Bank of India vs HDFC 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 83.3850 | INR 8,30,101.60You lose: 2.3% ↓ |
 | INR 85.0000Live Mid Market Rate | INR 8,47,091.30 |
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ISO: 2022 CertifiedBank of India vs HDFC: understanding the key differences for exporters
While both Bank of India and HDFC 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 | Typically there is a 1.9% markup from the mid market rate. |
| 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 | HDFC doesn't deduct any charges on its own for inward remittance, but correspondent banks typically deduct $30-50 before the transfer even reaches HDFC |
| 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. For every incoming international payment, you may be asked to furnish documents for proof of legitimacy, then the transaction will be processed |
| 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 | Incoming transaction can take anywhere from 2-5 days to reflect in your account, once received if the bank asks for compliance checks then the time to credit can be extended by 6-7 days |
| 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 | You have to make a list of all the transactions, share the UTR number and request for a FIRA. e-FIRC is not mentioned online, please speak to the relationship manager to understand more |
| Currencies you can receive in | All major trade currencies through the SWIFT network. | Accepts 22 major currencies in the multi currency account |
| Compliance tracking | Status tracked through the branch or RM. | Reach out to the Relationship Manager with help in managing compliance questions |
| Best suited for | Exporters already having an existing credit line with BOI. | Extremely large organisations with long standing relationship including trade financing, loan book with HDFC |
Bank of India vs HDFC 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
HDFC Bank card:- From the live mid market rate, usually there is a 2-3% markup on inward payments from HDFC
- These rates are opaque and depend on the nature of your relationship with the bank
- For e.g. even if the bank says there is a 5 paisa markup, that might be on the spot rate instead of the midmarket rate which already has a 50 paisa markup baked in
- 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 of that day
Keep ₹16,990 more on a $10,000 invoice by bypassing Bank of India and HDFC 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₹8,34,5401.9% markup₹8,30,1020% 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
1.9% markupExchange rate83.39
SWIFT fee₹3,335
Documentation fee₹350
Platform fee₹0
GST (18%)₹63
You receive₹8,30,102
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 HDFC: understanding the key differences for exporters
While both Bank of India and HDFC 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 | Typically there is a 1.9% markup from the mid market rate. | 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 | 2-6 business days depending on compliance requirements | 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 | Extremely large organisations with long standing relationship including trade financing, loan book with HDFC | 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 HDFC Bank?
Bank of India (BOI): Typically there is a 1-2% markup from the mid market rate HDFC Bank: Typically there is a 1.9% 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 Bank of India (BOI) and HDFC 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 HDFC Bank: HDFC doesn't deduct any charges on its own for inward remittance, but correspondent banks typically deduct $30-50 before the transfer even reaches HDFCHow long does an international payment take with Bank of India (BOI) vs HDFC Bank?
Bank of India (BOI): Typically 2 to 4 working days by SWIFT. Credits can stay pending while compliance and purpose code checks run HDFC Bank: Incoming transaction can take anywhere from 2-5 days to reflect in your account, once received if the bank asks for compliance checks then the time to credit can be extended by 6-7 daysHow do I get a FIRA or e-FIRC from Bank of India (BOI) or HDFC 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 HDFC Bank: You have to make a list of all the transactions, share the UTR number and request for a FIRA. e-FIRC is not mentioned online, please speak to the relationship manager to understand moreWho is Bank of India (BOI) best suited for, and who should pick HDFC Bank?
Bank of India (BOI) suits: Exporters already having an existing credit line with BOI.. HDFC Bank suits: Extremely large organisations with long standing relationship including trade financing, loan book with HDFC.Is there a cheaper alternative to Bank of India (BOI) and HDFC 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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