ACE Money Transfer
ACE Money Transfer
21 Oct 2026
Bank of Baroda provides international banking and remittance services through its global network. This guide covers options for sending money abroad and receiving funds from overseas, including applicable fees and documentation, as well as digital transfer options.
Bank of Baroda supports both outward and inward international transfers through SWIFT, its proprietary Rapid Funds2India service, and partner networks. Transfer time will vary depending on the method chosen and the origin country.
Main transfer options:
SWIFT transfer from any Baroda bank branch or eligible digital channel to a beneficiary's bank account abroad.
Rapid Funds2India supports transfers to Bank of Baroda savings and current accounts in India. According to Bank of Baroda’s official website, transfers to other banks may be credited within 24 hours, subject to the bank’s terms
Cash transfers via Western Union at designated Baroda branches under the Money Transfer Service Scheme.
Foreign currency demand drafts for university fees, immigration payments, and similar uses.
Flash Remit offers money transfers; delivery times vary by corridor.
What a Baroda customer needs: an active personal account with completed KYC, valid id proof (PAN card, passport, or Aadhaar), the A2 application form with a purpose code per RBI rules, and the beneficiary's bank details including SWIFT code.
Typical timeframes: SWIFT transfers usually take 2-3 working days, sometimes extending to 5 days over weekends. Rapid Funds2India transfers typically complete under 24 hours. Later sections cover service charges, exchange rates, the maximum limit under RBI rules. Later sections cover service charges, exchange rates, RBI transfer limits, and a comparison of Bank of Baroda with other providers, including ACE Money Transfer.
Bank of Baroda operates internationally, with a presence across multiple countries. The bank describes itself as “India’s International Bank” on its official website, with fully owned branches and representative offices across the UK, USA, UAE, Australia, and other regions. The bank maintains a good network of correspondent banking relationships for handling currencies like USD, EUR, GBP, AED, and CAD.
BoB uses the SWIFT network for all cross-border remittances. Bank of Baroda's SWIFT code is BARBSCSC, with branch-specific extensions added as needed.
Bank of Baroda offers online remittance services in the UK and select other countries through its overseas branches.
Both NRIs and resident Indian individuals can open NRE, NRO, and FCNR accounts for cross-border banking. Account opening for these products requires standard KYC and proof of overseas residence.
Baroda offers trade remittances, outward personal remittances, travellers cheques, and products like home loan and insurance tie up partner services through its domestic and overseas network.
When accessing BoB's website features for account based services, cookies typically track browsing behavior and recently searched terms to deliver a more personalized web experience. You can manage consent preferences and adjust default settings under different category headings on the site to customize marketing interactions and personalize sales offers.
Outward remittances can be initiated either online or at a Bank of Baroda branch. The three main channels are SWIFT transfer, foreign currency demand draft, and country-specific remittance arrangements.
SWIFT outward remittance:
Customers visit the nearest Baroda branches or use eligible digital channels to start a swift transfer.
The A2 application form must be filled with the correct purpose code (education, medical, travel, investment, etc.) per RBI rules.
SWIFT transfers can take 2-3 working days to complete; weekends and holidays may push delivery to 5 days.
Foreign currency demand drafts:
Demand drafts can be purchased in multiple currencies for payments where the recipient requires a physical instrument, such as university tuition offices or immigration authorities.
Issuance fee applies per draft, and courier or despatch time adds a few extra days to delivery.
Transfer limits and regulatory caps:
Under the RBI’s Liberalised Remittance Scheme (LRS), resident individuals may remit up to USD 250,000 per financial year (April–March) for permitted current and capital account transactions. The limit and rules may change; check the latest RBI guidance before remitting.
or permitted current and capital account transactions. RBI rules restrict number of purposes outside this list.
NRE account funds are generally repatriable outside India, subject to applicable RBI rules and bank requirements. See the RBI’s official guidance. Laws and regulations may change. Please verify with a local professional.
NRI/PIO remittances from NRO accounts are permitted up to USD 1 million per financial year, subject to RBI conditions, supporting documents and applicable Indian taxes. See the RBI’s official guidance. Laws and regulations may change. Please verify with a local professional.
BoB customers in India can receive money from abroad through several channels, each with different speeds and requirements.
Rapid Funds2India:
Bank of Baroda offers Rapid Funds2India for quick transfers from select overseas BoB branches in the UK, UAE, and other countries.
Funds are credited in INR to beneficiary BoB bank accounts, often within 24 hours on working days.
Remove the claim unless a current, dated Bank of Baroda source confirms the limits, eligibility criteria and exclusions. The official Rapid Funds2India page provides service conditions but no clear publication date
Inward SWIFT remittances:
Senders abroad instruct their US bank or local bank using BoB's SWIFT code and the beneficiary's account number.
Credit to Indian savings accounts or current accounts usually takes 1-3 working days after funds reach BoB.
Western Union and cash pickup:
Cash transfers can be made via Western Union through Bank of Baroda under the MTSS framework. Information about tie up partners website locations is available at Baroda branches.
