E-BRC meaning, new process to print E-BRC & utilization for export incentives?

E-BRC meaning, new process to print E-BRC & utilization for export incentives?

Print E-BRC is a critical step for every Indian exporter who wants to claim export incentives under the Foreign Trade Policy. An E-BRC (Electronic Bank Realization Certificate) is a digital confirmation issued by banks to certify that export proceeds have been realized in foreign currency and credited to the exporter’s account.

With the digitization of export documentation, exporters can now view and print BRC online through the DGFT portal without any physical paperwork. This guide explains the complete process of print E-BRC, e BRC download, and how to use DGFT BRC for incentive claims.


What Is E-BRC and Why It Matters?

An E-BRC is issued electronically by authorized banks and uploaded directly to the DGFT BRC system. It acts as:

  • Proof of export realization

  • Mandatory document for export incentives

  • Verification tool for DGFT and Customs

Without an E-BRC, exporters cannot claim benefits such as:

  • RoDTEP

  • RoSCTL

  • Duty Drawback

  • Interest Subvention

  • GST Refund


Process to View and Print BRC Online (DGFT BRC)

The DGFT has migrated the earlier system to an upgraded digital repository, making it easier to view and print BRC in just a few steps.

Step-by-Step Guide to Print E-BRC

  1. Visit the official DGFT website
    👉 External DoFollow Link: https://www.dgft.gov.in

  2. Click on Login and enter your DGFT User ID & Password

  3. Go to My Dashboard and select Repositories

  4. Click on Bills Repository

  5. Choose Bank Realizations / Reconciliation (E-BRC)

  6. Enter shipping bill details or select a date range

  7. Click Search to view and print E-BRC or proceed with e BRC download

💡 Tip: Always download the PDF version and keep it saved for audits and incentive claims.


How to Use DGFT BRC for Export Incentives

Shipping bills are electronically generated on ICEGATE (Indian Customs EDI Gateway). These bills are automatically transmitted to DGFT. To claim incentives:

  • The exporter must link shipping bills with the relevant DGFT BRC

  • DGFT compares:

    • Realized export value (from E-BRC)

    • FOB value (from shipping bill)

The incentive amount is calculated on the lower of the two values.


Important Point to Remember

✔ Ensure your bank uploads the correct realized value
✔ Partial realization must be updated by the bank
✔ Incorrect E-BRC values can delay or reject incentive claims

If required, request your bank to revise the E-BRC before you proceed to print E-BRC.


How E-BRC Is Generated by Banks

  1. Export payment is received

  2. Amount is credited to exporter’s bank account

  3. Bank settles shipping bills in EDPMS

  4. Bank uploads foreign exchange value (INR) as per CBIC rates

  5. E-BRC appears in DGFT portal

  6. Exporter can view and print BRC instantly


Export Incentives Where Print E-BRC Is Mandatory

  • RoDTEP

  • RoSCTL

  • Duty Drawback

  • GST Refund

  • Interest Equalisation Scheme


FAQs – Print E-BRC & DGFT BRC

1. How can I print E-BRC online?

You can print E-BRC by logging into the DGFT portal, accessing Bills Repository, and downloading the E-BRC PDF.

2. Is e BRC download mandatory for export incentives?

Yes, e BRC download is mandatory to claim benefits like RoDTEP, RoSCTL, and duty drawback.

3. Can I view and print BRC without bank assistance?

Yes, once uploaded by the bank, exporters can view and print BRC directly from the DGFT portal.

4. What is DGFT BRC used for?

DGFT BRC is used to verify export realization and calculate incentive eligibility.

5. What should I do if E-BRC value is incorrect?

Request your bank to revise the uploaded E-BRC before you proceed to print E-BRC or submit claims.

How to take printout of e-BRC?

To take a printout of e-BRC, log in to the DGFT portal using your registered credentials. Go to My Dashboard → Repositories → Bills Repository → Bank Realizations/Reconciliation (e-BRC). Search using your shipping bill number or date range, open the required e-BRC, and select the print or download option.


