ACE Money Transfer
ACE Money Transfer
23 Oct 2026
If you hold a Punjab & Sind Bank account or need to send funds to someone who does, understanding how Punjab & Sind Bank international money transfers work can help you prepare. This guide covers the SWIFT codes you may need, the bank’s charges, transfer times, and the international remittance options available through ACE Money Transfer.
Punjab and Sind Bank is a government-owned Indian bank headquartered at Rajendra Place, New Delhi. As a public-sector institution, it participates in the global SWIFT network for cross-border payments, so customers can send overseas payments and receive money from abroad into their Punjab & Sind Bank account using standardised SWIFT codes and correspondent bank networks.
Punjab & Sind Bank supports international payment processing through applicable banking arrangements. Transfer requirements and processing times depend on the payment route, intermediary banks, recipient details and any compliance checks. Contact the bank to confirm the options and expected timing for your transaction.
This guide covers:
Key SWIFT codes such as PSIBINBB009, PSIBINBB007, PSIBINBB392, and PSIBINBB130
How international wire transfers work through the bank
Typical fees and time frames for sending and receiving money
The core difference between these two approaches is straightforward. Punjab & Sind Bank uses SWIFT with correspondent banks, meaning your funds may pass through one or more intermediary institutions before reaching the recipient.
A SWIFT code (also called a BIC) is an internationally recognised identifier that ensures your money reaches the right bank and branch when you send or receive international transfers. Without the correct code, funds can be delayed, rejected, or even returned. SWIFT codes are used for international money transfers across virtually every country in the world, and the system is managed by the Society for Worldwide Interbank Financial Telecommunication, headquartered in La Hulpe, Belgium.
SWIFT codes are 8 to 11 characters long and identify specific banks and branches worldwide. The SWIFT code format includes a bank code, country code, location code, and branch code. Here is how each part breaks down for Punjab and Sind Bank:
Bank code (4 letters) – PSIB for Punjab and Sind Bank.
Country code (2 letters) – IN for India.
Location code (2 characters) – BB for the bank's primary location.
Branch code (3 digits) – unique identifier for the specific branch.
So the pattern is always: PSIB + IN + BB + [3-digit branch code].
Here are some frequently referenced codes, each tied to a particular branch:
| SWIFT Code | Branch Location | Notes |
|---|---|---|
| PSIBINBB002 | Fort, Mumbai | Use for sending/receiving in Mumbai |
| PSIBINBB005 | Head Office Forex, Rajendra Place, New Delhi | The bank's head office forex division |
| PSIBINBB006 | Scindia House, New Delhi (IBD) | International Banking Division branch |
| PSIBINBB007 | Nehru Place, New Delhi | Commonly used New Delhi branch code |
| PSIBINBB009 | Kolkata (IBD) | Frequently referenced for international transfers |
| PSIBINBB130 | H Block, Connaught Place, New Delhi | Central Delhi branch |
| PSIBINBB392 | Delhi (specific branch) | Sometimes listed in external SWIFT directories |
If you cannot find the code assigned to your particular branch, check directly with your local branch or visit Punjab & Sind Bank's official website under its "Swift Branches" page. Online SWIFT/BIC search tools and directories help, but they may not always be 100% up to date, especially for less common branch codes.
The bank code ("PSIB") identifies the institution. The location code ("BB") refers to the bank's primary city or registration area. The branch code (last three characters) identifies the specific branch where the account is held. If the branch code is listed as XXX, it typically refers to the bank's head office or a generic code.
In some cases, when other SWIFT codes for a particular branch are unavailable, you may use the head office SWIFT code in New Delhi (such as PSIBINBB005) for international transfers, even if the customer's Indian bank account is held at a different branch. Punjab & Sind Bank will then route the funds internally.
Using SWIFT codes minimises transfer errors and risks. SWIFT codes ensure international payments are routed accurately. However, a wrong SWIFT code can cause your transfer to be delayed, held at a correspondent bank, or returned entirely. For large or time-sensitive payments, always confirm the exact SWIFT/BIC directly with your branch; never rely solely on third-party directories.
This section walks through the practical steps to send money abroad and receive money from overseas using Punjab & Sind Bank, covering SWIFT transfers in major currencies like USD, EUR, GBP, CAD, and others.
