Bank of India 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.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 94.0547 | INR 9,36,549.06You lose: 2.2% ↓ |
 | INR 95.7300Live Mid Market Rate | INR 9,54,024.12 |
On every $10,000.00 invoice, you keep ₹17,475 more with Skydo
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ISO: 2022 CertifiedBank of India vs ICICI: understanding the key differences for exporters
While both Bank of India 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.| Features | | |
|---|---|---|
| Forex markup | Typically there is a 1-2% markup from the mid market rate | You usually lose around 1.75% to the markup versus 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 | Correspondent banks in the SWIFT chain may deduct $30-$50 before the money reaches ICICI. |
| 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 | Initiate 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 submit | Typically 2 to 4 working days by SWIFT. Credits can stay pending while compliance and purpose code checks run | 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. |
| 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 | You get an e-FIRC on request. |
| Currencies you can receive in | All major trade currencies through the SWIFT network. | ICICI supports 10 major currencies on its published forex rate sheet, and states it offers access to 50+ currencies across its forex services |
| Compliance tracking | Status tracked through the branch or RM. | ICICI's global correspondent-banking network and digital trade platform manage reporting to EDPMS. |
| Best suited for | Exporters already having an existing credit line with BOI. | Exporters who want inward remittances settled digitally, without a branch visit, and who value a dedicated online trade platform. |
Bank of India 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.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
ICICI 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 ₹17,475 more on a $10,000 invoice by bypassing Bank of India 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₹9,54,0241.5% markup₹9,39,9931.75% markup₹9,36,5490% 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
1.75% markupExchange rate94.05
SWIFT fee₹3,762
Documentation fee₹200
Platform fee₹0
GST (18%)₹36
You receive₹9,36,549
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 ICICI: understanding the key differences for exporters
While both Bank of India 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.| Features | | | |
|---|---|---|---|
| Forex markup | Typically there is a 1-2% markup from the mid market rate | ~1.75% below mid-market (ICICI's TT buying 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 | Indicative card rate; varies by relationship and services opted. | Same rate for everyone, shown before you receive |
| Transaction fee | Generally no separate commission in lieu of exchange on ordinary inward credits | No fixed inward processing fee for export credits; cost is the rate margin. | $19 up to $2k, $29 up to $10k, 0.3% above |
| Correspondent deduction | About $15-30 taken in transit | $30 to $50 deducted by SWIFT correspondent banks before funds reach ICICI. | None, you receive into a local account abroad |
| Cost on a small invoice | FX markup plus a flat handling fee means small invoices lose a far higher share | Flat $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 time | 2 to 4 working days by SWIFT, credits can stay pending during compliance checks | 2 to 4 business days, mostly SWIFT transit. | 24 hours |
| FIRA | e-FIRC is available on request and is generally charged on a per certificate basis | BIRC/e-FIRC only on request, not automatic per credit; about 100 to 300 rupees plus 18% GST. | Free, instant, one per payment |
| Getting a better rate | Card rate applies only up to USD 10,000, above that a branch or provisional quote. Negotiate through your RM on steady volume | Above USD 25,000, negotiated via the forex branch or your RM (not the card rate). | Nothing to negotiate, no volume threshold |
| Who it suits | Exporters already on BOI and those wanting public sector export finance like packing credit and post shipment finance | Exporters 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."
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 ICICI Bank?
Bank of India (BOI): Typically there is a 1-2% markup from the mid market rate 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 Bank of India (BOI) and ICICI Bank 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 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 Bank of India (BOI) vs ICICI Bank?
Bank of India (BOI): Typically 2 to 4 working days by SWIFT. Credits can stay pending while compliance and purpose code checks run 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 Bank of India (BOI) or ICICI Bank?
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 ICICI Bank: You get an e-FIRC on request.Who is Bank of India (BOI) best suited for, and who should pick ICICI Bank?
Bank of India (BOI) suits: Exporters already having an existing credit line with BOI.. 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 Bank of India (BOI) 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.Bengaluru, Karnataka
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