ACE Money Transfer
ACE Money Transfer
11 Nov 2026
Sending money internationally requires accurate recipient details, an understanding of exchange rates, and awareness of the applicable fees. City Union Bank (CUB) is an Indian bank that provides inward and outward remittance facilities. Its international banking guidance explains the information required to receive overseas wire transfers and the arrangements for eligible outward remittances.
It is important to distinguish City Union Bank from Citibank, as they are separate financial institutions. Citibank transferred its consumer banking business in India to Axis Bank on 1 March 2023, although Citi retained its institutional operations in the country.
This guide explains how international transfers through City Union Bank work, the details senders and recipients may need, the applicable charges, and what Citibank's exit from India's consumer banking market means for customers.
City Union Bank provides inward and outward remittance facilities for eligible international transactions. These services allow customers to receive money from overseas or send funds to beneficiaries in other countries, subject to the bank's requirements and applicable foreign exchange regulations.
An inward remittance is money transferred from another country into India. For example, someone living in the UK may send money to a family member with a City Union Bank account. An outward remittance is money sent from India to a recipient abroad, such as an eligible payment for education, personal expenses, or business purposes.
The requirements, documentation, and charges can differ depending on the transaction's purpose, amount, currencies involved, and customer category. Customers should check the bank's latest instructions before arranging a transfer.
If you are expecting money from overseas into your City Union Bank account, the sender may need your banking and beneficiary details to arrange an international wire transfer. According to the bank's published inward remittance instructions, the information required for a wire transfer includes:
Beneficiary name: Your name as registered with the bank.
Beneficiary address: Your residential or registered address, as applicable.
Account number: Your City Union Bank account number.
Beneficiary bank name: City Union Bank Limited.
SWIFT code: CIUBIN5M.
Purpose of remittance: The reason for receiving the money.
Remitter details: The sender's name, address, and account number.
Requirements may vary according to the sending bank, country, payment route, and purpose of the transfer. The sender should confirm whether additional information, such as the recipient's full address or supporting documents, is required before submitting the payment.
The general process for receiving an international wire transfer through City Union Bank involves the following steps:
Confirm your account details: Check that your name and account number are correct and match your bank records.
Share the bank information: Provide the sender with the beneficiary details and SWIFT code required for the transfer.
Explain the purpose of the payment: The sender may need to state why the money is being transferred.
Check the charges: Ask the sending bank whether it or any intermediary institutions will deduct fees.
Monitor the transaction: Request a payment confirmation or transaction reference from the sender.
Contact the bank if the payment is delayed: City Union Bank may request additional information or supporting documents before processing an inward remittance.
Always obtain your account details directly from the bank before sharing them. Double-check the beneficiary name, account number, and bank code before the sender confirms the payment. Avoid relying on information copied from an old transfer receipt, as banking instructions can change. This is not financial or legal advice. Please consult a qualified professional.
In addition to international wire transfers, City Union Bank's NRI banking information describes arrangements for receiving foreign currency notes and traveller's cheques, subject to the bank's requirements.
The bank also lists a Speed Remittance arrangement for Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) in the USA through CBW Bank and GlobalRemit. According to the bank's published Speed Remittance details, the facility describes a maximum of USD 2,500 per remittance and a limit of 30 remittances per beneficiary per year. These limits are published on the bank's NRI remittance page, which was last updated on 19 April 2025. It also states that payments are restricted to individuals in India for family maintenance.
Availability and conditions may change. Customers should confirm whether this facility is still offered and check its current requirements directly with City Union Bank before using it.
The SWIFT code published by City Union Bank for international wire transfers is CIUBIN5M. SWIFT codes help identify financial institutions when banks communicate internationally.
Before arranging a transfer, confirm that the sending bank accepts this code and check whether it requires additional branch or intermediary bank information. The sender should also verify the beneficiary name and account number carefully. A mistake in the account details, beneficiary information, or payment instructions may delay the transaction or cause the payment to be returned.
City Union Bank provides outward remittance facilities for NRIs, subject to applicable Foreign Exchange Management Act (FEMA) guidelines and the bank's requirements. Its published NRI banking information lists wire transfers and demand drafts as available methods for sending foreign currency funds to the account holder's own account or other beneficiaries abroad.
The permitted purpose, supporting documents, payment limits, and processing requirements depend on the transaction. Contact City Union Bank before arranging an outward remittance to confirm whether your intended payment is permitted and which documents are required.
