ACE Money Transfer
ACE Money Transfer
23 Oct 2026
Federal Bank India supports international money transfers for a range of purposes: education fees, family maintenance, business payments, medical expenses, and personal investments abroad. Through its network of correspondent banks and the SWIFT messaging system, the bank processes both outward remittances (from India to other countries) and inward remittances (funds arriving into Indian accounts from overseas). Federal Bank’s official website states that its Fed-e-Remit platform supports outward remittances in 13 major currencies. Currency availability and transfer eligibility should be checked against the bank’s current terms. It also gives customers access to most high-volume corridors.
Federal Bank offers an online portal called Fed-e-Remit for outward remittances, allowing customers to initiate transfers without visiting a branch. Federal Bank requires active, KYC-compliant accounts for international transfers, with PAN details updated and FedNet internet banking enabled. Federal Bank provides access to funds through digital banking channels 24/7, though processing windows for outward transfers follow business-day schedules. Online and in-branch transfer services may have different fees and exchange rates. Compare the total cost, including any applicable charges, before choosing a transfer method.
How fast your money arrives, what it costs, and how convenient the process feels depends on three main variables: the destination country and its currency, the payment method you choose, and when you initiate the transfer. For customers abroad who want to send money to beneficiaries holding Federal Bank accounts in India, ACE Money Transfer provides a fast, digital alternative. ACE operates from countries like the UK, EU member states, Canada, Australia, and Switzerland, crediting funds to Indian bank accounts or making them available for cash pickup. The rest of this article covers the factors that affect your Federal Bank India international money transfer, breaks down the fee structure, and walks through a step-by-step guide to sending money with ACE Money Transfer. Rates and fees may vary. Visit acemoneytransfer.com for current rates.
When you send money abroad through Federal Bank India, three factors determine how quickly funds arrive and what total cost you pay: where the money is going, how you fund the transfer, and when you click "submit." Each factor interacts with the others. A USD transfer to the United States initiated at 10:00 AM IST on a Tuesday, funded from an existing savings account, will behave differently from an AED transfer to the UAE initiated at 5:00 PM on a Friday via a branch visit.
The destination country and currency shape both the timeline and the route your transfer takes through the SWIFT network. SWIFT transfers are secure but may incur high fees, particularly when multiple intermediary banks handle the message before it reaches the beneficiary's institution.
Transfers in major, frequently traded currencies follow well-established correspondent bank routes:
USD to the United States: Typically 1-2 business days once Federal Bank processes the outward remittance.
GBP to the United Kingdom: Usually 1-3 business days.
EUR to Germany or France: 1-3 business days via SEPA-connected correspondent banks.
CAD to Canada, AUD to Australia: 2-3 business days in most cases.
Sending money to some currencies takes longer than others. Transfers in less-traded currencies (for example, QAR to Qatar or HKD to Hong Kong through smaller correspondent banks) may take 3-5 business days because of additional routing steps.
The typical transfer time for international money transfers is 2 to 5 business days, depending on the corridor. Wire transfers can enable instant money transfers abroad in certain corridors where correspondent bank arrangements allow same-day settlement, and they can also enable instant cash pickups abroad when partnered payout agents are involved.
Receiving banks in the destination country sometimes run compliance checks. For transfers above USD 10,000 (or equivalent), anti-money laundering reviews at the intermediary or beneficiary bank can add 1-2 extra business days. For outward remittances, the sender needs to provide complete beneficiary details including SWIFT code; Federal Bank's SWIFT code is FDRLINBBIBD for all branches, a single code regardless of which branch holds the account.
A concrete example: sending USD 1,000 from a Federal Bank branch in Kochi to a Bank of America account in New York usually arrives within 1-2 business days, assuming the transaction clears compliance checks and is initiated before the branch cut-off time.
When sending money abroad from India via Federal Bank, customers typically fund the transfer from their savings or current account, through a one-time NEFT/RTGS transfer to the branch, or occasionally via debit card on supported digital channels (if available).
