What Are the Best Banks for Receiving International Payments for Indian Exporters and Freelancers in 2026?

Author:: Manoj Sharma
Verified by:: Editorial team
Published:: 30 Sept 2026
Last modified:: 30 Sept 2026

Short answer

Ranked by the INR received on a $10,000 invoice, the best banks for receiving international payments for Indian exporters and freelancers in 2026 are: 1. Kotak Mahindra Bank, 2. HDFC Bank. Also covered, without full published pricing: Axis Bank, ICICI Bank, State Bank of India. The list covers five major Indian banks that publish their inward remittance charges.

Top picks
Platform	Best for	INR on $10,000
Kotak Mahindra Bank	Service exporters wanting a current account without inward remittance fees	₹9,30,314
HDFC Bank	Existing HDFC customers wanting free SWIFT receipts or EEFC accounts	₹9,29,557
Axis Bank	Axis-banking exporters wanting direct SWIFT receipts and EEFC accounts	₹9,30,439 to ₹9,30,787 (estimate)
ICICI Bank	Existing ICICI customers wanting direct SWIFT credit and EEFC option	₹9,30,289 to ₹9,30,869 (estimate)
State Bank of India	Existing SBI exporters wanting low flat charges and EEFC	Price on request: SBI quotes its rate for invoices under Rs 10 lakh

What are the best banks for receiving international payments for Indian exporters and freelancers?

Ranked by the INR that reaches an Indian bank on a $10,000 invoice, the best banks for receiving international payments for Indian exporters and freelancers are 1. Kotak Mahindra Bank, 2. HDFC Bank. Also covered, without full published pricing: Axis Bank, ICICI Bank, State Bank of India. The list covers five major Indian banks that publish their inward remittance charges. Banks convert at their own card rate, so most cannot be ranked on cost without a dated rate reading.

A low headline fee does not always mean the most money received, because the FX markup on conversion is often the larger cost.

Which banks for receiving international payments rank highest for Indian exporters and freelancers?

Kotak Mahindra Bank: ₹9,30,314 on $10,000 (1.81% cost). No inward remittance, FIRC or SWIFT fee on the Global Service, Global Trade and Startup current accounts; savings accounts list FIRC by branch request at INR 100 (Everyday) or nil (Ace, Everyday+); conversion is at Kotak's card rate, with GST on the currency conversion.
HDFC Bank: ₹9,29,557 on $10,000 (1.89% cost). No HDFC charge for inward remittances; an optional physical FIRC costs INR 200 plus taxes (an emailed credit advice is free for trade customers); GST applies to the currency conversion.
Axis Bank: Full pricing not published. Rs 300 + GST per inward remittance (trade schedule), Rs 250 on the Easy Access Savings Account schedule, no service charge via online OIRM for current accounts; correspondent bank charges extra.
ICICI Bank: Full pricing not published. Inward remittance processing: Rs 500 plus GST for current accounts opened from August 2025 (Nil for older retail customers, 0.12% with min Rs 2,000 and max Rs 10,000 for large corporate and wholesale customers, Nil on Trade Basic and DigiTrade); a separate SWIFT charge line (Rs 500, or Rs 350 for Wealth Management and Private Banking) does not say whether it applies to inward credits; correspondent bank charges at actuals; GST applies to the currency conversion.
State Bank of India: Full pricing not published. Export remittances for non-export-credit customers: Rs 50 per IRM up to Rs 10 lakh, Rs 500 above; retail inward remittances: Rs 50 per transaction; GST extra on both.

How do the best banks for receiving international payments compare?

