ACE Money Transfer
ACE Money Transfer
21 Oct 2026
Canara Bank is a major Indian public sector bank founded in 1906, with a strong branch network across India and a significant NRI customer base in the Middle East, Europe, and North America. For anyone looking to send money abroad or receive international remittances, a Canara Bank international money transfer remains one of the most common options available through traditional banks.
International money transfers from India typically use the SWIFT network, and Canara Bank offers SWIFT transfers for international money alongside services like RemitMoney, Western Union partnerships, and correspondent bank arrangements. Funds are typically processed through international banking channels, mainly SWIFT.
Before you initiate any transfer, there are key factors to understand: transfer time, fees and hidden charges, exchange rates and their margins, regulatory limits, and ease of tracking. This article also explains how to use ACE Money Transfer. Exchange rates fluctuate, and the rate you receive may differ from any rates quoted. Always check the live rate at acemoneytransfer.com before sending. It can still credit funds directly to Canara Bank accounts in India.
If you hold a Canara Bank account in India, there are several ways to receive international remittances:
RemitMoney: RemitMoney allows online transfers from Middle East banks and exchange houses in Oman, UAE, Qatar, Bahrain, Kuwait, and Saudi Arabia directly to INR accounts.
Western Union: Canara Bank partners with Western Union for global money transfers. Beneficiaries in India can receive money directly into their Canara Bank account or as cash at branch locations. Western Union transfer times vary by destination, payment method and payout option. Check its official website for current delivery estimates.
SWIFT Inward Remittances: Senders abroad instruct their bank to transfer funds via the SWIFT network using the correct SWIFT code and beneficiary details. There are no additional fees to receive funds via SWIFT at Canara Bank. This option is usually preferred for larger or business payments.
Rupee Drawing Arrangements (RDAs): Exchange houses in the UAE, Bahrain, Qatar, Kuwait, and Oman allow NRIs to remit in local currency, settled in INR to the recipient's Canara Bank account. This is popular with Gulf-based workers sending salaries home.
All these options result in a credit to the customer's account in Indian Rupees, with processing time varying from near-instant to a few business days.
Canara Bank account holders in India can send money abroad mainly through SWIFT wire transfers initiated at a branch. Typical use cases include overseas education fees, maintenance for family members in a foreign country, medical expenses, investments, and business transactions under the Liberalised Remittance Scheme (LRS).
Most international transfers from India via Canara Bank must comply with RBI KYC norms. Purpose-specific documentation is often required depending on the remittance reason. KYC documents such as PAN card are necessary for remittances from India, and international remittance requires Form A2 under the Liberalised Remittance Scheme.
Transfers are usually sent in major foreign currency options like USD, EUR, GBP, or AUD, which Canara Bank converts from INR using its own exchange rates for the day.
The exact steps differ for inward versus outward transactions, but here is how a person in India sends money overseas through a branch:
Visit a Canara Bank branch: Bring ID proof, PAN card, and address proof. Ask for the foreign outward remittance or SWIFT transfer service at the counter.
Fill out the A2 Form: This form captures beneficiary details, bank details, SWIFT/BIC code, destination country, currency, transfer amount, and a clear purpose code (education, gift, travel, medical, etc.). A SWIFT/BIC code is required for international transfers.
Provide beneficiary information: Enter the recipient's full name as per bank records, complete address, IBAN or account number, receiving bank name and branch, and SWIFT code. Beneficiary details needed include full name, address, and bank account information. Sometimes intermediary bank details are also required.
Authorize payment: The bank will debit your Canara Bank account in INR and convert it to the target currency at its applicable exchange rate for that day. Fees and charges are debited at this stage.
Receive confirmation: Once processed, you receive a transaction reference or SWIFT number to check the status with Canara Bank or the overseas recipient bank.
Transfer time and cost depend on the destination, currency, payment route, and cut-off times. Both explicit fees and exchange rate margins affect how much money the recipient receives.
| Method | Typical Time |
|---|---|
| RemitMoney / Exchange Houses | Same day (funds available instantly in your Canara Bank account) |
| Western Union | 1 day or less |
| SWIFT Inward | 1–3 business days |
| SWIFT Outward | 2–5 business days |
| Bank transfers (outward) | Up to 5 working days with Canara Bank |
International transfers typically take 1 to 5 business days. Outward remittance processing time usually ranges from 2 to 5 working days. Transfers requested after the branch's daily cut-off (often mid-afternoon) may be processed the next business day, adding delays.
Remove the ?500 fee claim unless verified against Canara Bank’s current tariff. Its official service charges page lists the latest forex tariff.
GST (18%) applies to the bank's service charges.
Correspondent or intermediary bank charges may be deducted from the transfer amount overseas.
Western Union fees vary based on the sender's payment method.
Receiving funds through Canara Bank incurs no additional charges for inward SWIFT remittances.
Exchange margins are applied above the mid-market rate for remittances. Remove unless verified by a current, dated source. Canara Bank uses its TT Buying Rate (for inward) and TT Selling Rate (for outward), which include a margin or spread. Remove the 0.2–4% cost claim unless supported by a current, dated source and clear methodology. The true cost of any bank transfer is the sum of visible fees, exchange rate spreads, and third-party intermediary charges.
