ACE Money Transfer
ACE Money Transfer
22 Oct 2026
An international money transfer moves funds from a bank account in one country to a recipient's bank account in another. Corporation Bank, now part of Union Bank of India since April 2020, supports customers who want to send money abroad or receive money from overseas through its branch network and digital channels.
This article covers cross-border payments made from a Corporation Bank / Union Bank of India account to foreign bank accounts, and funds received from abroad into an Indian account. An international payment, broadly defined, is made to someone outside your home country, whether that is the UK, India, or elsewhere.
Common reasons customers make international transfers include supporting family overseas, paying university fees, importing goods, receiving overseas salaries or pension income, and settling business invoices. These transfers typically travel via the SWIFT network, while "cash pickup" or "mobile wallet" methods are handled by specialist providers like ACE Money Transfer.
The main ways to send money internationally from a Corporation Bank account:
Visit a Union Bank of India branch in person
Use online banking or mobile banking for outward remittances
Send money online through a specialist transfer provider such as Ace Money Transfer
Corporation Bank was amalgamated into Union Bank of India on April 1, 2020, under the government's Amalgamation Scheme. Union Bank of India handles all international transfers previously managed by Corporation Bank, using its own SWIFT codes and correspondent banking relationships.
Here is how the bank processes cross-border payments:
International bank transfers are routed as SWIFT payments through the global SWIFT network. When sending to a UK bank, a European bank, or a US bank, the transfer often passes through one or more intermediary banks before reaching the recipient's bank.
The bank supports transfers in major currencies: US dollars, euros, British pounds, Canadian dollars, Australian dollars, and others. Currency conversion is applied using the bank's own exchange rate, not the mid-market exchange rate.
Both personal and business customers can use these services. Resident individuals follow RBI's Liberalised Remittance Scheme rules; NRIs transact from NRE/NRO accounts; corporate customers require additional trade documentation such as invoices and contracts.
For electronic transfer instructions, the bank assigns a SWIFT reference or unique transaction reference (UTR) that customers can use for tracking.
Customers can send money abroad through three primary channels, each suited to different needs.
Branch transfer: Visit a Union Bank of India branch and complete an outward remittance or foreign currency application form. You will need to provide your PAN, satisfy KYC requirements, and state a purpose code. RBI-defined purpose codes include education, maintenance of close relatives, medical treatment, travel, and business import payments.
Online banking: Log in to Union Bank's internet or mobile banking app, select the international or foreign outward remittance option, choose your funding account, pick the destination currency, enter the amount, and fill in recipient details including account number or international bank account number (IBAN), bank identifier code (SWIFT/BIC), and the recipient's bank address. Not all account types are enabled for cross-border transfers by default.
Specialist providers: Some customers choose to send money online through regulated money transfer services like ACE Money Transfer, with available payment methods including debit card, credit card or bank transfer. ACE Money Transfer displays applicable fees and exchange rates before you confirm your transfer, helping you review the cost before sending.
Under the Liberalised Remittance Scheme, Indian residents can remit up to USD 250,000 per financial year for permitted purposes without requiring government approval. The bank's own risk rules may impose additional per-transaction or daily limits.
This section is a practical checklist. Follow these steps to make an international bank transfer from your Corporation Bank / Union Bank of India account.
Decide whether to send money online via internet banking or visit a branch. Confirm that your bank account is active and KYC-compliant. KYC compliance is required for outward remittances from banks in India.
Collect the recipient's details: full beneficiary name (exactly as on their bank account), overseas bank name, branch address, account number or IBAN, and SWIFT code. You need the recipient's IBAN or account number, and a BIC or SWIFT code is required for international transfers.
For certain destination countries, gather additional routing codes: ABA routing number for the USA, sort code for a UK bank, BSB number for Australia, or CLABE for Mexico.
Complete the bank's outward remittance form (paper or online). Enter the purpose of payment, your relationship with the recipient, the destination country, and the mandatory RBI purpose code.
