ACE Money Transfer
ACE Money Transfer
26 Oct 2026
Whether you need to send money to family in India or pay tuition fees at a university abroad, understanding your international transfer options can save you thousands of rupees every year. This guide breaks down everything you need to know about State Bank of India international money transfer services and how ACE Money Transfer provides a digital service for sending money internationally, with fees and delivery times varying by transfer details.
SBI offers traditional bank-based international money transfer options through its vast network of branches and correspondent banks. ACE Money Transfer provides a faster, often cheaper digital alternative for NRIs and residents who want to send money to India or other countries without visiting a branch.
Sending money to an SBI account in India from abroad:
Initiate a SWIFT wire transfer from your foreign bank using the recipient's SBI account number, branch IFSC code, and SBI SWIFT/BIC code
Visit an SBI foreign branch (available in the UK, USA, Canada, UAE, Singapore, and other countries) for direct transfers in local currency
Use partner services and exchange houses that have tie-ups with SBI for routing funds to any bank account in India
Sending money to India using ACE Money Transfer:
Create a new account on the ACE Money Transfer website or app using your email, Google, or Apple ID
Enter recipient details accurately, including their bank account number and IFSC code
Pay via debit card, credit card, or online bank transfer
Receive a reference tracking number and track your transaction in real time
ACE Money Transfer uses advanced technology to speed up India remittance and can credit funds directly to SBI accounts, other Indian banks, mobile wallets, or cash pickup locations. SBI operates under applicable Indian banking regulations. ACE Money Transfer’s authorisation depends on the jurisdiction in which the transfer is initiated. Total costs vary by exchange rate, fees and delivery method.
State Bank of India (SBI) is a public sector bank in India, with a global network of SBI branches, foreign offices, and extensive correspondent banking relationships that enable money transfers across borders.
Main options for sending money to and from India through SBI include:
SWIFT wire transfers to any SBI account or other Indian banks
Transfers via SBI international branches in approximately 15 countries
Exchange house tie-ups particularly in the Middle East
Digital partner integrations - SBI provides international money transfer services through available channels and authorised partners. Availability, fees, and processing times may vary by service and transfer method. Remove the Remitly and Western Union partnership claims unless verified by current official sources.
Outward remittances from India under RBI's Liberalised Remittance Scheme
SBI supports both inward remittances (receiving funds in Indian rupees) and outward remittances (sending money abroad from India). Foreign exchange rates, markup percentages, and per-day or per-year limits vary by channel and corridor. SBI partners with many global correspondent banks for seamless remittance processing, making it a trusted choice. However, many NRI customers now combine their SBI account with digital providers like ACE Money Transfer for lower costs and faster delivery.
This section covers how to send money to an SBI account or any other Indian bank account from abroad.
International wire transfer via SWIFT: The sender initiates the transfer from their foreign bank. Beneficiary details must include the account number, bank name, and SWIFT/BIC code. SBI is part of the SWIFT network for wire transfers, so funds are routed through correspondent banks and converted to Indian rupees at SBI's prevailing exchange rate. International wire transfer processing times vary depending on the sending bank, destination, currency, intermediary banks, and compliance checks. Verify SBI’s current processing estimates against its official guidance before publication.
SBI foreign branch transfers: SBI offers international banking and remittance services through selected channels. Remove the “Instant Transfer” claim unless it can be verified using a current, dated official SBI source. Customers can walk in, fund their remittance in local currency, and have it deposited into a savings account or current account in India within minutes or hours.
Exchange houses in the Middle East: SBI offers international transfers through exchange houses in the Middle East. Workers in UAE, Qatar, Kuwait, Bahrain, Oman, and Saudi Arabia frequently use these channels to send money home. Demand Drafts can take longer due to mailing times.
Processing times for international transfers can vary from a few hours to 2–5 business days depending on the method, time zone differences, and whether compliance checks are triggered. In all cases, SBI applies its own exchange rates and may charge transfer or receiving fees. Transfers through Remitly can be instant or take longer depending on the method chosen.
Resident Indians can send money abroad from their SBI account under RBI's Liberalised Remittance Scheme (LRS). Under RBI’s LRS, resident individuals can remit up to USD 250,000 per financial year for permitted purposes. Regulations may change. Please verify current requirements with an authoritative source.
