Best Business Forex Rates in India: Wise vs Payoneer vs Indian Banks (2026)
Indian businesses lose thousands of rupees per transfer to hidden bank FX margins. Here's exactly what each platform and bank charges for USD → INR conversion, and how to minimise the cost.
Platform and bank FX rates for India
- Wise Business: 0.45% FX margin. Best available. Free INR transfer. No SWIFT fee.
- Airwallex: 0.5% FX margin. Growing India presence.
- Payoneer: 2% FX margin. Widely used but expensive for pure FX.
- ICICI Bank (direct wire): typically 1.5–2.5% TT buying rate margin. Faster processing than most.
- HDFC Bank: 1.5–2.5% margin on TT rates. 'HDFC Trade' account has competitive rates for large volumes.
- SBI: 1.5–2% margin. Slower processing (1–3 days after credit). Most RBI compliance around large amounts.
- Axis Bank: 1.5–2.5% on USD-INR. Their 'Forex Online' portal sometimes has better rates.
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ForexFee guides are based on publicly available information and live rate data from Wise's comparison API. For pricing, KYC requirements and current promotions, always check each provider's official site. See our methodology for how we source and rank rates.