Submit the form along with any supporting documents (admission letter for education fees, invoice for trade payments, or a declaration of source of funds if the amount is large).
The bank debits your account in INR (or in foreign currency if you hold an FCNR or NRE account), applies that day's exchange rate for currency conversion, and initiates the SWIFT payment.
Collect or screenshot your SWIFT reference number. This is your tracking tool if the transfer is delayed.
The total cost of an international money transfer combines three elements: the bank's own fees, the exchange rate applied, and any charges deducted by intermediary banks along the way. International transfer fees typically include a fixed outward remittance fee and an exchange rate markup.
Transfer fees can range from £0 to £40 depending on the provider, amount, and corridor. Union Bank of India charges a flat Rs 750 for individual outward remittances up to INR 7.50 lakh, plus SWIFT charges and out-of-pocket expenses. For amounts above that threshold, the fee rises to 0.10% of the transfer value, capped at Rs 3,000.
Banks may apply an exchange-rate margin to international transfers, and the margin varies by provider, currency pair and transfer route. The foreign currency conversion uses the bank's telegraphic transfer (TT) selling rate, which includes a spread over the mid-market exchange rate. This margin directly reduces how many dollars, euros, or pounds the recipient ultimately receives. SWIFT transfers may involve bank transfer fees and additional charges from intermediary or receiving banks. The total cost depends on the banks involved, the transfer route and the amount sent. Compare applicable fees and exchange rates before sending.
Intermediary bank fees may apply for international transfers, especially when sending money to a UK bank or to Europe through multiple correspondent banks. These fees are deducted before funds reach the beneficiary's account, so the original amount sent may not match what arrives.
For the Single Euro Payments Area (SEPA), transfers within the European Economic Area have no processing fee, making euro payments between EEA countries far cheaper than standard SWIFT routes.
Before confirming any transfer, check the bank's current fee schedule and indicative exchange rates through customer service or online banking. For larger transfers (equivalent of £20,000 or more), some banks allow a pre-booked or contract rate to manage the risk of currency exchange rate movements. Specialist providers often charge lower fees than banks, so comparing total cost is worth the five minutes it takes.
International bank transfers are not instant. Processing times vary depending on the destination country, the currency, and how many banks handle the payment along the way.
SWIFT transfers usually take up to five business days. For major markets like the UK, USA, Canada, the Eurozone, and Australia, most transfers arrive within 1 to 3 working days if documentation is correct. International wire transfers take 1 to 5 business days to clear when multiple intermediary banks are involved.
Timescales count working days in both the sending and receiving countries. A transfer initiated on a Friday afternoon in India will not begin processing at the destination until Monday, or later if a public holiday falls in between.
Once Union Bank of India processes your outward remittance, the bank issues a SWIFT reference number (also called a UTR or tracking number). Keep this number; you will need it to trace the payment or reassure the recipient that funds are on the way.
Intermediary banks may charge fees for SWIFT payments, and compliance teams at any bank in the chain can request additional documentation for anti-money-laundering checks. These requests add 1 to 2 extra business days.
SEPA instant credit transfers, available for euro payments within the European Economic Area, can make funds available within seconds; these are faster payments compared to standard SWIFT routing. SEPA payments have no processing fee for transfers within the EEA.
If a transfer has not credited the recipient's bank account after around 5 working days, contact your branch or customer support with the reference number so a formal trace can be initiated.
Accurate details prevent delays, rejections, and extra charges. One mismatched character in a name or account number can trigger a compliance hold or a returned payment.
To send money abroad, collect from the recipient:
Beneficiary's full name, exactly as on their bank account
Bank name and full branch address
Account number or international bank account number (IBAN)
SWIFT/BIC code (SWIFT/BIC codes for Union Bank of India vary by branch, so confirm the correct one)
National clearing code where applicable: sort code (UK), ABA routing number (USA), BSB (Australia)
You may need to provide a message to the beneficiary, especially for trade or invoice-related payments
For international wire transfers, provide the beneficiary name and account number at a minimum. To send money, you need the beneficiary's full name as it appears on official identity documents.
