ACE Money Transfer
ACE Money Transfer
21 Oct 2026
Andhra Bank was amalgamated into Union Bank of India on 1 April 2020, but existing customers can still use their accounts for international money transfers through Union Bank's infrastructure. Whether you need to send money abroad or receive funds from overseas, the merged entity continues to support global transfers under India's regulatory framework. Money can be sent via bank, post office, or money transfer service, giving customers multiple avenues to move funds across borders.
Here is what you should know upfront:
An international money transfer moves funds from your Indian bank account to a recipient's account in another country, typically for education fees, family support, medical treatment, investments, or travel.
Customers can transfer money abroad via SWIFT international wire transfer, routed through Union Bank's authorised foreign exchange branches.
Under the Reserve Bank of India’s (RBI) Liberalised Remittance Scheme (LRS), resident individuals can remit up to USD 250,000 per financial year (April–March) for permitted transactions, subject to applicable conditions. Source: RBI Master Direction – LRS, updated 6 September 2024. Regulations may change; verify the latest RBI guidance before remitting.
ACE Money Transfer provides an online remittance service with available payout options depending on the destination. Exchange rates fluctuate and the rate you receive may differ from any rates quoted. Always check the live rate at acemoneytransfer.com before sending.
Andhra Bank and Corporation Bank merged into Union Bank of India from 01-04-2020. All international services now run under Union Bank's network, though existing Andhra Bank account numbers and IFSC codes continue to work until full system migration is complete.
The basic mechanics of how money moves internationally are straightforward:
Wire transfers are a common method for sending money internationally. Union Bank processes outward remittances through the SWIFT network, sending payment instructions to correspondent banks and ultimately to the beneficiary's overseas bank account.
Union Bank of India is part of the SWIFT network. This SWIFT connectivity allows secure cross-border wire transfers through international banking networks, covering most major currencies and countries.
Regulatory compliance with Reserve Bank of India guidelines is necessary for foreign transactions. All transfers fall under FEMA (the Foreign Exchange Management Act) and typically use the Liberalised Remittance Scheme for resident individuals.
Customers can initiate an outward remittance by visiting eligible Union Bank or former Andhra Bank branches authorised for foreign exchange, or through designated digital channels where the bank has enabled online transfers.
Foreign currency conversion happens at the bank's carded or negotiated exchange rates on the day the transaction is processed.
Here is a practical, step-by-step guide to transfer money overseas from India using a former Andhra Bank or Union Bank branch visit.
Initial requirements: You need an active savings or current bank account, a PAN card, a KYC-compliant profile, and sufficient INR balance to cover the transfer amount plus fees and applicable taxes.
Visit an authorised branch. Go to a bank branch authorised for foreign exchange and outward remittances. You can confirm eligibility by calling Union Bank customer care or checking their website.
State your purpose. Share the reason for the remittance-tuition fees, living expenses, medical treatment, gift, maintenance of close relatives, or investment abroad-under the Liberalised Remittance Scheme.
Complete the application. An Outward Remittance Application is required for all transfers. Fill in the A2 form and LRS declaration, specifying source of funds, purpose code, and amount in INR or foreign currency.
Provide beneficiary details. Submit the recipient's details: full name as per bank records, overseas bank name, branch address, SWIFT/BIC code, IBAN or account number, and the person's address and contact number.
Bank processes the transfer. The bank officer verifies documents, applies applicable exchange rates and fees, and sends the international wire transfer through the SWIFT network.
Receive your tracking reference. You get a SWIFT reference or UTR number. Share this with the recipient so they can track the payment with their overseas bank.
International transfer times through Union Bank vary by destination, currency, intermediary banks, and processing requirements. Check Union Bank’s official guidance for current delivery estimates.
Correct documentation prevents delays or rejection of an international money transfer. Here is exactly what you need:
Identity and tax documents: You need a PAN card for international transfers. Bring a valid photo ID (Aadhaar, Passport, Voter ID, or Driving Licence). KYC and address proof are mandatory for remittances.
