ACE Money Transfer
ACE Money Transfer
22 Oct 2026
CSB Bank (formerly Catholic Syrian Bank) provides international money transfer services for resident Indians, NRIs, and businesses. Here's everything you need to know about sending and receiving funds across borders through CSB.
CSB Bank offers outward and inward international money transfer services regulated by the Reserve Bank of India under FEMA guidelines. Whether you need to send money abroad for education or receive money from a family member working overseas, CSB routes transactions through the global SWIFT network using its universal SWIFT code CSYBIN55.
Here's how a typical transfer works:
Outward (sending): Visit a CSB branch, fill out the remittance application, provide beneficiary details and the correct purpose code, and CSB routes the transfer via its list of correspondent banks using SWIFT.
Inward (receiving): Your overseas sender provides their bank with your CSB account number, branch name, and SWIFT code CSYBIN55. Funds arrive in foreign currency and get converted to INR or credited to a designated foreign currency account.
Currencies supported: You can send money in multiple currencies including USD, EUR, GBP, AED, CAD, AUD, SGD, CHF, and JPY.
Speed: SWIFT telegraphic transfers generally take 48 to 72 hours to process, though SWIFT transfers are often credited within 48 hours depending on currency and routing. According to Wise’s Q2 2026 speed update, 77% of Wise transfers arrived within 20 seconds and 97% within 24 hours. Wise notes that transfer times depend on individual circumstances and these speeds may not be available for every transaction.
To get started, contact your nearest forex-enabled CSB branch or relationship manager.
Founded in November 1920 in Thrissur, Kerala, CSB Bank Limited operated 829 branches and 791 ATMs across India as of 31 March 2025, serving more than 2.10 million customers. It is a scheduled private sector bank regulated by the RBI and authorised as an AD Category I dealer to handle foreign exchange transactions.
CSB Bank has correspondent banking arrangements with reputed international banks across major financial hubs - New York, London, Frankfurt, Dubai, Singapore, and more. This network enables efficient processing of international wire transfer requests in key currencies worldwide.
CSB's cross-border services cater to several customer groups:
Students heading abroad for higher education
Families supporting relatives in other countries
Exporters and importers settling trade payments
Professionals and NRIs managing multi currency accounts
Pilgrims and travellers needing foreign currency
International remittances are subject to applicable RBI regulations, FEMA requirements and anti-money laundering rules. These regulatory measures are designed to support compliance and help protect senders and recipients.
An international money transfer is the process of moving funds from a bank account in India to an account in another country - or vice versa - denominated in foreign currency. International money transfers can be executed via SWIFT Telegraphic Transfer, which is the standard method used by financial institutions globally. SWIFT is widely accepted among banks worldwide, making it the default rail for cross-border payments.
Key distinctions:
Outward remittances: Sending money from your CSB account in India to a beneficiary abroad.
Inward remittances: Receiving funds sent from overseas into your CSB account in India.
Routing: Transfers are routed via CSB's correspondent banks in the destination currency using SWIFT messages.
LRS limit: The Reserve Bank of India's Liberalised Remittance Scheme permits remittances up to $250,000 USD per financial year for resident individuals, covering both current and capital account transactions.
Delivery time: Most SWIFT transfers can take up to 48 hours to complete. Actual timelines depend on currency, country, and cut-off times at correspondent banks - typically 1 to 3 international working days.
CSB's outward remittance service lets you send money abroad in foreign currency for permitted purposes such as education, medical treatment, family maintenance, gifts, investment, and trade payments. Foreign outward remittances are permitted for specified personal or business reasons under FEMA rules.
To send abroad, you must hold a CSB bank account. CSB Bank's remittance process may require branch visits for document submission at a forex-enabled (AD Category I) branch.
Steps to send money:
Visit your CSB forex branch and fill the outward remittance application form.
Provide KYC documents, PAN card, and the applicable purpose code.
Share beneficiary bank details: name, account number (or IBAN), bank address, and SWIFT code.
Confirm the foreign currency amount and review the exchange rate quoted by CSB.
Sign the FEMA declaration and pay applicable charges.
Outgoing remittances may require supporting documentation based on the purpose - for example, a university offer letter for education fees or a hospital estimate for medical treatment. Processing times and fees vary by country and intermediary bank involvement.