What is e-BRC in export?

An e-BRC (Electronic Bank Realization Certificate) is a digital certificate issued by authorized banks confirming that export proceeds have been received in India. It serves as official proof of foreign exchange realization and is mandatory for claiming export incentives such as RoDTEP, RoSCTL, duty drawback, GST refund, and other DGFT benefits.


How to generate e-BRC from DGFT portal?

Exporters cannot manually generate an e-BRC on the DGFT portal. Once export payment is received, the authorized bank uploads the realization details electronically after settling the shipping bill in EDPMS. The e-BRC is then automatically generated and made available for view and print BRC on the DGFT portal.


Can we get BRC online?

Yes, BRC can be obtained online through the DGFT portal in the form of an e-BRC. Exporters can log in, search their bank realization records, and download or print e-BRC without visiting the bank physically.


How do I check my BRC details?

To check BRC details, log in to the DGFT website and navigate to Bank Realizations/Reconciliation (e-BRC) under the Bills Repository. Enter the shipping bill number or relevant date range to view details such as realized amount, bank name, and realization date.


What is the cost of IEC certificate?

The cost of obtaining an IEC (Import Export Code) certificate from DGFT is ₹500. This is a one-time government fee, and the IEC remains valid for a lifetime unless surrendered or cancelled.

WUBS- Well-known platform for making international tuition payments

WUBS- Well-known platform for making international tuition payments

Convera payment is a trusted global solution for international education and B2B cross-border transfers. Earlier known as Western Union Business Solutions (WUBS), Convera has evolved into a technology-led payments company offering secure, transparent, and compliant international transactions.

Today, Convera is recognised as the world’s largest non-bank B2B cross-border payments provider, supporting over 30,000 clients including students, universities, corporates, financial institutions, legal firms, and NGOs.

This updated guide explains how Convera works for students in India, covering GlobalPay, login access, payment gateway features, and payment tracking—without overusing keywords.


What Is Convera and Why Is It Trusted Globally?

Convera is a global payments platform designed to simplify international transfers while maintaining regulatory compliance. It is widely used for overseas tuition payments because institutions receive the exact amount without hidden deductions.

With support for more than 140 currencies, the platform allows payments in the local currency of the receiving institution, reducing exchange-related issues and delays.

🔗 Official website:
https://www.convera.com


Convera GlobalPay for Students

GlobalPay for Students is Convera’s education-focused solution. It enables students and parents to send tuition fees safely while choosing from multiple payment methods.

Key highlights:

  • Pay in the institution’s preferred currency

  • Transparent pricing

  • Faster settlement timelines

  • Online status updates

This makes convera payment a preferred option for international fee transfers from India.


Convera Login and Payment Gateway

After initiating a transfer, users receive access to the Convera login portal. Through this dashboard, users can:

  • View payment instructions

  • Access the secure payment gateway

  • Download confirmations and receipts

  • Monitor transaction progress

The gateway uses encrypted channels to ensure data security and regulatory compliance across borders.


How Convera Payment Tracking Works

One major advantage of this platform is real-time tracking. Once a transaction is initiated, students can monitor the status online and receive confirmation when funds reach the institution.

Typically, payments from India are settled within 3 to 5 working days, depending on the chosen method and bank processing timelines.


Payment Methods Available from India

Students in India can complete international transfers using:

  • Bank transfers via major Indian banks

  • Payments through authorised Convera Agent locations

  • Electronic transfers initiated online

These options ensure flexibility while adhering to RBI and LRS regulations.


Can You Pay at a Convera Agent Location?

Yes. Students who prefer offline assistance can initiate a transaction online and complete it at an authorised agent location in India.

The process involves:

  1. Selecting the institution

  2. Entering student details

  3. Choosing “Agent Location” as the payment method

  4. Completing payment using provided instructions

Payment status can then be checked online through the tracking feature.


