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SBI vs Bank of India 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
State Bank of India (SBI)INR 84.1500INR 8,38,780.63You lose: 1.3% ↓
Bank of India (BOI)INR 83.7250INR 8,34,540.19You lose: 1.8% ↓
SkydoINR 85.0000Live Mid Market RateINR 8,47,091.30
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SBI vs Bank of India: understanding the key differences for exporters

While both SBI and Bank of India 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.
FeaturesState Bank of India (SBI)Bank of India (BOI)
Forex markupThe gap to the mid-market rate can start from around 1% and varies by account type and your relationship with the bank.Typically there is a 1-2% markup from the mid market rate
Transfer and processing feesSWIFT fees plus a processing fee depending on business type, typically around Rs. 500 per remittanceOn a clean SWIFT inward credit to a BOI account there is no local charges. The real cost is the exchange margin plus any correspondent deduction of roughly $15-30 in transit
How you settle the remittanceHandled through yono Business (eTrade and eForex) or at a branch. Your current account must first be enabled for inward remittanceConfirm the account is eligible to receive international payments, a standing instruction can be registered for recurring credits so future payments process automatically
Time to credit after you submitEnd to end, an inward export payment usually takes 2 to 5 business daysTypically 2 to 4 working days by SWIFT. Credits can stay pending while compliance and purpose code checks run
FIRA and e-FIRCSBI reports e-FIRC to EDPMS. It costs Rs. 200 for usage, can vary according to account typee-FIRC issued on request, BOI's schedule charges FIRC on security paper Rs 500 per certificate, FIRC or advice on the bank's letterhead Rs 200 per certificate, and duplicate FIRC Rs 1,500, all plus GST. Bank Realisation Certificate is nil
Currencies you can receive inmajor currencies processed directly, and all other currencies routed through correspondent banksAll major trade currencies through the SWIFT network.
Compliance trackingDocuments can be uploaded via the eForex portal on yono Business, with SMS/email status alerts; SBI reports realisation to EDPMS.Status tracked through the branch or RM.
Best suited forBest for existing SBI exporters with an export credit facility and for marginal currencies as it has a wide networkExporters already having an existing credit line with BOI.

SBI vs Bank of India 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.
State Bank of India (SBI)State Bank of India (SBI) card:
  • Measured from actual FIRAs, the markup starts at around 1% and varies by account type and your relationship with the bank
  • SBI updates rates through the day, and the rate applied is usually the one at the time funds are credited
  • Exporters with an export credit facility tend to get better treatment on rates
  • SBI applies its USD TT buying rate to inward wires
Bank of India (BOI)Bank of India (BOI) card:
  • Bank of India converts inward payments at its TT buying rate, which sits around 1-2% below the live mid-market rate.
  • The rate exporters actually receive may run wider than the published TT rate.
  • BOI's own sheet states the card rates are indicative and the final rate applicable will be the rate prevailing at the time of debit or credit
  • Card rates apply up to USD 10,000. Above that the branch quotes a provisional or firm rate

Keep ₹12,551 more on a $10,000 invoice by bypassing SBI and Bank of India 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
State Bank of India (SBI)1% markup
₹8,38,781
Exchange rate84.15
SWIFT fee₹1,893
Documentation fee₹200
Platform fee₹500
GST (18%)₹126
You receive₹8,38,781
Bank of India (BOI)1.5% markup
₹8,34,540
Exchange rate83.72
SWIFT fee₹1,884
Documentation fee₹200
Platform fee₹500
GST (18%)₹126
You receive₹8,34,540
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

SBI vs Bank of India: understanding the key differences for exporters

While both SBI and Bank of India 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.
FeaturesState Bank of India (SBI)Bank of India (BOI)
Forex markupTT buying rate, markup can start around 1% and is often higherTypically there is a 1-2% markup from the mid market rateZero, live mid-market
Rate you are quotedCard rate published, actual rate applied fixed at time of creditTT buying rate is published everyday, but the applied rate may differ, verify from your FIRASame rate for everyone, shown before you receive
Transaction feearound Rs. 500 per remittance for non-credit customers, plus GST and SWIFT fee - nil otherwiseGenerally no separate commission in lieu of exchange on ordinary inward credits$19 up to $2k, $29 up to $10k, 0.3% above
Cost on a small invoiceFor non-export-credit customers, the ~Rs. 500 processing fee plus margin hits small invoices hardestFX markup plus a flat handling fee means small invoices lose a far higher shareFlat $19, the share falls as the invoice grows
Settlement time2 to 5 business days end to end (mostly SWIFT transit); SBI's own crediting is usually 1 to 2 banking days2 to 4 working days by SWIFT, credits can stay pending during compliance checks24 hours
FIRAe-FIRC to EDPMS, Rs. 200 per usagee-FIRC is available on request and is generally charged on a per certificate basisFree, instant, one per payment
Who it suitsExporters who already bank with SBI, especially those with an export credit facilityExporters already on BOI and those wanting public sector export finance like packing credit and post shipment financeExporters 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, State Bank of India (SBI) or Bank of India (BOI)?State Bank of India (SBI): The gap to the mid-market rate can start from around 1% and varies by account type and your relationship with the bank. Bank of India (BOI): Typically there is a 1-2% 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 State Bank of India (SBI) and Bank of India (BOI) charge on inward remittances?State Bank of India (SBI): SWIFT fees plus a processing fee depending on business type, typically around Rs. 500 per remittance Bank of India (BOI): On a clean SWIFT inward credit to a BOI account there is no local charges. The real cost is the exchange margin plus any correspondent deduction of roughly $15-30 in transit
How long does an international payment take with State Bank of India (SBI) vs Bank of India (BOI)?State Bank of India (SBI): End to end, an inward export payment usually takes 2 to 5 business days Bank of India (BOI): Typically 2 to 4 working days by SWIFT. Credits can stay pending while compliance and purpose code checks run
How do I get a FIRA or e-FIRC from State Bank of India (SBI) or Bank of India (BOI)?State Bank of India (SBI): SBI reports e-FIRC to EDPMS. It costs Rs. 200 for usage, can vary according to account type Bank of India (BOI): e-FIRC issued on request, BOI's schedule charges FIRC on security paper Rs 500 per certificate, FIRC or advice on the bank's letterhead Rs 200 per certificate, and duplicate FIRC Rs 1,500, all plus GST. Bank Realisation Certificate is nil
Who is State Bank of India (SBI) best suited for, and who should pick Bank of India (BOI)?State Bank of India (SBI) suits: Best for existing SBI exporters with an export credit facility and for marginal currencies as it has a wide network. Bank of India (BOI) suits: Exporters already having an existing credit line with BOI..
Is there a cheaper alternative to State Bank of India (SBI) and Bank of India (BOI) 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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