ACE Money Transfer
ACE Money Transfer
21 Oct 2026
Whether you are an NRI sending savings home, a student paying tuition abroad, or a family supporting relatives overseas, understanding your options for moving money across borders is essential. This guide breaks down exactly how Bank of Maharashtra international money transfer works in 2026 and introduces ACE Money Transfer as a digital alternative worth considering.
Bank of Maharashtra (BoM) is a public sector bank regulated by the Reserve Bank of India and offers inward and outward remittance services subject to applicable FEMA and RBI requirements. Source: Bank of Maharashtra. Customers can send and receive funds through SWIFT transfers, correspondent banks and authorised remittance providers, subject to applicable requirements. NRE, NRO and FCNR accounts may be used for eligible transactions under RBI rules.
This article covers:
How to send and receive money internationally through BoM branches and digital platforms
The step-by-step outward remittance process, including forms and documentation
How to Use ACE Money Transfer for International Transfers to Supported Destinations
RBI compliance rules, fees, safety tips, and practical FAQs
BoM provides several channels for cross-border transfers, each suited to different customer needs.
SWIFT transfers via bank branch: Visit a BoM branch, fill the outward remittance form, supply the beneficiary's IBAN/BIC, purpose code, and supporting documents such as an invoice or admission letter.
Common use cases: Eligible expenses such as education, family maintenance, medical treatment and travel may be covered under India’s Liberalised Remittance Scheme (LRS), which permits resident individuals to remit up to USD 250,000 per financial year, subject to RBI rules. Source: Reserve Bank of India — LRS guidelines
Inward remittances: Overseas employers or relatives send funds to your BoM accounts using the branch SWIFT code (e.g., MAHBINBBXXX) and your account details.
NRE and NRO accounts for NRIs: NRE and FCNR(B) accounts allow fully repatriable deposits without upper limit. Eligible NRO account holders may repatriate up to USD 1 million per financial year, subject to RBI rules and applicable taxes. Source: RBI (accessed 19 October 2026). Laws and regulations may change. Please verify with a local professional.
Processing time: International wires typically settle in 1–3 business days, depending on intermediary banks and destination country banking hours.
Here is a practical checklist for completing an outward remittance from India through BoM in 2026.
Confirm eligibility and purpose: Verify your remittance falls under RBI's LRS or another applicable scheme. Ensure your PAN card, KYC documents, and tax filings are current.
Gather beneficiary details: Collect full name, address, bank name, branch address, IBAN or account number, SWIFT/BIC code, and any country-specific codes (routing number for USA, sort code for UK).
Visit the branch: Go to the nearest BoM bank branch, request the outward remittance form (Form A2), fill in the amount in INR and foreign currency, purpose code, and attach a passport copy, admission letter, invoice, or medical estimate as applicable.
Understand fees and exchange rate: The branch will confirm the applicable exchange rate and service charges. Additional correspondent bank charges may apply.
Sign and pay: Sign the A2 form, authorise debit from your savings, current, or NRE account, and collect your acknowledgement with UTR number.
Track delivery: Use the UTR number with BoM customer support to monitor status. Funds usually arrive within 1–3 working days.
ACE Money Transfer is an online remittance service that customers can use alongside their Bank of Maharashtra (BoM) account to send money internationally. Fees, exchange rates and transfer times vary by transaction. Source: ACE Money Transfer.
Registration: Sign up or log in using your email, Google, or Apple ID. Complete KYC verification by uploading a photo ID and proof of address as required by Reserve Bank and local regulations.
Transfer flow:
Choose your destination country and select a payout option-bank deposit, mobile wallet, or cash pickup.
Enter accurate recipient details, including bank account or mobile wallet numbers.
Select a payment method: debit card, credit card, or online bank transfer from accounts like your BoM savings account.
Add a payment reason and review the displayed rate and fees before confirming. Exchange rates fluctuate; check the live rate at acemoneytransfer.com before sending.
Click "Pay Now" to initiate the transfer.
Tracking: ACE provides a reference tracking number with real-time status updates so both sender and recipient can monitor progress.
Available payout methods:
Bank deposit: Bank deposit: Send money directly to the recipient’s bank account in supported destinations.
Cash pickup: Over-the-counter collection at authorised partner branches.
Mobile wallet: Send money to supported digital wallets in selected countries. Delivery times vary by destination and provider. Rates and fees may vary. Visit acemoneytransfer.com for current rates.
Customers who maintain savings with Bank of Maharashtra can use ACE Money Transfer for personal remittances to family abroad, with available payout methods and delivery times varying by destination and transaction.
Bank of Maharashtra transfers are subject to RBI requirements. ACE Money Transfer Limited is authorised by the FCA as an Authorised Payment Institution:
Outward remittances from India fall under the Liberalised Remittance Scheme and other specific rules for NRIs, exporters, and residents. Annual caps and documentation requirements are set by RBI circulars-always verify the latest figures.
Fee components: BoM service charges, correspondent bank fees, receiving bank fees, and currency conversion margins. Compare the final effective rate with digital platforms like ACE before confirming.
Safety tips: Verify beneficiary details multiple times, never share OTPs or full card details with third parties, and send money only to trusted recipients.
Both BoM and ACE operate under strict KYC/AML guidelines. Large or unusual transactions may trigger additional verification.
Record-keeping: Retain SWIFT/UTR numbers, ACE tracking references, bank statements, and supporting documents for tax filing or regulatory questions.
Below are quick answers to common questions about Bank of Maharashtra international money transfer.
How long does a transfer take? Typically 1–3 business days for SWIFT wires. Delays can occur due to time zones, intermediary banks, public holidays, or document mismatches.
What are the daily and annual limits? RBI's LRS currently allows USD 250,000 per financial year for residents. Confirm current limits with your branch or BoM's official website, as policies update periodically.
When should I use BoM vs. ACE? Bank of Maharashtra and ACE Money Transfer offer international transfer options, with fees, exchange rates and delivery times varying by transaction. This is not financial or legal advice. Please consult a qualified professional.
Exchange-rate timing: Check live rates on both BoM and ACE before confirming. Exchange rate fluctuations may affect the total cost of larger transfers, but savings are not guaranteed. Rates vary over time; check the live rate before sending.
Contact and support: Use official BoM customer care numbers or visit your branch for wire-related issues. For ACE transfers, use in-app chat or their support channels for fast resolution.
Whether you rely on traditional Maharashtra bank wires or tap into ACE Money Transfer's digital transfer options, the right choice depends on your corridor, amount, and urgency. Start by comparing rates, and let the numbers guide your next remittance.
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.