Common outward remittance purposes include:
Tuition and education fees for students studying abroad
Maintenance of close relatives living overseas
Overseas investments in equities, property, or bonds
Foreign travel expenses
Medical expenses and treatment payments
Typical process for outward remittance:
Add an international beneficiary in SBI net banking or YONO app (activation usually takes one day)
Submit KYC documents, PAN, and the applicable purpose code
Choose the Fxout or Remxout option via online banking or visit a branch
Authorise the transfer and confirm the details
SBI's Fxout service operates under RBI's Liberalised Remittance Scheme guidelines. SBI allows remittances through online banking and mobile apps like YONO SBI. The bank converts Indian rupees to the foreign currency at SBI's card/TT selling exchange rate, which includes a margin above the mid-market rate, plus GST and applicable bank charges. SBI offers outward remittance services through FX-OUT, subject to available currencies and applicable terms. Verify the supported currencies against a current, dated official SBI source before publication.
SBI international fund transfers using FXOUT and REMXOUT take 2 days for major currencies and destinations. Cut-off times, public holidays, and compliance checks can cause additional delays. SBI remittance limits may vary by transfer method and account type. Verify current online transaction limits against an official SBI source before publication.
SBI partnered with Flywire on 24 May 2023 to digitise remittances to foreign universities for Indian students SBI offers cross-border education payment services. Remove the “first public sector bank to partner with Flywire” claim unless it can be verified through a current, authoritative source.
SBI customers can pay fees from India in Indian rupees while Flywire handles conversion and payment to universities abroad in local currency. Payments can be made in Indian rupees through Flywire, simplifying the process for students and parents. Flywire facilitates international education payments for participating institutions. Verify the number of institutions and supported countries against a current, dated official Flywire source before publication.
Basic flow:
Select your institution on Flywire's platform
Enter the fee amount in the required currency
Choose a payment method via SBI-linked options
Confirm payment details, subject to SBI’s current limits. Verify limits with an official SBI source.
Track payment status online until the university receives funds
SBI's partnership with Flywire enables digital education payments that comply with RBI LRS rules, allowing up to USD 250,000 per financial year. Students and parents should compare total cost - including Flywire and SBI charges, plus exchange rates - against alternatives such as ACE Money Transfer when paying overseas education bills.
The biggest cost components in any international money transfer are transfer fees, exchange rate markups, and intermediary bank charges. Understanding these is critical before you confirm any transaction.
SBI's exchange rate may include a markup on the mid-market rate - the rate you see on Google or XE. SBI charges extra over the real exchange rate, and this margin is where much of the hidden cost lies. Exchange rate markups can significantly increase transfer costs, particularly on large transfers.
Additional cost layers include:
Service commission: SBI charges a service commission for outward remittances, generally around 0.125% to 0.55% of the transfer amount
NRE exemption: Foreign currency outward remittance from NRE accounts is generally free of service commission
GST: GST on currency conversion is subject to current Indian tax rules. Verify the applicable rate and calculation method against an official GST source before publication.
Correspondent bank charges: Intermediary banks may deduct fees before funds reach the beneficiary
SBI's international money transfer fees can vary by method and currency
Example: For example, on a hypothetical transfer equivalent to USD 5,000 from the UK to an SBI account in India, a 1% exchange-rate difference could change the amount received by several thousand rupees. Actual amounts depend on the exchange rate and applicable fees. Over multiple transfers in a year, this adds up to a significant amount. Always compare SBI's offered exchange rate and total fee against digital providers like ACE Money Transfer before sending money abroad or to India.
ACE Money Transfer is a specialised remittance platform that uses advanced technology to move money quickly and securely to India, including direct credit to SBI accounts and other Indian banks.
Registration:
Visit the ACE Money Transfer website or download the app
Sign up or log in using your email, Google, or Apple ID
Complete identity verification (government-issued ID, address, phone number) as part of KYC
Sending process:
Choose your destination country (India) and select a payout option: bank deposit, mobile wallet, or cash pickup
Enter accurate recipient details, including bank account number and IFSC code for bank deposits
Select a payment method - debit card, credit card, or online bank transfer (availability depends on sender's country)
Add a payment reason for regulatory compliance
Review the live rate and fees before sending. Rates may fluctuate; check acemoneytransfer.com for the current rate.
Confirm the transfer details and click "Pay Now"
Receive a reference tracking number for real-time transaction tracking
Note that: Transfer times vary by payment method, sender bank cut-off times, and processing requirements. Rates and fees may vary. Visit acemoneytransfer.com for current rates.