Best banks for receiving international payments compared
Platform	Fee model	FX markup	Best for	INR on $10,000
Kotak Mahindra Bank	No inward, FIRC, SWIFT fee on current accounts; GST on conversion	Card rate, markup not published; 1.71% below mid-market on 7 Oct 2026	Service exporters wanting a current account without inward remittance fees	₹9,30,314
HDFC Bank	No inward charge; physical FIRC INR 200 + taxes; GST on conversion	Card rate ~1.79% below mid-market on 6 Oct 2026; markup unpublished	Existing HDFC customers wanting free SWIFT receipts or EEFC accounts	₹9,29,557
Axis Bank	Rs 300 + GST per remittance; nil via OIRM; correspondent charges extra	Card rate ~1.66% below mid-market on 7 Oct 2026; markup unpublished	Axis-banking exporters wanting direct SWIFT receipts and EEFC accounts	₹9,30,439 to ₹9,30,787 (estimate)
ICICI Bank	Rs 500 + GST new current accounts; varies; correspondent charges extra	Card rate ~1.59% below mid-market on 7 Oct 2026; markup unpublished	Existing ICICI customers wanting direct SWIFT credit and EEFC option	₹9,30,289 to ₹9,30,869 (estimate)
State Bank of India	Rs 50/IRM to Rs 10 lakh, Rs 500 above, + GST; varies	SBI's own rate; not published under Rs 10 lakh	Existing SBI exporters wanting low flat charges and EEFC	Price on request: SBI quotes its rate for invoices under Rs 10 lakh

INR figures use the XE mid-market rate for 4 Nov 2026 and fees checked on 30 Sept 2026, with 18% GST on fees where charged.

How do fees change with invoice size?

Flat fees cost a larger share of small invoices, while percentage fees grow with the invoice. The table shows each platform at $2,000, $5,000, $10,000.

INR received by invoice size
Platform and invoice	Fee	FX markup	GST	INR received	Cost	Best for
Kotak Mahindra Bank, $2,000	₹261	₹3,236	₹0	₹1,85,992	1.85%	Service exporters wanting a current account without inward remittance fees
Kotak Mahindra Bank, $5,000	₹516	₹8,092	₹0	₹4,65,113	1.82%	Service exporters wanting a current account without inward remittance fees
Kotak Mahindra Bank, $10,000	₹943	₹16,185	₹0	₹9,30,314	1.81%	Service exporters wanting a current account without inward remittance fees
HDFC Bank, $2,000	₹261	₹3,387	₹0	₹1,85,841	1.93%	Existing HDFC customers wanting free SWIFT receipts or EEFC accounts
HDFC Bank, $5,000	₹516	₹8,470	₹0	₹4,64,734	1.90%	Existing HDFC customers wanting free SWIFT receipts or EEFC accounts
HDFC Bank, $10,000	₹943	₹16,942	₹0	₹9,29,557	1.89%	Existing HDFC customers wanting free SWIFT receipts or EEFC accounts

What does each of the best banks for receiving international payments offer?

1.Is Kotak Mahindra Bank a good choice for Indian exporters and freelancers?

Best for: Service exporters and businesses that want a current account with no inward remittance or FIRC fee

Kotak Mahindra Bank is an Indian private sector bank. Indian residents receive foreign payments into a Kotak savings or current account by SWIFT wire from a client's bank, and the bank converts the money to INR at its card rate or credits it to an EEFC account. For service exporters Kotak offers a Global Service Current Account with no charge for inward remittances or FIRCs.

Key features

Inward SWIFT remittances into savings and current accounts through correspondent banks in major countries
Global Service Current Account for the service export sector, with nil inward remittance, FIRC and e-BRC charges
EEFC and other foreign currency accounts for holding foreign currency earnings
FX Live online forex portal and the Kotak Fyn digital platform for business banking

Pros

Published business charges: Global Service, Global Trade and Startup current account schedules list inward remittance and FIRC at nil
EEFC option: Kotak offers EEFC accounts so businesses can hold foreign currency and convert later
Regulated bank: listed by RBI as a private sector bank, so money lands directly in a regulated Indian bank account
Online forex portal: Global Service Current Account holders get access to FX Live

Cons

Exchange rate: conversion uses a card rate that was about 1.6% to 1.7% below Wise's mid-market readings on 7 Oct 2026; the markup is not published
No local receiving details: clients pay by international wire, so sender-side and intermediary bank fees may apply
Rate scope: card rates apply only up to USD 10,000 equivalent and are set as of 9am; larger amounts need a relationship rate
Account requirements: Global Service Current Account variants require an AQB of INR 1 lakh or quarterly throughput of USD 1,00,000 (GSA Elite), or an AQB of INR 2.5 lakh or quarterly throughput of USD 2,50,000 (GSA Ace), with charges of INR 3,000 or INR 5,000 if not met

Verdict: pays ₹9,30,314 on a $10,000 invoice; a weaker fit for freelancers who want local USD or EUR account details, a mid-market rate or a published FX markup.

