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Axis Bank vs IDFC First Bank Forex Rates: Which Is Better for Exporters in 2026?

Both banks publish a card rate, and neither one is what lands in your account. See the real rate each bank applied to exporter transfers, side by side, and what the same invoice is worth on Skydo.
Fetching the live FX rate
Amount billed$10,000.00
USD
—INR
Transfer ViaExchange rateConverted amount
Axis BankINR 83.7250INR 8,33,488.00You lose: 1.9% ↓
IDFC FIRST BankINR 83.3000INR 8,29,668.00You lose: 2.4% ↓
SkydoINR 85.0000Live Mid Market RateINR 8,47,091.30
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Axis vs IDFC First: understanding the key differences for exporters

While both Axis and IDFC First let Indian exporters receive international payments, they differ in the rate applied, the fees taken before the money lands, how you get your FIRA, and how much room you have to negotiate. Here is how they compare side by side.
FeaturesAxis BankIDFC FIRST Bank
Forex markupAround 1% to 2% above mid-marketTypically there is a 1-3% markup from the mid market rate.
Transfer and processing feesNot published for exporters. Axis's inward wire schedule covers retail credits only and directs export of goods, FDI and other non-retail receipts to your branch or RM for pricing. Correspondent banks typically deduct $30-50 before the transfer even reaches AxisIDFC does not charge anything to credit an inward remittance. It is free across every current account tier. Correspondent banks typically deduct $30-50 before the transfer even reaches IDFC
How you settle the remittanceVerify with your branch manager that the account is eligible for receiving international payments. After that you'll need to submit the inward remittance form online through OIRM, with the purpose code and supporting documentsVerify with your branch manager that the account is eligible for receiving international payments. You then submit a disposal instruction against each credit with the purpose code. This can be done online through the trade portal instead of visiting the branch
Time to credit after you submitIt can take 2-5 days to receive the SWIFT Transaction in your account. Settlement can happen same day once documents are cleared, though credits can stay pending while compliance checks runOnce funds reach IDFC's nostro account, the credit lands in your account within 1 to 2 days. Add a few days if compliance raises a query. Total time can be 3-5 days
FIRA and e-FIRCe-FIRC issued on request per transaction, raised through the branch or OIRMFIRC and e-FIRC can be requested per transaction, they don't charge anything additional for the document
Currencies you can receive inMajor trade currencies including USD, GBP, EUR, AUD, SGD and CAD. Verify the full list against the Axis scheduleMajor trade currencies through IDFC's correspondent network. The bank publishes 14 currencies for outward transfers, verify the inward list against your branch
Compliance trackingStatus is visible in OIRM, but a query still needs the branch or RM to clear itReach out to the Relationship Manager with help in managing compliance questions. Inward credits also trigger automatic SMS and email alerts so you know when a payment lands
Rate negotiationPossible based on 1) Size of Business with Bank 2) Type of Bank Products used 3) Tenure of relationship with bankPossible based on 1) Size of Business with Bank 2) Type of Bank Products used 3) Tenure of relationship with bank
Best suited forExporters already banking with Axis, and anyone tied to a payer that needs a physical Indian bank accountExporters who want a bank with no inward remittance or FIRC fees and are willing to accept the exchange rate markup as the cost, long standing relationship with IDFC First bank

Axis vs IDFC First Bank exchange rates, fees and hidden charges

Three things decide what actually reaches your account: the markup buried in the rate, the fees taken before the money lands, and the charges that only appear on your statement afterwards.
Axis BankAxis Bank card:
  • Axis converts inward payments at its card rate by default, which runs about 1% to 2% below the live mid-market rate
  • The rate depends on your account type, the amount and your relationship, so two customers on the same day can be treated differently
  • One Reddit User reported a $20,000 credit converted at 88.02 against an RBI reference of 89.83, a gap of about Rs 36,000 on a single payment
  • Check the exchange rate field on your FIRA against the mid-market rate for that date to see the actual rate applied
IDFC FIRST BankIDFC FIRST Bank card:
  • From the live mid market rate, usually there is a 1-3% markup on inward payments from IDFC
  • These rates are opaque and depend on the nature of your relationship with the bank
  • IDFC publishes a forex rate sheet revised on working days, but it is the TT buying rate at the moment of credit that decides your payout, not the advertised number
  • The bank decides these rates based on the volume or nature of relationship
  • You can verify the rate received by seeing the FIRA document and comparing with the mid market rate on that day

Keep ₹17,423 more on a $10,000 invoice by bypassing Axis and IDFC First with Skydo.