CSB follows FEMA and RBI rules, so every outward transfer must match an approved purpose and carry the correct purpose code. Remittance purposes can include education, medical treatment, and travel, among others.
Common individual purposes:
Overseas university fees and living expenses
Foreign medical treatment and hospital deposits
Family maintenance and gifting
Donations to approved entities
Emigration costs and travel expenses
Property purchase abroad and overseas investment
Frequent business purposes:
Import payments and advance remittances for goods
Consultancy and professional service fees
Software service payments
Royalty and license fee payments
Incorrect or vague purpose descriptions can delay your international money transfer. Always use the specific RBI purpose code that matches your transaction.
Larger value transfers - such as buying property in the UK, Germany, France, Belgium, the Netherlands, or Singapore - may require extra documentation or prior RBI approval. Your branch staff can guide you through the process.
CSB handles remittances in major freely convertible currencies and publishes daily card rates on its forex rate page. CSB Bank publishes indicative foreign exchange rates for its customers. The final rate is subject to market movements and the applicable rate at the time of the transaction.
Supported currencies include:
| Currency | Code |
|---|---|
| US Dollar | USD |
| Euro | EUR |
| British Pound | GBP |
| Japanese Yen | JPY |
| Canadian Dollar | CAD |
| Australian Dollar | AUD |
| Swiss Franc | CHF |
| Singapore Dollar | SGD |
| UAE Dirham | AED |
CSB converts Indian rupees to the selected foreign currency at the applicable TT (Telegraphic Transfer) selling rate on the date and time of the transaction. The exchange rate may include an embedded markup over the market rate - this is standard practice among banks and other currencies may carry wider or narrower margins.
The total cost includes both the fee and exchange rate. Wise states that it uses the mid-market exchange rate for currency conversions, with transfer fees charged separately. In FY2026, Wise supported around 19 million people and businesses with cross-border transactions. When comparing international transfer options, consider the exchange rate, transfer fees and amount the recipient is expected to receive.
Before confirming a transfer, compare the applicable exchange rate and fees. Correspondent or intermediary bank charges may apply and could affect the amount received by the beneficiary. Check the expected receiving amount and any potential additional charges before proceeding.
This is not financial or legal advice. Please consult a qualified professional.
Most CSB international money transfers are currently initiated through authorised branches. While CSB offers online banking and mobile banking for domestic transactions, full digital initiation for outward remittances under LRS is subject to CSB's evolving digital roadmap and regulatory approvals.
In-branch process:
Visit a forex-enabled CSB branch.
Complete the outward remittance form and FEMA declaration.
Submit PAN, Aadhaar, and other KYC documents.
Specify the foreign currency, amount, beneficiary details, and purpose code.
Review all charges and sign off.
If CSB enables a send money online feature for international transfers via its digital platforms, you would typically register, enter beneficiary details, select the currency and amount, and confirm using OTP or a transaction PIN. Online banking can simplify repeat transactions through saved beneficiary profiles and quick digital receipts.
Check with your nearest branch or CSB customer care for the latest status of online international transfer features and any applicable daily limit.
Friends, family, or business partners anywhere in the world can send international money transfers to India directly into your CSB account via SWIFT. The process is straightforward once the sender has the correct details.
What the overseas sender needs:
Beneficiary name (exactly as per CSB records)
Full CSB account number
CSB branch name and address
SWIFT code: CSYBIN55
CSB's correspondent bank for the relevant currency (e.g., Mashreq Bank for AED)
CSB does not use different SWIFT codes for individual branches - CSYBIN55 applies for all CSB branches across India. Once CSB receives the funds in foreign currency, the amount is converted to INR and credited to your account, or deposited into a designated foreign currency account where applicable. NRE and NRO accounts are subject to different tax and repatriation rules. Eligible NRE account balances are generally repatriable, while repatriation from NRO accounts is subject to applicable regulations and tax requirements.
This is general information, not tax or legal advice. Please consult a qualified tax professional or authorised bank for guidance on your circumstances.
SWIFT codes and correspondent banks are the backbone of routing international wire transfers accurately and securely. CSB has correspondent banking relationships with major global banks, and this network covers key currencies used in cross-border payments.
