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Central Bank of India vs IndusInd 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% ↓
IndusInd BankINR 83.7250INR 8,33,606.00You lose: 1.9% ↓
SkydoINR 85.0000Live Mid Market RateINR 8,47,091.30
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Central Bank of India vs IndusInd: understanding the key differences for exporters

While both Central Bank of India and IndusInd 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 IndiaIndusInd Bank
Forex markupTypically there is a 2-2.5% markup from the mid market rate.Around 1% to 2% above mid-market
Transfer and processing feesOwn commission 0.10% (min Rs 500, max Rs 5,000) per remittance, plus ~$30 correspondent deductionInward remittances are free on the Indus Exim Trade Account, but only if you keep a quarterly throughput of USD 20,000. If you are below then IndusInd charges 0.30% on the shortfall amount. Correspondent banks typically deduct $30-50 before the transfer even reaches IndusInd
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 commonIndusInd claims 1-2 working days for an inward wire, which is quicker than most banks. Add a few days if compliance raises a query on the credit
FIRA and e-FIRCe-FIRC is available but at Rs 500 flat per transaction, or FIRC on security paper/letterhead Rs 250 per certificateFIRC is charged at Rs 250 per certificate and has to be requested. BRC issuance for export transactions is free
Currencies you can receive inMajor currencies (USD, GBP, EUR, AUD, and others via nostro correspondents), verify from CBI scheduleInward remittances are accepted in 17 currencies through IndusInd's correspondent network
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)Exporters with steady monthly volume who can comfortably clear USD 20,000 and a long term relationship with IndusInd Bank

Central Bank of India vs IndusInd 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
IndusInd BankIndusInd Bank card:
  • From the live mid market rate, usually there is a 1-2% markup on inward payments from IndusInd
  • These rates are opaque and depend on the nature of your relationship with the bank
  • IndusInd publishes a TT and card rate sheet that it revises through the working day, but the rate that lands is the one live at the moment your account is credited
  • 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 ₹20,302 more on a $10,000 invoice by bypassing Central Bank of India and IndusInd 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
IndusInd Bank1.5% markup
₹8,33,606
Exchange rate83.72
SWIFT fee₹3,349
Documentation fee₹250
Platform fee₹0
GST (18%)₹45
You receive₹8,33,606
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 IndusInd: understanding the key differences for exporters

While both Central Bank of India and IndusInd 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 IndiaIndusInd Bank
Forex markupTypically there is a 2-2.5% markup from the mid market rate.Around 1% to 2% above mid-marketZero, 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 common1 to 2 working days by SWIFT, 3 to 5 days is common24 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)Exporters with steady monthly volume who can comfortably clear USD 20,000 and a long term relationship with IndusInd 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, Central Bank of India or IndusInd Bank?Central Bank of India: Typically there is a 2-2.5% markup from the mid market rate. IndusInd 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 Central Bank of India and IndusInd 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 IndusInd Bank: Inward remittances are free on the Indus Exim Trade Account, but only if you keep a quarterly throughput of USD 20,000. If you are below then IndusInd charges 0.30% on the shortfall amount. Correspondent banks typically deduct $30-50 before the transfer even reaches IndusInd
How long does an international payment take with Central Bank of India vs IndusInd Bank?Central Bank of India: 2 to 3 working days by SWIFT, 3 to 5 days is common IndusInd Bank: IndusInd claims 1-2 working days for an inward wire, which is quicker than most banks. Add a few days if compliance raises a query on the credit
How do I get a FIRA or e-FIRC from Central Bank of India or IndusInd 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 IndusInd Bank: FIRC is charged at Rs 250 per certificate and has to be requested. BRC issuance for export transactions is free
Who is Central Bank of India best suited for, and who should pick IndusInd Bank?Central Bank of India suits: Exporters who already bank with CBI and receive rarely (<$500/mo). IndusInd Bank suits: Exporters with steady monthly volume who can comfortably clear USD 20,000 and a long term relationship with IndusInd Bank.
Is there a cheaper alternative to Central Bank of India and IndusInd 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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