2.Is HDFC Bank a good choice for Indian exporters and freelancers?

Best for: Exporters and freelancers who already bank with HDFC and want SWIFT receipts with no bank charge, or who want to hold foreign currency in an EEFC account

HDFC Bank is an Indian private sector bank. Indian residents receive foreign payments by giving clients HDFC's SWIFT code (HDFCINBBXXX) and their account details. HDFC credits the money in INR at its card rate, or in foreign currency into an EEFC account. Businesses use its trade remittance desk. Individual freelancers can use a savings account, including the GIGA Savings Account HDFC offers for freelancers and gig workers.

Key features

Inward SWIFT remittances in 22 currencies, with no HDFC charge, commission or SWIFT fee
Published card rates, including a T.T. Buying rate for inward remittances
Disposal instructions for inward remittances and online tracking through Net Banking (trade customers)
EEFC account in 21 currencies, so foreign currency earnings can be kept without converting

Pros

No bank charge: HDFC lists inward remittance charges, commission and SWIFT/courier fees as nil
Published rates: the card rate sheet is public and shows the date and time it was issued
EEFC option: exporters can hold foreign currency and choose when to convert
Existing banking relationship: the money arrives straight in the user's HDFC account, with no separate platform

Cons

Exchange rate: the USD card rate was about 1.79% below mid-market on 6 October 2026, and better rates depend on the customer's relationship with the bank
SWIFT only: HDFC's pages describe inward receipts by SWIFT and do not mention local foreign account details, and HDFC's charges exclude any charges imposed by originating or correspondent banks
Paperwork: HDFC's export remittance document list says an active IEC is needed for all import and export transactions, and asks for disposal instructions and invoices
FIRC cost: a physical FIRC costs INR 200 plus taxes

Verdict: pays ₹9,29,557 on a $10,000 invoice; a weaker fit for clients who expect to pay through local ACH or SEPA details, or users who want rates close to mid-market without negotiating.

3.Is Axis Bank a good choice for Indian exporters and freelancers?

Best for: Exporters and businesses that already bank with Axis and want direct SWIFT receipts and EEFC accounts

Axis Bank is a large Indian private-sector bank that receives foreign currency payments into Indian accounts over SWIFT through its correspondent (nostro) network. Exporters and freelancers share Axis Bank's wire instructions with overseas clients, then select a purpose code, upload documents and book an exchange rate to have the funds credited in INR or to an EEFC account. Current account holders can do this online through Online Inward Remittance (OIRM) in Corporate Internet Banking.

Key features

SWIFT inward remittances through a published list of nostro accounts in 19 currencies
Online Inward Remittance (OIRM) for settling remittances, booking rates and uploading documents in Corporate Internet Banking
EEFC current accounts to hold export earnings in foreign currency
Disposal options: convert at online rate, pre-booked deal, forward contract, or credit to EEFC account

Pros

Published charges: Inward remittance processing fee is a flat Rs 300 on the trade schedule, with no service charge for online OIRM processing
EEFC option: Exporters can retain receipts in foreign currency instead of converting immediately
Wide currency coverage: Published nostro accounts in 19 currencies
Authorised dealer: Axis states it is an Authorised Dealer Category-I bank processing trade remittances under FEMA and RBI directions

Cons

FX margin not published: the USD card rate was about 1.66% below Wise's mid-market reading on 7 Oct 2026, and Axis does not publish a markup percentage
Correspondent charges: Foreign and intermediary bank charges are recovered separately and are not fixed
Paperwork: Each remittance needs a purpose code and supporting documents such as invoices and disposal instructions
No local receiving details: Axis describes inward remittances as routed over SWIFT; no local ACH, SEPA or Faster Payments receiving details are published

Verdict: full pricing not published; a weaker fit for freelancers who want local receiving account details or a published FX rate before getting paid.