Always compare Canara Bank's indicative exchange rate to independent mid-market rate sources before confirming a transfer.
Providing accurate details and understanding limits is essential for smooth and secure transactions.
Beneficiary's full name (as per account)
15–16 digit account number
Branch name and address
IFSC code (for domestic routing)
Canara Bank's SWIFT/BIC code for international transfers
Beneficiary address, purpose of payment, and in some countries, local tax or national ID numbers
Under RBI's Liberalised Remittance Scheme, resident individuals can send up to USD 250,000 per financial year (April to March) for permissible purposes.
Tax Collection at Source regulations may apply to international remittances, particularly outward personal remittances under LRS.
Canara Bank may set separate internal limits for first-time remitters, higher-risk destinations, or non-face-to-face transactions.
Always confirm your personal limits with your branch before initiating a large-value payment.
Canara Bank and specialist remittance services may offer different exchange rates and fees. Check the applicable rates and charges before making a transfer. Even a difference of 0.5–2% from the mid-market rate can significantly reduce the amount the recipient receives on larger transfers. Remove the $50–$200 spread claim unless supported by a current, dated source and clear calculation methodology.
Banks may apply fees and foreign exchange margins. Review the exchange rate and all applicable charges to understand the total transfer cost. Some money transfer companies show their fee and rate separately, which means greater transparency and easier comparison. Banks and online remittance providers may apply different fees and foreign exchange margins. ACE Money Transfer displays applicable exchange rates and transfer fees before payment, allowing customers to review the transfer cost before confirming.
ACE Money Transfer is an online platform and app that lets users in supported sending countries send money to India quickly, with funds credited directly to Canara Bank accounts via bank deposit, cash pickup, or mobile wallet payout.
ACE Money Transfer displays applicable exchange rates and transfer fees before payment. Rates and fees may vary. Visit acemoneytransfer.com for current rates. This simple approach saves time and helps you save on every transfer.
Available payout methods for Canara Bank beneficiaries:
Bank Deposit: Direct credit into a Canara Bank account via NEFT/RTGS/IMPS.
Cash Pickup: Collect funds over the counter at supported cash pickup locations in selected destinations.
Mobile Wallet: Instant crediting to supported digital wallet accounts in India.
Senders receive a reference number to track their transfer status. Delivery times vary by destination and payment method. Rates and fees may vary. Visit acemoneytransfer.com for current rates.
Here is a practical walkthrough for an NRI or migrant worker abroad who wants to send money to a family member's Canara Bank account in India using ACE Money Transfer.
Register or log in: Register or log in: Sign up or sign in using your email, Google, or Apple ID, then complete identity verification as required. ACE Money Transfer Limited is authorised by the UK Financial Conduct Authority (FCA) as an Authorised Payment Institution.
Choose destination and payout option: Select India as the destination country and pick "Bank Deposit" to send directly to a Canara Bank account. You can also select "Cash Pickup" or "Mobile Wallet" if the recipient prefers those options.
Enter recipient details: Input the recipient's full name, Canara Bank account number, IFSC code, bank name and branch, and contact number. Ensure the beneficiary name matches their Canara Bank records to avoid delays.
Select your payment method: Choose debit card, credit card, or online bank transfer. ACE Money Transfer displays the applicable exchange rate, transfer fee, and estimated transfer time before you click "Pay Now."
Add a payment reason and confirm: Select the purpose of the transfer, review all details, and confirm.
Track your transaction: After payment, ACE Money Transfer issues a reference tracking number. Monitor progress (pending, in process, completed) within the app or on the website until funds arrive in the recipient's Canara Bank account.
You can initiate an international money transfer from your phone or computer without visiting a branch. Transfer times vary by transaction. Rates and fees may vary. No branch visit required. Visit acemoneytransfer.com
Canara Bank's branch-based SWIFT transfers and remittance tie-ups offer security and regulatory compliance that many users trust. ACE Money Transfer provides an online money transfer service through its website and mobile app, allowing customers to review applicable exchange rates and transfer fees before confirming a transaction.
When Canara Bank may be preferable:
Large business or corporate payments requiring detailed documentation
Complex trade transactions or regulatory filings
When both sender and receiver prefer established bank channels
When ACE Money Transfer is the better option:
Sending regular family support or tuition to India
Smaller personal transfers where speed and cost matter
When you want to review exchange rates and transfer fees before sending money through a digital service.
Before each transfer, check current exchange rates and fees on both sides. Small percentage differences in rates and charges add up over repeated transactions. Small differences in exchange rates and fees can affect the total cost of repeated transfers over time. Actual costs vary by transaction, and savings are not guaranteed. This is not financial or legal advice. Please consult a qualified professional.
Your choice depends on your sending country, preferred payout method (bank deposit to Canara Bank, cash pickup, or mobile wallet), and urgency. For a quick, accessible alternative to traditional banks when sending money to India, give ACE Money Transfer a try on your first transfer and see the difference for yourself.
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.
