ACE Money Transfer
ACE Money Transfer
23 Oct 2026
HDFC Bank, a private sector bank in India, founded in 1994 in Mumbai, provides comprehensive services for international money transfer and foreign outward remittance. Whether you are a resident individual looking to send money abroad for education, medical expenses, or investments-or an NRI needing to repatriate funds-HDFC Bank offers multiple channels including NetBanking, mobile app, and branch visits.
In India, sending money internationally is governed by the Reserve Bank of India under the Liberalised Remittance Scheme (LRS) and FEMA regulations. Foreign outward remittance refers specifically to transferring funds from your HDFC account to an overseas beneficiary for permissible purposes. HDFC Bank uses the SWIFT network for international money transfers and accepts inward remittances in 22 currencies, subject to its applicable terms and conditions. Check the bank’s official website for current details.
This guide covers the step-by-step process, limits, exchange rates, fees (including correspondent bank charges), timelines, and how ACE Money Transfer works as an alternative for sending money to India.
The process of sending money involves account login, beneficiary registration, and transaction confirmation. Here is the sequential flow:
Log in to HDFC NetBanking or MobileBanking and navigate to Funds Transfer ? Foreign Outward Remittance (or "Send Money Abroad").
Complete one-time registration of your remitter profile, accepting FEMA and LRS declarations online. You need a valid passport and ID for HDFC international transfers.
Add a new beneficiary by entering the recipient's name, SWIFT/BIC code, IBAN or account number, bank address, and country. Select the appropriate purpose code. An OTP is sent to your registered mobile, and beneficiary activation may require a 30-minute cooling period before you can initiate a transfer.
Enter remittance details: specify the transfer amount in INR or foreign currency (USD, EUR, GBP, CAD, AUD, etc.), select the purpose of remittance, and choose which account to debit.
Review and confirm: HDFC Bank displays an indicative exchange rate, expected fees, and applicable taxes. Verify all details before clicking submit.
You can also initiate outward remittance at select HDFC Bank branches by filling physical forms and providing KYC, PAN, and necessary documents. Standard outgoing money transfers generally require a valid purpose code corresponding to the remittance reason.
Sending money internationally from India involves regulatory frameworks set by the Reserve Bank of India. Regulatory requirements dictate specific documentation for international transfers from India. Here is what you need to know:
Resident individuals can remit up to US$250,000 per financial year under the RBI’s Liberalised Remittance Scheme (LRS) for permitted current and capital account transactions, subject to applicable rules. Limits may change.
Remittances from NRO accounts are generally permitted up to US$1 million per financial year, subject to applicable RBI rules, tax requirements and documentation, including Forms 15CA/15CB where required. RBI guidelines apply, and limits may change.
Funds must originate from legitimate, tax-compliant sources in your HDFC account. A bank statement may be requested as proof.
HDFC Bank requires mandatory documentation like a PAN Card for outward remittance, along with valid photo ID/passport, Form A2, invoices or fee letters (for education/medical), and property sale documents for larger transfers.
Each person must confirm purpose codes and FEMA declarations. For high-value international money transfers, the bank may request additional documents.
Rules may vary for minors and non-individual entities. Check the latest RBI and HDFC Bank guidelines for current requirements, as regulations may change. Understanding similarities and differences between a home loan vs land loan, or details like vs land loan understanding and land loan understanding similarities, are topics covered separately on HDFC's online portal.
The total cost of international transfers depends on three layers: the exchange rate, HDFC Bank's service fees, and overseas correspondent bank charges.
Exchange rates: HDFC Bank’s international transfer costs may include exchange rate markups and applicable fees. Check the bank’s current exchange rates and fee schedule before making a transfer. HDFC Bank’s applicable TT-Selling rate may differ from the mid-market exchange rate. To assess the difference, compare the bank’s quoted rate with XE’s reference rate for the same currency pair and time. Rates and fees may vary by transaction.
Service fees: HDFC Bank’s applicable TT-Selling rate may differ from the mid-market exchange rate. Compare the bank’s quoted rate with XE’s reference rate for the same currency pair and time. Outward remittance processing fees and exchange rates should be verified against HDFC Bank’s current official schedule of charges, as they may vary by transaction. Goods and Services Tax is charged in addition to applicable remittance fees. Transfer fees vary based on transfer amount and destination currency, and larger transfers usually incur lower fees and better exchange rates.
Correspondent bank charges: Transferring money internationally may incur additional correspondent bank charges-intermediary or recipient bank fees deducted from the final amount credited overseas. HDFC's "Full Value Remittance" option (currently available for USD, EUR, GBP) can help the beneficiary receive the maximum amount.
