ACE Money Transfer
ACE Money Transfer
23 Oct 2026
Parsik Janata Sahakari Bank, now officially Gopinath Patil Parsik Janata Sahakari Bank Ltd., is a cooperative bank founded in Maharashtra, India. Customers often need to send or receive international remittances to support family, education, or cross-border commerce.
GP Parsik Sahakari Bank states that it received an Authorised Dealer Category II licence from the Reserve Bank of India (RBI) in March 2016, allowing it to undertake specified non-trade current-account transactions and permitted foreign-exchange activities. The bank also states that it can maintain NRE accounts at selected branches. See the bank's official forex facilities page for details.
The bank’s published information does not establish a specific partnership with ACE Money Transfer. Customers should confirm whether transfers through ACE are available for eligible GP Parsik accounts and verify the supported payout method before initiating a transaction.
An international money transfer is simply a cross-border movement of funds between a bank account, cash pickup point, or mobile wallet, usually involving currency conversion. For inward remittances, beneficiary account details and purpose of remittance must be provided for transfers to avoid delays. For outward remittances, customers typically use authorised money transfer service providers or banks that support SWIFT, in compliance with RBI and FEMA regulations in force since 1999.
The Indian Financial System Code, commonly called the IFSC code, is essential for electronic fund transfers within India (NEFT, RTGS, IMPS). The MICR code is used for processing cheques in India. International transfers often require both domestic codes and additional identifiers like SWIFT or BIC.
IFSC codes are unique 11-digit alphanumeric codes assigned by the Reserve Bank of India to banks. The first four characters of IFSC codes represent the bank name. For Parsik Janata Sahakari Bank, a typical IFSC looks like PJSB0000018, where "PJSB" identifies the bank, "0" is reserved, and the remaining digits identify the specific branch - in this case, Parsik Nagar in Thane.
MICR code format is 9 digits: the first three represent the city, the next three the bank, and the last three the branch. For example, the Parsik Nagar branch of GP Parsik Sahakari Bank lists MICR code 400312018 on the bank’s official branch directory, as accessed on 20 October 2026. Bank details can change, so verify the code with the bank or your cheque book before making a transaction. You can scan your cheque leaf or search RBI records to find your branch's exact numbers.
Receiver details include full name, address, and SWIFT/BIC code of the receiving bank. A sender must have your full name (as per bank records), 15–18 digit bank account number, IFSC code, branch name and address, and sometimes the MICR code.
For inward foreign remittances, the sending bank may request the SWIFT code of the Indian correspondent bank used by Parsik Janata Sahakari Bank. Unlike larger institutions such as State Bank of India, Jammu and Kashmir Bank, or Bank of Baroda, cooperative banks may not publish their own SWIFT code - contact your branch to confirm the correspondent arrangement.
These IFSC codes help identify specific banks and branches in India and are often required on overseas remittance forms when specifying an Indian receiving account.
Indian residents can receive foreign remittances under RBI's inward remittance rules, with funds credited directly to a Parsik Janata Sahakari Bank savings or current bank account. Inward remittances are received through compliance checks at GP Parsik Bank, and the bank can handle specific non-trade current account transactions under its AD-II license. The bank is also authorised to handle foreign currency transactions and issue forex prepaid cards.
For the recipient in India:
Contact your home branch and confirm the latest correspondent bank details for inward SWIFT transfers.
Obtain any reference codes and share them securely with the sender abroad.
For the sender abroad (from countries like Canada, Australia, or the UK):
Visit your local bank or online remittance provider and choose India as the destination.
Enter the recipient's full name, Parsik Janata Sahakari Bank account number, branch IFSC, and bank name exactly as provided.
If required, include the correspondent bank's SWIFT code (often a large commercial Indian bank like Bank of India or State Bank).
International wire transfers typically take 1–5 business days, depending on the currency and receiving bank, as outlined in Bank of America’s international wire transfer guidance. However, some international payments can reach the beneficiary bank within minutes or hours. SWIFT’s payment-speed update published on 17 October 2024 reported that 90% of payments sent over its network reached destination banks within an hour. These figures refer to arrival at the beneficiary bank, not necessarily credit to the recipient’s account. Actual delivery times vary by destination, payment route, bank processing hours, intermediary institutions and compliance checks.
Delays may occur on weekends, particularly for transfers initiated after Friday cut-off times, on public holidays, or when compliance checks are triggered. International transfers may involve charges and processing through correspondent banks, so double-check exchange rates before confirming.