Here is how recipients can receive funds in India through ACE Money Transfer:
| Payout Method | How It Works | Typical Speed |
|---|---|---|
| Bank Deposit | Direct credit into an SBI account or any other major Indian bank account in Indian rupees | Minutes to a few hours |
| Cash Pickup | Recipient collects cash in INR at authorised partner bank branches by presenting valid ID and transaction reference | Same day or next business day |
| Mobile Wallet | Instant credit to supported digital wallet accounts in India | Near-instant |
All payout modes are traceable through the ACE Money Transfer platform. If any issue arises, customer support is available to help resolve it using the transaction reference.
Customers often weigh their primary bank against a specialist remittance provider when deciding how to send money to India. Here is how SBI and ACE Money Transfer compare:
Exchange rate: SBI and ACE Money Transfer rates and fees may vary. Compare the live rate and total cost before sending.
Fees: SBI charges fixed fees plus commission plus GST; ACE shows transparent fees upfront
Transfer speed: SBI foreign branch instant transfers are fast, but standard SWIFT takes 2 days; ACE card-funded transfers can arrive in minutes
Convenience: SBI requires branch visits for some services; ACE is fully online
Payout options: SBI offers bank deposit only; ACE offers bank deposit, cash pickup, and mobile wallet
Customer support: SBI has branch-based support; ACE provides multi-channel digital support across time zones
SBI may be preferred for large, documentation-heavy transfers or where the person making the transfer and the beneficiary are both deeply integrated with SBI services. ACE Money Transfer supports international remittances to eligible SBI accounts in India. Exchange rates, fees, and delivery times vary by transfer details. Compare the current rates and fees before sending. Before each transfer, run a live quote on ACE and compare it with your SBI net banking rate.
Both SBI and ACE Money Transfer operate under strict regulatory frameworks to prevent fraud, money laundering, and unauthorised transactions.
SBI: Follows RBI guidelines, including KYC norms. SBI requires KYC compliance for international money transfers. LRS limits apply at USD 250,000 per financial year per resident. Reporting obligations cover all cross-border transactions. A bank statement and transaction history serve as records for compliance and tax purposes.
ACE Money Transfer: ACE Money Transfer operates under applicable regulatory requirements in its service jurisdictions. It uses security measures and transaction monitoring, subject to applicable policies and requirements. Verify its specific FCA status against the FCA Register before stating its authorisation.
Daily or per-transaction limits apply on both platforms. On SBI channels, the maximum amount per online transaction is USD 40,000 equivalent. Higher limits may require additional verification or a branch visit. On ACE, the limit depends on the sender's country regulations and verification level.
Keep your personal data, login credentials, and one-time passwords secure. Contact SBI or ACE customer support immediately if you suspect any unauthorised activity on your account.
Always track international transfers until the recipient confirms the funds have been deposited or collected.
SBI: Check the status of your money transfer via online banking transaction history, contact customer care, or visit your branch with the SWIFT reference or UTR number. You can also request a Foreign Inward Remittance Certificate (FIRC) for tax or educational documentation purposes.
ACE Money Transfer: Track transfers in real time via the website or app using the reference tracking number generated after payment. Status updates are provided at each stage.
If a transfer is delayed or fails:
Verify that all beneficiary details - name, address, account number, IFSC code, SWIFT code - are correct
Check for bank holidays and cut-off times in both the sending and receiving countries
Contact SBI or ACE support with your transaction references for further information
A refund, amendment, or cancellation is subject to each provider's policies and may be affected by whether the funds have already been paid out or converted at a particular exchange rate.
SBI offers robust, bank-based solutions for both inbound and outbound transfers, while ACE Money Transfer provides a flexible, fast, and often lower-cost online alternative for sending money to India. Each SBI customer should consider their specific use case - regular family support, one-off high-value transfers, tuition payments, or emergency remittances requiring speed.
Compare real-time exchange rates, fees, and delivery times between SBI and ACE Money Transfer before each transfer. Save money by checking live quotes rather than relying on assumptions about which provider is cheaper.
A practical approach is to maintain an SBI account for traditional banking needs while also registering with ACE Money Transfer to keep a digital remittance option ready whenever you need to send money. Decide your sending and payout countries, then either start a quote with ACE Money Transfer or prepare your documents for an SBI transfer - whichever fits your next transaction best.
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.