Recipients must present valid id proof and the money transfer control number to receive money at a designated branch. For safety, visit a well lit area branch during business hours.
The total cost of a Bank of Baroda international money transfer combines explicit fees, the exchange rate margin, and possible intermediary charges applicable to the transaction.
Explicit fees:
Remove the ?500 SWIFT fee claim unless verified by a current, dated Bank of Baroda source.
Foreign currency demand draft fee is Rs. 500 per draft.
Intermediary banks may deduct additional fees during the SWIFT transfer process; BoB does not control these charges.
Exchange rates:
Bank of Baroda’s exchange rates vary with market conditions and the currency involved. The rate offered may differ from the mid-market rate, so customers should check the applicable rate before transferring.
Bank of Baroda applies an exchange rate markup on currency conversions, and the rate quoted is based on the processing date, not the initiation date.
Inward transfer charges:
Inward remittances to Bank of Baroda accounts have no direct fees, though intermediary charges may apply.
Remove the fee claim unless verified by a current, dated Bank of Baroda source.
Customers often compare BoB's interest rates, fees, and exchange rates with other providers. The final section below explains a fully online alternative that shows fees and rates upfront before you confirm.
RBI and FEMA regulations require proper documentation for every international money transfer. Documentation includes KYC documents and identification proof for remittances.
Outward remittance documents:
Valid photo id proof: PAN is mandatory; passport or Aadhdr as secondary ID. Declaration of political exposure status may be required under KYC norms.
Filled A2 application form specifying purpose code (tuition, medical, travel, maintenance of relatives, investments).
Bank of Baroda account details, including savings accounts or current bank accounts from which funds will be debited. Information collected during this process is used to directly identify the remitter.
Receiving money documents:
For direct credit to BoB accounts, beneficiary generally needs only a valid and KYC-compliant account.
For cash pickup at a BoB branch via Western Union, the beneficiary must show original id proof and declare relationship with sender if asked.
Maximum limit rules:
Annual LRS cap of USD 250,000 for resident Indian individuals covers purposes like travel, studies, gifts, and investments.
NRE and NRO accounts follow different rules; NRO outward remittances require documented source of funds and RBI-prescribed caps.
Per-transaction and per-day limits may also be set by Bank of Baroda for risk management, which may differ from RBI annual ceilings. The charges applicable and limits vary depending on branch and corridor.
This walkthrough covers a typical outward SWIFT transfer from India.
Step 1: Confirm eligibility, purpose of remittance, and that your BoB savings or current account is KYC compliant and sufficiently funded to cover the transfer amount plus fees.
Step 2: Collect beneficiary details. Beneficiary details are required for initiating an outward remittance: full name, address, bank name, bank address, IBAN or account number, and SWIFT code.
Step 3: Visit the nearest Baroda bank branch or use designated digital channels. You can type location into BoB's branch locator; the site may use browser location for customer convenience.
Step 4: Fill and sign the A2 form, provide id proof, and specify purpose code and source of funds.
Step 5: Review exchange rates shown by BoB and all fees before authorizing the transfer. If the remittance is linked to a loan or overdraft, confirm applicable interest rates.
Step 6: Obtain the SWIFT reference or UTR number to track the transfer and share with the beneficiary.
Checking transfer status:
Use BoB's online banking dashboard or mobile app where available. When accessing secure areas of online banking, use your user name and secure credentials.
Contact the home branch or BoB customer service with the SWIFT/UTR reference.
Bank of Baroda customers can also use ACE Money Transfer for online international remittances. ACE Money Transfer Limited is authorised and regulated by the UK Financial Conduct Authority (FCA) under firm reference number 506692. Check its status and permissions on the FCA Financial Services Register.
How it works:
The sender creates a free online ACE account using their mail id on internet, Google, or Apple ID from their country of residence (UK, Europe, Canada, Australia, or Gulf countries).
Choose the destination country and select a payout method: Bank of Baroda bank deposit, other bank deposit, mobile wallet, or cash pickup.
Enter accurate recipient details (name, address, BoB account number and IFSC, or other bank and wallet details).
Select a payment method such as debit card, credit card, or online bank transfer from the sender's side.
Enter the reason for payment, review the applicable exchange rate and fees, then click “Pay Now.” Rates and fees may vary. Visit acemoneytransfer.com for current rates.
Speed and tracking:
Senders receive a reference number and can track the transaction in real-time through the Ace dashboard. The website experience shows custom content with features tailored to each corridor.
Transfer times to Indian bank accounts depend on the corridor, receiving bank and compliance checks. Rates and fees may vary. Visit acemoneytransfer.com for current rates.
Why some Baroda customers choose ACE alongside BoB:
ACE Money Transfer displays applicable fees and exchange rates before confirmation. Additional charges from recipient banks or third parties may apply. Website features may be updated based on user feedback. This is general information, not financial or legal advice. Please consult a qualified professional.
No branch visit required. The entire process runs through the app or web, unlike traditional bank channels.
Customers can use Bank of Baroda for banking services and explore ACE Money Transfer for personal international remittances. Marketing consent preferences can be managed separately on each platform. 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.