4.Is ICICI Bank a good choice for Indian exporters and freelancers?

Best for: Exporters and freelancers who already bank with ICICI and want direct SWIFT credit with an EEFC option

ICICI Bank is an Indian private sector bank that receives foreign wire transfers (SWIFT) from overseas clients through its correspondent (nostro) banks and credits them to the customer's Indian account. Exporters share ICICI's SWIFT and nostro details with buyers, then dispose of the remittance with a purpose code through net banking, the InstaBIZ app or a branch. Proceeds are converted to INR at the bank's TT buying rate, or can be held in foreign currency in an EEFC account.

Key features

Receive SWIFT inward remittances in 24+ currencies via ICICI's correspondent banks
Digital disposal of inward remittances through Corporate Internet Banking or InstaBIZ
EEFC current account to hold up to 100% of foreign exchange earnings in 24 currencies
Daily published card rates (TT buying, bills buying, currency notes) on the ICICI forex rates page

Pros

Low processing fee: inward remittance charges are Nil for retail customers on the standard trade schedule (Rs 500 for current accounts opened on or after 1 Aug 2025) and Nil on Trade Basic and DigiTrade
EEFC option: Commission in lieu of exchange is Nil for inward remittances credited to an EEFC account
Speed: states credit within 1 hour of disposal instruction and documents for eligible transactions
Direct bank relationship: no intermediary platform between the foreign payer's bank and the Indian account

Cons

FX cost: conversion at the bank's card rate with no published markup; about 1.59% below Wise's mid-market reading at 09:30 IST on 7 Oct 2026
Correspondent charges: correspondent bank charges on inward remittances are recovered at actuals and are not published as a fixed amount
Account-dependent fees: inward remittance processing is Rs 500 plus GST for current accounts opened from August 2025, and a separate SWIFT charge line does not say whether it applies to inward credits
Paperwork: disposal requires purpose code and supporting documents; card rates apply only up to USD 25,000 or equivalent

Verdict: full pricing not published; a weaker fit for freelancers who want a fixed, published FX markup or receive many small payments.

5.Is State Bank of India a good choice for Indian exporters and freelancers?

Best for: Exporters already banking with SBI who want low flat charges and an EEFC option

State Bank of India is an Indian public sector bank that states it handles export and import transactions as an Authorised Dealer Category-I. Indian freelancers and exporters receive foreign payments by SWIFT wire to their SBI account, using SBI's SWIFT code and correspondent bank details, and the bank converts the funds to INR or, for corporate customers, credits an EEFC account. Export receipts are reported in RBI's EDPMS and an e-FIRC can be issued.

Key features

SWIFT inward remittances through about 600 correspondent banks
Credit to a current account or EEFC account, as the customer prefers
e-FIRC issuance free of charge (Rs 200 for usage in some cases); e-BRC free
Online rate booking through eForex and forward contracts for hedging

Pros

Low flat charges: Rs 50 per IRM up to Rs 10 lakh for export remittances, plus GST
Free e-FIRC issuance: no issuance charge; Rs 200 applies for use at another bank, or for usage above Rs 10 lakh, for non-export-credit customers
EEFC option: export proceeds can be held in foreign currency instead of being converted
Concessions: the forex charges schedule lists discounts of 10% for Exporters' Gold Card holders and MSMEs, and 10% to 30% for current accounts with higher monthly average balances; discounts cannot be combined

Cons

FX not at mid-market: conversion uses SBI's TT buying rate, and the rate for amounts under Rs 10 lakh is not published
Correspondent charges: intermediary and foreign bank charges are recovered at actuals and are not published
Branch process: export credits need documents (invoice, EDF, purpose code) and retail conversion requires contacting the branch
No local accounts: no US ACH, UK or EU local receiving details; payers send SWIFT wires

Verdict: full pricing not published; a weaker fit for freelancers who want local USD, GBP or EUR account details or mid-market conversion on small invoices.

How did we evaluate these platforms?

Landed cost: The INR that reaches an Indian bank after the fee, FX markup and GST on the fee, at the XE mid-market rate. This decides the order.
Compliance fit: Whether the platform issues FIRA or FIRC for each payment, as it states on its own website.
Reliability: Settlement time to India as the platform states it.
Transparency: Whether full pricing for Indian users is published. Platforms without it are listed after the ranked ones.