To receive money from abroad into a Corporation Bank / Union Bank account, share with the sender:
Your full name and complete address
Indian bank account number
Branch IFSC code
Bank name, branch address, and the bank's SWIFT code for international remittances
The Reserve Bank of India mandates a purpose code for inward remittances, so inform the sender if one is required
Match the name on the bank account to the identity documents used for KYC at both ends to prevent compliance holds.
ACE Money Transfer is FCA-regulated and offers remittance services that customers can use alongside their Corporation Bank or Union Bank account. Instead of initiating a SWIFT payment from a branch, customers can register on the ACE Money Transfer platform and fund a transfer using a debit card, credit card or online bank transfer from their existing bank account. ACE displays the applicable exchange rate and transfer charges before customers confirm the transaction, helping them review the cost upfront.
How the process works:
Register or log in to your account using your email, Google, or Apple ID.
Choose the destination country and select a payout option: bank deposit, mobile wallet, or cash pickup.
Enter accurate recipient details, including bank or mobile wallet numbers.
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:
Bank deposit: Send money directly to recipients’ bank accounts in supported countries
Cash pickup: Over-the-counter collection at an authorized agent location abroad
Mobile wallet: Funds are credited to supported digital wallet accounts, with delivery times varying by provider and destination
Specialist money transfer providers like ACE Money Transfer offer a way to send money for family support and other personal needs, with applicable fees and exchange rates available to review before confirming a transfer. For transfers from Australia to India, ACE Money Transfer lists a transfer fee of AUD 1.99 for bank deposits, plus an exchange-rate margin. Rates and fees may vary. Visit acemoneytransfer.com for current rates and charges.
Larger transfers for corporate trade transactions may still go through traditional international bank transfer channels for documentation reasons.
Compare the total cost (fees plus exchange rates) and speed between your bank and Ace Money Transfer before choosing how to transfer money abroad.
Both Union Bank of India and ACE Money Transfer operate under applicable regulatory requirements. International money transfers from India are monitored under RBI rules, anti-money-laundering regulations, and KYC requirements; this is why proof of identity, address, and sometimes purpose of payment are requested at every step.
Security measures include encrypted online banking sessions, two-factor authentication for both online banking and Ace Money Transfer logins, and automated transaction monitoring to flag suspicious activity.
If something goes wrong:
If a transfer appears delayed beyond 5 business days, contact the bank or Ace Money Transfer support with your transaction reference number.
If account details were entered incorrectly, request an amendment or recall as soon as possible. Success is not guaranteed, and extra fees or exchange rate losses may apply on returned funds.
Never share online banking credentials or one-time passwords with anyone.
Double-check all beneficiary details and payment instructions before confirming to prevent fraud or mistaken payments.
The right way to send money depends on the transfer size, destination, and how the recipient wants to receive foreign currency.
Compare these factors before choosing:
Total cost: Add up all fees (bank charges, SWIFT fees, intermediary bank deductions) and the exchange rate margin. A transfer provider quoting zero fees but a poor exchange rate can cost more than one charging a fixed fee with a rate close to mid-market.
Speed: Branch-initiated SWIFT payments can take up to 5 business days. ACE Money Transfer bank deposits typically arrive in 1 to 2 business days; cash pickup can be ready within a few minutes at some agent locations.
Convenience: A branch visit requires paperwork and queuing. Sending money online from a mobile banking app or ACE Money Transfer takes under 10 minutes.
Payout flexibility: Banks deliver only to a bank account. Ace Money Transfer also offers cash pickup and mobile wallet options.
For large one-off business or property payments, some customers consider bank-based SWIFT payments with pre-booked rates. For regular personal remittances, ACE Money Transfer offers a convenient way to send money online.
Gather your recipient's details, check current exchange rates and fees on both platforms, and pick the method that delivers the most value for your specific transfer.
Delivery times may vary depending on the transfer route, payout partner, agent location and verification checks. This is not financial or legal advice. Please consult a qualified professional.
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.