International payments carry hidden costs from the markup baked into your bank rate and the fees deducted before the money lands. Use the tool below to see what each bank leaves you on the same invoice, and what you keep with Skydo.
You keep with Skydo₹8,47,091
Money transferUSD 10,000
$500$10K$100K$1M
Axis Bank1.5% markup
₹8,33,488
Exchange rate83.72
SWIFT fee₹3,349
Documentation fee₹350
Platform fee₹0
GST (18%)₹63
You receive₹8,33,488
IDFC FIRST Bank2% markup
₹8,29,668
Exchange rate83.30
SWIFT fee₹3,332
Documentation fee₹0
Platform fee₹0
GST (18%)₹0
You receive₹8,29,668
Skydo0% markup
₹8,47,091
Exchange rate85.00
SWIFT fee₹0
Documentation fee₹0
Platform fee₹2,465
GST (18%)₹444
You receive₹8,47,091

Axis vs IDFC First: understanding the key differences for exporters

While both Axis and IDFC First let Indian exporters receive international payments, they differ in the rate applied, the fees taken before the money lands, how you get your FIRA, and how much room you have to negotiate. Here is how they compare side by side.
FeaturesAxis BankIDFC FIRST Bank
Forex markupAround 1% to 2% above mid-marketTypically there is a 1-3% markup from the mid market rate.Zero, live mid-market
Rate you are quotedDiffer from published rate, please verify from your FIRADiffer from published rate, please verify from your FIRASame rate for everyone, shown before you receive
Transaction feeCorrespondent banks take $30-50 from transactionCorrespondent banks take $30-50 from transaction$19 up to $2k, $29 up to $10k, 0.3% above
Cost on a small invoiceFixed deduction plus an FX markup increasing overall costFixed correspondent bank deduction plus an FX markup increasing overall costFlat $19, the share falls as the invoice grows
Settlement time2 to 3 working days by SWIFT, 3 to 5 days is common2 to 3 working days by SWIFT, 4 to 6 days is common24 hours
FIRACharged per certificate, need to be requestedNeeds to be requested for every transactionFree, instant, one per payment
Who it suitsExporters already banking with Axis, and anyone tied to a payer that needs a physical Indian bank accountExporters who want a bank with no inward remittance or FIRC fees and are willing to accept the exchange rate markup as the cost, long standing relationship with IDFC First bankExporters receiving $2,000 or more a month

See what our clients say about us

Quotes paraphrased from public G2, Trustpilot, and Reddit threads from Indian exporters.
100+ reviews
"I want to spend my time growing my business, not negotiating exchange rates every time I make an international payment. The process should be simple and predictable."
AbhishekAbhishekCEO, Aidetic
"We banked with the same private bank for nine years and never questioned the rate. When we checked one month of FIRAs against mid-market, the spread was larger than our entire logistics bill."
Rohan M.Founder, home textiles exporter
"Every payment meant a form, a follow-up for the FIRA, and a call to the relationship manager to find out where the money was. Now it just arrives and the certificate is already there."
Priya S.Director, engineering goods exporter
Reviews paraphrased from publicly available sources. They reflect individual experiences, not Skydo's endorsement.

Frequently Asked Questions

Which bank has better forex rates for exporters, Axis Bank or IDFC FIRST Bank?Axis Bank: Around 1% to 2% above mid-market IDFC FIRST Bank: Typically there is a 1-3% markup from the mid market rate. Neither bank converts at the live mid-market rate, so compare the rate on your FIRA against the mid-market rate for that day to see what you actually paid.
What fees do Axis Bank and IDFC FIRST Bank charge on inward remittances?Axis Bank: Not published for exporters. Axis's inward wire schedule covers retail credits only and directs export of goods, FDI and other non-retail receipts to your branch or RM for pricing. Correspondent banks typically deduct $30-50 before the transfer even reaches Axis IDFC FIRST Bank: IDFC does not charge anything to credit an inward remittance. It is free across every current account tier. Correspondent banks typically deduct $30-50 before the transfer even reaches IDFC
How long does an international payment take with Axis Bank vs IDFC FIRST Bank?Axis Bank: It can take 2-5 days to receive the SWIFT Transaction in your account. Settlement can happen same day once documents are cleared, though credits can stay pending while compliance checks run IDFC FIRST Bank: Once funds reach IDFC's nostro account, the credit lands in your account within 1 to 2 days. Add a few days if compliance raises a query. Total time can be 3-5 days
How do I get a FIRA or e-FIRC from Axis Bank or IDFC FIRST Bank?Axis Bank: e-FIRC issued on request per transaction, raised through the branch or OIRM IDFC FIRST Bank: FIRC and e-FIRC can be requested per transaction, they don't charge anything additional for the document
Who is Axis Bank best suited for, and who should pick IDFC FIRST Bank?Axis Bank suits: Exporters already banking with Axis, and anyone tied to a payer that needs a physical Indian bank account. IDFC FIRST Bank suits: Exporters who want a bank with no inward remittance or FIRC fees and are willing to accept the exchange rate markup as the cost, long standing relationship with IDFC First bank.
Is there a cheaper alternative to Axis Bank and IDFC FIRST Bank for receiving export payments?Skydo converts at the live mid-market rate with zero forex markup and a flat fee: $19 up to $2,000, $29 up to $10,000, and 0.3% above that. There is no correspondent deduction because you receive into a local account abroad, settlement takes 24 hours, and a FIRA is issued free with every payment.

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