The full method is on the methodology page.

What compliance do Indian exporters and freelancers need to handle?

FIRA or FIRC: Proof that export money arrived through banking channels, used for GST refunds and income tax records. See what a FIRA is.
e-BRC: DGFT's electronic realisation certificate, generated from bank data and used for export benefits. See FIRC vs FIRA vs e-BRC.
RBI PA-CB: RBI authorises payment aggregators for cross-border payments. Check RBI's published list before relying on a platform's claim.
Realisation period: Export proceeds must be realised within the period RBI sets. See the export realisation period.

How did we verify this?

Fees, FIRA terms and RBI status were checked on each platform's own pages on 30 Sept 2026. INR figures use the XE mid-market rate for 4 Nov 2026.

Kotak Everyday Savings Account fees and charges, Foreign Inward Remittance certificate (Branch Request) INR 100/Request; GST on Foreign Currency Conversion; fees exclusive of GST (checked 6 Oct 2026)
Kotak Ace Savings Account fees and charges, Foreign Inward Remittance certificate (Branch Request) Nil (checked 6 Oct 2026)
Kotak Savings Account fees and charges (Everyday+), Kotak Everyday+ Account: Foreign Inward Remittance certificate (Branch Request) Nil (checked 6 Oct 2026)
Kotak Global Service Current Account: Trade fees and charges, GSA Elite / GSA Ace: QTP USD 100K / 250K Exim; Inward Remittance NIL; FIRC NIL; E-BRC NIL; SWIFT charges NIL; GR/SB Release Rs 400 / 200 per bill; NMQTP 3000 / 5000; follow charges of underlying Elite and Ace products (checked 7 Oct 2026)
Kotak Global Service Current Account, AQB of INR 1 lakh or quarterly throughput USD 1,00,000 (Elite); AQB of INR 2.5 lakh or USD 2,50,000 (Ace); FX Live; automated credit advice and SWIFT messages on e-mail (checked 6 Oct 2026)
Kotak Global Trade Current Account: Fees and charges, GTA Pro / Elite / Ace: QTP USD 50K / 100K / 250K Exim; Inward Remittance NIL; FIRC NIL; E-BRC NIL; SWIFT charges NIL; GR/SB Release Rs 500 / 400 / 200 per bill; NMQTP 1500 / 3000 / 5000 (checked 7 Oct 2026)
Kotak Startup Regular Current Account: Trade fees and charges, Inward Remittance NIL; FIRC NIL; E-BRC NIL; SWIFT charges NIL (checked 6 Oct 2026)
Kotak Inward Remittances (Corporate), 17 different currencies; fees via relationship manager (checked 6 Oct 2026)
Kotak Remittances and Foreign Currency Accounts, EEFC, Diamond Dollar and Special Purpose Foreign Currency accounts; more than 15 currencies (checked 6 Oct 2026)
Kotak: Why businesses should look for EEFC integration (checked 6 Oct 2026)
Kotak Forex Rates (card rates), Card Rates valid for 7th October 2026; USD We Buy Telegraphic Transfer 94.80, We Sell Telegraphic Transfer 98.07; rates are as of 9am; for amounts above USD 10000 equivalent contact branch relationship managers for relationship rates (checked 7 Oct 2026)
Kotak Savings Account documents required (checked 6 Oct 2026)
RBI - Banks in India (checked 6 Oct 2026)
Kotak Elite Current Account fees and charges, GST on Foreign Currency Conversion Charges (FCY): up to 1,00,000, 1% (min Rs 250); Rs 1,000 + 0.50% of amount less 1,00,000 up to 10,00,000; Rs 5,500 + 0.10% of amount less 10,00,000, max Rs 60,000; any purchase/sale of foreign exchange will attract GST; charges exclusive of GST, effective GST rate 18% on taxable value (checked 7 Oct 2026)
CBIC: CGST Rules, Rule 32 (value of supply for purchase or sale of foreign currency), Rule 32(2)(b): value deemed 1% of gross amount exchanged up to Rs 1 lakh (minimum Rs 250); Rs 1,000 and 0.5% above Rs 1 lakh up to Rs 10 lakh; Rs 5,500 and 0.1% above Rs 10 lakh, maximum Rs 60,000; at the option of the supplier (checked 7 Oct 2026)
Wise: USD/INR mid-market rate history (benchmark only), Hourly mid-market reading 96.3575 at 09:30 IST on 7 Oct 2026 (closest reading to SBI's 9:10 AM card rate); used only as a benchmark, not for SBI facts (checked 7 Oct 2026)
HDFC Bank: Remittance Services Fees & Charges, Inward Remittance Charge: No Charge; FIRC Charge for Inward Remittance & FCY Cheque Collection INR 200 per FIRC; GST slabs on amount of currency exchanged (checked 6 Oct 2026)