Funding from an existing account and authorising the transaction during banking hours is usually the most cost-effective path. The cost of sending money by bank transfer or card varies by provider, transfer amount, destination, exchange rate and applicable fees. Compare the total cost before choosing a payment method. Using a debit card can incur extra costs for money transfers because the card issuer may treat the transaction as a cash advance or apply a foreign currency surcharge. On the other hand, using a debit card usually results in quicker transfers because the funds are confirmed instantly rather than waiting for an interbank clearing cycle.
For inward remittances coming to India through partner platforms like ACE Money Transfer, the sender abroad can choose from debit card, credit card, or local bank transfer (Faster Payments in the UK, SEPA in the EU). Transfer times vary depending on the payment method, sending country and applicable processing systems. Rates and fees may vary. Visit acemoneytransfer.com for current rates. Customers should always compare three cost components before they send money:
The transfer fee charged by Federal Bank India or the partner platform
The exchange rate margin over the mid-market rate
Possible charges levied by intermediary and recipient banks
For large amounts (tuition payments, property deposits), bank transfers typically deliver better value because the fixed fees are spread across a bigger sum. For urgent, smaller transfers where speed matters more than fees, card payments make sense despite the slightly higher per-transaction cost.
Federal Bank India, like other banks, applies cut-off times for processing outward remittances. The typical SWIFT remittance cut-off falls around 3:00-4:00 PM IST, though the exact time varies by branch and whether you use Fed-e-Remit online or visit in person. Federal Bank’s online outward remittance limits should be verified against its current official terms. Check the bank’s website for applicable transaction limits and eligibility requirements.
Different banks have varying cut-off times affecting transfer speed, so a transaction submitted at 4:30 PM IST may not begin processing until the next business morning. That adds a full business day to your delivery estimate.
Weekends and public holidays in both India and the destination country create dead zones. A transfer sent from India on Friday afternoon to a US bank will likely not be credited until Monday or Tuesday US time. During holiday seasons, the gap widens further.
Schedule transfers during favorable market conditions and quieter processing periods. Practical timing tips:
Avoid end-of-month congestion. FX desks and compliance teams handle higher volumes in the final days of each month, which can slow processing.
Plan around holidays. Diwali in India (October/November), Christmas and New Year in Europe and the US, and Eid in the Middle East all create multi-day gaps when banks do not process transfers.
Build in a buffer. For fixed deadlines like university fee due dates on 15 August or 01 January, initiate transfers at least 3-5 business days early.
Instant transfers are critical for emergencies, so if you anticipate urgent needs, keep funds in your account ready to go and avoid relying on end-of-day submissions.
The total cost of a Federal Bank India international money transfer is built from several layers: Federal Bank's own remittance fee, any correspondent or intermediary bank charges along the route, the receiving bank's fee (if applicable), and the exchange rate margin applied when converting INR to the destination currency. Each layer adds to the gap between the INR amount debited from your account and the foreign currency amount received by the beneficiary. Exchange rates can impact the amount received by hundreds or even thousands of rupees on a single transaction, so understanding each cost component matters.
Transfer fees vary by service, from flat rates to percentages. Federal Bank’s charges for non-trade outward remittances under LRS or non-resident repatriation may vary. Refer to the bank’s latest official schedule of charges for applicable fees. For trade-related outward remittances, the bank charges a commission instead of exchange at 0.125% of the transaction value (minimum ?1,000) plus the ?500 SWIFT fee. GST at 18% applies to these service charges. Outward remittances are subject to the RBI's Liberalised Remittance Scheme cap of $250,000 annually per individual. Under India’s Liberalised Remittance Scheme (LRS), TCS generally applies to aggregate remittances exceeding ?10 lakh per financial year. The rate is 20% for other purposes, while education and medical remittances are subject to separate rates and conditions. Check the latest Income Tax Department guidance for current rules.