TCS Rules on Education Payments

As per India’s Liberalised Remittance Scheme (LRS):

  • A 5% TCS applies if total overseas remittance exceeds ₹7,00,000 in a financial year (without an education loan)

  • A 0.5% TCS applies when payments are made through an approved education loan


Is TCS Refundable?

Yes. The tax collected at source can be adjusted while filing Income Tax Returns (ITR). The amount is reflected in Form 26AS linked to the PAN of the remitter.


Benefits of Using This Platform for Tuition Transfers

Using convera payment for education offers several advantages:

  • Institutions receive the full amount

  • No surprise bank deductions

  • Multiple payment options

  • Online tracking facility

  • Reliable global compliance

These features reduce stress for students and parents making overseas payments.


Need Assistance from India?

IBRLIVE INDIA PVT LTD assists students with:

  • Generating correct payment instructions

  • Completing international transfers

  • Competitive exchange margins

  • End-to-end guidance


https://ibrlive.com/contact

Frequently Asked Questions (FAQs)

What is a Convera payment?

A Convera payment is an international transfer processed through Convera’s secure platform, commonly used for tuition fees and global business payments. Most education payments are routed via Convera GlobalPay, ensuring the institution receives the full amount without bank deductions.


What is the payment method for Convera?

Convera supports multiple payment methods, including bank transfers from Indian banks, online electronic transfers, and payments through authorised agent locations. All payments are processed via the Convera payment gateway, which ensures compliance and secure settlement.


Does Convera charge a fee?

Convera usually does not apply hidden charges to students. Any applicable costs or exchange rates are displayed clearly before confirming the transaction through Convera GlobalPay, helping users avoid unexpected deductions.


What is Convera used for?

Convera is used for international education payments, tuition fee transfers, and B2B cross-border transactions. Universities and institutions worldwide rely on Convera’s payment gateway for accurate, timely, and compliant global payments.


How do I send money to Convera?

To send money, initiate a transfer through Convera GlobalPay by selecting your institution and entering payment details. After generating instructions, you can complete the transaction online or at an authorised agent location and access details via Convera login.


Is Convera safe to use?

Yes, Convera is considered a safe and reliable platform. It uses encrypted systems, follows international compliance standards, and provides Convera payment tracking, allowing users to monitor the payment until it is successfully received by the institution.

PayMyTuition – Is PayMyTuition cheaper for sending college fees abroad?

PayMyTuition – Is PayMyTuition cheaper for sending college fees abroad?

PayMyTuition is an advanced international payment platform by the MTFX Group of Companies, a global provider of secure and technologically advanced payment solutions. For over 25 years, the company has partnered with education institutions, multinational organisations, banks, law firms, and travel agencies to simplify cross-border payments. Learn more about MTFX

Students can use this platform to pay tuition and other academic expenses in their local currency, helping them save significantly on transfer and currency exchange fees. Cost savings for each payment can reach thousands of dollars.

The service offers competitive pricing and lower transfer costs compared to banks and other providers. In addition, multilingual customer support is available through phone, email, 24/7 live chat, and Skype, making the payment process seamless and efficient.


In this guide, we will cover:

  • How to create an account
  • Steps to pay university fees online
  • Where to download the payment receipt
  • Accepted payment methods
  • What to do if a country is not listed
  • What to do if an institution is not available
  • How to get assistance with payment instructions and transfers

How to create a PayMyTuition account

Step 1: Visit the official website
Step 2: Enter your personal details and set a strong password
Step 3: Accept the terms and conditions
Step 4: Click Create Account to complete the process


Steps to pay university fees

  • Visit the official website
  • Select your educational institution from the dropdown list
  • Choose the country you are sending funds from and enter the payment amount
  • Pick your preferred payment method in local currency, such as domestic/international bank transfer, credit card, bill payment, e-transfer, or e-wallet
  • Log in or sign up if you are a first-time user

After creating an account:

  • Detailed instructions for sending money will appear
  • Download instructions to complete the transfer online or at a bank branch
  • Track the payment in real time via your dashboard
  • Depending on your payment option, you can complete, extend, or cancel the transaction
  • You’ll receive email or SMS notifications throughout the process

Where to find the payment receipt

Receipts are available in the PayMyTuition Payments Center section of your dashboard for both pending and completed transactions. These receipts serve as proof of payment for your institution.


