Sending money abroad from India involves more than just knowing your account number. You need the right branch details, the correct ifsc code, a clear understanding of regulatory limits, and - ideally - a transfer method that saves you both time and money. This guide walks you through everything you need to know about using Saraswat Cooperative Bank for international money transfers, from branch-level details to a step-by-step look at how ACE Money Transfer can simplify the entire process.

Overview of Saraswat Cooperative Bank & International Transfers

Saraswat Cooperative Bank Limited is one of India's oldest and most established urban cooperative banks. The bank has been operational since 1918, giving it over a century of experience in serving customers across the country. Headquartered in Mumbai, Maharashtra, the bank has expanded through decades of growth, mergers and modernisation under the guidance of its chairman and board.

Saraswat Cooperative Bank offers international money transfer services alongside a comprehensive suite of banking products. Beyond remittances, account holders can access fixed deposit schemes (including NRI deposits), bill payments, loan facilities, and card services. Notably, Saraswat Cooperative Bank partnered with VISA for card services, giving customers access to globally accepted payment instruments.

As a scheduled cooperative bank, Saraswat Bank provides domestic electronic transfer options including RTGS (Real Time Gross Settlement), NEFT (National Electronic Funds Transfer), and IMPS (Immediate Payment Service). For cross-border needs, the bank maintains foreign exchange facilities and remittance services through its Forex Centres, correspondent banking relationships, and dedicated Overseas branch.

The bank's reach across India is significant. Saraswat Co-operative Bank reports 335 branches across its network, according to its official bank profile. This wide network of bank branches ensures that customers in different parts of the country can initiate or receive international transfers without difficulty.

International remittances from Saraswat Bank commonly flow to corridors such as the UK, Canada, Australia, European countries, and GCC nations. Whether you are funding a child's education abroad, supporting family members, or handling business payments, the process starts with knowing the correct ifsc code, branch details, and regulatory requirements. Read on to understand exactly how this works.

Saraswat Cooperative Bank Overseas Branch & IFSC Code Details

The primary branch handling international banking operations for Saraswat Cooperative Bank is the Overseas branch, located in Marine Lines, Mumbai. This branch functions as the bank's main Forex Centre, processing inward and outward foreign currency transactions as permitted by regulatory guidelines.

Here are the key details you need:

The IFSC code for the Overseas branch is SRCB0000056. This code is essential when routing NEFT, RTGS, or IMPS payments to this branch - whether as part of a domestic leg of an international transfer or for crediting inward remittances received via correspondent banks.

The SWIFT code SRCBINBBOSB is what overseas senders need when wiring funds to this branch from abroad. Different Forex Centres within the Saraswat network have their own SWIFT codes (for example, the BKC centre uses SRCBINBBBKC), so accuracy matters.

Working Hours:

Monday to Friday: 10:00 AM to 4:00 PM

1st, 3rd, and 5th Saturdays: 10:00 AM to 4:00 PM

Closed on 2nd and 4th Saturdays, Sundays, and bank holidays

(Verify latest timings directly with the branch, as schedules may change during state or national holidays.)

Saraswat Co-operative Bank has held authorisation to deal in foreign exchange since 1979, according to its official Trade Finance page. Its NRI Banking page confirms that it holds a permanent RBI licence for foreign currency transactions. The Overseas branch also manages NRI-specific services such as NRE, NRO, and FCNR(B) deposit accounts, making it a one-stop place for non-resident Indians managing finances back home. You can find more details on the bank's official website - accessible via https on their domain - under the Forex Centres section.

Understanding IFSC Code, SWIFT & Bank Branch Details for Cross-Border Transfers

Domestic and international transfers rely on different identification systems. Understanding the distinction between an IFSC code and a SWIFT code is critical for anyone moving money across borders through Saraswat Cooperative Bank - or any bank in India for that matter.

What Is an IFSC Code?

IFSC is an 11-character alphanumeric code assigned by the Reserve Bank of India to every bank branch participating in electronic fund transfers. IFSC codes are used for electronic fund transfers in India, covering NEFT, RTGS, and IMPS transactions.

The structure breaks down like this:

The first 4 characters of IFSC represent the bank (for Saraswat, this is "SRCB")

The 5th character is always "0" per RBI convention

The remaining 6 characters identify the specific branch

For the Overseas branch, the full code is SRCB0000056, where "000056" is the branch identifier.

What Is a SWIFT/BIC Code?

SWIFT (Society for Worldwide Interbank Financial Telecommunication) codes are the global equivalent, used to route international wire transfers between banks worldwide. International transfers typically use SWIFT MT103 messages for processing - this is the standard format for cross-border payment instructions.

Saraswat's Overseas branch SWIFT code is SRCBINBBOSB. When someone abroad sends money to your Saraswat account, they will need this code along with your account number and the branch IFSC code.

Why Accuracy Matters

For sending money from within India to fund an overseas remittance, customers must use the correct IFSC code of their home branch or the Overseas branch. For receiving money from abroad, the overseas sender needs:

Beneficiary's full name (as it appears on the account)

Account number

Branch name and address

IFSC code of the beneficiary's branch

SWIFT code (SRCBINBBOSB for the Overseas branch)

Errors in any of these fields - even a single wrong digit in the IFSC or SWIFT code - can cause funds to go astray, trigger additional correspondent bank charges, or result in the transfer being returned entirely.