One requirement for outward remittances involves submitting a declaration for the purpose of the transfer. RBI guidelines require foreign remittance purposes to be declared when sending money abroad, and incorrect purpose codes or missing Form 15CA/CB documentation can hold up your funds. Customers should check Federal Bank's schedule of charges (SOC) for the outward remittance fee slab, GST on service charges, and any additional wire or SWIFT charges.
Some forex cards allow users to lock in an exchange rate in advance, subject to the provider’s terms. Exchange-rate movements can affect the overall cost of foreign-currency transactions. This is not financial or legal advice. Please consult a qualified professional. Avoid emergency fees by keeping a buffer amount in your account so you are not forced into last-minute transfers that attract premium processing charges.
Federal Bank India typically charges a fixed transfer fee or slab-wise fee per transaction, a margin on the foreign exchange rate over the live interbank rate, and possible additional SWIFT or cable charges when routing via intermediary banks.
Exchange rate markups are applied on the foreign exchange rates for remittances. While Federal Bank does not publish a fixed percentage for the FX margin, the "commission in lieu of exchange" at 0.125% for trade transactions gives a baseline. Foreign exchange providers may apply a markup to the exchange rate, which can vary by provider, currency and transaction amount. Check the quoted rate and applicable fees before confirming a transaction.
Here is an illustrative example for a customer in Mumbai sending INR 150,000 to pay tuition in the UK in September 2026:
Fixed fee: ?1,000 (non-trade/LRS outward remittance)
SWIFT charge: ?500
GST on fees: 18% of ?1,500 = ?270
Total explicit fees: ?1,770
Exchange rate margin: If the mid-market GBP/INR rate is 110.00 and Federal Bank offers 111.50, the margin is about 1.36%. On ?148,230 (after fees), this translates to roughly ?2,015 in implicit cost.
Amount credited in GBP: Approximately £1,329 (versus ~£1,348 at the mid-market rate)
Intermediary banks may deduct processing fees for incoming wire transfers, reducing the amount further before it reaches the beneficiary's account. Always ask the branch or use Federal Bank's online tools to estimate the "amount to be received" in foreign currency, not just the INR to be debited. This matters especially when you need to meet an exact invoice amount, such as a university fee of exactly £1,350.
Compare exchange rates to find the best value. While bank transfers offer good reliability for large-ticket amounts, specialist remittance providers sometimes deliver more competitive FX rates for frequent, smaller remittances. Check for any correspondent bank charges and confirm if the receiver's bank will deduct a fee upon crediting the account.
Many NRIs and overseas workers compare bank-based international transfers with digital remittance platforms before deciding how to send money. The landscape includes banks such as Federal Bank India and international money transfer services such as ACE Money Transfer and Wise. Fees, exchange rates and transfer terms vary by provider, so check the current details before sending money.
Banks offer strong security, regulatory compliance under FEMA and RBI oversight, and traceability through SWIFT, making them suitable for large transfers such as property purchases or university fees exceeding ?5 lakhs. Federal Bank offers outward remittance services through its designated channels. Check the bank’s official website for current service options and payout arrangements.
International transfer costs vary by provider, destination, payment method and transaction amount. When comparing ACE Money Transfer, banks and services such as PayPal, review the applicable fees and exchange rates for the same transfer details before confirming a transaction. Rates and fees may vary. Visit acemoneytransfer.com for current rates.
Use comparison tools to minimize transfer costs. Several aggregator websites let you input the amount, source country, and destination to see side-by-side fee and rate comparisons across providers.
The appropriate transfer method depends on the transaction amount, destination, payment purpose and required payment channel. Compare applicable fees, exchange rates, processing times and transfer requirements for Federal Bank and ACE Money Transfer before choosing a service. Rates and fees may vary. Visit acemoneytransfer.com for current rates.
