logo

ICICI Bank vs Yes 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
ICICI BankINR 83.5125INR 8,31,548.50You lose: 2.2% ↓
YES BankINR 83.3000INR 8,29,872.00You lose: 2.4% ↓
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

ICICI vs Yes Bank: understanding the key differences for exporters

While both ICICI and Yes Bank 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.
FeaturesICICI BankYES Bank
Forex markupYou usually lose around 1.75% to the markup versus the mid-market rate.Around 2% markup from the mid-market rate
Transfer and processing feesCorrespondent banks in the SWIFT chain may deduct $30-$50 before the money reaches ICICI.In practice a commission in lieu of exchange applies, 0.125% of the bill amount or minimum Rs 1,000 whichever is higher. Correspondent banks also deduct roughly $15-30 in transit
How you settle the remittanceInitiate digitally through Corporate Internet Banking, the InstaBIZ app, or at a branch. Supporting documents (export invoice, shipping bill, bill of lading/airway bill, purpose code) must be submitted per RBI norms before the credit is processed.Register a standing instruction for inward remittances with your purpose code, so future credits are processed automatically. Yes Bank reserves the right to call for documents on any specific transaction
Time to credit after you submitAn inward export payment usually takes 2 to 4 business days to land in your account, end to end. Most of that is SWIFT transit time.Credit typically in 2 to 4 working days
FIRA and e-FIRCYou get an e-FIRC on request.e-FIRC issued on request per transaction. It can cost upto Rs.800. Free on select accounts such as YES Premia
Currencies you can receive inICICI supports 10 major currencies on its published forex rate sheet, and states it offers access to 50+ currencies across its forex servicesAll the major trade currencies through the SWIFT network.
Compliance trackingICICI's global correspondent-banking network and digital trade platform manage reporting to EDPMS.Status tracked through YES Transact or your RM. A standing instruction reduces per credit paperwork but the bank can still hold a credit for documents or a purpose code query
Best suited forExporters who want inward remittances settled digitally, without a branch visit, and who value a dedicated online trade platform.Exporters already banking with Yes Bank, MSMEs using the TradeBiz or GST ready current accounts

ICICI vs Yes Bank 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.
ICICI BankICICI Bank card:
  • ICICI applies its TT buying rate to inward remittances, which usually sits around 1.75% below the mid-market rate. The exact figure can vary slightly by day and currency.
  • The card rate ICICI publishes is indicative and depends on the relationship with the bank and services opted
  • Above USD 25,000, the rate is not the published card rate - it is negotiated through the forex handling branch or your Relationship Manager.
  • You can verify the rate you received by checking the rate on your BIRC / e-FIRC against the mid-market rate for that day.
YES BankYES Bank card:
  • Yes Bank converts inward payments at its card rate, which carries a markup of about 2% against the live mid-market rate
  • Card rates apply only up to USD 25,000 or equivalent per Yes Bank's own daily FX card rate sheet. For amounts beyond that you must contact the Branch or RM for a quote.
  • The rate depends on transfer amount, account type, your relationship with the bank

Keep ₹17,219 more on a $10,000 invoice by bypassing ICICI and Yes Bank 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
ICICI Bank1.75% markup
₹8,31,549
Exchange rate83.51
SWIFT fee₹3,341
Documentation fee₹200
Platform fee₹0
GST (18%)₹36
You receive₹8,31,549
YES Bank2% markup
₹8,29,872
Exchange rate83.30
SWIFT fee₹1,874
Documentation fee₹0
Platform fee₹1,063
GST (18%)₹191
You receive₹8,29,872
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

ICICI vs Yes Bank: understanding the key differences for exporters

While both ICICI and Yes Bank 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.
FeaturesICICI BankYES Bank
Forex markup~1.75% below mid-market (ICICI's TT buying rate).Around 2% from the mid-market rateZero, live mid-market
Rate you are quotedIndicative card rate; varies by relationship and services opted.Card rate applied, differs from published indicative rate, verify from your FIRASame rate for everyone, shown before you receive
Transaction feeNo fixed inward processing fee for export credits; cost is the rate margin.Commission in lieu of exchange 0.125% min Rs 1,000 applies, plus GST$19 up to $2k, $29 up to $10k, 0.3% above
Correspondent deduction$30 to $50 deducted by SWIFT correspondent banks before funds reach ICICI.About $15-30 taken in transit, cannot be refundedNone, you receive into a local account abroad
Cost on a small invoiceFlat $20 to $30 per intermediary hits small invoices hardest, on top of the 1.75% margin.FX markup plus a minimum Rs 1,000 commission means small invoices lose a far higher shareFlat $19, the share falls as the invoice grows
Settlement time2 to 4 business days, mostly SWIFT transit.2 to 4 working days by SWIFT, credits can stay pending during compliance checks24 hours
FIRABIRC/e-FIRC only on request, not automatic per credit; about 100 to 300 rupees plus 18% GST.e-FIRC to EDPMS on request, charged per certificate, up to 7 to 10 days to processFree, instant, one per payment
Getting a better rateAbove USD 25,000, negotiated via the forex branch or your RM (not the card rate).Card rate applies only up to USD 25,000, above that negotiate through your RM. Needs steady monthly volumeNothing to negotiate, no volume threshold
Who it suitsExporters wanting inward remittances settled digitally, without a branch visit, on a dedicated online trade platform.Exporters already on YES Bank with negotiated ratesExporters 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, ICICI Bank or YES Bank?ICICI Bank: You usually lose around 1.75% to the markup versus the mid-market rate. YES Bank: Around 2% 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 ICICI Bank and YES Bank charge on inward remittances?ICICI Bank: Correspondent banks in the SWIFT chain may deduct $30-$50 before the money reaches ICICI. YES Bank: In practice a commission in lieu of exchange applies, 0.125% of the bill amount or minimum Rs 1,000 whichever is higher. Correspondent banks also deduct roughly $15-30 in transit
How long does an international payment take with ICICI Bank vs YES Bank?ICICI Bank: An inward export payment usually takes 2 to 4 business days to land in your account, end to end. Most of that is SWIFT transit time. YES Bank: Credit typically in 2 to 4 working days
How do I get a FIRA or e-FIRC from ICICI Bank or YES Bank?ICICI Bank: You get an e-FIRC on request. YES Bank: e-FIRC issued on request per transaction. It can cost upto Rs.800. Free on select accounts such as YES Premia
Who is ICICI Bank best suited for, and who should pick YES Bank?ICICI Bank suits: Exporters who want inward remittances settled digitally, without a branch visit, and who value a dedicated online trade platform.. YES Bank suits: Exporters already banking with Yes Bank, MSMEs using the TradeBiz or GST ready current accounts.
Is there a cheaper alternative to ICICI Bank and YES 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.