Saraswat Co-operative Bank states that incoming wire transfers typically reach beneficiary accounts within 24–48 hours, according to its official Funds Transfer from Abroad page. The bank does not display a publication date for this information, so the timeframe should be treated as indicative rather than a guaranteed delivery time.

Send Money with ACE 

How to Send Money Abroad via Saraswat Cooperative Bank & ACE Money Transfer

Customers looking to send money internationally have two main routes. The first is Saraswat Cooperative Bank's own in-branch outward remittance service, processed through its Forex Centres. The second is using a specialised digital platform like ACE Money Transfer, funded directly from a Saraswat Bank account or linked card.

Each approach has its merits. The in-branch route offers the familiarity of dealing with your own bank. ACE Money Transfer offers speed, convenience, and competitive pricing - all from your phone or computer.

Route 1: Saraswat Cooperative Bank In-Branch Remittance

To send money abroad through Saraswat Bank directly, the process works as follows:

Visit a Forex Centre or the Overseas branch. Outward remittance transactions must be processed through designated Forex Centres or branches authorized to handle foreign exchange.

Fill out Form A2. This is the standard outward remittance application required under Indian regulation. You will specify the amount, destination currency, beneficiary bank details (including their SWIFT code and IBAN where applicable), and the purpose of the transfer.

Select the correct purpose code. Compliance with the Foreign Exchange Management Act is required for all international money transfers. Permitted uses for outward remittance include education, medical treatment, maintenance of close relatives, and travel. The Reserve Bank of India regulates the Liberalised Remittance Scheme guidelines for outward remittances, which governs what resident individuals can send abroad.

Submit KYC and supporting documents. Documentation for remittances typically requires a PAN card and KYC details such as address proof (Aadhaar, utility bills). Supporting documentation may vary based on the purpose of the transfer, such as medical or educational expenses - a university fee letter for tuition payments, a doctor's prescription or hospital invoice for medical transfers, and so on.

Stay within regulatory limits. Resident individuals can remit up to USD 250,000 per financial year under the Liberalised Remittance Scheme. Amounts exceeding certain thresholds may require additional documentation.

Processing and delivery. Once paperwork is complete and fees are paid, the bank processes the remittance via SWIFT through its correspondent banking network. Delivery typically takes 1 to 3 business days depending on the destination country and currency.

Route 2: ACE Money Transfer

ACE Money Transfer Limited is authorised and regulated by the UK Financial Conduct Authority (FCA) under the Payment Services Regulations 2017 (reference number 506692) to provide payment services. You can verify its status on the FCA Financial Services Register. For Saraswat Cooperative Bank customers, this means you can fund your transfer using your Saraswat debit card, credit card, or online bank transfer (net banking).

Here is exactly how the ACE Money Transfer process works:

Step 1: Register or Log In Create an account using your email, Google, or Apple ID. First-time users will complete KYC verification - this typically involves uploading a photo ID, PAN, and address proof.

Step 2: Choose Your Destination Country Select the country you are sending money to. ACE supports transfers to a wide range of destinations including Pakistan, Bangladesh, Philippines, Nigeria, UK, and EU countries.

Step 3: Select a Payout Method ACE offers three payout options:

Step 4: Enter Recipient Details Provide the recipient's full name, bank account number (or mobile wallet number for wallet payouts), and any required address information. For bank deposits, you will also need the recipient bank's routing code or equivalent identifier.

Step 5: Choose Your Payment Method Fund the transfer using your Saraswat Cooperative Bank debit card, a credit card linked to your cooperative bank account, or an online bank transfer from your Saraswat net banking portal.

Step 6: Add Payment Reason and Review Enter the reason for your payment - family maintenance, tuition fees, savings, medical expenses, etc. Review the exchange rate and fees displayed on screen. Exchange rates fluctuate and the rate you receive may differ from any rates quoted. Always check the live rate at acemoneytransfer.com before sending. ACE shows all charges upfront, including the foreign exchange margin, so you know the total cost before confirming.

Step 7: Confirm and Pay Click "Pay Now" to finalise your transfer.

Step 8: Track Your Transfer ACE provides a reference tracking number immediately after confirmation. Use this number to follow your international remittance in real time - via the app or website - until the funds reach the overseas bank account, cash pickup location, or mobile wallet.

Quick Comparison: Saraswat In-Branch vs. ACE Money Transfer

Whether you prefer the traditional route through Saraswat Bank or the digital convenience of ACE Money Transfer, the most important thing is getting your details right - correct IFSC codes, accurate beneficiary information, and proper documentation.

Forbes has covered the growth of digital remittance platforms, including how mobile-based services are changing cross-border money transfersThe trend is clear: customers want transparency, speed, and competitive exchange rates.

Start by gathering your branch details, verifying your IFSC code, and deciding which transfer route fits your needs. If you are sending money from India to family abroad, paying tuition, or handling any permitted outward remittance, having this guide as a reference will save you time, money, and unnecessary delays.

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.