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Bank of India 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
Bank of India (BOI)INR 83.7250INR 8,34,540.19You lose: 1.8% ↓
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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Bank of India vs IDFC First: understanding the key differences for exporters

While both Bank of India 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.
FeaturesBank of India (BOI)IDFC FIRST Bank
Forex markupTypically there is a 1-2% markup from the mid market rateTypically there is a 1-3% markup from the mid market rate.
Transfer and processing feesOn 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 transitIDFC 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 remittanceConfirm the account is eligible to receive international payments, a standing instruction can be registered for recurring credits so future payments process automaticallyVerify 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 submitTypically 2 to 4 working days by SWIFT. Credits can stay pending while compliance and purpose code 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, 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 nilFIRC and e-FIRC can be requested per transaction, they don't charge anything additional for the document
Currencies you can receive inAll major trade currencies through the SWIFT network.Major trade currencies through IDFC's correspondent network. The bank publishes 14 currencies for outward transfers, verify the inward list against your branch
Compliance trackingStatus tracked through the branch or RM.Reach 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
Best suited forExporters already having an existing credit line with BOI.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

Bank of India 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.
Bank of India (BOI)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
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 Bank of India 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
Bank of India (BOI)1.5% markup
₹8,34,540
Exchange rate83.72
SWIFT fee₹1,884
Documentation fee₹200
Platform fee₹500
GST (18%)₹126
You receive₹8,34,540
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

Bank of India vs IDFC First: understanding the key differences for exporters

While both Bank of India 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.
FeaturesBank of India (BOI)IDFC FIRST Bank
Forex markupTypically there is a 1-2% markup from the mid market rateTypically there is a 1-3% markup from the mid market rate.Zero, live mid-market
Rate you are quotedTT buying rate is published everyday, but the applied rate may differ, verify from your FIRADiffer from published rate, please verify from your FIRASame rate for everyone, shown before you receive
Transaction feeGenerally no separate commission in lieu of exchange on ordinary inward creditsCorrespondent banks take $30-50 from transaction$19 up to $2k, $29 up to $10k, 0.3% above
Cost on a small invoiceFX markup plus a flat handling fee means small invoices lose a far higher shareFixed correspondent bank deduction plus an FX markup increasing overall costFlat $19, the share falls as the invoice grows
Settlement time2 to 4 working days by SWIFT, credits can stay pending during compliance checks2 to 3 working days by SWIFT, 4 to 6 days is common24 hours
FIRAe-FIRC is available on request and is generally charged on a per certificate basisNeeds to be requested for every transactionFree, instant, one per payment
Who it suitsExporters already on BOI and those wanting public sector export finance like packing credit and post shipment financeExporters 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, Bank of India (BOI) or IDFC FIRST Bank?Bank of India (BOI): Typically there is a 1-2% markup from the mid market rate 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 Bank of India (BOI) and IDFC FIRST 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 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 Bank of India (BOI) vs IDFC FIRST Bank?Bank of India (BOI): Typically 2 to 4 working days by SWIFT. Credits can stay pending while compliance and purpose code 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 Bank of India (BOI) or IDFC FIRST 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 IDFC FIRST Bank: FIRC and e-FIRC can be requested per transaction, they don't charge anything additional for the document
Who is Bank of India (BOI) best suited for, and who should pick IDFC FIRST Bank?Bank of India (BOI) suits: Exporters already having an existing credit line with BOI.. 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 Bank of India (BOI) 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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