Common options include visiting a branch, using internet banking (if outbound remittances are enabled), or submitting a request through a relationship manager. Corporate and NRI customers may have additional dedicated channels through the bank's International Banking Division.
The sender must provide the following key details:
Recipient name (as it appears on the recipient's bank records)
Recipient bank name and bank account number or IBAN (depending on the country)
Recipient bank's SWIFT/BIC code
Recipient bank's address and country
Purpose of remittance as per RBI rules (for example, education fees, family maintenance, medical expenses, or investment)
Transfer processes involve submitting beneficiary details and purpose of remittance. The bank may process the transfer using correspondent banks in hubs like New York, London, or Frankfurt, which can add intermediary fees on top of Punjab & Sind Bank's own charges.
Outward remittance applications require specific documentation, including the A2 Cum LRS Declaration Form. Documentation must align with RBI/FEMA guidelines to avoid transfer delays; if forms are incomplete or the purpose code is unclear, expect your transfer to be held up.
The Reserve Bank of India’s Liberalised Remittance Scheme (LRS) Master Direction, updated on 6 September 2024, states that resident individuals may remit up to US$250,000 per financial year (April–March) for permitted current or capital account transactions, subject to applicable conditions. The limit and rules may change, so check the latest RBI guidance before making an outward remittance. Receiving Money from Abroad into a Punjab & Sind Bank Account.
The overseas sender needs the following information: your full name as per bank records, your Punjab & Sind Bank account number, the correct SWIFT code (for example PSIBINBB007 or PSIBINBB392, depending on the branch), and the branch address, including the city, state, and PIN code.
Some foreign banks, particularly US banks, may also ask for the head office SWIFT code in New Delhi when branch-level codes are not available. Punjab & Sind Bank will route the funds internally to the correct branch once the money arrives.
Inward remittances arrive via SWIFT through intermediary banks. Punjab & Sind Bank offers NRI customers dedicated support, including NRE, NRO, and FCNR(B) accounts, each with different rules on repatriability and taxation.
Punjab & Sind Bank’s official outward remittance charges, listed under its service charges effective 1 October 2026, specify the following fees for foreign-currency remittances that are not proceeds of import bills, such as telegraphic transfers and demand drafts:
| Remittance Amount | Bank Charge |
|---|---|
| Up to ?20 lakh | ?500 |
| ?20 lakh to ?1 crore | ?1,000 |
| ?1 crore to ?10 crore | ?5,000 |
| Above ?10 crore | ?10,000 |
These are base fees. Correspondent bank charges and SWIFT messaging costs apply on top.
Punjab & Sind Bank may charge 0.15% of the amount received, subject to a minimum fee of ?500, depending on the applicable transaction category. Check the bank’s official Schedule of Charges to verify the fee and applicable conditions, as charges may change.
Exchange rate markups apply when converting currencies during remittances. The bank uses its own TT buying or selling rates rather than the mid-market rate, which means the recipient may receive less than expected once the FX spread is factored in.
Funds from outward remittances are typically settled within 2 to 5 working days, depending on the destination country, the correctness of beneficiary details, and the correspondent bank route.
Cut-off times at Punjab & Sind Bank branches and at intermediary banks can delay same-day processing. Transfers initiated after the branch's daily cut-off will typically begin processing the next business day.
The recipient bank's policies and the correspondent bank network affect speed, fees, and whether the full amount is credited. Punjab & Sind Bank cannot fully control charges applied by overseas banks.
Fees and delivery times vary across banks, including Bank of Baroda, Bank of India, Indian Bank, Union Bank of India, IDFC FIRST Bank, Standard Chartered Bank India, SBM Bank India and Bank of Maharashtra. Check each bank’s current tariff and estimated processing time for the specific transfer, as charges and timelines depend on the transaction and payment route.
For users sending money to India for family support, tuition payments or medical expenses, ACE Money Transfer provides an alternative for eligible transfers to Punjab & Sind Bank accounts. ACE Money Transfer Limited is authorised and regulated by the UK Financial Conduct Authority (FCA) under reference number 506692 to provide payment services. Fees, exchange rates and delivery times vary by destination and payment method.
