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SBI vs Central 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% ↓
Central Bank of IndiaINR 83.0875INR 8,26,789.38You lose: 2.7% ↓
SkydoINR 85.0000Live Mid Market RateINR 8,47,091.30
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SBI vs Central Bank of India: understanding the key differences for exporters

While both SBI and Central 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)Central Bank of India
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 2-2.5% markup from the mid market rate.
Transfer and processing feesSWIFT fees plus a processing fee depending on business type, typically around Rs. 500 per remittanceOwn commission 0.10% (min Rs 500, max Rs 5,000) per remittance, plus ~$30 correspondent deduction
How you settle the remittanceHandled through yono Business (eTrade and eForex) or at a branch. Your current account must first be enabled for inward 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 with the particular bank branch, then the transaction will be processed
Time to credit after you submitEnd to end, an inward export payment usually takes 2 to 5 business days2 to 3 working days by SWIFT, 3 to 5 days is common
FIRA and e-FIRCSBI reports e-FIRC to EDPMS. It costs Rs. 200 for usage, can vary according to account typee-FIRC is available but at Rs 500 flat per transaction, or FIRC on security paper/letterhead Rs 250 per certificate
Currencies you can receive inmajor currencies processed directly, and all other currencies routed through correspondent banksMajor currencies (USD, GBP, EUR, AUD, and others via nostro correspondents), verify from CBI schedule
Compliance trackingDocuments can be uploaded via the eForex portal on yono Business, with SMS/email status alerts; SBI reports realisation to EDPMS.Reach out to the Relationship Manager with help in managing compliance questions
Best suited forBest for existing SBI exporters with an export credit facility and for marginal currencies as it has a wide networkExporters who already bank with CBI and receive rarely (<$500/mo)

SBI vs Central 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
Central Bank of IndiaCentral Bank of India card:
  • CBI has three separate rates: TT buying when you receive, TT selling when you send, and bill rates for cheques and documents
  • Your inward payout is set by the TT buying rate, which has a 2-2.5% markup with the mid market rate
  • CBI revises its rate sheet several times through the working day, so a morning quote is stale by the time your credit settles
  • On a $5,000 credit that TT spread alone is roughly Rs 4,000 to Rs 11,000, before any commission or FIRC fee
  • The applied rate only appears on your FIRA, compare its exchange rate field against the mid-market rate that day

Keep ₹20,302 more on a $10,000 invoice by bypassing SBI and Central 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
Central Bank of India2.25% markup
₹8,26,789
Exchange rate83.09
SWIFT fee₹2,493
Documentation fee₹500
Platform fee₹850
GST (18%)₹243
You receive₹8,26,789
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 Central Bank of India: understanding the key differences for exporters

While both SBI and Central 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)Central Bank of India
Forex markupTT buying rate, markup can start around 1% and is often higherTypically there is a 2-2.5% markup from the mid market rate.Zero, live mid-market
Rate you are quotedCard rate published, actual rate applied fixed at time of creditDiffer from published rate, please 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 otherwiseCorrespondent banks take $30-50 from transaction$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 hardestFixed deduction plus an FX markup increasing overall costFlat $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 3 working days by SWIFT, 3 to 5 days is common24 hours
FIRAe-FIRC to EDPMS, Rs. 200 per usagee-FIRC is available but at Rs 500 flat per transaction, or FIRC on security paper/letterhead Rs 250 per certificateFree, instant, one per payment
Who it suitsExporters who already bank with SBI, especially those with an export credit facilityExporters who already bank with CBI and receive rarely (<$500/mo)Exporters 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 Central Bank of India?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. Central Bank of India: Typically there is a 2-2.5% 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 Central Bank of India 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 Central Bank of India: Own commission 0.10% (min Rs 500, max Rs 5,000) per remittance, plus ~$30 correspondent deduction
How long does an international payment take with State Bank of India (SBI) vs Central Bank of India?State Bank of India (SBI): End to end, an inward export payment usually takes 2 to 5 business days Central Bank of India: 2 to 3 working days by SWIFT, 3 to 5 days is common
How do I get a FIRA or e-FIRC from State Bank of India (SBI) or Central Bank of India?State Bank of India (SBI): SBI reports e-FIRC to EDPMS. It costs Rs. 200 for usage, can vary according to account type Central Bank of India: e-FIRC is available but at Rs 500 flat per transaction, or FIRC on security paper/letterhead Rs 250 per certificate
Who is State Bank of India (SBI) best suited for, and who should pick Central Bank of India?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. Central Bank of India suits: Exporters who already bank with CBI and receive rarely (<$500/mo).
Is there a cheaper alternative to State Bank of India (SBI) and Central Bank of India 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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