ACE Money Transfer
ACE Money Transfer
21 Oct 2026
Bandhan Bank customers and NRIs can send money to India and abroad through international money transfer services that range from digital remittance platforms to traditional bank wire transfers. International money transfers involve inward and outward remittances, and Bandhan Bank supports both through its network of correspondent banks and partnerships with global transfer providers. Senders in the UK, Europe, Canada, Australia, and the Gulf can credit a Bandhan Bank account directly using platforms like ACE Money Transfer, or route funds through SWIFT. The core benefits include fast processing (often same-day credit), exchange rates that vary by currency and transaction and multiple payout options such as bank deposit, cash pickup, and mobile wallet.
This article covers four areas: how to send money to a Bandhan Bank account from abroad, how receiving money works for Bandhan Bank customers, the process for sending funds overseas from a Bandhan Bank branch, and the fees, limits, regulations, and safety tips that apply to every transaction.
Sending money to a Bandhan Bank account from overseas comes down to three options: online remittance platforms like ACE Money Transfer, traditional SWIFT wire transfers through a local bank, and in-person transfer agents where available. Each method differs in cost, speed, and convenience.
Whether you send money from the UK, EU, USA, Canada, Australia, or GCC countries, funds arrive directly into a Bandhan Bank savings, current, or NRI account in INR. Bank transfer fees and exchange rate margins vary by provider, destination and transaction amount, affecting the total cost of an international transfer.
Before initiating any transfer, gather these details about the recipient:
Full name as registered on the Bandhan Bank account
Bandhan Bank account number
IFSC code of the recipient's branch
Branch name and city
Mobile number linked to the account
Most online money transfers now accept payment via debit card, credit card, or local online bank transfer, making it a flexible way to send money from abroad. Specialised remittance services offer transfer options for family support, bill payments and loan repayments, including instalments for existing microloan customers. Fees, exchange rates and delivery times vary by provider and transaction.
ACE Money Transfer is an online platform for sending money to Bandhan Bank accounts from multiple countries. Fees and exchange rates vary by corridor and transaction. 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.
Here is how the transfer process works, step by step:
Register or log in. Visit the ACE Money Transfer website or app. Create an account using your email, Google, or Apple ID. Complete the basic KYC verification with your ID documents.
Select your transfer details. Choose "Send Money," pick the sending country (for example, UK in GBP), and set India as the destination. Select "Bank Deposit" as the payout method so the funds credit directly to the Bandhan Bank account.
Enter recipient details. Fill in the beneficiary's account number, IFSC code, full name as it appears on the Bandhan Bank records, and contact number. Accuracy here prevents delays; a mismatched name or wrong IFSC will hold up the transfer.
Choose a payment method. Pay for the international money transfer using a local debit card, credit card, or online bank transfer, depending on what is available in your sending country.
Add a payment reason and confirm. Select the purpose of the remittance: family maintenance, education fees, medical expenses, investments, or repayment of micro loans. Review the applied exchange rate and fees displayed on screen, then click "Pay Now."
Track your transaction. ACE Money Transfer generates a reference tracking number. Use it to monitor the status in real time through the app or website.
Expected transfer times vary by payment method, corridor and required checks. Rates and fees may vary. Visit acemoneytransfer.com for current rates. Online bank transfers take 1 to 2 business days for funds to reach the Bandhan Bank account. Same-day credit is possible for inward remittances depending on processing and banking hours.
ACE Money Transfer uses security measures such as HTTPS encryption and two-step verification where available to help protect user information. No security measure can eliminate all risks. Transactions use unique PINs or strong transaction passwords for security at each step.
SWIFT is a common mechanism for international money transfers, and it remains the standard for larger amounts, business transfers, and trade finance payments.
To initiate a SWIFT transfer, visit your local bank or use their online banking platform and select international wire transfer. You will need the following data:
| Required Detail | Value |
|---|---|
| Beneficiary name | As per Bandhan Bank records |
| Account number | Recipient's Bandhan Bank account |
| IFSC code | Branch-specific code |
| Branch address | City and state of the branch |
| SWIFT/BIC code | BNDNINCCXXX |
| Correspondent bank (USD) | Standard Chartered Bank NY (SCBLUS33XXX) |
| Correspondent bank (EUR) | SBI Frankfurt (SBINDEFFXXX) |
| Correspondent bank (AED) | Mashreq Bank PSC, UAE (BOMLAEADXXX) |
The sending bank displays the transfer fee and an indicative exchange rate before you confirm. Intermediary banks may deduct additional fees from the transferred amount, which means the recipient could receive less than the full amount sent. These deductions depend on whether the sender chose "OUR," "SHA," or "BEN" charge arrangements.
Transfers typically settle within 1 to 5 business days, depending on the countries and intermediary banks involved. ACE Money Transfer and SWIFT bank transfers offer different options for sending money to Bandhan Bank. Fees, exchange rates and transfer times vary by provider, corridor and transaction amount. Check the applicable charges and terms before sending.
