bank account

To receive an international remittance, the overseas sender needs the following from you:

Full name of the account holder, exactly as it appears on the bank account. Even a minor mismatch (a missing middle name, for instance) can trigger a hold or rejection.

Your account number, with no extra digits or zeros.

Branch name and full address. For the International Business branch in Central Delhi, that is B-39, First Floor, Middle Circle, Connaught Place, New Delhi, 110001.

The correct IFSC code. You can use the IFSC code SYNB0009042 for NEFT transfers to the International Business branch. From 1 July 2021, former Syndicate Bank IFSC codes beginning with “SYNB” were discontinued for NEFT, RTGS, and IMPS. Verify the replacement IFSC, CNRB0019042, against Canara Bank’s current official branch records before providing it to the sender, as it may not apply to every branch.

The former Syndicate Bank SWIFT code SYNBINBBXXX was discontinued effective 1 July 2021. Canara Bank’s official guidance lists CNRBINBBFD for foreign exchange remittances to its branches across India. Verify the current code with Canara Bank before publication.

A purpose of remittance or purpose code, as required by the Reserve Bank of India. If the purpose code is invalid or missing, the bank can hold or return the funds.

Provide the recipient's bank details accurately, and verify the recipient's bank details against a recent bank statement or the official Canara Bank website before initiating the transfer.

Domestic transfers within India

For domestic transfers (NEFT, RTGS, IMPS), the IFSC code is the critical identifier. Each 11-character code breaks down as follows: the first four letters represent the bank (SYNB for old Syndicate, CNRB for Canara), the fifth character is always "0," and the last six digits identify the specific branch. If you are sending money domestically to someone at a former Syndicate Bank branch, confirm that the IFSC has been updated to the CNRB format.

Steps to send money abroad from a former Syndicate Bank account

If you want to send money abroad from India, the process runs through Canara Bank:

Visit the nearest Canara Bank branch that handles foreign exchange (the former Syndicate International Business branches in major cities typically do).

Fill out an outward remittance form. Outward remittances require documentation detailing the purpose of the transfer: education fees, family maintenance, medical expenses, property purchase, or another permitted reason.

Keep your PAN Card and ID proof handy for transfers. Canara Bank will verify your identity and check compliance with KYC norms.

Provide the recipient's bank details: their full name, account number (or IBAN where applicable), SWIFT/BIC code of their bank, and the bank's full address.

Accept the bank's foreign exchange conversion rate. Exchange rate markups apply to currency conversions performed by banks; the rate you receive will differ from the interbank mid-market rate.

Canara Bank supports transactions adhering to the Foreign Exchange Management Act (FEMA), and Canara Bank ensures compliance with RBI guidelines for foreign remittances. Under India’s LRS, resident individuals can remit up to USD 250,000 per financial year, subject to RBI rules. Regulations may change; verify current requirements with an authoritative source.

What happens if codes are wrong

Incorrect SWIFT codes can cause transaction failures. If the sender or recipient uses an outdated SWIFT or IFSC code, several things can go wrong:

Intermediary banks may reject the payment outright and return it. Transferring money through Canara Bank may incur additional charges from intermediary banks, and a returned transfer can carry rejection fees on top of those charges.

The transfer can sit in a holding queue while the bank's operations team tries to match the beneficiary. Transfer times vary by provider and destination. Code mismatches can cause delays or returned transfers.

You may need to contact the bank's support office to file a tracer request. The bank may charge a fee for this service.

Multiple currencies are accepted for inward remittances, including USD, GBP, and EUR, plus AED, AUD, CAD, CHF, HKD, JPY, SEK, and SGD. Processing times and documentation requirements for inward remittances vary by bank, amount, and transaction type. NRE and NRO accounts can receive foreign currency remittances without conversion, depending on the account type and RBI rules. Transactions may take 1-2 working days to complete for standard inward remittances.

Traditional bank transfers via SWIFT tend to involve multiple intermediary banks, variable fees, and processing times that depend on the currency corridor. For those who want more speed and transparency, digital remittance platforms offer an alternative. The next section covers one such option.

Send Money with ACE 

Using ACE Money Transfer Instead of Traditional Syndicate Bank Transfers

Instead of visiting a branch and filling out paper forms every time you need to send money to or from India, you can use an online remittance service like ACE Money Transfer. ACE Money Transfer supports cross-border payments with exchange rates, upfront fee details, and multiple delivery options. Exchange rates fluctuate, and the rate you receive may differ from any rates quoted. Always check the live rate at acemoneytransfer.com before sending. You can send international remittances using the ACE Money Transfer platform by creating an online account, entering recipient details, and paying via debit card, credit card, or online bank transfer. You can also send money internationally using the Unimoni India app as another option, though ACE provides a streamlined process with multiple payout methods.

Step-by-step: sending money with ACE Money Transfer

Here is how the transfer process works:

Register or log in to your ACE Money Transfer account using your email, Google, or Apple ID.

Choose your destination country. If you are sending to India, select India; if sending from India, select the recipient's country.

Pick a payout option: bank deposit, mobile wallet, or cash pickup.

Enter the transfer amount. The app displays the exchange rate and applicable fees before you confirm. Additional third-party or recipient bank charges may apply.

Add accurate recipient details. For an Indian bank account at a former Syndicate Bank branch, enter the recipient's full name, bank name (Canara Bank), account number, branch name, and IFSC code (the updated CNRB format). If the transfer is international, include the SWIFT/BIC code.

Select a payment method: debit card, credit card, or online bank transfer.

Add a payment reason (family support, tuition, living expenses, rent) and confirm the transfer details before clicking "Pay Now."

Track your transaction in real time using the reference tracking number provided. Status updates appear in the app and on the web dashboard.

Payout methods available through ACE

Bank deposit: direct transfer to accounts at major partner banks globally, including Canara Bank, which services all former Syndicate Bank branches. Recipients in India can receive funds even if their account originated as a Syndicate Bank account.

Cash pickup: over-the-counter cash collection at authorised partner bank branches. This works well for recipients who do not have a bank account or prefer physical cash.

Mobile wallet: instant crediting to supported digital wallet accounts, providing comfort for recipients who use mobile payments for daily expenses.

ACE Money Transfer and Traditional SWIFT Transfers: Key Differences

SWIFT transfers route through intermediary banks, each of which can deduct a fee. ACE Money Transfer provides international remittance services through its network of payout partners. Transfer routes and processing steps vary by destination and payment method. For recurring transfers (monthly family support, quarterly tuition payments), the time saved adds up.

Accuracy still matters

Regardless of whether you use a bank or ACE, every transfer to a former Syndicate Bank account requires the correct IFSC code and account number. If you are sending to the International Business branch in New Delhi, verify whether the branch still accepts the old SYNB0009042 code or requires the new CNRB0019042 code. The same applies to SWIFT: use CNRBINBBFD for foreign exchange remittances unless your bank or remittance service confirms otherwise.

What to do next

If you are ready to send money, open an ACE Money Transfer account and run a test transfer with a small amount to confirm that the recipient's bank details work.

Share the countries you’re sending money from and to so you can check the available transfer options, exchange rates, fees, and delivery methods.

Choose your preferred payout method (bank deposit, cash pickup, or mobile wallet) based on what is most convenient for your recipient at home in India.

Getting money to or from a former Syndicate Bank account is straightforward once you have the right codes and details. The merger with Canara Bank changed the identifiers but not the underlying process. For those who value speed and transparency over branch visits, ACE Money Transfer handles the same transaction with fewer steps and clearer pricing. Update your saved bank details, verify every code before sending, and your transfer will reach its destination on time.

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.