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Central 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 rate
Amount billed$10,000.00
USD
—INR
Transfer ViaExchange rateConverted amount
Central Bank of IndiaINR 83.0875INR 8,26,789.38You lose: 2.7% ↓
HDFC BankINR 83.3850INR 8,30,101.60You lose: 2.3% ↓
SkydoINR 85.0000Live Mid Market RateINR 8,47,091.30
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Central Bank of India vs HDFC: understanding the key differences for exporters

While both Central 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.
FeaturesCentral Bank of IndiaHDFC Bank
Forex markupTypically there is a 2-2.5% markup from the mid market rate.Typically there is a 1.9% markup from the mid market rate.
Transfer and processing feesOwn commission 0.10% (min Rs 500, max Rs 5,000) per remittance, plus ~$30 correspondent deductionHDFC 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 remittanceVerify 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 with the particular bank branch, then the transaction will be processedVerify 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 submit2 to 3 working days by SWIFT, 3 to 5 days is commonIncoming 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-FIRCe-FIRC is available but at Rs 500 flat per transaction, or FIRC on security paper/letterhead Rs 250 per certificateYou 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 inMajor currencies (USD, GBP, EUR, AUD, and others via nostro correspondents), verify from CBI scheduleAccepts 22 major currencies in the multi currency account
Compliance trackingReach out to the Relationship Manager with help in managing compliance questionsReach out to the Relationship Manager with help in managing compliance questions
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 who already bank with CBI and receive rarely (<$500/mo)Extremely large organisations with long standing relationship including trade financing, loan book with HDFC

Central 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.
Central Bank of IndiaCentral Bank of India card:
  • CBI has three separate rates: TT buying when you receive, TT selling when you send, and bill rates for cheques and documents
  • Your inward payout is set by the TT buying rate, which has a 2-2.5% markup with the mid market rate
  • CBI revises its rate sheet several times through the working day, so a morning quote is stale by the time your credit settles
  • On a $5,000 credit that TT spread alone is roughly Rs 4,000 to Rs 11,000, before any commission or FIRC fee
  • The applied rate only appears on your FIRA, compare its exchange rate field against the mid-market rate that day
HDFC BankHDFC 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 ₹20,302 more on a $10,000 invoice by bypassing Central 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₹8,47,091
Money transferUSD 10,000
$500$10K$100K$1M
Central Bank of India2.25% markup
₹8,26,789
Exchange rate83.09
SWIFT fee₹2,493
Documentation fee₹500
Platform fee₹850
GST (18%)₹243
You receive₹8,26,789
HDFC Bank1.9% markup
₹8,30,102
Exchange rate83.39
SWIFT fee₹3,335
Documentation fee₹350
Platform fee₹0
GST (18%)₹63
You receive₹8,30,102
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

Central Bank of India vs HDFC: understanding the key differences for exporters

While both Central 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.
FeaturesCentral Bank of IndiaHDFC Bank
Forex markupTypically there is a 2-2.5% 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 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 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 common2-6 business days depending on compliance requirements24 hours
FIRAe-FIRC is available but at Rs 500 flat per transaction, or FIRC on security paper/letterhead Rs 250 per certificateCharged per certificate, need to be requestedFree, instant, one per payment
Who it suitsExporters who already bank with CBI and receive rarely (<$500/mo)Extremely large organisations with long standing relationship including trade financing, loan book with HDFCExporters 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, Central Bank of India or HDFC Bank?Central Bank of India: Typically there is a 2-2.5% 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 Central Bank of India and HDFC Bank charge on inward remittances?Central Bank of India: Own commission 0.10% (min Rs 500, max Rs 5,000) per remittance, plus ~$30 correspondent deduction 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 HDFC
How long does an international payment take with Central Bank of India vs HDFC Bank?Central Bank of India: 2 to 3 working days by SWIFT, 3 to 5 days is common 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 days
How do I get a FIRA or e-FIRC from Central Bank of India or HDFC Bank?Central Bank of India: e-FIRC is available but at Rs 500 flat per transaction, or FIRC on security paper/letterhead Rs 250 per certificate 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 more
Who is Central Bank of India best suited for, and who should pick HDFC Bank?Central Bank of India suits: Exporters who already bank with CBI and receive rarely (<$500/mo). HDFC Bank suits: Extremely large organisations with long standing relationship including trade financing, loan book with HDFC.
Is there a cheaper alternative to Central Bank of India 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.

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