Accepted payment methods

The platform supports multiple methods:

  • Credit and debit cards
  • Bank transfers
  • E-wallets
  • Other online options

Note: Options may vary based on your location.

Card payments are displayed during the request process, and bank transfers must follow the provided instructions to ensure proper processing.


What if a country is not listed?

Some countries may be unavailable due to government regulations or sanctions. Contact your educational institution to explore alternative payment options if needed.


What if an institution is not listed?

Some universities require payments through their own portals. If your institution does not appear in the selection list but the platform is mentioned on their website, contact them for the correct link and instructions.


Getting assistance with PayMyTuition payment instructions and transfers

IBRLIVE INDIA PVT LTD, based in Panipat, Haryana, helps students generate payment instructions and complete international education payments at competitive exchange rates.

For assistance, visit: https://ibrlive.com/contact

FAQs About PayMyTuition

1. Is PayMyTuition safe?
Yes, PayMyTuition is a secure platform for international tuition payments. It uses advanced encryption technology and trusted banking channels to ensure your funds and personal information are fully protected.

2. Who is PayMyTuition?
PayMyTuition is an international payment service provided by the MTFX Group of Companies. It helps students and educational institutions process cross-border tuition payments efficiently and cost-effectively.

3. Is PayMyTuition available in my country?
PayMyTuition is available in many countries worldwide. However, some countries may not appear in the payment dropdown due to government regulations or sanctions. You should check with your educational institution for alternatives if your country is not listed.

4. How long does it take to get your refund from PayMyTuition?
Refund processing times depend on your payment method. Typically, bank transfers or card payments may take 3–10 business days to reflect in your account. PayMyTuition notifies you via email or SMS once the refund is processed.

5. How secure is my financial information with PayMyTuition?
Your financial details are highly secure with PayMyTuition. The platform follows strict compliance with global financial regulations and uses encryption, secure payment gateways, and monitoring systems to protect sensitive information at every stage.

 

All of your GIC-related questions have now been resolved-IBRLive

All of your GIC-related questions have now been resolved-IBRLive

What is a GIC full form?

GIC full form – The name “GIC” stands for “Guaranteed Investment Certificate,” and it refers to a short-term liquid investment that Canadian banks typically issue for up to a year. It is intended for Indian students who wish to enrol at universities that are part of the Student Partners Program (SPP) in Canada.

In this section, we are going to discuss how is GIC account beneficial for students as well as the key factors any Student who wishes to aspire abroad education must know about the term.

As we have discussed the deposit investment known as a guaranteed investment certificate (GIC) is offered by banks and trust organizations in Canada. Because of the low-risk fixed rate of return they offer and the fact that they are partially guaranteed by the Canadian government, people frequently buy them for retirement planning.

Benefits from a GIC account:

  • Low concern: Term deposits and GICs are typically regarded as low-risk investments that are secure since the principle is always guaranteed.
  • Assurance of growth: Your GIC investment will generate interest regardless of what happens in the markets.
  • Flexibility: There are a variety of term and interest rate choices. Either pick a cashable GIC that allows you to retrieve your money before the term expires or lock your money in to earn a greater interest rate.
  • Simple to maintain: As relatively inexpensive and predictable and require little monitoring, they are simple to comprehend and maintain.
  • Savings Defense: If someone is truly interested in saving money for studying abroad, a savings protection GIC is a better alternative than a savings account.

 

Frequently Asked Questions:

  • How to open a student GIC account from India?

When opening a GIC account from India, it is important to ensure that the chosen financial institution participates in the program that meets the requirements for international students. Additionally, individuals should be prepared to provide the necessary documentation, such as a passport, study permit, and proof of funds, to complete the account opening process.