Mandatory forms: Flexible documentation, such as Form A2 and KYC documents, is required for outward remittances. The A2 declaration specifies purpose, amount, and confirms that total LRS remittances in the financial year do not exceed USD 250,000.
Beneficiary information: Recipient's full name, residential address, bank name, branch, SWIFT/BIC code, IBAN or account number, and country.
Purpose-specific supporting documents: Admission letter and fee invoice for an education loan or tuition payment, medical estimate or invoices for treatment abroad, employment or emigration documents when relevant, or a simple self-declaration for gifts and maintenance of relatives.
High-value or complex transfers: Additional documents may be needed based on transfer purpose. For investments or property purchase abroad, the bank may require extra FEMA/RBI-compliant paperwork.
Foreign exchange conversion is the hidden variable in every international transfer. The currency exchange rate applied directly determines how much money your recipient actually receives abroad.
Union Bank of India’s exchange rates may differ from mid-market rates. Check the applicable rate and fees with the bank before making a transfer. The bank uses its own carded or negotiated foreign exchange rates, which include a margin over the mid-market rate you might see on Google or Reuters.
Exchange rate markups are applied in addition to flat fees for transactions, meaning the total cost is always more than just the posted service charge.
The rate applied depends on the currency (USD, EUR, GBP, AUD, CAD), transaction size, market volatility on the day, and whether you negotiate a better rate for large transfers.
Check the bank's daily foreign exchange rates before confirming. For a USD 10,000 education payment at an INR rate of 83.50, a margin of even ?0.50 per dollar costs you ?5,000 more than the mid-market rate.
For large payments, such as tuition fees, exchange rate fluctuations may affect the amount received. This is not financial or legal advice. Please consult a qualified professional.
The Liberalised Remittance Scheme regulates international money transfers from India. Here is how the fee and limit structure works:
Annual cap: Residents of India can remit up to USD 250,000 per year for permitted current and capital account transactions. Residents can remit up to USD 250,000 per financial year (April to March). This aggregate limit covers all transfers combined-tuition, maintenance, travel, investments, gifts-across all banks, not just Union Bank.
NRIs: Non-resident Indians can transfer up to USD 1 million per year under specific repatriation rules.
Scale of remittances: Outward remittances under India’s Liberalised Remittance Scheme totalled approximately USD 29.6 billion in FY 2024–25, according to the Reserve Bank of India. Source: RBI Bulletin. This figure covers LRS transactions by resident individuals, not all international remittances from India.
Fee components: Fees for international transfers may vary based on the amount and specific purpose. Union Bank of India’s outward remittance fees may include a ?750 charge up to ?7.50 lakh, or a 0.10% commission above that amount, plus SWIFT and other charges. Check the official fee schedule for current fees.
Inward remittances: Fees and exchange rates for incoming transfers may vary. Check Union Bank of India’s official fee schedule for current charges and conversion rates.
TCS: Tax Collected at Source applies to remittances above certain thresholds notified by the Government of India. The bank collects TCS from the remitter at applicable rates.
Always ask for a complete cost estimate-including expected deductions by correspondent banks abroad-before you confirm the transfer and pay.
International payments via SWIFT rarely happen instantly. Here is what to expect:
SWIFT transfers can take 3 to 5 business days for most destinations. For major currencies and countries like the USA, UK, Europe, Canada, and Australia, expect 1 to two working days in optimal conditions.
Factors affecting speed: Transaction amount, currency, public holidays in either country, additional compliance or KYC checks, and completeness of beneficiary details all influence timing.
After the bank dispatches the payment, you receive a SWIFT message or UTR reference number. Use this to track the status through the bank or share it with the receiver for follow-up at their end.
Common delay causes: Incorrect SWIFT code, wrong account number, or mismatched beneficiary name can cause rejections or reversals, sometimes incurring extra fees.
Practical tip: initiate transfers a few business day cycles before fee deadlines, keep all receipts, and verify the recipient's account details carefully before signing the application.
ACE Money Transfer is a specialist international remittance service that can send money to bank accounts in India, including those held with former Andhra Bank (now part of Union Bank of India).