For example, an education-related payment may require documents from the educational institution, while a business payment may require invoices or other transaction records. This is not financial or legal advice. Please consult a qualified professional.
Although the exact, straightforward process depends on the payment purpose, customers can generally prepare by following these steps:
Identify the purpose of the transfer: Establish whether the payment is for education, personal expenses, business, or another permitted purpose.
Check the applicable requirements: Ask City Union Bank which forms and supporting documents are needed.
Collect the recipient's details: These may include the recipient's full name, address, bank name, account number or IBAN, and the receiving bank's SWIFT or BIC code.
Confirm the transfer amount and currency: Check the amount to be sent and the currency the recipient is expected to receive.
Review the charges and exchange rate: Ask the bank about its service charges, conversion rate, and any other costs that may apply.
Submit the remittance request: Complete the required documentation and follow the bank's payment instructions.
Keep the transaction reference: Retain the receipt or confirmation for future tracking and enquiries.
Not every international payment is automatically eligible for an outward remittance. The bank may request additional documents or decline a transaction that does not meet the applicable requirements. This is not financial or legal advice. Please consult a qualified professional.
The cost of an international transfer through City Union Bank can depend on the type of transaction, the amount, and whether it is an inward or outward remittance. Other costs may also arise from currency conversion or intermediary banks. City Union Bank publishes its charges on its official service charges page. The schedule distinguishes between different remittance categories and customer types.
For outward remittances other than imports, City Union Bank's published service charge schedule lists the following charges:
Individual customers: For outward remittances other than imports, City Union Bank's published service-charge schedule lists a service charge of 0.30% of the remittance amount for individual customers, subject to a minimum of ?750 and a maximum of ?10,000. The schedule also lists a separate SWIFT charge of ?1,000. For remittances funded from an education loan, the service charge is capped at ?3,000. The schedule applies from 1 April 2026 and was last updated on 5 November 2026. GST is additional, and charges may change. Confirm the applicable fees with City Union Bank before making a transfer.
SWIFT charge: A separate fee of ?1,000.
Non-individual customers: A service charge of 0.30% of the remittance amount, subject to a minimum of ?750 and a maximum of ?25,000.
Education loan remittances: The maximum service charge is ?3,000.
However, the bank's NRI remittance page separately states that there are no charges for outward remittances through the facilities described there. These published descriptions should not be treated as interchangeable. The applicable charges may vary depending on the customer's category and remittance arrangement. Confirm the fee directly with City Union Bank before making a transfer.
For inward remittances, excluding specified categories such as advance remittances for exports and foreign direct investments, the bank's schedule lists no service charge for individuals.
For non-individual customers, the published schedule lists the following fees:
?500 for amounts up to ?5 lakh. The schedule applies from 1 April 2026 and was last updated on 5 November 2026. GST is additional.
?1,000 for amounts above ?5 lakh and up to ?10 lakh.
?1,500 for amounts above ?10 lakh.
The bank's schedule also states that GST is collected in addition to applicable service charges. Intermediary and overseas bank charges may be separate from the receiving bank's own fees.
These figures relate to the bank's published charges and should not be treated as the total fees for every international transfer. Foreign currency conversion charges, intermediary bank fees, and receiving bank fees may also apply. Check the bank's service charge schedule and confirm the amount applicable to your transaction before making a payment.
The service charge listed by the bank may not represent the total cost of sending or receiving money internationally. Consider these possible costs:
Currency conversion: The exchange rate used to convert one currency into another affects the amount received.
SWIFT charges: A bank may charge for processing an international wire transfer through the SWIFT network.
Intermediary bank fees: One or more intermediary or correspondent banks may be involved in processing the payment and may deduct charges.
Receiving bank charges: The recipient's bank may apply its own fees.
Applicable taxes: Tax may apply to certain banking services or charges, depending on the transaction and prevailing rules.
Before confirming a transfer, ask the bank which charges will be deducted and whether the recipient is expected to receive the full amount or an amount reduced by intermediary fees.
The information required for an international transfer depends on the country, payment method, sending institution, and receiving bank. However, a sender will generally need accurate information about the recipient and their bank.
For a transfer to a City Union Bank account, the sender should check the bank's current remittance instructions. Commonly requested details include:
| Information | Why it may be required |
|---|---|
| Beneficiary's full name | Identifies the person receiving the funds |
| Account number | Identifies the recipient's bank account |
| Beneficiary address | Provides the recipient's registered or residential details |
| Bank name | Identifies the receiving financial institution |
| SWIFT code | Identifies the bank for international transfers |
| Purpose of transfer | Explains why the money is being sent |
Depending on the transaction, the bank may also ask for identification, proof of address, invoices, education documents, or other supporting evidence.