The sender uses the ACE platform from abroad, while the recipient can receive money directly into their Sind Bank account via bank deposit, cash pickup at partner locations, or, where supported, into a mobile wallet. ACE does not replace the customer's bank. ACE Money Transfer provides international remittance services through available payout methods in supported destinations. The beneficiary details required depend on the destination and transfer method. Check the available options for India on the ACE Money Transfer website before sending.
Here is how to send international remittances using the ACE Money Transfer platform:
Register or log in to your ACE account using your email, Google, or Apple ID.
Choose India as the destination country and select your payout option: "Bank Deposit" if the recipient wants funds in a Punjab & Sind Bank account, or "Cash Pickup" or "Mobile Wallet" for other methods.
Enter the recipient's full name, Punjab & Sind Bank account number, and branch details (city and state). Unlike sending via SWIFT from abroad, an overseas sender using ACE usually doesn't need to enter a SWIFT code, as ACE handles routing to the correct bank.
Select a payment method such as debit card, credit card, or online bank transfer from the sender's country.
Add a payment reason (for example, family support, university fees, medical expenses) to comply with regulatory requirements.
Review all details-amount, fees, FX rate, recipient bank account-and then click "Pay Now" to confirm the transaction. Exchange rates fluctuate, and the rate you receive may differ from any rate quoted. Check the live rate before sending.
Track the transfer in real time using the reference tracking number that ACE provides, so the sender can see when the money is credited or made available for collection.
The whole process is easy to complete from a laptop or phone, with no branch visit required on the sender's side.
Bank Deposit: Direct credit to major Indian banks, including Punjab & Sind Bank. This is ideal for people who want funds to arrive directly in their bank account without extra steps.
Cash Pickup: Recipients can collect money in cash at authorised partner branches or payout points across India, which is useful for unbanked recipients or in cases where someone needs cash immediately.
Mobile Wallet (where available): Instant credit to supported digital wallet accounts, providing flexibility beyond traditional bank accounts.
Compare transfer costs: For transfers from Canada to India, ACE’s published fee schedule lists a flat fee of CAD 4.99 and a foreign-exchange spread of 0.1%–2.5%. These charges may vary by destination and transfer method. Bank wire transfers may also involve sending-bank, intermediary-bank or recipient-bank charges. Compare the total cost for your specific transfer using ACE’s published fee schedule and Payments Canada’s wire-payment guidance.
Review exchange rates and fees: ACE displays the applicable exchange rate and transfer charges before you confirm a transaction. Its published fee and transparency information explains that exchange rates fluctuate and the margin varies by currency and destination. Check the rate and total fees for your transfer before proceeding.
Check delivery times: ACE states that bank deposits are usually credited within 1–2 business days, although timings vary by country and may be affected by incorrect details, banking hours or additional checks. Some international bank transfers can take up to five business days, depending on the banks and payment route. See ACE’s transfer-time FAQs and Suncorp Bank’s international transfer guidance.
Use digital transfer options: ACE allows customers to arrange eligible transfers online or through its mobile app without visiting a branch. Available services and payout methods depend on the sending country and destination. Visit the ACE Money Transfer website for the options available to you.
Note: Fees, exchange rates and delivery times may vary. Check the live quote and estimated delivery time before sending.
If you're sending money from abroad to a Punjab & Sind Bank account, compare the total fees, exchange rates and estimated delivery times for your foreign bank's SWIFT transfer and ACE Money Transfer before each transaction. For transfers under ?5 lakh, consider how fixed fees and other charges affect the overall cost relative to the amount being sent. Check the applicable charges in Punjab & Sind Bank's official Schedule of Charges and compare them with ACE's published fee information.
Frequent remitters, such as NRIs supporting family in India or paying regular tuition or medical expenses, can compare the total cost of each available transfer method over time. Any potential savings depend on the transfer amount, sending country, currency conversion rate, fees, payout method and any intermediary or recipient-bank charges.
For questions about supported sending countries, payout methods or opening an ACE account, visit the ACE Money Transfer website and its FAQ section for further information.
Whether you're sending funds through Punjab & Sind Bank's SWIFT arrangements or using ACE Money Transfer, check the recipient's account details, verified SWIFT or other required bank codes, supporting documentation and total transfer cost before confirming. Compare options for each transaction, as fees, exchange rates, and delivery times may vary.
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.