You can create a GIC account online through ICICI bank by following the steps mentioned below:

  1. Visit the ICICI Bank Canada website and select the “Student GIC Program” option and click on New User Registration.
  2. Complete the online application form with all necessary personal and financial information.
  3. Upload scanned copies of your passport, study permit, and any other required documentation.
  4. Download the funding instruction page and share it with your bank to make the wire transfer. Please note that the payment can be sent through banks and other AD II companies.
  5. Once the funds have been received, ICICI Bank will issue a GIC certificate and email it to you.
  6. You can then use the GIC certificate to apply for your Canadian study permit.
  • GIC: Is it superior to a savings account?

In this instance, a GIC is a terrific solution for investing novices. Your money is secure since it is guaranteed, and the interest rates are frequently higher than those provided by high-interest savings accounts.

  •  What is the GIC’s minimum & maximum amount?

The amount you can put into a GIC has no upper limit. The majority of GICs offer fixed interest rates for predetermined terms, such as half-yearly, a year, two years, or up to ten years. The minimum Guaranteed Investment Certificate (GIC) amount for Indian students applying for a Canadian study permit is currently CAD 10,000.

  • When the minimum amount of GIC is CAD 10000, then why do we need to send CAD 10175 or CAD 10200? 

The reason for sending CAD 10,200 or CAD 10175 instead of the minimum required amount of CAD 10,000 for the Guaranteed Investment Certificate (GIC) program is to cover the transaction fees and other bank charges associated with the transfer of funds to Canada. After the deduction of transfer fees, the bank deposits the balance amount in your GIC account.

  • Best way to open a GIC account & making payments at the lowest exchange rate?

Students can open a GIC account through ICICI bank’s student GIC programs detailed above and it hardly takes 5 minutes to open a GIC account online. For making the payment you need to compare exchange rates and transaction charges offered by various institutions. The best way is to visit ibrlive.com and contact them for making your payment at the best possible lowest exchange rate and transaction fees. They help you in opening the GIC account and sending your payment at affordable rates by saving you time and money.

  • GIC: Does it pay interest every month?

For GICs with durations of one year or more, interest is computed daily on the principal amount and is paid either monthly, yearly, or at maturity after compounding annually. For GICs with durations less than a year, interest is accrued daily and paid at maturity based on the principal.

  • Can my GIC account be broken before maturity?

The Guaranteed Investment Certificate (GIC) account for Indian students in Canada is open for a period of one year. The GIC account is a requirement of the Canadian government’s Student Direct Stream (SDS) program, which is available to international students from India, China, the Philippines, and Vietnam who are applying to study at a Designated Learning Institution (DLI) in Canada.

The funds in the GIC account are held for the duration of the student’s first year of study in Canada and are intended to help cover the student’s living expenses while studying in Canada.

After the first year, the funds from the GIC account can be withdrawn in instalments to help cover living expenses or other expenses related to their studies in Canada. It is important to note that the GIC account must remain open for the full one-year period as a requirement of the SDS program, and the funds cannot be accessed until the end of the one year.

  • What is the GIC full form?

The GIC full form is Guaranteed Investment Certificate. It is a secure financial product mainly used in Canada, offering fixed returns over a specific period.

  • What is a GIC account?

A GIC account is an investment account where money is deposited for a fixed tenure at a guaranteed interest rate. It is commonly used by international students in Canada as proof of funds.

  • How to open a GIC account?

To open a GIC account, you need to apply through a Canadian bank, submit identity documents, transfer the required funds, and receive a confirmation certificate after approval.

  • What are the benefits of GIC?

The benefits of GIC include guaranteed returns, low risk, predictable income, and acceptance by Canadian immigration authorities as proof of financial stability.

  • What is GIC Canada and why is it important?

GIC Canada refers to the investment required by international students to cover living expenses while studying in Canada. It ensures financial security during the stay.

  • What is GIC CIBC?

GIC CIBC is a Guaranteed Investment Certificate offered by the Canadian Imperial Bank of Commerce. It is widely accepted and popular among students applying for Canadian visas.

  • Is a GIC account mandatory for Canada student visa?

