logo

Axis Bank vs Yes 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% ↓
YES BankINR 83.3000INR 8,29,872.00You lose: 2.4% ↓
SkydoINR 85.0000Live Mid Market RateINR 8,47,091.30
RBI's PA-CB frameworkRBI's PA-CB framework
Trusted by 50K+ users
AICPA SOC2 certifiedAICPA SOC2 certified
ISO: 2022 CertifiedISO: 2022 Certified

Axis vs Yes Bank: understanding the key differences for exporters

While both Axis and Yes Bank 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 BankYES Bank
Forex markupAround 1% to 2% above mid-marketAround 2% 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 AxisIn practice a commission in lieu of exchange applies, 0.125% of the bill amount or minimum Rs 1,000 whichever is higher. Correspondent banks also deduct roughly $15-30 in transit
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 documentsRegister a standing instruction for inward remittances with your purpose code, so future credits are processed automatically. Yes Bank reserves the right to call for documents on any specific transaction
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 runCredit typically in 2 to 4 working days
FIRA and e-FIRCe-FIRC issued on request per transaction, raised through the branch or OIRMe-FIRC issued on request per transaction. It can cost upto Rs.800. Free on select accounts such as YES Premia
Currencies you can receive inMajor trade currencies including USD, GBP, EUR, AUD, SGD and CAD. Verify the full list against the Axis scheduleAll the major trade currencies through the SWIFT network.
Compliance trackingStatus is visible in OIRM, but a query still needs the branch or RM to clear itStatus tracked through YES Transact or your RM. A standing instruction reduces per credit paperwork but the bank can still hold a credit for documents or a purpose code query
Best suited forExporters already banking with Axis, and anyone tied to a payer that needs a physical Indian bank accountExporters already banking with Yes Bank, MSMEs using the TradeBiz or GST ready current accounts

Axis vs Yes Bank 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
YES BankYES Bank card:
  • Yes Bank converts inward payments at its card rate, which carries a markup of about 2% against the live mid-market rate
  • Card rates apply only up to USD 25,000 or equivalent per Yes Bank's own daily FX card rate sheet. For amounts beyond that you must contact the Branch or RM for a quote.
  • The rate depends on transfer amount, account type, your relationship with the bank

Keep ₹17,219 more on a $10,000 invoice by bypassing Axis and Yes Bank 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
YES Bank2% markup
₹8,29,872
Exchange rate83.30
SWIFT fee₹1,874
Documentation fee₹0
Platform fee₹1,063
GST (18%)₹191
You receive₹8,29,872
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 Yes Bank: understanding the key differences for exporters

While both Axis and Yes Bank 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 BankYES Bank
Forex markupAround 1% to 2% above mid-marketAround 2% from the mid-market rateZero, live mid-market
Rate you are quotedDiffer from published rate, please verify from your FIRACard rate applied, differs from published indicative rate, verify from your FIRASame rate for everyone, shown before you receive
Transaction feeCorrespondent banks take $30-50 from transactionCommission in lieu of exchange 0.125% min Rs 1,000 applies, plus GST$19 up to $2k, $29 up to $10k, 0.3% above
Cost on a small invoiceFixed deduction plus an FX markup increasing overall costFX markup plus a minimum Rs 1,000 commission means small invoices lose a far higher shareFlat $19, the share falls as the invoice grows
Settlement time2 to 3 working days by SWIFT, 3 to 5 days is common2 to 4 working days by SWIFT, credits can stay pending during compliance checks24 hours
FIRACharged per certificate, need to be requestede-FIRC to EDPMS on request, charged per certificate, up to 7 to 10 days to processFree, instant, one per payment
Who it suitsExporters already banking with Axis, and anyone tied to a payer that needs a physical Indian bank accountExporters already on YES Bank with negotiated ratesExporters 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 YES Bank?Axis Bank: Around 1% to 2% above mid-market YES Bank: Around 2% 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 YES 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 YES Bank: In practice a commission in lieu of exchange applies, 0.125% of the bill amount or minimum Rs 1,000 whichever is higher. Correspondent banks also deduct roughly $15-30 in transit
How long does an international payment take with Axis Bank vs YES 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 YES Bank: Credit typically in 2 to 4 working days
How do I get a FIRA or e-FIRC from Axis Bank or YES Bank?Axis Bank: e-FIRC issued on request per transaction, raised through the branch or OIRM YES Bank: e-FIRC issued on request per transaction. It can cost upto Rs.800. Free on select accounts such as YES Premia
Who is Axis Bank best suited for, and who should pick YES Bank?Axis Bank suits: Exporters already banking with Axis, and anyone tied to a payer that needs a physical Indian bank account. YES Bank suits: Exporters already banking with Yes Bank, MSMEs using the TradeBiz or GST ready current accounts.
Is there a cheaper alternative to Axis Bank and YES 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.

Ready to Save More on International Payments?

Start receiving global payments with Skydo and keep more of what you earn.