ACE is particularly useful for NRIs and overseas workers in the UK, Australia, Canada, and Europe who want to send money to India quickly with competitive exchange rates and low fees, compared with traditional bank wire transfers.
Recipients in India can receive funds as a direct bank deposit into their Union Bank account, cash pickup at partner locations across the country, or mobile wallet credit where available.
ACE complements Andhra Bank's traditional banking channels, especially when someone outside India wants to send money into India rather than out of India.
ACE allows users in supported countries to send money online to India using just a smartphone app or computer, without a branch visit. Here is how the transfer process works:
Register or log in to your ACE account using your email, Google, or Apple ID.
Choose India as the destination country and select a payout method: bank deposit to an Andhra or Union Bank account, mobile wallet where available, or cash pickup at partner branches across any location in India.
Enter recipient's details accurately, including full name, bank name, bank account number, and IFSC code for bank deposits.
Select a payment method like a debit card, credit card, or online bank transfer from the sender's local bank account.
Add a payment reason (e.g., family maintenance, education, medical support) and confirm the exchange rate, fees, and amount the recipient will receive in INR before clicking "Pay Now."
Track your transaction in real time using the ACE reference tracking number until the money is delivered.
Bank transfers usually take up to two working days, and funds usually reach recipients within one to two business days. Cash pickup availability and delivery times vary by destination and transaction. Rates and fees may vary. Visit acemoneytransfer.com for current rates. Funds usually reach recipients within the same or next business day for bank deposit payouts, making ACE a secure and fast way to send money overseas.
ACE Money Transfer uses security measures and verification checks designed to help protect transactions and customer information. For details about its regulatory status and service arrangements, refer to ACE’s official terms and conditions.
Choosing between a traditional Union Bank international wire transfer and ACE Money Transfer depends on your transfer size, urgency, and purpose.
When to use Union Bank (traditional bank transfer):
Direct relationship with your Indian bank, ideal for high-value, documented international payments like university fees or large investments.
Ability to remit under LRS directly from your resident bank account with full FEMA-compliant documentation.
Recognised foreign exchange certificates and statements for tax and compliance purposes.
When to use ACE Money Transfer:
Competitive exchange rates with transparent fees-no hidden charges. For comparison, services like HSBC Global Money Transfers allow fee-free transfers between HSBC accounts, and BookMyForex offers zero hidden charges for international transfers, but ACE stands out for speed and accessibility across 75+ countries.
Send money online at any time through ACE Money Transfer, subject to service availability, maintenance, and country restrictions.
ACE Money Transfer supports family remittances and recurring transfers. Delivery times vary by destination, payment method, and transaction requirements. Check acemoneytransfer.com for current service details.
Flexibility to fund via cards or local bank transfer from sender countries.
Transfer costs and delivery times vary by provider, destination, and transaction details. Compare fees, exchange rate margins, and estimated delivery times before choosing a transfer method.
Union Bank of India operates under applicable RBI and FEMA requirements. In the UK, ACE Money Transfer Limited is authorised by the Financial Conduct Authority (FCA) as an Authorised Payment Institution (FRN 506692). Verify its current status on the FCA Financial Services Register. Here are best practices to keep your transfers safe and free from complications:
Always verify the recipient's identity and bank account details before sending money to avoid costly reversals.
Keep copies of all receipts, SWIFT messages, and email confirmations for every transaction.
Ensure transfers under LRS stay within the USD 250,000 annual limit and match permitted purposes.
Avoid sending money to unknown persons or unverified companies to reduce fraud risk.
Both banks and ACE may request additional information or documents for KYC, AML, and sanctions screening. Cooperating promptly helps you save time and avoid delays.
Regularly check official Union Bank and ACE Money Transfer websites for the latest rules, fees, and documentation requirements. RBI regulations, TCS rates, and foreign exchange norms can change between financial years.
Whether you’re paying tuition fees from India or receiving family support from abroad, comparing transfer options may help you manage costs and timing. Fees, exchange rates, and delivery times vary by provider and transaction. Check the total cost and verify all details before sending.
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.