HDFC Bank: MSME Trade Services Fees and Charges, Inward Remittance (w.e.f. 1 April 2021): charges, commission, SWIFT nil; FIRC INR 200, email credit advice nil; return of funds; AD Code certificate INR 500 (checked 6 Oct 2026)
HDFC Bank: Trade Remittances (MSME), Inward remittances in 22 currencies; tracking and disposal instructions through Net Banking (checked 6 Oct 2026)
HDFC Bank: Remittance, Money reaches within 72 hours; inward remittances in 22 currencies; SWIFT code HDFCINBBXXX; FCY cheque rate is the card rate on date of credit (checked 6 Oct 2026)
HDFC Bank Treasury Forex Card Rates, 06/10/2026 09:33:36 AM: USD T.T. Buying (Inw Rem) 94.68, T.T. Selling 98.13; card rates apply up to INR 20 lacs; rates indicative (checked 6 Oct 2026)
HDFC Bank: Exchange Earners Foreign Currency (EEFC) Account, Resident foreign exchange earners incl. individuals; 21 currencies; preferential conversion rates; documents (checked 6 Oct 2026)
HDFC Bank: GIGA Savings Account for freelancers, Eligibility, Aadhaar/PAN, AQB and non-maintenance charges, preferential FX rates on overseas collections (checked 6 Oct 2026)
HDFC Bank: Documentation requirements for export and import remittances, Active IEC required; export advance: disposal instruction and proforma invoice (checked 6 Oct 2026)
RBI: Banks in India, Private Sector Banks - Indian Banks: HDFC Bank Limited (checked 6 Oct 2026)
Wise: USD/INR mid-market rate history (benchmark only), Mid-market 96.4063 at 09:30 IST and 96.3433 live at 18:52 IST on 6 Oct 2026; used only as the mid-market benchmark (checked 6 Oct 2026)
Axis Bank: Inward Remittances (Business Banking) (checked 6 Oct 2026)
Axis Bank: Inward Remittances (Corporate Trade Finance) (checked 6 Oct 2026)
Axis Bank: Online Inward Remittance (OIRM), Fees and Charges: no service charges on processing of online inward remittance transactions (checked 6 Oct 2026)
Axis Bank: Schedule of Charges for Trade and Forex Transactions w.e.f. 10 July 2026, 10A Foreign Currency remittance including advance remittance against exports Rs. 300/- per remittance; 8E Rs 1250 per bill; 17E Rs 250 per certificate; 17I Rs 100 duplicate FIRC/BRC; General Notes (1) CLE 0.125%, (2) charges attract GST at applicable rates, (4) foreign correspondent charges recovered separately (checked 7 Oct 2026)
Axis Bank: Fees and Charges, GST, as applicable, will be levied on all service charges and would be rounded off to the next rupee (checked 7 Oct 2026)
Axis Bank: Savings Account Fees and Charges (New Easy Access Savings Account), Inward Wire Transfer - Processing Fees Rs. 250 (checked 6 Oct 2026)
Axis Bank: FAQs of Online Inward Remittance (OIRM), Q15, Q19 (checked 6 Oct 2026)
Axis Bank: Turnaround Time (TAT) - Trade (checked 6 Oct 2026)
Axis Bank: Guidance Document for Cross-Border Trade Remittances, Section 1: Authorised Dealer Category-I Bank (checked 6 Oct 2026)
Axis Bank: Nostro account details for wire transfer (checked 6 Oct 2026)
Axis Bank: Corporate Inward Remittance - Export of Services documents (checked 6 Oct 2026)
Axis Bank: Current Account EEFC (checked 6 Oct 2026)
Axis Bank: Forex card rates for corporate clients, US Dollar USD TT Buy 94.76, TT Sell 98.05; published on Oct 07, 2026 at 09:23 AM; card rates published once a day; for transactions above INR 25 lakhs contact relationship manager for preferential rates (checked 7 Oct 2026)
Axis Bank: Online Inward Remittance (OIRM), Corporate, Fees & Charges: No service charges on processing of Online inward remittance transactions; online rate booking in up to 14 currencies; available on Corporate internet banking (checked 7 Oct 2026)
ICICI Bank - Inward trade remittances, Receive remittances in 24+ currencies; BIRC for export proceeds, FIRC for FDI/FII on request; funds credited within 1 hour of disposal instruction and documents (checked 7 Oct 2026)
ICICI Bank - Schedule of Charges for Trade Services w.e.f. April 1, 2026, (D)3 Inward Remittance charges: Retail Customers NIL*, Large Corporates/Wholesale 0.12% min Rs 2,000 max Rs 10,000; *Rs 500 for new current accounts opened on or after August 1, 2025; (D)5 CILE 0.12% min Rs 2,000, NIL to EEFC; (D)6 correspondent charges at actuals; (G)5 duplicate FIRC Rs 500; (H)1 SWIFT Rs 500; (D)7 correspondent bank charges for outward remittances (charge type 'OUR') equivalent to USD 30 (checked 7 Oct 2026)