A GIC account is mandatory for students applying under the Student Direct Stream (SDS) to Canada, as it proves sufficient funds for living expenses.

  • Can GIC funds be withdrawn early?

Most GIC accounts have lock-in periods, and early withdrawal is either restricted or comes with penalties, depending on the bank’s terms.

 

Please feel free to contact us if your question is not answered here and you still have concerns. We promise to assist you as best we can.

IBR Rates Simplified: A Clear Guide to Interbank Rates

IBR Rates Simplified: A Clear Guide to Interbank Rates

IBR rates refer to the exchange rates at which banks buy and sell currencies from each other. These rates are important because they affect the value of currencies for businesses and individuals who need to exchange money across different countries. In this blog, we’ll explore what are Interbank Rates, how they’re determined, where to find authentic & real-time exchange rates and why they matter.

 

  • What are IBR Rates (Interbank Exchange Rates)?

Interbank exchange rate is the exchange rate at which banks buy and sell currencies from each other. IBR Rates are also commonly referred to as spot rates. The spot rate is the exchange rate at which a currency can be bought or sold for delivery within two business days. These rates are typically used as a benchmark for exchange rates in the wider market, as they reflect the rates at which banks with significant trading volumes can exchange currencies with each other.

The interbank rate is used by banks to settle transactions between themselves, such as when one bank needs to pay another bank in a different currency. These rates are typically quoted with a bid-ask spread, which represents the difference between the price at which banks are willing to buy and sell currencies. The bid price is the price at which a bank is willing to buy a currency, while the asking price is the price at which it’s willing to sell the currency.

  • How IBR rates are determined?

Interbank Rates are determined by supply and demand in the foreign exchange market. Banks with excess currencies will offer them for sale, while banks that need those currencies will buy them. The exchange rate at which these transactions occur is determined by the market, based on the supply and demand for each currency.

Many factors can affect the supply and demand for currencies in the foreign exchange market. These include factors such as economic data, central bank policies, political events, and natural disasters, among others. Changes in any of these factors can cause fluctuations in exchange rates.

  • Where you can find authentic & real-time Interbank Rates (IBR Rates)?

Although many sources are available online to find interbank exchange rate, not all are authentic and real-time. The best platform that displays accurate & live interbank exchange rates and interbank dollar rate is https://ibrlive.com. You can find Inter Bank Exchange Rates of almost all currencies on this website, which is free of charge. For example you can find the interbank rate for usd or ibr rate for usd in real time on this website.

  • Why do IBR Rates matter?

Interbank exchange rates are important because they affect the value of currencies for businesses and individuals who need to exchange money across different countries. For example, if you’re a business that needs to pay a supplier in another country, you’ll need to exchange your local currency for the currency of the country where your supplier is located. The exchange rate you receive will determine how much of your local currency you need to exchange to pay your supplier.

  • How IBR Rates Differ from Forex Card Rates?

IBR Rates reflect real-time interbank exchange rates at which banks trade currencies with each other, with very narrow bid–ask spreads. In contrast, Forex Card Rates are retail rates set by banks by adding heavy margins over Interbank rate, often ₹1–3 higher on USD, EUR, or GBP transactions. While Interbank Exchange Rate represent the true market value of a currency, Forex Card Rates include bank profit, operational costs, and risk buffers, making them significantly costlier for end users. You can view Forex Card Rates of each bank on their specific website. For example you can view the updated ICICI bank forex rates on thier website.

In addition, Inter bank exchange rate can affect the profitability of businesses that operate in multiple countries. If a company earns revenue in one currency but has expenses in another currency, changes in the exchange rate can affect its profit margin.

Finally, Interbank Rates can also have an impact on the wider economy. For example, strengthening a country’s currency can make its exports more expensive and less competitive in foreign markets. This can lead to a reduction in exports and a negative impact on the country’s economy.

In conclusion, interbank exchange rates are an important component of the foreign exchange market. They are used by banks to settle transactions between themselves and serve as a benchmark for exchange rates in the wider market. Understanding how these rates are determined and why they matter can help businesses and individuals make better decisions when it comes to exchanging currencies.

