logo

HDFC Bank 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 rate
Amount billed$10,000.00
USD
—INR
Transfer ViaExchange rateConverted amount
HDFC BankINR 83.3850INR 8,30,101.60You lose: 2.3% ↓
Axis BankINR 83.7250INR 8,33,488.00You lose: 1.9% ↓
SkydoINR 85.0000Live Mid Market RateINR 8,47,091.30
RBI's PA-CB frameworkRBI's PA-CB framework
Trusted by 50K+ users
AICPA SOC2 certifiedAICPA SOC2 certified
ISO: 2022 CertifiedISO: 2022 Certified

HDFC vs Axis: understanding the key differences for exporters

While both HDFC 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.
FeaturesHDFC BankAxis Bank
Forex markupTypically there is a 1.9% markup from the mid market rate.Around 1% to 2% above mid-market
Transfer and processing feesHDFC doesn't deduct any charges on its own for inward remittance, but correspondent banks typically deduct $30-50 before the transfer even reaches HDFCNot 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 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, then the transaction will be processedVerify 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 submitIncoming 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 daysIt 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-FIRCYou 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 moree-FIRC issued on request per transaction, raised through the branch or OIRM
Currencies you can receive inAccepts 22 major currencies in the multi currency accountMajor trade currencies including USD, GBP, EUR, AUD, SGD and CAD. Verify the full list against the Axis schedule
Compliance trackingReach out to the Relationship Manager with help in managing compliance questionsStatus is visible in OIRM, but a query still needs the branch or RM to clear it
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 forExtremely large organisations with long standing relationship including trade financing, loan book with HDFCExporters already banking with Axis, and anyone tied to a payer that needs a physical Indian bank account

HDFC 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.
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
Axis BankAxis 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 ₹16,990 more on a $10,000 invoice by bypassing HDFC 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₹8,47,091
Money transferUSD 10,000
$500$10K$100K$1M
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
Axis Bank1.5% markup
₹8,33,488
Exchange rate83.72
SWIFT fee₹3,349
Documentation fee₹350
Platform fee₹0
GST (18%)₹63
You receive₹8,33,488
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

HDFC vs Axis: understanding the key differences for exporters

While both HDFC 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.
FeaturesHDFC BankAxis Bank
Forex markupTypically there is a 1.9% 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 time2-6 business days depending on compliance requirements2 to 3 working days by SWIFT, 3 to 5 days is common24 hours
FIRACharged per certificate, need to be requestedCharged per certificate, need to be requestedFree, instant, one per payment
Who it suitsExtremely large organisations with long standing relationship including trade financing, loan book with HDFCExporters already banking with Axis, and anyone tied to a payer that needs a physical Indian bank accountExporters 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, HDFC Bank or Axis Bank?HDFC Bank: Typically there is a 1.9% 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 HDFC Bank and Axis Bank charge on inward remittances?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 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 Axis
How long does an international payment take with HDFC Bank vs Axis Bank?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 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 run
How do I get a FIRA or e-FIRC from HDFC Bank or Axis Bank?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 Axis Bank: e-FIRC issued on request per transaction, raised through the branch or OIRM
Who is HDFC Bank best suited for, and who should pick Axis Bank?HDFC Bank suits: Extremely large organisations with long standing relationship including trade financing, loan book with HDFC. 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 HDFC Bank 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.