Common use cases include family maintenance, education fees, medical expenses, and NRI remittances to dependants in Maharashtra and other states. Verify credit through your passbook, online banking, or SMS alerts, and keep transaction reference numbers for dispute resolution.
While Parsik Janata Sahakari Bank focuses on domestic banking, customers should confirm available international transfer options before choosing a provider. ACE Money Transfer’s published India transfer page describes transfers to India from supported sending countries; it does not establish that ACE supports sending money from India to other countries. Check ACE's current service availability and applicable requirements before initiating a transfer. Outward remittances through GP Parsik Bank must comply with RBI and FEMA guidelines, and remittance documents typically require PAN and KYC verification.
ACE Money Transfer Limited is authorised by the UK Financial Conduct Authority (FCA) as an Authorised Payment Institution (API) under Firm Reference Number (FRN 506692). Here is the list of steps to complete a transfer:
Register or log in on the ACE website or mobile app using email, Google, or Apple ID. Complete any KYC verification requested (ID documents, address proof) as per Indian regulations.
Choose the destination country and currency. Select a payout option: bank deposit, mobile wallet credit, or cash pickup at partner bank branches.
Enter accurate recipient details, including the bank account number and local codes (IBAN, routing number, or domestic bank code) for bank transfers, or the mobile wallet number for wallet payouts.
Select a payment method: use a debit card, credit card, or online bank transfer from your Parsik Janata Sahakari Bank account to ACE's designated collection account.
Add a payment reason: RBI's purpose code is required to define the purpose of funds sent abroad. Under its circular dated 3 July 2024, the Reserve Bank of India (RBI) requires authorised dealers to obtain Form A2 in physical or digital form for cross-border remittances, along with other documents where necessary. The required documents depend on the transaction and the authorised dealer's requirements. See the RBI's official circular on Form A2. Confirm the transfer details and click Pay Now.
Track your transaction in real-time using the reference tracking number provided. Transfer tracking is available for international money transfers through ACE's platform.
Available payout methods:
Bank Deposit: Direct credit to the beneficiary's bank account with major partner banks globally.
Cash Pickup: The recipient collects cash at authorised partner bank branches after providing ID and the transaction reference.
Mobile Wallet: Where available, you can send funds to supported mobile wallet accounts. Delivery times depend on the sending and receiving countries, wallet provider, service availability and any required verification; credit is not guaranteed to be instant.
ACE displays the applicable exchange rate and transfer fees before you confirm a transaction. However, changes in exchange rates, the payment method, and any recipient-side charges may affect the total amount received. Fees and rates may change, so review the details for your specific transfer before proceeding. Exchange rates fluctuate, and the rate you receive may differ from any rates quoted. Always check the live rate at acemoneytransfer.com before sending.
Under the Reserve Bank of India’s Liberalised Remittance Scheme (LRS) Master Direction, updated on 6 September 2024, resident individuals may remit up to US$250,000 per financial year (April–March) for permitted current-account and capital-account transactions, subject to applicable conditions. The limit and requirements may change, so check the latest RBI guidance and confirm the applicable rules with an authorised dealer before making a remittance.
Cross-border transfers involve multiple banks and regulatory checks, so accuracy is essential for both Parsik Janata Sahakari Bank customers and ACE Money Transfer users.
Always verify the beneficiary's bank account number, name spelling, and IFSC code before initiating a money transfer. For domestic credits inside India, the IFSC code is crucial for routing; for cheques, the MICR code also matters.
Never share net banking passwords, OTPs, or full card details with anyone. Only use official websites and the mobile app of Parsik Janata Sahakari Bank and ACE Money Transfer - check URLs and app publishers carefully.
The total cost of an international transfer includes remittance fees and taxes. Fees and FX margins vary between traditional banks and digital providers, so compare total costs before choosing a payment method. Bank-to-bank transfers may take longer than wallet or cash pickup options.
For larger amounts, senders may need to submit purpose codes, invoices (for education or medical expenses), or ID documents under Indian FEMA regulations and AML rules. Exports and imports may require specific documentation under RBI guidelines. Check current RBI guidelines for annual outward remittance limits.
Contact your Parsik Janata Sahakari Bank branch for branch-specific information (IFSC, MICR, correspondent bank details), and use ACE Money Transfer's customer support for corridor-specific questions about your next international money transfer.
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.
