Why is the Punjab National Bank exchange rate different from the mid-market rate?

Banks add a markup of 1%–3% over the mid-market rate. The mid-market rate is the real rate currencies trade at globally. You can check it on Google anytime. The difference between that and the rate on your FIRA is the bank's margin. On a $5,000 transfer, this markup can cost you ₹3,750–7,500.

How do I check the actual exchange rate Punjab National Bank charged me?

Check your FIRA (Foreign Inward Remittance Advice). Every international transfer generates one. Look at the "Exchange Rate" field — that's the rate Punjab National Bank actually applied, not the indicative rate on their website. Compare it to the mid-market rate on that date to see the markup.

What is a FIRA and why does it matter for international payments?

FIRA stands for Foreign Inward Remittance Advice. Your bank generates one for every international payment you receive. It shows the foreign currency amount, exchange rate applied, and INR credited to your account. You need it for GST filings, income tax returns, and FEMA compliance. Keep every FIRA.

What are the charges for receiving international payments through Punjab National Bank?

Three layers of cost: exchange rate markup (1%–3% over mid-market), SWIFT fees (USD 30–50 per transfer), and miscellaneous charges like FIRA issuance and NEFT settlement fees. Combined, these can reduce your received amount by 2%–5% per transfer.

How is Skydo different from receiving payments through Punjab National Bank?

Skydo converts at the live mid-market rate with 0% markup. No SWIFT fees, no hidden charges and just a flat platform fee. You also get instant GST-compliant FIRA, same-day settlement, and real-time payment tracking. For transfers of $2,000+/month, the savings add up quickly.

Skydo has received final RBI authorisation as a Payment Aggregator (PA).

Punjab National Bank EUR to INR Forex Rate Today

Buy rate, sell rate, card rate, TT rate - banks publish many rates, but none match what actually lands in your account. See the real Punjab National Bank exchange rate applied to your international transfers today.

Select currency

You're receiving

INR

Transfer Via

Exchange rate

Converted amount

INR 89.4261

INR 4,47,130.50

You lose: 2.1%

INR 4,47,130.50

You lose: 2.1%

Exchange rateINR 89.4261

0% Markup

INR 90.3654

• Live Mid Market Rate

INR 4,51,827.00

Exchange rateINR 90.3654

• Live Mid Market Rate

Better exchange rate with Skydo

Over $500M processed • Trusted by 30,000+ businesses • Licensed by RBI

100% safe and compliant • Powered by leading banks • RBI approved • Made in India

100% safe and compliant

100% safe and compliant • Powered by leading banks • RBI approved • Made in India

100% safe and compliant

The above rate usually applies when you receive via bank transfer.

Impact of Punjab National Bank Exchange Rate & Fees on International Transfers

The hidden markup on every international transfer

Every currency pair has a mid-market rate. It’s the average between the buy and sell rate, what you should get with the bank. You can easily find out this rate by searching for the live rate on Google.
Punjab National Bank doesn’t give you this rate. They typically add a 1%-2.5% markup. There’s no fixed formula and the rate depends on amount, account type, your relationship with the bank. Two people getting the same amount can get different rates.
Want to verify? Check you FIRA. It shows the foreign currency amount received and the rate charged by the bank. Not indicative rates, the real rates applied.

→ Check sample FIRA on the right. “Exchange Rate” and “INR equivalent” fields matter

Sample FIRA from Punjab National Bank

Losing money on each transfer but not sure how much?

Save ₹0K annually by bypassing Punjab National Bank exchange rates with Skydo!

International payments often come with hidden costs caused by inflated Punjab National Bank forex rate markups that reduce the amount you finally receive. Use the tool below to find how much you can save by switching from traditional bank transfers to Skydo.

Monthly Transfer AmountEUR 5,000

What you will receive

₹0.00

You lose: 0.0%

×Punjab National Bank Rate (Estimate)

0.00 INR

×SWIFT fee (USD 30 * FX Rate)

0.00 INR

×Documentation fee

0.00 INR

×Platform fee (No additional benefits)

0.00 INR

×GST (18% of transaction fee)

0.00 INR

×Final amount you receive

0.00 INR

₹0 lost to markup and fees with Punjab National Bank

₹0.00

✓Live FX Rate, 0% Markup

0.00 INR

✓SWIFT fee

0.00 INR

✓Documentation fee

0.00 INR

✓Platform fee

0.00 INR

✓GST (18% of Skydo fee)

0.00 INR

✓Final amount you receive

0.00 INR

₹0 more with Skydo

About Punjab National Bank

Punjab National Bank is a public sector bank, headquartered in New Delhi, India. It was founded in May 1894 in Lahore and was nationalized by the Government of India on 19 July 1969. Punjab National Bank offers its customers products and services in retail banking, corporate banking, agricultural banking, MSME lending, treasury operations, investment banking, trade finance, wealth management, insurance, remittance services, and digital banking platforms. In April 2020, Oriental Bank of Commerce and United Bank of India merged with Punjab National Bank, making it the second largest public sector bank in India

Punjab National Bank or Skydo: what's different for international transfers?

Struggling to choose between Punjab National Bank and Skydo? Our side-by-side analysis highlights the core differences you need to know.

Features

Settlement time

Charges

Support

Payment tracking

2-5 business days

High fees, 1%-3% Markup

Broken support, manual branch visits

Manually call RM for follow ups

1 business day

Flat fee charged, 0% Markup

50% cheaper

Dedicated support team

Track payments real time with Skydo Dashboard

Punjab National Bank or Skydo - Which one is right for you?

Not just savings but safety and compliance, too!

Punjab National Bank works if:

Your company mandates a specific bank
You've negotiated a special rate with markup <0.5%
You receive international payments rarely (<$500/mo)
You're okay with 2-5 day settlement timeline

Skydo works if:

You receive regular international payments (>$2000/mo)
You want mid market rate with 0% markup
You need instant, GST compliant FIRA with every transfer
You want 1 day settlement with live tracking

Indian businesses receiving $2,000+ per month save significantly with Skydo!

See How Customers Cut Bank Forex Costs with Skydo

Tarun ShahIndian Freelancer

ChetanyaIT Consultant

VarunFounder of Scooper AI

About EUR to INR

The Euro to Indian Rupee (EUR/INR) exchange rate indicates how many Rupees one Euro can purchase. Introduced in 1999, the Euro is the official currency of 20 European Union nations. India-EU trade partnerships, European Central Bank interest rate decisions, and global risk appetite significantly influence this pair. EUR/INR remains a key rate for Indian importers, exporters, students, and international travellers.

Frequently asked questions

The Punjab National Bank exchange rate for EUR to INR changes daily and varies by transaction type. The rate shown on their website is indicative and the actual rate applied to your transfer depends on your account type, transfer amount, and relationship with the bank. You can check the real rate on your FIRA after each transfer.