Bank of India 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.Live FX rate: 1 USD = 95.73 INRUSD
Amount billed$10,000.00
₹9,54,024INR
| Transfer Via | Exchange rate | Converted amount |
|---|---|---|
 | INR 94.2940 | INR 9,39,992.88You lose: 1.8% ↓ |
 | INR 93.5761 | INR 9,31,233.85You lose: 2.7% ↓ |
 | INR 95.7300Live Mid Market Rate | INR 9,54,024.12 |
On every $10,000.00 invoice, you keep ₹22,790 more with Skydo
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ISO: 2022 CertifiedBank of India vs Central Bank of India: understanding the key differences for exporters
While both Bank of India 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.| Features | | |
|---|---|---|
| Forex markup | Typically there is a 1-2% markup from the mid market rate | Typically there is a 2-2.5% markup from the mid market rate. |
| Transfer and processing fees | 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 | Own commission 0.10% (min Rs 500, max Rs 5,000) per remittance, plus ~$30 correspondent deduction |
| How you settle the remittance | Confirm the account is eligible to receive international payments, a standing instruction can be registered for recurring credits so future payments process automatically | Verify 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 submit | Typically 2 to 4 working days by SWIFT. Credits can stay pending while compliance and purpose code checks run | 2 to 3 working days by SWIFT, 3 to 5 days is common |
| FIRA and e-FIRC | 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 | e-FIRC is available but at Rs 500 flat per transaction, or FIRC on security paper/letterhead Rs 250 per certificate |
| Currencies you can receive in | All major trade currencies through the SWIFT network. | Major currencies (USD, GBP, EUR, AUD, and others via nostro correspondents), verify from CBI schedule |
| Compliance tracking | Status tracked through the branch or RM. | Reach out to the Relationship Manager with help in managing compliance questions |
| Best suited for | Exporters already having an existing credit line with BOI. | Exporters who already bank with CBI and receive rarely (<$500/mo) |
Bank of India 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.Exchange Rates
Fees
Hidden Charges
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
Central 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 ₹22,790 more on a $10,000 invoice by bypassing Bank of India 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₹9,54,0241.5% markup₹9,39,9932.25% markup₹9,31,2340% markup₹9,54,024
Money transferUSD 10,000
$500$10K$100K$1M
1.5% markupExchange rate94.29
SWIFT fee₹2,122
Documentation fee₹200
Platform fee₹500
GST (18%)₹126
You receive₹9,39,993
2.25% markupExchange rate93.58
SWIFT fee₹2,807
Documentation fee₹500
Platform fee₹957
GST (18%)₹262
You receive₹9,31,234
0% markupExchange rate95.73
SWIFT fee₹0
Documentation fee₹0
Platform fee₹2,776
GST (18%)₹500
You receive₹9,54,024
Bank of India vs Central Bank of India: understanding the key differences for exporters
While both Bank of India 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.| Features | | | |
|---|---|---|---|
| Forex markup | Typically there is a 1-2% markup from the mid market rate | Typically there is a 2-2.5% markup from the mid market rate. | Zero, live mid-market |
| Rate you are quoted | TT buying rate is published everyday, but the applied rate may differ, verify from your FIRA | Differ from published rate, please verify from your FIRA | Same rate for everyone, shown before you receive |
| Transaction fee | Generally no separate commission in lieu of exchange on ordinary inward credits | Correspondent banks take $30-50 from transaction | $19 up to $2k, $29 up to $10k, 0.3% above |
| Cost on a small invoice | FX markup plus a flat handling fee means small invoices lose a far higher share | Fixed deduction plus an FX markup increasing overall cost | Flat $19, the share falls as the invoice grows |
| Settlement time | 2 to 4 working days by SWIFT, credits can stay pending during compliance checks | 2 to 3 working days by SWIFT, 3 to 5 days is common | 24 hours |
| FIRA | e-FIRC is available on request and is generally charged on a per certificate basis | e-FIRC is available but at Rs 500 flat per transaction, or FIRC on security paper/letterhead Rs 250 per certificate | Free, instant, one per payment |
| Who it suits | Exporters already on BOI and those wanting public sector export finance like packing credit and post shipment finance | Exporters 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."
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, Bank of India (BOI) or Central Bank of India?
Bank of India (BOI): Typically there is a 1-2% markup from the mid market rate 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 Bank of India (BOI) and Central Bank of India charge on inward remittances?
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 Central Bank of India: Own commission 0.10% (min Rs 500, max Rs 5,000) per remittance, plus ~$30 correspondent deductionHow long does an international payment take with Bank of India (BOI) vs Central Bank of India?
Bank of India (BOI): Typically 2 to 4 working days by SWIFT. Credits can stay pending while compliance and purpose code checks run Central Bank of India: 2 to 3 working days by SWIFT, 3 to 5 days is commonHow do I get a FIRA or e-FIRC from Bank of India (BOI) or Central Bank of India?
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 Central Bank of India: e-FIRC is available but at Rs 500 flat per transaction, or FIRC on security paper/letterhead Rs 250 per certificateWho is Bank of India (BOI) best suited for, and who should pick Central Bank of India?
Bank of India (BOI) suits: Exporters already having an existing credit line with BOI.. Central Bank of India suits: Exporters who already bank with CBI and receive rarely (<$500/mo).Is there a cheaper alternative to Bank of India (BOI) 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.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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