ACE Money Transfer is an international money transfer service. ACE Money Transfer Limited is authorised by the UK Financial Conduct Authority (FCA) as an Authorised Payment Institution, subject to its registered permissions. Check its current status on https://register.fca.org.uk/.
People in the UK, EU member states, Canada, Australia, and Switzerland can use ACE to send money to India, with funds arriving via bank deposit, cash pickup, or mobile wallet. For recipients who hold Federal Bank India accounts, ACE's bank deposit option credits funds directly into their savings or current accounts.
This section walks through the process step by step, covering account setup, transfer execution, and the three payout methods available when you send money abroad from supported countries to India.
1. Create your account
Visit the ACE Money Transfer website or download the ACE mobile app on iOS or Android. Register or log in using an email address, Google account, or Apple ID. Complete KYC verification by uploading valid ID documents as required under local regulations in the sending country (passport, national ID, or driving license, depending on jurisdiction).
2. Set up your transfer
Choose India as the destination country.
Select your payout method: bank deposit to a Federal Bank India account, cash pickup at a partner location, or credit to a supported mobile wallet.
Enter accurate recipient details: full name (as it appears on the bank account), Indian bank account number, Federal Bank IFSC code, mobile number, and address as applicable.
3. Choose how you pay
The sender's payment options include:
Local bank transfer in the sending country (Faster Payments in the UK, SEPA in the EU, domestic ACH in Canada or Australia)
Debit card
Credit card, where supported
Card payments usually deliver funds faster because the money is confirmed at the moment of payment. Bank transfers from the sender's side may take 30 minutes to 2 working days to clear, depending on the sending country's banking infrastructure.
4. Confirm and pay
Add a payment reason (for example, "family maintenance," "education fees," or "medical expenses"). Review the offered exchange rate and transfer fee on screen. Review the quoted exchange rate, applicable fees and estimated recipient amount before confirming your transfer. Click “Pay Now” to complete the transaction. Rates and fees may vary. Visit acemoneytransfer.com for current rates.
5. Track your transfer
ACE provides a unique reference tracking number after payment. You can monitor the transfer status in real time through the app or via email and SMS updates. Once processed, funds are deposited directly into the recipient's Federal Bank India account or made available for cash pickup at a partner location.
Bank Deposit
Direct credit into Federal Bank India savings or current accounts. This is the most commonly used option for regular family support, salary remittances by overseas workers, and education-related transfers. ACE Money Transfer Limited is authorised by the UK Financial Conduct Authority (FCA) as an Authorised Payment Institution, subject to its registered permissions. Verify its current status on https://register.fca.org.uk/. Transfer times and any receiving-bank charges depend on the payment route and applicable bank terms. Rates and fees may vary. Visit acemoneytransfer.com for current rates.
Cash Pickup
The recipient can collect money in cash at designated partner bank branches or payout locations across India. This option is useful when the beneficiary does not have a bank account or needs immediate cash for an urgent expense. Beneficiaries receiving funds from abroad may require a valid photo ID and transaction PIN for cash pick-up. The sender shares the reference number with the recipient, who presents it along with their ID at the collection point.
Mobile Wallet
Transfer times to supported digital wallets in India may vary depending on the payment route and provider. Rates and fees may vary. Visit acemoneytransfer.com for current rates. This method works well for small, frequent transfers and day-to-day expenses. Limits and availability depend on regulatory approvals and specific wallet partners in India; check the ACE app for current wallet options in your recipient's region.
Choose the payout method based on the recipient's preference, urgency, and access to banking or digital services in their area. If your family member in Kerala has a Federal Bank savings account, bank deposit is the simplest path. If they are in a rural area without easy branch access, cash pickup at a nearby partner location or mobile wallet credit may be more practical.
Decide which country you are sending money from, whether your family prefers a Federal Bank account credit or cash pickup, and then set up your first transfer through ACE Money Transfer. The process takes a few minutes from start to finish.
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.