CSB Bank SWIFT Code: CSYBIN55 (valid for all branches)
CSB maintains correspondent banking arrangements with the following banks (among others):
| Currency | Correspondent Bank | Location |
|---|---|---|
| USD | Standard Chartered Bank / Bank of New York Mellon | New York |
| EUR | Standard Chartered / Commerzbank AG | Frankfurt |
| GBP | Standard Chartered Bank | London |
| AED | Mashreq Bank PSC | Dubai |
| JPY | State Bank of India | Tokyo |
| CHF | Habib Bank AG Zurich | Zurich |
| CAD | Bank of Montreal | Canada |
Always verify the latest list of correspondent banks on CSB's official website or with your branch before providing routing instructions to overseas senders. Incorrect details are the most common cause of delays.
International money transfers with CSB must comply with RBI, FEMA, KYC, and AML guidelines. Customer KYC compliance is required for international transfers - no exceptions. Compliance with FEMA regulations is required for international money transfers from India.
Standard documents for outward remittances:
Valid photo ID (passport, Aadhaar, voter ID)
PAN card (documentation requirements for remittance include PAN card and Form A2)
Address proof
Source-of-funds proof for larger transfers (salary slips, bank statements)
Purpose-related documents: university offer letter, hospital estimate, invoice, or credit note
Under the Liberalised Remittance Scheme, resident individuals can remit up to USD 250,000 per financial year for permissible current and capital account transactions. Certain categories like NRO account remittances, property sale proceeds, or inherited assets have separate documentation and ceiling rules.
CSB may request additional information for high-value or unusual transactions to meet international KYC and AML standards and to avoid fraud or misuse.
CSB applies outward remittance fees, GST, a foreign currency conversion margin, and may pass on charges levied by correspondent banks. Foreign currency transfers via CSB can involve intermediary bank fees that reduce the amount the beneficiary ultimately receives. International payment charges can vary depending on the payment route and the banks involved. Compare the applicable fees and the amount the recipient is expected to receive before confirming a transfer.
Typical fee components at CSB:
| Component | Approximate Charge |
|---|---|
| Remittance processing fee | 0.125% of amount (min ?500) |
| SWIFT / cable charges | ?500 per transaction |
| Intermediary bank charges | Variable (depends on currency) |
| Currency conversion margin | Embedded in exchange rate |
| GST | As applicable |
Ask your branch for a clear breakup and whether charges are "OUR" (sender pays all), "BEN" (beneficiary pays), or "SHA" (shared). This determines whether the beneficiary receives the full amount or a reduced figure.
Ways to lower costs:
Consolidate smaller payments into one transfer to pay a single processing fee
Choose a currency that matches the beneficiary's account to avoid double currency conversion
Send during standard banking hours to return faster processing
Avoid unnecessary amendments or recalls after the transfer date
Transfer fees and exchange rates vary by provider, currency pair, transfer amount and payment method. Compare the current total cost and the amount the recipient will receive before choosing a transfer service. CSB may offer preferential rates for higher amounts and certain customer segments. Always register your interest with your branch to inquire about special rate slabs.
CSB uses secure SWIFT messaging, multi-layer verification, and RBI-compliant processes to protect every international money transfer. SWIFT is a widely used network for financial messaging between banks and financial institutions internationally. Transfers sent through the network remain subject to the security procedures, verification checks and processing requirements of the institutions involved.
Tracking your transfer:
Request the SWIFT copy or UTR reference number from CSB after your transaction is processed.
Share this reference with the beneficiary so their bank can trace the payment if needed.
Keep all receipts, email confirmations, and bank statements for tax and compliance records.
Fraud prevention at CSB:
Identity verification at the branch level
Sanctions screening and scrutiny of high-risk jurisdictions
Monitoring for unusual patterns in sending money abroad
Wise states that it uses HTTPS encryption to protect data transfers, offers two-step verification, and safeguards customer funds separately from its own operating funds. These features are worth reviewing when comparing international money transfer providers, alongside their fees, exchange rates and the amount the recipient will receive.
If you experience a delayed credit, incorrect beneficiary details, or need a transfer cancellation, contact CSB customer care, email support, or visit your home branch. Your relationship manager can enter the details into CSB's tracking system and provide quick updates.
Whether you're funding a child's education overseas in August or making an international payment in another country, CSB Bank offers international money transfer services, subject to applicable regulations and processing requirements. Visit your nearest CSB forex branch, confirm the latest charges and exchange rates, and get your next transfer moving.
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.
