London, Feb 5, 2026, 07:37 (GMT)
- Fresh guides targeting money transfers to India from Britain and other markets are now promoting ACE Money Transfer
- The articles focus on UPI payouts, bank deposits, and cash pickups, zeroing in on fees and exchange rates.
- World Bank economists report that India pulled in roughly $129 billion in remittances in 2024.
ACE Money Transfer rolled out a new series of online guides touting itself as a cheap option for sending money from the UK to India, emphasizing instant UPI payouts and promotional fees. These articles dropped on London Loves Business and Finance Monthly on Feb. 3-4. (London Business News)
The timing coincides with a massive and expanding flow of funds sent home by overseas workers. According to World Bank economists Dilip Ratha, Sonia Plaza, and Eung Ju Kim, India is set to receive a record $129 billion in 2024. They also project that “officially recorded remittances to low- and middle-income countries… are expected to reach $685 billion in 2024.” (World Bank Blogs)
Costs remain stubborn, despite transfers happening in seconds. According to the World Bank, the average fee for sending $200 to South Asia dropped to 5.8% in Q4 2023, signaling ample opportunity for companies to undercut on price and boost transparency. (World Bank)
The guides lay out the trade-offs clearly: exchange rates, fees, and speed. They spotlight payouts via bank deposits to leading Indian banks, UPI — India’s instant payment system that relies on a UPI ID rather than full bank details — cash pickups, and even small airtime top-ups. Funding options include cards, bank transfers, and mobile wallets.
They also emphasize compliance, which usually resonates more when customers send money to family than when settling bills. Know Your Customer, or KYC, involves identity checks firms conduct under anti-money laundering laws. The guides note that bigger transfers often prompt additional scrutiny.
India’s central bank enforces strict caps on certain payout options. According to the Reserve Bank of India’s Money Transfer Service Scheme, cash payments to a beneficiary are capped at 50,000 rupees. Any amount exceeding that must be paid either by cheque or through a direct bank transfer. (Reserve Bank of India)
The guides recognize the stiff competition. London Loves Business points to Wise and Remitly as key digital contenders, but also notes that banks often come with higher costs and slower service when you factor in exchange rates and extra fees.
ACE Money Transfer Limited, registered in Manchester, was incorporated back in August 2002, according to Companies House records. (Companies House)
Fee-free promos often come with tight limits and short deadlines, while compliance hurdles may drag out payouts despite promises of “minutes.” Even minor slip-ups—a wrong UPI ID or mismatched names—can stall an “instant” transfer, and exchange rates can quickly shift the calculation.
ACE holds a 4.7 rating on Trustpilot, though the site flags that it doesn’t verify the authenticity of reviews. While ratings fluctuate, they still carry weight in a market where trust is often shaped by stars and online reputations. (Trustpilot)
Another guide targeting Australians appeared on BBN Times, showing the same sales approach is targeting various diaspora groups as providers zero in on India-focused remittance corridors. (BBN Times)
The new guidelines send a clear message: keep fees transparent, stick close to market exchange rates, and channel funds into India via UPI or direct bank transfers. The challenge lies in maintaining that stance amid vigilant regulators and relentless price cuts from competitors.
