logo

SBI vs ICICI 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
State Bank of India (SBI)INR 84.1500INR 8,38,780.63You lose: 1.3% ↓
ICICI BankINR 83.5125INR 8,31,548.50You lose: 2.2% ↓
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

SBI vs ICICI: understanding the key differences for exporters

While both SBI and ICICI 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)ICICI Bank
Forex markupThe gap to the mid-market rate can start from around 1% and varies by account type and your relationship with the bank.You usually lose around 1.75% to the markup versus the mid-market rate.
Transfer and processing feesSWIFT fees plus a processing fee depending on business type, typically around Rs. 500 per remittanceCorrespondent banks in the SWIFT chain may deduct $30-$50 before the money reaches ICICI.
How you settle the remittanceHandled through yono Business (eTrade and eForex) or at a branch. Your current account must first be enabled for inward 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.
Time to credit after you submitEnd to end, an inward export payment usually takes 2 to 5 business daysAn 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.
FIRA and e-FIRCSBI reports e-FIRC to EDPMS. It costs Rs. 200 for usage, can vary according to account typeYou get an e-FIRC on request.
Currencies you can receive inmajor currencies processed directly, and all other currencies routed through correspondent banksICICI supports 10 major currencies on its published forex rate sheet, and states it offers access to 50+ currencies across its forex services
Compliance trackingDocuments can be uploaded via the eForex portal on yono Business, with SMS/email status alerts; SBI reports realisation to EDPMS.ICICI's global correspondent-banking network and digital trade platform manage reporting to EDPMS.
Best suited forBest for existing SBI exporters with an export credit facility and for marginal currencies as it has a wide networkExporters who want inward remittances settled digitally, without a branch visit, and who value a dedicated online trade platform.

SBI vs ICICI 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
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.

Keep ₹15,543 more on a $10,000 invoice by bypassing SBI and ICICI 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
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
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 ICICI: understanding the key differences for exporters

While both SBI and ICICI 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)ICICI Bank
Forex markupTT buying rate, markup can start around 1% and is often higher~1.75% below mid-market (ICICI's TT buying rate).Zero, live mid-market
Rate you are quotedCard rate published, actual rate applied fixed at time of creditIndicative card rate; varies by relationship and services opted.Same rate for everyone, shown before you receive
Transaction feearound Rs. 500 per remittance for non-credit customers, plus GST and SWIFT fee - nil otherwiseNo fixed inward processing fee for export credits; cost is the rate margin.$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 hardestFlat $20 to $30 per intermediary hits small invoices hardest, on top of the 1.75% margin.Flat $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 business days, mostly SWIFT transit.24 hours
FIRAe-FIRC to EDPMS, Rs. 200 per usageBIRC/e-FIRC only on request, not automatic per credit; about 100 to 300 rupees plus 18% GST.Free, instant, one per payment
Who it suitsExporters who already bank with SBI, especially those with an export credit facilityExporters wanting inward remittances settled digitally, without a branch visit, on a dedicated online trade platform.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 ICICI Bank?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. ICICI Bank: You usually lose around 1.75% to the markup versus 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 ICICI Bank 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 ICICI Bank: Correspondent banks in the SWIFT chain may deduct $30-$50 before the money reaches ICICI.
How long does an international payment take with State Bank of India (SBI) vs ICICI Bank?State Bank of India (SBI): End to end, an inward export payment usually takes 2 to 5 business days 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.
How do I get a FIRA or e-FIRC from State Bank of India (SBI) or ICICI Bank?State Bank of India (SBI): SBI reports e-FIRC to EDPMS. It costs Rs. 200 for usage, can vary according to account type ICICI Bank: You get an e-FIRC on request.
Who is State Bank of India (SBI) best suited for, and who should pick ICICI Bank?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. ICICI Bank suits: Exporters who want inward remittances settled digitally, without a branch visit, and who value a dedicated online trade platform..
Is there a cheaper alternative to State Bank of India (SBI) and ICICI 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.