ICICI Bank: Current Account Service Charges (Current Account SURU, Current Account, Select Banking, Wealth Management, Private Banking), listed under 'Accounts opened from August 2025 onwards', Trade Charges: Inward Remittances Rs 500; SWIFT Rs 500 (Current Account SURU / Current Account / Select Banking), Rs 350 (Wealth Management / Private Banking); GST shall be applicable on all mentioned charges; all charges are exclusive of GST as applicable (checked 7 Oct 2026)
ICICI Bank: Business banking service charges, Current Account - Schedule of Charges (Accounts opened from August 2025 onwards) links the Current Account (Select Banking, Wealth Management, Private Banking) schedule and the Trade Services SOC (checked 7 Oct 2026)
ICICI Bank - Trade Basic Account Schedule of Charges w.e.f. 1 April 2026, Inward Remittances Nil; E BRC Nil; FIRC Charges Nil; SWIFT Rs.500; all charges are exclusive of GST (checked 7 Oct 2026)
ICICI Bank - DigiTrade Schedule of Charges w.e.f. 1 April 2026, Inward Remittances Nil; E BRC Nil; FIRC Charges No charge; SWIFT Rs.350; all charges are exclusive of GST (checked 7 Oct 2026)
ICICI Bank - Schedule of Charges for Overseas Money Transfer, GST on currency conversion table (checked 6 Oct 2026)
ICICI Bank - Forex card rates, Date: 07-10-2026 Time: 09:13:29 AM; United States Dollar (USD) TT Buying rate 94.83; card rates applicable for forex transactions up to USD 25,000 or equivalent; indicative (checked 7 Oct 2026)
ICICI Bank - EEFC Current Account (checked 6 Oct 2026)
ICICI Bank - Solutions for exporters (checked 6 Oct 2026)
ICICI Bank - Wire transfer: Service Tax Rules (GST on currency conversion), Up to INR 100,000: 1% of gross amount, minimum INR 250 (GST INR 180 for INR 1,00,000); INR 1,000 plus 0.5% on remaining amount up to INR 10,00,000 (INR 990); INR 5,500 plus 0.1% on remaining amount, maximum INR 60,000 (INR 1,170 for INR 20,00,000); GST levied on the converted currency (checked 7 Oct 2026)
SBI: Charges for retail inward and outward remittance transactions, Charges for retail inward remittance transactions: Rs.50/- per transaction + GST as on 02.06.2026 (checked 7 Oct 2026)
SBI: Schedule of foreign exchange transaction related service charges (w.e.f. 01.10.2026), Part A 3(e) Remittances related to Exports: up to Rs 10 lakhs, non-export credit customers Rs 50 flat for each IRM reporting; above Rs 10 lakhs Rs 500 per remittance; export credit customers Nil; 4 e-BRC Nil, e-FIRC no charge for issuance, Rs 200 for use of other bank (up to Rs 10 lakh) or usage (above); GST over and above the charges (checked 7 Oct 2026)
SBI: Forex card rates, Date 07-10-2026, Time 9:10 AM: USD/INR TT BUY 96, TT SELL 96.85; card rates for transactions between Rs. 10 lakhs and Rs. 20 lakhs (to be used as reference rates); below Rs 10 lakhs contact nearest branch; indicative (checked 7 Oct 2026)
SBI: Customer guide, SOP for export, import and MTT (effective 01.10.2026), Sections 2, 4.3, 4.4, 9 (TAT), Annex documents (checked 6 Oct 2026)
SBI: Policy on export and import of goods and services (incl. MTT), Scope: authorised branches functioning as Authorised Dealer Category-I (checked 6 Oct 2026)
SBI: Retail forex solutions (retail inward remittance), About 600 correspondent banks; auto-conversion up to USD 2,50,000; contact branch for conversion (checked 6 Oct 2026)
SBI: Corporate forex solutions (inward remittance for corporates), Credit to current account or EEFC account; eForex (checked 6 Oct 2026)
SBI: Import Export Traders Current Account, MAB Rs 5,00,000; concessional forex transaction charges (checked 6 Oct 2026)
SBI: Foreign inward remittance, Wire transfer format; correspondent banking arrangements (checked 6 Oct 2026)
SBI: Revised service charges, Links the Schedule of Foreign Exchange Transaction Related Service Charges applicable w.e.f. 01.10.2026 (checked 7 Oct 2026)
SBI: Notice of revision of forex transaction related service charges (w.e.f. 01.05.2025, superseded), Earlier schedule: remittances related to exports Rs 500 per remittance for non-export-credit customers; e-FIRC Rs 200 for usage, no charge for issuance; cited only to note it differs from the 01.10.2026 schedule (checked 7 Oct 2026)

