SBI 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 rateUSD
Amount billed$10,000.00
—INR
| Transfer Via | Exchange rate | Converted amount |
|---|---|---|
 | INR 84.1500 | INR 8,38,780.63You lose: 1.3% ↓ |
 | INR 83.3000 | INR 8,29,872.00You lose: 2.4% ↓ |
 | INR 85.0000Live Mid Market Rate | INR 8,47,091.30 |
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ISO: 2022 CertifiedSBI vs Yes Bank: understanding the key differences for exporters
While both SBI 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.| Features | | |
|---|---|---|
| Forex markup | The gap to the mid-market rate can start from around 1% and varies by account type and your relationship with the bank. | Around 2% markup from the mid-market rate |
| Transfer and processing fees | SWIFT fees plus a processing fee depending on business type, typically around Rs. 500 per remittance | 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 you settle the remittance | Handled through yono Business (eTrade and eForex) or at a branch. Your current account must first be enabled for inward remittance | 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 submit | End to end, an inward export payment usually takes 2 to 5 business days | Credit typically in 2 to 4 working days |
| FIRA and e-FIRC | SBI reports e-FIRC to EDPMS. It costs Rs. 200 for usage, can vary according to account type | e-FIRC issued on request per transaction. It can cost upto Rs.800. Free on select accounts such as YES Premia |
| Currencies you can receive in | major currencies processed directly, and all other currencies routed through correspondent banks | All the major trade currencies through the SWIFT network. |
| Compliance tracking | Documents can be uploaded via the eForex portal on yono Business, with SMS/email status alerts; SBI reports realisation to EDPMS. | 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 for | Best for existing SBI exporters with an export credit facility and for marginal currencies as it has a wide network | Exporters already banking with Yes Bank, MSMEs using the TradeBiz or GST ready current accounts |
SBI 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.Exchange Rates
Fees
Hidden Charges
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
YES 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 SBI 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₹8,47,0911% markup₹8,38,7812% markup₹8,29,8720% markup₹8,47,091
Money transferUSD 10,000
$500$10K$100K$1M
1% markupExchange rate84.15
SWIFT fee₹1,893
Documentation fee₹200
Platform fee₹500
GST (18%)₹126
You receive₹8,38,781
2% markupExchange rate83.30
SWIFT fee₹1,874
Documentation fee₹0
Platform fee₹1,063
GST (18%)₹191
You receive₹8,29,872
0% markupExchange rate85.00
SWIFT fee₹0
Documentation fee₹0
Platform fee₹2,465
GST (18%)₹444
You receive₹8,47,091
SBI vs Yes Bank: understanding the key differences for exporters
While both SBI 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.| Features | | | |
|---|---|---|---|
| Forex markup | TT buying rate, markup can start around 1% and is often higher | Around 2% from the mid-market rate | Zero, live mid-market |
| Rate you are quoted | Card rate published, actual rate applied fixed at time of credit | Card rate applied, differs from published indicative rate, verify from your FIRA | Same rate for everyone, shown before you receive |
| Transaction fee | around Rs. 500 per remittance for non-credit customers, plus GST and SWIFT fee - nil otherwise | Commission in lieu of exchange 0.125% min Rs 1,000 applies, plus GST | $19 up to $2k, $29 up to $10k, 0.3% above |
| Cost on a small invoice | For non-export-credit customers, the ~Rs. 500 processing fee plus margin hits small invoices hardest | FX markup plus a minimum Rs 1,000 commission means small invoices lose a far higher share | Flat $19, the share falls as the invoice grows |
| Settlement time | 2 to 5 business days end to end (mostly SWIFT transit); SBI's own crediting is usually 1 to 2 banking days | 2 to 4 working days by SWIFT, credits can stay pending during compliance checks | 24 hours |
| FIRA | e-FIRC to EDPMS, Rs. 200 per usage | e-FIRC to EDPMS on request, charged per certificate, up to 7 to 10 days to process | Free, instant, one per payment |
| Who it suits | Exporters who already bank with SBI, especially those with an export credit facility | Exporters already on YES Bank with negotiated rates | 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."
AbhishekCEO, 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."
"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."
Frequently Asked Questions
Which bank has better forex rates for exporters, State Bank of India (SBI) or YES 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. 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 State Bank of India (SBI) and YES 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 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 transitHow long does an international payment take with State Bank of India (SBI) vs YES Bank?
State Bank of India (SBI): End to end, an inward export payment usually takes 2 to 5 business days YES Bank: Credit typically in 2 to 4 working daysHow do I get a FIRA or e-FIRC from State Bank of India (SBI) or YES Bank?
State Bank of India (SBI): SBI reports e-FIRC to EDPMS. It costs Rs. 200 for usage, can vary according to account type YES Bank: e-FIRC issued on request per transaction. It can cost upto Rs.800. Free on select accounts such as YES PremiaWho is State Bank of India (SBI) best suited for, and who should pick YES 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. YES Bank suits: Exporters already banking with Yes Bank, MSMEs using the TradeBiz or GST ready current accounts.Is there a cheaper alternative to State Bank of India (SBI) 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.Bengaluru, Karnataka
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