Inward remittances are funds transferred from an overseas bank to India. Bandhan Bank accounts can receive these in multiple major currencies; inward remittances can be received in major currencies including USD and GBP, plus EUR and AED. On arrival, the foreign currency converts to INR at Bandhan Bank's prevailing exchange rate for that day.
Recipients can receive money from family abroad, overseas salary, pension, or business payments directly into their Bandhan Bank savings or current accounts. When a sender uses ACE Money Transfer, the recipient does not usually need to visit a branch; the money simply appears in the beneficiary's account after processing.
For non-trade inward remittances (transfers not linked to import or export of goods), the process requires only proper beneficiary details and compliance with RBI and FEMA guidelines. Inward remittance fees for retail segments are often nil; Bandhan Bank does not charge beneficiaries for these credits, though the sender's platform or intermediary banks may deduct their own fees.
After receiving a transfer, check SMS alerts, email notifications, or the Bandhan Bank mobile banking app to confirm the INR amount credited after currency conversion.
Non-trade inward remittance refers to money received from overseas that is not linked to export of goods or services. Common examples: family support, gifts, education fees, or maintenance payments from NRI relatives.
Senders use remittance services or their overseas bank to remit funds to a Bandhan Bank account, referencing Bandhan Bank's SWIFT code (BNDNINCCXXX) and the IFSC of the local branch. Once the foreign currency reaches the correspondent bank, Bandhan Bank converts it into INR and credits the beneficiary's account. If the funds arrive during banking hours, credit can happen on the same working day.
Two practical tips for customers who receive regular remittances:
Keep your KYC updated with Bandhan Bank. Outdated KYC is a frequent cause of compliance holds that delay incoming money transfers.
Share only correct account details with the sender. Never disclose passwords, OTPs, or full debit card information to anyone, including people claiming to be from the bank.
Once an inward remittance is credited, the beneficiary can access funds through several channels:
ATM withdrawal using a Bandhan Bank debit card (Mastercard or Visa branded cards work at domestic and international ATMs)
POS payments at merchant terminals using the debit card
Mobile and internet banking for transfers within India
IMPS allows instant money transfers to beneficiary accounts, making it useful for forwarding received remittance funds to another person or account within seconds. NEFT transfers are convenient but not instant; they process in batches. RTGS is used for high-value transactions above ?2 lakh. UPI enables payments using just a smartphone, and received remittance funds sitting in a Bandhan Bank account can be spent via UPI instantly.
Received money can cover daily expenses, pay EMIs on a personal loan, car loan, gold loan, home loan, or loan against property, repay top up loans, settle two wheeler loan installments, fund small business agri loans, or pay for an aspiring business loan or agri loan obligation. NEFT is a convenient way to transfer funds to other bank accounts within India for these purposes.
Keep bank statements or credit advice documents on hand. Proof of remittance is often needed for visa applications, tax filings, scholarship documentation, or property transactions.
Bandhan Bank customers in India can send funds overseas for permitted purposes. Outward remittances are funds sent securely from India to overseas destinations, and they cover education, medical treatment, travel, family maintenance, and business payments. Each transaction requires a valid purpose code under FEMA regulations, and compliance with purpose codes is crucial to avoid delays in remittance processing.
The process of remitting funds includes filling out the outward remittance application form (Form A2), submitting PAN details, and providing supporting documents. Documentation requirements vary based on the purpose of the remittance: a university fee invoice for education, a hospital estimate for medical expenses, a travel itinerary for tourism, or a contract for business services.
Outward remittance applications require supporting documents based on the transfer purpose. Outward remittance fees and applicable taxes vary by bank and transaction. Check the bank’s current Schedule of Charges for details. SWIFT charges of ?1,500 are common for foreign outward remittances. Major currencies supported for transfers include USD, EUR, GBP, and AED.
Transfers may be subject to foreign exchange limits by the Reserve Bank of India. Under the Reserve Bank of India’s (RBI) Liberalised Remittance Scheme (LRS), resident individuals can remit up to USD 250,000 per financial year (April–March) for permitted transactions, subject to applicable conditions. (Source: RBI, LRS FAQ, updated 6 April 2023).
Frequently Asked Questions
Purposes allowed for outward remittances include education and medical expenses, as well as travel, gifts, donations, and investments in permissible assets.
Customers who need both inward and outward services often find it practical to receive funds from abroad via ACE Money Transfer into their Bandhan Bank account, while using Bandhan Bank's outward remittance service for education or property-related payments abroad. Contact the nearest Bandhan Bank branch for up-to-date documentation requirements and charges before initiating a transfer.
Non-trade outward remittance from Bandhan Bank covers money sent abroad that is not directly linked to import of goods: consultancy fees, subscriptions, donations, loan overdraft against term deposit repayments to foreign lenders, overdraft against term deposit settlements, or maintenance transfers to family members living overseas. Loans for other purposes for existing micro loan customers or loan for existing micro borrowers do not typically involve outward remittance, but purposes for existing micro loan repayments to foreign entities would require proper documentation.
