ACE Money Transfer
ACE Money Transfer
21 Oct 2026
An international money transfer is the movement of funds between a bank account in India and an overseas bank account, or vice versa. Whether you need to send money abroad for education, travel, medical expenses, or family support, or you are receiving remittances from abroad, Bank of India (BoI) is one of the major institutions that facilitate these cross-border payments.
Bank of India offers outward remittances under RBI's Liberalised Remittance Scheme (LRS) and processes inward remittances for non-resident Indians and foreign senders. Transfers can be sent to an international bank account via the SWIFT network, and incoming funds can be received into BoI accounts in India.
International money transfers in India are governed by applicable RBI regulations and the Foreign Exchange Management Act (FEMA), 1999. Key factors to consider include exchange rates, fees, transfer times and regulatory requirements.
ACE Money Transfer provides online international money transfer services, allowing customers to send money using supported debit cards, credit cards or online bank transfers, without visiting a branch. Available payment methods vary by corridor. Exchange rates fluctuate and the rate you receive may differ from any rates quoted. Always check the live rate at acemoneytransfer.com before sending.
Bank of India is a major public sector bank headquartered in Mumbai, founded in 1906. Its core services span retail banking, SME and corporate banking, treasury operations, trade finance, and international banking.
BoI maintains overseas branches and subsidiaries in markets including the United Kingdom, France, United States (New York), Singapore, Hong Kong, Kenya, and South Africa. This global network, combined with correspondent banking relationships, enables cross-border payments to international bank accounts in dozens of currencies. Both residents and non resident Indians can use Bank of India for sending and receiving international money, often into NRE or NRO accounts.
Bank of India uses the SWIFT network for most international payments. International transfers can be initiated through internet banking or at a branch. Banks facilitate money transfers through Nostro and Vostro accounts, routing funds via correspondent and intermediary banks to reach the destination.
For outward remittances, the process is straightforward: provide the recipient's full name, bank account number, SWIFT/BIC code, select the currency, enter the amount and purpose code, confirm the exchange rate, and authorize the payment. You need the recipient's bank details for international transfers - incomplete or incorrect information can cause delays.
Incoming transfers follow the sender's SWIFT instructions, with BoI acting as the beneficiary bank. Common currencies handled include USD, EUR, GBP, CAD, AUD, and SGD. Final credit is done either in foreign currency accounts (where permitted) or converted to INR using Bank of India's exchange rate. Unlike domestic NEFT or RTGS, international transfers involve cross-border compliance checks and currency conversion.
Under the RBI’s Liberalised Remittance Scheme (LRS), Indian residents can remit up to USD 250,000 per financial year (April–March) for permitted purposes, subject to applicable conditions. Source: RBI (accessed 16 October 2026). Laws and regulations may change. Please verify with a local professional. Outward remittances must comply with permitted capital and current account transactions. A PAN card is required for international money transfers in India, and Form A2 must be completed for non-import general personal remittances. Purpose codes are required for every international money transfer.
Tax Collected at Source (TCS) may apply to eligible remittances under India’s Liberalised Remittance Scheme exceeding ?10 lakh in a financial year. Regulations may change. Please verify current requirements with an authoritative source. Processing time for international money transfers from India is typically 1 to 5 business days, depending on the destination country, currency, intermediary banks, and cut-off times. Students, travellers, and individuals paying medical or living expenses abroad often rely on Bank of India for regular international payments under LRS.
NRIs and overseas senders can remit funds to Bank of India accounts in India, including NRE, NRO, and resident bank accounts. Funds arrive through SWIFT transfers from foreign bank accounts or via remittance partners. NRIs and PIOs may remit up to USD 1 million per financial year from eligible NRO account balances, subject to RBI rules, documentation and applicable taxes. Source: RBI (accessed 16 October 2026). Laws and regulations may change. Please verify with a local professional.
When money is received directly into a BoI account, the bank generally credits the funds with no inward transfer fee. Remove the ?500 charge claim unless a current, dated primary source verifies the fee for transfers credited to another bank’s account. International bank transfers are converted into Indian Rupees using the bank's applicable exchange rate unless credited to eligible foreign currency accounts.
Customers can obtain a Foreign Inward Remittance Certificate (FIRC) from Bank of India for regulatory or tax purposes, typically for a service charge of around Rs. 500 on security paper.
The total cost of an international money transfer via Bank of India depends on explicit fees plus the foreign exchange margin embedded in the exchange rate. Bank of India publishes daily Forex Card and telegraphic transfer (TT) buying and selling rates. These rates may differ from mid-market rates because of the foreign exchange margin. Customers should check the bank’s published exchange rates before transferring.
Common cost elements for outward remittances include:
Remove the ?1,000 fee claim unless verified by a current, dated Bank of India source.
GST on the fee
Correspondent or intermediary bank charges
Exchange rate markup applied during currency conversion
Bank fees for outward remittances typically depend on the amount being sent. Exchange rate markups can apply when converting one currency to another. Fees and rates vary depending on destination country, currency pair, transfer amount, and whether the applicant chooses OUR, SHA, or BEN charge options in SWIFT instructions. Western Union’s fees and exchange rates vary by transfer details. Check its official fee calculator for current charges.