Frequently asked questions

What is the best option for indian exporters and freelancers right now?

On a $10,000 invoice, Kotak Mahindra Bank pays the most among the banks for receiving international payments compared, about ₹9,30,314 at today's reference rate. The right choice depends on invoice size and how your clients pay. Check the platform's own pricing page before relying on these figures.

How are these banks for receiving international payments ranked?

Each platform's published fee, FX markup and GST on the fee are applied to the XE mid-market rate, and platforms are ordered by the INR that reaches an Indian bank on a $10,000 invoice. No platform is placed by hand.

Which of these banks for receiving international payments give a FIRA for every payment?

FIRA terms differ by platform. Each platform's profile on this page shows what it states about FIRA or FIRC. A FIRA is used as proof of export for GST refunds and income tax records, so confirm it is issued for every payment.

Do I need an RBI-authorised platform to receive export payments?

Export proceeds must come in through banking channels, and RBI authorises payment aggregators for cross-border payments. Each platform's RBI status is listed as the platform or RBI states it. Check RBI's published list before relying on any platform's own claim.

Is a bank wire cheaper than these banks for receiving international payments?

A bank wire often carries an intermediary charge, a receiving bank fee and a wider conversion margin than the mid-market rate. Compare the INR your bank actually credits on a past payment with the INR table on this page to see the difference for your invoices.

Can I use more than one platform at the same time?

Yes. Many exporters use one platform for large invoices and another for small or card payments. Each platform issues its own FIRA or FIRC records, so keep them together for GST and income tax filing and reconcile them with your invoices.

How often is this ranking updated?

The ranking recalculates whenever the reference rate changes, and platform fees are re-checked when a pricing change is found or reported. The page shows the date fees were checked, currently 30 Sept 2026, and the date of the reference rate used.