Businesses with Bandhan Bank current accounts can request outward remittances after submitting invoices, contracts, and necessary FEMA declarations. Bandhan Bank offers advance and direct remittance options for import-related payments:
Advance import remittance: funds sent to foreign suppliers before shipment
Direct import remittance: funds sent after shipping documents are received
Outward remittance fees for non-retail segments apply up to ?1,000 per transaction, plus SWIFT charges and applicable taxes. Documentation is required for large or non-retail transactions under FEMA. Processing time, charges, and the exchange rate applied depend on the currency, destination country, and whether the payment is trade or non-trade related.
Bandhan Bank also supports trade finance, cash management, and wheeler loan for existing customers through its business banking services.
The total cost of an international money transfer has three components: the visible transfer fee, the exchange rate margin (the difference between the mid-market rate and the rate you actually get), and any intermediary or receiving bank charges. All international fund transfers must comply with FEMA guidelines in India, which govern both the amount you can send and the documentation required.
| Cost Component | ACE Money Transfer (UK ? India) | SWIFT via Bandhan Bank |
|---|---|---|
| Transfer fee | ~£1.99 for bank deposit | ?500 + taxes (retail); ?1,000 + taxes (non-retail) |
| SWIFT charge | Not applicable | ?1,500 in many cases |
| Exchange rate spread | 0.1% to 2.50% of reference rate | Bank's carded rate; margin varies |
| Intermediary bank fees | None for recipient | Possible deductions (SHA/BEN) |
| Speed | Minutes (card) to 1-2 days (bank) | 1-3 business days |
Online remittance platforms may display exchange rates and fees before a transfer is confirmed, allowing senders to compare before they send money. Exchange rate markups vary between banks during currency conversions, so checking the rate at the moment of transfer matters. Bandhan Bank applies its own carded exchange rate for converting foreign currency into INR for incoming remittances and for converting INR into foreign currency for outward remittances.
Wise offers transfers to Bandhan Bank in INR through its own platform. Wise’s official website currently states that 74% of its transfers arrive in under 20 seconds and 95% complete in less than a day. These are provider-reported figures, and transfer times vary by payment method and route.
These benchmarks are useful for comparison when choosing a provider, though ACE Money Transfer's card-funded transfers also settle in minutes for many corridors.
FEMA restricts total outward remittances under specified caps per financial year. Under LRS, the aggregate limit for resident individuals stands at USD 250,000 per financial year. This covers education, travel, gifts, medical expenses, property purchases abroad, and other permissible subject categories. Always check current limits before sending large sums, as the RBI may revise these terms and conditions.
Protecting your money and personal details during cross-border transfers requires active steps:
Never share internet banking passwords, debit card PIN, CVV, or OTP with anyone. Not with the bank, not with transfer services, not with anyone claiming to be from customer care or support.
Always verify the correct Bandhan Bank account number and IFSC before sending funds. A single wrong digit routes money to the wrong account, and recovery can take weeks.
Use only trusted and registered platforms or banks for cross-border transfers. ACE Money Transfer Limited is authorised and regulated by the UK Financial Conduct Authority (FCA) under reference number 506692. Bandhan Bank operates under the regulatory oversight of the Reserve Bank of India (RBI).
Verify ACE’s current authorisation and permitted activities on the FCA Financial Services Register before publication.
Encryption and real-time tracking are designed to help protect transfer information and allow users to monitor transfer progress. ACE Money Transfer provides a reference number for every transaction that you can use to monitor delivery status.
Transaction monitoring systems help identify and review suspicious activity, catching suspicious activity before it affects your transfer.
Keep confirmation receipts, tracking numbers, and bank credit advice documents. These are essential for tax filing, visa applications, and dispute resolution.
Tracking tools from services like ACE Money Transfer, along with SMS and email alerts from Bandhan Bank, help customers find and monitor transactions quickly. If anything looks unusual, contact Bandhan Bank's support line or the remittance provider directly.
For regular family support or bill payments, ACE Money Transfer offers an easy, convenient, and secure online way to send money to Bandhan Bank. Fees and exchange rates vary by destination and transaction. Check current charges and rates at acemoneytransfer.com. For outward remittances from India (education payments, property purchases, medical fees), Bandhan Bank's branch-based SWIFT services handle the regulatory requirements, including Form A2, PAN verification, and purpose code compliance.
The right way to send money depends on the corridor, the amount, urgency, and whether you need to pay directly from India or from abroad. Check the latest fees and exchange rates with ACE Money Transfer or your nearest Bandhan Bank branch before you complete any transfer. Learn the regulations that apply to your specific case, and share only verified account details. Understand the regulations for your situation and provide verified account details to help reduce transfer issues. Delays, additional checks and charges may apply.
Join ACE Money Transfer to apply for an account, and send your first transfer to a Bandhan Bank account in India today.
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.