Always check Bank of India's latest schedule of charges and foreign exchange rates before confirming a transaction, and compare with specialist providers to improve savings on the final amount received.
International transfers with Bank of India take 1 to 5 business days. Outward transfers to major destinations like the US, UK, Eurozone, Canada, Australia, and Singapore often credit within 1–3 working days if sent before the bank's daily cut-off time.
Factors that can slow transfer times include:
Weekends and bank holidays in either country
Intermediary bank checks
Additional compliance or KYC verification
Incomplete or incorrect recipient bank account or SWIFT details
Incoming payments to Bank of India accounts are usually credited on the same business day the funds arrive, subject to verification. International transfers via Bank of India can also take 2 to 5 days in some corridors.
International transfers through Bank of India and Union Bank of India may involve transaction fees and foreign exchange margins. Available transfer methods and charges vary by bank and transaction type. Digital payment platforms can facilitate international transfers. ACE Money Transfer is authorised and regulated by the UK Financial Conduct Authority (FCA), and customer funds are held in designated safeguarding accounts in accordance with applicable requirements. Exchange rates and transfer times vary by transaction. Source: ACE UK Terms and Conditions.
How ACE Money Transfer works:
Create a free online account, choose your destination country, and enter recipient details (bank account, mobile wallet, or cash pickup location).
Select a payment method - debit card, credit card, or online bank transfer - and confirm your transfer.
ACE offers multiple payout methods: bank deposit to major local banks, mobile wallet credit, and cash pickup from authorised partners. Western Union offers cash pickup for transfers to India. ACE Money Transfer also provides cash pickup and bank deposit options, with fees, exchange rates and delivery times varying by transfer details. Check ACE’s India transfer options.
ACE displays the applicable exchange rate and transfer fee before payment, helping you review the cost of your international money transfer. Total costs may vary depending on the destination, payment method and any additional charges.
Benefits include real-time tracking via a reference number, 24/7 access from web or mobile, and no need to visit a branch. ACE Money Transfer provides international transfers to India, with available payment methods, fees and delivery times varying by transaction. This is not financial or legal advice. Please consult a qualified professional.
Here is how to complete an international money transfer with ACE, from registration to delivery:
Register: Visit the ACE Money Transfer website or app. Sign up using your email, Google, or Apple ID. Verify your identity with a valid document, such as a passport. ACE Money Transfer Limited is authorised by the FCA as an Authorised Payment Institution.
Start a transfer: Log in, choose your sending country and destination country (e.g., UK to India, Canada to India), and select a payout option - bank deposit, mobile wallet, or cash pickup.
Enter recipient details: Provide the recipient's full name as per ID, international bank account or local account number, or mobile wallet number. Select the partner bank or cash pickup location where required.
Choose payment and confirm: Select debit card, credit card, or online bank transfer as the funding method. Add the payment reason (such as family maintenance or education), review the exchange rate, transfer fee, and expected delivery time, then press "Pay Now."
Track your transfer: After confirmation, ACE generates a transaction reference number. Use it to track your international money transfer status in real time until the receipt of funds by your recipient.
Both Bank of India and ACE can be used for sending international money, but they differ in cost, speed, and convenience.
| Feature | Bank of India | ACE Money Transfer |
|---|---|---|
| Initiation | Branch visit or internet banking | Online or app (24/7) |
| Speed | 1–5 business days | Minutes to 1–2 business days |
| Fees | Flat fee + SWIFT + correspondent charges | Transparent, often lower |
| Exchange rates | Bank's published rates (wider margin) | Closer to mid-market |
| Payout options | Bank deposit | Bank deposit, mobile wallet, cash pickup |
| Best for | Large sums, integrated banking, foreign currency accounts, investments | Frequent, smaller transfers; speed; convenience |
Bank of India suits customers who prefer using their existing bank account for higher-value transfers within the LRS limit and want to manage all banking and foreign exchange under one institution. ACE Money Transfer provides digital international money transfer services, displaying applicable fees and exchange rates before payment. Transfer times and total costs vary by destination, payment method and transaction details.
Plan your international transfers in advance and compare options to collect the best value on cost and speed.
Compare exchange rates and fees across Bank of India and digital providers like ACE Money Transfer before confirming any international payment, especially for large transfers.
Double-check all recipient details - name, bank account number, SWIFT/BIC, or mobile wallet number - to avoid delays, returns, or extra charges.
Remember the Liberalised Remittance Scheme limit: residents can remit up to USD 250,000 per year. Choose the correct purpose code and provide your PAN card and other identity documents. RBI regulates international money transfers under FEMA, so compliance is essential.
Time your transfers to avoid weekends and public holidays in both countries. Keep transaction receipts and tracking numbers for future reference and any support request.
Whether you use Bank of India or ACE Money Transfer, check the applicable fees and exchange rate before confirming your transfer, as the total cost and delivery time may vary by transaction. The right choice depends on your transfer amount, destination, and how often you send money abroad.
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.