International transfers can involve several financial institutions. Each institution needs sufficient information to identify the payment and process it correctly.
A spelling difference in the beneficiary's name, an incorrect account number, or an incomplete bank code can lead to delays or a returned payment. Before confirming a transfer, compare the details entered in the payment form with the information provided by the recipient. If you are unsure which details to use, contact the receiving bank rather than guessing.
The time required for an international transfer depends on several factors, including the sending and receiving banks, currencies involved, intermediary institutions, compliance checks, and the time at which the payment is submitted.
A transfer may take longer if:
The sender enters incorrect beneficiary details.
The bank requests additional documents or clarification.
The payment passes through intermediary banks.
The transfer is submitted outside the bank's processing hours.
A public holiday or weekend affects processing.
The transaction requires additional regulatory or compliance checks.
There is no single processing time that applies to every inward or outward remittance. Ask City Union Bank and the sending institution for an estimate based on the specific transaction. If a transfer has not arrived within the expected period, ask the sender for the payment confirmation and transaction reference. The sending bank may be able to investigate the payment through the relevant banking channels.
A delay does not necessarily mean that money has been lost. International payments may pass through multiple institutions, and each may have its own checks and processing requirements.
Some common reasons for delays include:
Incorrect beneficiary information: Incorrect account details, bank codes, or recipient names may prevent a payment from being processed.
Additional verification: Banks may request documents to verify the sender, recipient, source of funds, or purpose of the transaction.
Intermediary bank processing: Payments routed through intermediary banks may take additional time, and the sender may need to contact the originating bank for an update.
Currency or payment restrictions: Some currencies and destinations have specific requirements that affect how international payments are processed.
Bank holidays and cut-off times: A payment submitted after the relevant processing cut-off or during a holiday may not be handled until the next business day.
If you are waiting for an international transfer, contact the sending bank first and request a transaction reference or payment investigation. The receiving bank can then advise whether it has received the funds or needs further information.
Citibank and City Union Bank are different financial institutions. Their names are similar, but their operations and international transfer services should not be confused.
Citibank completed the sale of its consumer banking business in India to Axis Bank on 1 March 2023. According to Citi's official announcement, the transaction included credit cards, retail banking, wealth management, and consumer loans.
The acquisition transferred Citibank's Indian consumer banking business to Axis Bank. Former consumer banking customers should therefore refer to Axis Bank for relevant support relating to the consumer banking products and accounts transferred as part of the transaction.
However, Citibank did not leave India entirely. Its institutional client businesses in India were excluded from the sale, and the company continued serving institutional clients in the country, as confirmed in Citi's sale completion announcement.
People who previously used Citibank's Indian retail banking services should refer to Axis Bank for enquiries relating to the consumer banking products and accounts transferred as part of the acquisition. Anyone searching for Citibank international money transfer services in India should therefore check whether the service they need relates to a former consumer banking product or Citi's continuing institutional operations.
City Union Bank was not part of this transaction. It remains a separate bank with its own inward and outward remittance facilities. Customers looking for an international transfer through City Union Bank should follow the bank's own instructions rather than assuming that Citibank's former services or Axis Bank's processes apply.
Citibank offers international banking and transfer services in markets where its consumer banking operations remain available. These services are separate from City Union Bank's Indian remittance facilities. The options available to a customer depend on their country, account type, destination, and the transfer method selected.
For example, Citibank's US banking documentation distinguishes between international wire transfers and Citibank Global Transfers. A Global Transfer can move money between eligible Citi accounts in supported countries, while an international wire transfer can send funds to an account at another financial institution. Customers should check the relevant Citibank online transfer agreement to understand the available transfer methods, currency options, processing conditions, and applicable limits.
When comparing citibank exchange rates with another provider, it is useful to understand the difference between a bank's exchange rate and the mid-market exchange rate. The mid-market rate, sometimes called the mid market rate, is the midpoint between the buying and selling prices of a currency pair in the wholesale market. It can be used as a reference when comparing currency conversion offers, but it is not necessarily the rate a customer receives.
Citibank's online transfer agreement explains that, for transfers converted into foreign currency, Citi uses its exchange rate for similar transactions and that the rate includes a commission for the currency conversion service. The rate and the amount the recipient is expected to receive are disclosed during the transfer process.
