logo

Indian Overseas 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
Indian Overseas Bank (IOB)INR 83.7675INR 8,35,082.23You lose: 1.8% ↓
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

Indian Overseas vs Yes Bank: understanding the key differences for exporters

While both Indian Overseas 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.
FeaturesIndian Overseas Bank (IOB)YES Bank
Forex markupOften quoted around 1.45% below mid and reportedly Rs 0.50 to Rs 1 higher on the USD TT buying rate than private banksAround 2% markup from the mid-market rate
Transfer and processing feesReported at around Rs 500 plus GST as a service fee with fixed SWIFT charges, and one exporter reported the total fee on a 100,000 USD inward remittance was just Rs 3,000. Correspondent banks may still deduct roughly $15-30 in transitIn 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 remittanceShare the IOB SWIFT code and account details with your buyer and include the purpose code in the SWIFT message.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 submitFunds typically clear within 24 to 48 hours once the FEMA declaration and purpose code are in orderCredit typically in 2 to 4 working days
FIRA and e-FIRCe-FIRC issued to EDPMS on request per transactione-FIRC issued on request per transaction. It can cost upto Rs.800. Free on select accounts such as YES Premia
Currencies you can receive inMajor trade currencies through the SWIFT network. IOB also has Gulf and exchange house tie-ups for remittance corridors.All the major trade currencies through the SWIFT network.
Compliance trackingHandled through your forex-authorized branch or by email to the forex cell.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 and freelancers who prioritise the best inward rate and low predictable chargesExporters already banking with Yes Bank, MSMEs using the TradeBiz or GST ready current accounts

Indian Overseas 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.
Indian Overseas Bank (IOB)Indian Overseas Bank (IOB) card:
  • IOB converts inward payments at its TT buying rate, which sits below the live mid-market rate but is among the tighter margins of any Indian bank, often quoted around 1.45% below mid and reportedly Rs 0.50 to Rs 1 better on USD than private banks
  • The published rate is indicative. The rate actually applied appears on your FIRA
  • Even at IOB's tighter margin the spread still costs real money. On a $10,000 credit a 1.45% margin is roughly Rs 13,000 versus the mid-market rate
  • A better rate is negotiable on higher volume.
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 Indian Overseas 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
Indian Overseas Bank (IOB)1.45% markup
₹8,35,082
Exchange rate83.77
SWIFT fee₹1,885
Documentation fee₹0
Platform fee₹600
GST (18%)₹108
You receive₹8,35,082
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

Indian Overseas vs Yes Bank: understanding the key differences for exporters

While both Indian Overseas 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.
FeaturesIndian Overseas Bank (IOB)YES Bank
Forex markupAround 1% from mid-market, among the tighter margins of any Indian bankAround 2% from the mid-market rateZero, live mid-market
Rate you are quotedTT buying rate applied, better than most banks but still well below mid, verify from your FIRACard rate applied, differs from published indicative rate, verify from your FIRASame rate for everyone, shown before you receive
Transaction feeNominal, around Rs 600 plus GST with fixed SWIFT charges. Flat as amounts riseCommission 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 deductionAbout $15-30 taken in transit, cannot be refundedAbout $15-30 taken in transit, cannot be refundedNone, you receive into a local account abroad
Cost on a small invoiceFX margin plus a small flat fee. Cheaper than most banks on small invoices thanks to the tighter rate and low feeFX 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 timeTypically 24 to 48 hours once FEMA declaration and purpose code are in order, faster than most2 to 4 working days by SWIFT, credits can stay pending during compliance checks24 hours
FIRAe-FIRC to EDPMS on request, charged per certificate plus GSTe-FIRC to EDPMS on request, charged per certificate, up to 7 to 10 days to processFree, instant, one per payment
Getting a better rateRates are negotiable with a volume commitment through the branch forex deskCard 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 and freelancers who want better inward rate with banksExporters 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, Indian Overseas Bank (IOB) or YES Bank?Indian Overseas Bank (IOB): Often quoted around 1.45% below mid and reportedly Rs 0.50 to Rs 1 higher on the USD TT buying rate than private banks 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 Indian Overseas Bank (IOB) and YES Bank charge on inward remittances?Indian Overseas Bank (IOB): Reported at around Rs 500 plus GST as a service fee with fixed SWIFT charges, and one exporter reported the total fee on a 100,000 USD inward remittance was just Rs 3,000. Correspondent banks may still deduct roughly $15-30 in transit 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 Indian Overseas Bank (IOB) vs YES Bank?Indian Overseas Bank (IOB): Funds typically clear within 24 to 48 hours once the FEMA declaration and purpose code are in order YES Bank: Credit typically in 2 to 4 working days
How do I get a FIRA or e-FIRC from Indian Overseas Bank (IOB) or YES Bank?Indian Overseas Bank (IOB): e-FIRC issued to EDPMS on request per transaction 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 Indian Overseas Bank (IOB) best suited for, and who should pick YES Bank?Indian Overseas Bank (IOB) suits: Exporters and freelancers who prioritise the best inward rate and low predictable charges. YES Bank suits: Exporters already banking with Yes Bank, MSMEs using the TradeBiz or GST ready current accounts.
Is there a cheaper alternative to Indian Overseas Bank (IOB) 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.