Always check the final exchange rate and itemized costs on the confirmation screen. Be aware of possible extra fees for amendments, cancellations, or returned remittances if beneficiary details are incorrect. For the best value, compare HDFC Bank's total cost with specialized remittance services.
HDFC Bank’s international transfer processing times may vary depending on the destination country, currency, intermediary banks and compliance checks. Check the bank’s current official guidance for estimated delivery times. Transfers generally take between 1 to 3 working days to reach the destination account for USD and EUR payments to major countries.
Transactions initiated before approximately 2:00 PM India time on a working day are processed same day; those after the cut-off roll to the next business day.
Weekends, Indian bank holidays, and holidays in the recipient's country can delay international money transfers.
Security checks or sanctions screening by HDFC Bank or any intermediary bank may add time.
Track your remittance using the reference number provided in NetBanking or the app. For assistance, contact HDFC Bank through the customer support numbers listed on its official website. Support availability and operating hours may vary, so check the bank’s current contact information before calling.
HDFC account holders can receive money from abroad via wire transfer or third-party remittance services in 22 supported currencies.
The sender abroad needs: your beneficiary name (as per bank records), HDFC Bank account number, IFSC code for INR credit, and HDFC Bank's SWIFT/BIC code. Correspondent bank details differ by currency.
Inbound funds can be converted to INR at HDFC Bank's prevailing exchange rate or credited in foreign currency to eligible accounts.
Check HDFC Bank’s current schedule of charges for any fees related to inward remittance documentation, including a Foreign Inward Remittance Certificate (FIRC). Intermediary or correspondent banks may also deduct charges before funds are credited, depending on the transfer route.
Transfers to HDFC Bank are credited within 1-2 working days, and transfers to HDFC Bank are cleared within two working days in most cases.
NRIs can receive money into NRE/NRO accounts and use balances for investments, bill payments, or request outward remittance later-up to the maximum limit allowed.
Verify all account details carefully to avoid delays. Keep SWIFT messages and bank advice notified for tax records.
Check HDFC Bank’s current schedule of charges for fees related to inward remittance documentation, including a Foreign Inward Remittance Certificate (FIRC). Intermediary or correspondent banks may also deduct charges before funds are credited, depending on the transfer route.
ACE Money Transfer provides international money transfer services to India from supported sending countries, including the UK, EU countries, Canada, Australia and Gulf countries. Transfer availability, fees and exchange rates vary by sending country and transaction details. Check ACE Money Transfer for current service information.
How the process works:
Register or log in using your email, Google, or Apple ID.
Choose your destination country (India) and select a payout option: bank deposit to an HDFC Bank account, cash pickup at authorized partner branches, or mobile wallet (where available).
Enter accurate recipient details including HDFC account number and IFSC, or wallet/cheque details as needed.
Select a payment method-debit card, credit card, or online bank transfer.
Add a payment reason and confirm the transfer details before clicking Pay Now.
Track your transaction in real-time using the reference tracking number provided.
Available payout methods:
| Payout Method | How It Works |
|---|---|
| Bank Deposit | Direct transfer to HDFC Bank or other major partner banks |
| Cash Pickup | Over-the-counter collection at authorized branch locations |
| Mobile Wallet | Instant crediting to supported digital wallet accounts |
The choice between ACE Money Transfer and HDFC Bank’s SWIFT transfer services depends on the transfer amount, destination, documentation requirements and payment method. Compare the applicable fees, exchange rates and estimated processing times for your specific transaction before choosing a service. Rates and fees may vary. Visit acemoneytransfer.com for current rates.
Time your transfers: Exchange rates fluctuate, and cut-off times may affect processing. Check the quoted rate and transfer schedule before sending. This is not financial or legal advice. Please consult a qualified professional.
Consolidate payments: Rather than frequent small transfers (each incurring flat fees), group them to reduce total costs and maximize the maximum amount received.
Double-check beneficiary details: Errors in SWIFT/BIC, IBAN, or account number cause delays and returned funds.
Use digital channels: NetBanking and app transfers typically cost less than branch services for foreign outward remittance.
Keep records: Save transaction confirmations, SWIFT copies, and FIRC or bank advice for tax filing and proof of funds.
Understand your limits: Know the LRS maximum of USD 250,000, purpose codes, and TCS thresholds before making large international transfers.
Compare total costs: Weigh HDFC Bank's exchange rate + fees + correspondent bank charges against digital options like ACE Money Transfer when sending money to India from abroad.
International transfers don't have to be expensive or confusing. Whether you use HDFC Bank’s RemitNow or ACE Money Transfer, compare the applicable fees, exchange rates and transfer requirements before sending money. Check the latest RBI guidelines and current rates to make an informed decision.
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.