A customer comparing a Citibank exchange rate with the mid-market exchange rate should therefore consider the difference between the two, alongside any service fees and charges from other banks.
Citibank charges can vary depending on the transfer method, account type, currency, and whether the payment is arranged online or through another channel.
For example, Citibank's US consumer account fee documentation lists different outgoing international wire fees for standard accounts, Citi Priority, Citigold, and Citigold Private Client customers. It also distinguishes between transfers sent in US dollars and those sent in foreign currency through Citi Online or Citi Mobile.
Citibank Global Transfer fees are listed separately in its official account fee documentation. Although eligible Citibank Global Transfers may have no separate transfer fee, foreign currency conversions can still involve a commission included in Citibank's exchange rate. Therefore, a transfer with no separate transfer fee does not necessarily mean the transaction is cost-free.
When reviewing the following fees, customers should consider:
The transfer fee charged by Citibank.
Any variable fee or currency conversion commission.
Charges imposed by intermediary or correspondent banks.
Fees charged by the receiving bank.
Any other account-specific or transaction-specific charges.
The total fees may vary between accounts and destinations. Customers should review the transaction summary before authorising payment rather than assuming that the same fees apply to all other clients.
Citibank Global Transfer services may allow eligible customers to transfer money between supported Citi accounts in different countries. Customers can generally access eligible services through online banking or the Citi Mobile app, subject to the features available in their location and account.
A customer may need an eligible checking account, savings account, or other qualifying account to fund a transfer. The receiving account must also meet the requirements for the selected service.
Citibank's US account documentation identifies different banking packages, including Citi Priority, Citigold, and Citigold Private Client. The fees and benefits can vary by account type. Customers with other Citibank accounts or other account packages should check their own terms rather than assuming they receive the same fee waivers.
A Global Transfer and a conventional international wire transfer are not the same service. A Global Transfer is generally intended for eligible transfers between Citi accounts, whereas a wire transfer can be used to send money to other accounts at other banks.
Transfer limits also vary depending on the service, account, destination, and security requirements. Customers should check the limits displayed during the transfer process, especially when arranging larger transfers. Citi's online international wire transfer limit can be up to $500,000. This limit was verified against Citi's official transfer limits on 6 November 2026. Transfers initiated before Citibank's published cut-off time are generally processed the same business day.
Customers considering how to send money overseas may compare Citibank with providers such as Wise. A Wise account, for example, has its own supported currencies, payment methods, exchange rates, and fee structure. These should be assessed separately rather than assuming that all providers use the same pricing model.
When comparing options, consider:
Exchange rate: Compare the offered rate with the mid-market exchange rate for the relevant currency pair.
Service fees: Check the provider's transfer fee and any variable fee based on the amount or payment method.
Transfer limits: Check whether the provider has lower limits for particular account types, destinations, or payment methods.
Payment method: Confirm whether you can pay by debit card, bank transfer, or another supported method.
Delivery method: Check whether the recipient can receive money into a bank account or through another available option.
Additional charges: Consider possible fees from correspondent banks and the receiving institution.
A provider advertising lower fees may not always offer the most value if its exchange rate is less favourable or additional charges apply. The best deal depends on the total amount paid and the amount the recipient receives. Double-check the final transaction summary before confirming the payment.
Citibank's terms and service availability can also differ between domestic transfers, international wire transfers, and Global Transfers. Customers should check the relevant product information and contact details for their country if they need clarification about a specific service.
If you are sending money to someone in India, you may also wish to compare the available transfer methods and payout options offered by international money transfer providers. ACE provides an online route to check transfers to India. ACE Money Transfer Limited is authorised by the UK Financial Conduct Authority (FCA) as an Authorised Payment Institution (FRN 506692) to provide payment services in the UK. Its authorisation can be checked on the FCA Financial Services Register Its India transfer page allows customers to explore available payout methods, which may include bank deposits, cash collection, and airtime top-ups, depending on the sending route and availability shown.
Before starting a transfer, check the available receiving options and confirm whether the recipient's bank is supported. Do not assume that every Indian bank account is available for every sending country or payment method. You can also review the ACE frequently asked questions for general information about sending methods, receiving options, and transfer tracking.
Before arranging an international transfer to India, consider the following:
Destination availability: Confirm that India is available as a receiving country from your sending location.
