Bank of India vs Axis 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 rateUSD
Amount billed$10,000.00
—INR
| Transfer Via | Exchange rate | Converted amount |
|---|---|---|
 | INR 83.7250 | INR 8,34,540.19You lose: 1.8% ↓ |
 | INR 83.7250 | INR 8,33,488.00You lose: 1.9% ↓ |
 | INR 85.0000Live Mid Market Rate | INR 8,47,091.30 |
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ISO: 2022 CertifiedBank of India vs Axis: understanding the key differences for exporters
While both Bank of India and Axis 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.| Features | | |
|---|---|---|
| Forex markup | Typically there is a 1-2% markup from the mid market rate | Around 1% to 2% above mid-market |
| Transfer and processing fees | On a clean SWIFT inward credit to a BOI account there is no local charges. The real cost is the exchange margin plus any correspondent deduction of roughly $15-30 in transit | 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 |
| How you settle the remittance | Confirm the account is eligible to receive international payments, a standing instruction can be registered for recurring credits so future payments process automatically | Verify 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 documents |
| Time to credit after you submit | Typically 2 to 4 working days by SWIFT. Credits can stay pending while compliance and purpose code checks run | 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 |
| FIRA and e-FIRC | e-FIRC issued on request, BOI's schedule charges FIRC on security paper Rs 500 per certificate, FIRC or advice on the bank's letterhead Rs 200 per certificate, and duplicate FIRC Rs 1,500, all plus GST. Bank Realisation Certificate is nil | e-FIRC issued on request per transaction, raised through the branch or OIRM |
| Currencies you can receive in | All major trade currencies through the SWIFT network. | Major trade currencies including USD, GBP, EUR, AUD, SGD and CAD. Verify the full list against the Axis schedule |
| Compliance tracking | Status tracked through the branch or RM. | Status is visible in OIRM, but a query still needs the branch or RM to clear it |
| Best suited for | Exporters already having an existing credit line with BOI. | Exporters already banking with Axis, and anyone tied to a payer that needs a physical Indian bank account |
Bank of India vs Axis 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.Exchange Rates
Fees
Hidden Charges
Bank of India (BOI) card:- Bank of India converts inward payments at its TT buying rate, which sits around 1-2% below the live mid-market rate.
- The rate exporters actually receive may run wider than the published TT rate.
- BOI's own sheet states the card rates are indicative and the final rate applicable will be the rate prevailing at the time of debit or credit
- Card rates apply up to USD 10,000. Above that the branch quotes a provisional or firm rate
Axis 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
Keep ₹13,603 more on a $10,000 invoice by bypassing Bank of India and Axis 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₹8,47,0911.5% markup₹8,34,5401.5% markup₹8,33,4880% markup₹8,47,091
Money transferUSD 10,000
$500$10K$100K$1M
1.5% markupExchange rate83.72
SWIFT fee₹1,884
Documentation fee₹200
Platform fee₹500
GST (18%)₹126
You receive₹8,34,540
1.5% markupExchange rate83.72
SWIFT fee₹3,349
Documentation fee₹350
Platform fee₹0
GST (18%)₹63
You receive₹8,33,488
0% markupExchange rate85.00
SWIFT fee₹0
Documentation fee₹0
Platform fee₹2,465
GST (18%)₹444
You receive₹8,47,091
Bank of India vs Axis: understanding the key differences for exporters
While both Bank of India and Axis 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.| Features | | | |
|---|---|---|---|
| Forex markup | Typically there is a 1-2% markup from the mid market rate | Around 1% to 2% above mid-market | Zero, live mid-market |
| Rate you are quoted | TT buying rate is published everyday, but the applied rate may differ, verify from your FIRA | Differ from published rate, please verify from your FIRA | Same rate for everyone, shown before you receive |
| Transaction fee | Generally no separate commission in lieu of exchange on ordinary inward credits | Correspondent banks take $30-50 from transaction | $19 up to $2k, $29 up to $10k, 0.3% above |
| Cost on a small invoice | FX markup plus a flat handling fee means small invoices lose a far higher share | Fixed deduction plus an FX markup increasing overall cost | Flat $19, the share falls as the invoice grows |
| Settlement time | 2 to 4 working days by SWIFT, credits can stay pending during compliance checks | 2 to 3 working days by SWIFT, 3 to 5 days is common | 24 hours |
| FIRA | e-FIRC is available on request and is generally charged on a per certificate basis | Charged per certificate, need to be requested | Free, instant, one per payment |
| Who it suits | Exporters already on BOI and those wanting public sector export finance like packing credit and post shipment finance | Exporters already banking with Axis, and anyone tied to a payer that needs a physical Indian bank account | Exporters 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."
AbhishekCEO, 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."
"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."
Frequently Asked Questions
Which bank has better forex rates for exporters, Bank of India (BOI) or Axis Bank?
Bank of India (BOI): Typically there is a 1-2% markup from the mid market rate Axis Bank: Around 1% to 2% above mid-market 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 Bank of India (BOI) and Axis Bank charge on inward remittances?
Bank of India (BOI): On a clean SWIFT inward credit to a BOI account there is no local charges. The real cost is the exchange margin plus any correspondent deduction of roughly $15-30 in transit 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 AxisHow long does an international payment take with Bank of India (BOI) vs Axis Bank?
Bank of India (BOI): Typically 2 to 4 working days by SWIFT. Credits can stay pending while compliance and purpose code checks run 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 runHow do I get a FIRA or e-FIRC from Bank of India (BOI) or Axis Bank?
Bank of India (BOI): e-FIRC issued on request, BOI's schedule charges FIRC on security paper Rs 500 per certificate, FIRC or advice on the bank's letterhead Rs 200 per certificate, and duplicate FIRC Rs 1,500, all plus GST. Bank Realisation Certificate is nil Axis Bank: e-FIRC issued on request per transaction, raised through the branch or OIRMWho is Bank of India (BOI) best suited for, and who should pick Axis Bank?
Bank of India (BOI) suits: Exporters already having an existing credit line with BOI.. Axis Bank suits: Exporters already banking with Axis, and anyone tied to a payer that needs a physical Indian bank account.Is there a cheaper alternative to Bank of India (BOI) and Axis 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.Bengaluru, Karnataka
Second Floor, Indiqube Serenity, Phase 2, 31, Hosur Rd,near Vishal Megamart, Muneswara Nagar, Sector 6, HSR Layout,Bengaluru, Karnataka, 560068
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