Forex Card Rate Exposed: The Hidden Difference Banks Don’t Explain

Forex Card Rate Exposed: The Hidden Difference Banks Don’t Explain

What is a Forex card rate?

A forex card rate is like a display board where a bank publishes exchange rates for buying and selling foreign currencies, travel cards, and currency notes. The spread between buying and selling currencies in a card rate is generally kept very wide. For example, SBI forex card rates for USD/INR can be in the form of the below-mentioned table:

Currency Bank Buying Rate Bank Selling Rate
  TT Buying rate Bills Buying rate Currency notes Travel card Traveller’s cheques TT Selling rate Bills Selling rate Currency notes Travel card Traveller’s cheques Demand draft
United States Dollar (USD) 80.94 80.94 79.45 80.69 80.69 84.58 84.58 85.94 84.36 84.36 84.24

 

 

When a bank displays a card rates for foreign exchange, it may show both the TT buy rate and the TT sell rate. The TT buy rate is the rate at which the bank will buy foreign currency from the customer in exchange for local currency. The TT sell rate is the rate at which the bank will sell foreign currency to the customer in exchange for local currency. The difference between the TT buy and TT sell rates is known as the bid-ask spread, and it represents the bank’s profit margin for facilitating the transaction. The bid-ask spread can vary depending on various factors, such as market conditions, currency volatility, and the size of the transaction. Customers need to understand the Bank’s card rate and the bid-ask spread to make informed decisions about foreign exchange transactions and to minimize the costs associated with such transactions.

 

Do the Forex Card Rate of each bank differ? 

The Fx Card Rates can differ across banks. Each bank sets its own exchange rates based on a variety of factors, such as its cost of acquiring foreign currency, operating expenses, and profit margin. For Example HDFC Bank Forex Rates for USD/INR may differ with ICICI Bank Forex Rates and SBI Forex Card Rates Today.

The differences in Foreign Exchange Card Rates across banks can impact the cost of foreign exchange transactions for customers. Therefore, comparing the fx card rates offered by different banks before making a foreign exchange transaction is essential to get the best possible rate.

 

What is the difference between the Forex Card Rate & Interbank Exchange Rate?

The Forex card Rate vs Interbank Exchange Rate are two different rates used in foreign exchange transactions. The main differences between the two are:

Definition: The Interbank Exchange Rate is the rate at which banks buy and sell currencies with each other in the wholesale market. It is used by banks to settle their transactions and by other financial institutions as a benchmark for pricing their foreign exchange products.

On the other hand, the foreign exchange card rate, refers to the rate derived on a daily basis by bank based on the Interbank Exchange Rate by keeping a substantial margin on buy and sell foreign exchange transactions. Generally the margin loaded in card rate is more than 1 rupee on USD/INR transactions, 2 rupee on EUR/INR transactions and 3 Rupee on GBP/INR transactions. This margin can vary across banks based on their different strategies and other market factors.

Calculation: Numerous economic considerations and market dynamics of supply and demand as well as market dynamics of supply and demand, influence the Interbank Exchange Rate. While the bank’s profit margin, the interbank rate, and any other fees or charges are all included in the Bank’s Card Rate, which is established by the bank.

Spread: The difference between a currency pair’s purchasing and selling rates for a currency pair is known as the bid-ask spread. Due to banks’ high volume of transactions, the spread for Interbank Exchange Rate is normally quite small, with only a few pips. For example the spread between USD to INR IBR rate for hdfc bank forex exchange rates today may be 1 to 3 paisa only. As a result of the bank’s profit margins and other expenses related to supplying retail consumers with foreign exchange services, the gap in Fx card rate is often greater and can range between 1 to 3 Rupees.

Source: Card Rates can be found on specific bank’s website for Example ICIC Bank Forex Card Rates can be found on link available on ICICI Bank’s official website. Whereas Interbank Rates ca be found on the most trusted forex website ibrlive.com.