Payout method: Check whether the recipient can receive the money through a bank deposit or another available option.
Recipient information: Enter the beneficiary's details accurately and use the information requested by the provider.
Exchange rate: Review the rate displayed before confirming the transfer.
Fees: Check the applicable charges for your sending country, payment method, and transfer amount.
Estimated delivery: Review the estimated delivery information shown for the specific transaction.
Exchange rates fluctuate, and the rate you receive may differ from any rates quoted. Always check the live rate at acemoneytransfer.com before sending. Rates and fees may vary. Visit acemoneytransfer.com for current rates.
Whether you are receiving funds through City Union Bank or sending money to India through a transfer provider, a little preparation can help you avoid common problems.
Ask the recipient to obtain their bank details directly from their bank. Check the spelling of their name, account number, bank name, and SWIFT code before submitting the payment.
Some international transfers require supporting documents. The documents depend on the purpose of the payment and the applicable rules. Check the requirements before initiating the transaction to avoid delays.
This is not financial or legal advice. Please consult a qualified professional.
Do not look at the exchange rate or transfer fee in isolation. Consider the amount being sent, the amount the recipient is expected to receive, and any additional charges that may apply.
Exchange rates fluctuate, and the rate you receive may differ from any rates quoted. Rates and fees may vary.
Save the transfer receipt, confirmation, and reference number. These details can help the sending or receiving bank investigate a delayed or incorrectly processed payment.
Use the bank's official website or verified customer support channels when checking payment instructions. Avoid sharing passwords, one-time passcodes, or other confidential account credentials with anyone claiming to help process a transfer.
City Union Bank provides inward remittance facilities for eligible international transfers. The sender may need your full name, account number, address, the bank's name, and its SWIFT code. Confirm the latest inward remittance instructions with the bank before arranging the payment.
The SWIFT code published by City Union Bank for international wire transfers is CIUBIN5M. The sender should confirm that this code is accepted by their bank and check whether any additional intermediary or branch details are required. The code is listed in the bank's official remittance guidance.
City Union Bank's published NRI banking information describes outward remittance facilities for NRIs, subject to applicable foreign exchange regulations and the bank's documentation requirements. Contact the bank to confirm whether your intended payment is permitted and which documents you need.
This is not financial or legal advice. Please consult a qualified professional.
Charges depend on the type of remittance, customer category, transfer amount, and applicable service schedule. The bank's general service charge schedule lists different rates for outward remittances, while its NRI remittance page separately describes a no-charge arrangement for the outward remittances covered there. Additional costs may include SWIFT charges, currency conversion costs, intermediary bank fees, and taxes. Check the bank's current service charges and confirm the applicable fee before transferring money.
Rates and fees may vary. Visit acemoneytransfer.com for current rates.
There is no single delivery time for every transfer. Processing can depend on the sending and receiving banks, intermediary institutions, currency, payment details, and verification requirements. Ask the sending bank for an estimate and retain the transaction reference. Rates and fees may vary.
No. City Union Bank and Citibank are separate financial institutions. Citibank sold its consumer banking business in India to Axis Bank in 2023, while City Union Bank continues to operate independently and provides its own remittance services. Citibank's international transfer services in other markets are separate and depend on the customer's location and account.
No. Citibank transferred its Indian consumer banking business to Axis Bank, but it did not exit India entirely. Citi retained its institutional businesses and continues to serve institutional clients in the country, as confirmed in its sale completion announcement.
A Citibank Global Transfer is designed for eligible transfers between Citi accounts in supported countries. An international wire transfer can send money to an account at another financial institution. The available service, transfer limits, fees, and currency options depend on the customer's account and location.
Payment methods depend on the bank or transfer provider and the sending country. Some services accept debit card payments, while others require a bank account or another payment method. Check the options shown before confirming the transaction.
Check the available payout options on the ACE India transfer page for your sending country and transaction. Bank availability can vary by route, so confirm whether City Union Bank is listed before proceeding. Do not assume that every Indian bank account is supported.
Contact the sending bank or transfer provider and request the transaction reference and payment status. Check that the beneficiary details were entered correctly. The receiving bank may also be able to confirm whether it has received the funds or requires further documentation.
International wire transfers may involve foreign currency conversion and bank processing requirements. Foreign currency includes currencies other than the Indian rupee, such as US dollars, pounds sterling, and euros. Ask City Union Bank which currencies and arrangements are supported for your account and transaction before the sender initiates the payment.
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.
