Bank of Baroda Forex Rates Explained | How to Save on Transfers

Paying or getting paid internationally means conversion of currencies, say, dollars to rupees or vice versa. And for freelancers and businesses, such forex conversions are even more regular. Traditional banks like Bank of Baroda hold a significant market share in total forex conversions.

In this article, we’ll simplify the explanation of how Bank of Baroda forex rates work, their structure and charges. We’ve also included a cost and features comparison of new-age platforms like Xflow, compared to Bank of Baroda, to determine which option offers a better package overall. 

Founded on July 20, 1908, by the Maharaja of Baroda, Sayajirao Gaekwad III, in the princely state of Baroda, in Gujarat, Bank of Baroda has grown to be a banking behemoth in India, holding its position as India's second-largest public sector bank, with a significant global presence. It has branches in 24 countries besides India. 

Bank of Baroda updates its daily indicative forex exchange rates for many currencies. USD, GBP, EUR, AUD, etc. are just some examples. Bank of Baroda exchange rate depends on the currency pair, the amount you want to exchange, and the country you are transacting from.

Take, for example, in the USA, as of September 2025, Bank of Baroda’s USD to INR rates depend on the size of the transfer: 

• For amounts below $5001, the rate is 87.35 INR for 1 USD
• For amounts from $50,001-$100,000, the rate improves to 87.50 INR for 1 USD

In short, the more you transfer, the better rate you’ll get. However, keep in mind that these rates are just indicative. They’re subject to change depending on market movements and various other factors.

A Telegraphic Transfer (TT) is a term that refers to moving money from one bank account to another, in different countries and involving different currencies. 

TT buying and selling rates refer to the exchange rates used by a bank for international transfers. 

• TT buying (TTB) rate: The rate at which a bank converts foreign currency it has received (such as a remittance sent from abroad) into the recipient's local currency (e.g., INR) is called the TT buy rate. 

• TT selling (TTS) rate: This rate is used when a customer sends their local currency (e.g., INR) out of the country, and the bank converts it into a foreign currency.

Forex rates fluctuate daily, with corresponding Buy/Sell rate spreads. For example, on 22 Sept 2025:

• USD TT sell rate: 88.58 INR
• USD TT buy rate: 87.71 INR

Bank of Baroda’s foreign exchange rates as per the latest data are: 

USD/INR

Exchange rate applicable for 9/18/2025

GBP/INR

Exchange rate applicable for 7/10/2024

Bank of Baroda forex card

Bank of Baroda offers a TravelEasy Forex Card for people who are travelling abroad. You may be headed out whether for a holiday, studies, or work trip. Bank of Baroda allows you to carry this card instead of carrying bundles of cash or paying high charges on your regular debit/credit card.

This prepaid card lets you load foreign currency in advance and spend overseas with ease. It locks in the exchange rate, keeps your money safe, and works just like a normal card at shops, ATMs, and online.

Its primary features include:

• Multi-currency card (USD, GBP, EUR supported)
• No impact of future currency fluctuations, as it gets pre-loaded at fixed exchange rate
• Visa Platinum EMV chip for secure payments worldwide
• Usable at ATMs, POS terminals, and online merchants accepting Visa
• 3 years validity and can be reloaded multiple times (subject to FEMA limits)
• Balance check, reload, and transaction alerts via mobile app
• Safer than carrying cash; can be blocked/replaced if lost

Bank of Baroda forex card rates

Real-time foreign exchange, or forex for short is a global marketplace where currencies are traded. The stock markets have open and close timings. In contrast, the forex market operates 24 hours a day, five days a week. That’s why currency can be traded at any time of the day, and operations keep continuing.

FX rates keep changing due to a lot of factors, like:

• Changes in geopolitical circumstances, political stability among different countries
• Economic factors (GDP growth, changes in fiscal/monetary policies, interest rates, inflation rate, etc.)
• Market sentiment 

Real-time forex rates are important because they show the most current market prices at which currencies can be exchanged. Based on such latest figures, businesses, traders, and investors make informed decisions.

It’s crucial to them because:

• It enables traders to react faster to market changes, book more profits and avoid losses 
• Businesses use such real-time FX rates to better plan their pricing/hedging tactics. Ultimately, helping them create appropriate budgets and manage cash flow.

If such significant decisions would be made on basis of outdated information, many market opportunities will be missed. It will ultimately hamper the profitability, compromise with financial reporting and bring down the economic growth altogether.   

Traditional banks, like Bank of Baroda usually set their forex rates with an included markup (varies bank-to-bank) over the interbank (mid-market) rates to cover their operational costs and earn revenue. 

Banks need to cover their operating expenses, such as infrastructure, staff, and the cost of managing foreign currency, and still make a profit. This markup on the market rate is called “Spread.” 

You might see on online platforms or news sites the market rate being shown. That is the mid-market rate. Mid-market rate in the wholesale currency market, is the middle ground between the highest price a buyer is willing to pay (bid) and the lowest price a seller is willing to accept (ask) for a currency. 

Banks sell currency at a slightly higher rate (offer rate) and buy it at a slightly lower rate (bid rate). The difference between these two rates is bank’s profit. 

So, this is how the bank makes a profit from currency conversion. But it reduces the value a customer receives per unit of foreign currency. 

Real Effective Exchange Rate (REER), often represented as an index number, is the weighted average of a country's currency compared to a basket of other currencies. It helps determine a country's currency value relative to currencies of its major trading partners. 

The effective rate is the real price you pay after including all extra costs like service fees or commissions when exchanging currency. 

For example, a bank might say the exchange rate is 87.40 INR for 1 USD, but after adding fees and other charges, you might end up paying 87.83 INR for each dollar. 

REER gives you a clear picture of the international competitiveness of your country’s currency. It factors in inflation differences to show how the value of one country's currency holds up against its key trading partners. 

BoB’s forex rates are indicative, and they change daily. So, keep an eye out on their website to check current rates before making any transaction. 

To check Bank of Baroda exchange rate, you can use any one of the following ways:

• Simply search for "Bank of Baroda forex rates" in the search bar. Click on the website link that pops first. 
• Visit their official site: Go to bankofbaroda.bank.in. and look for a section called “Forex Card Rates” to find the specific currency you are interested in. 
• Visit/Contact your nearest Bank of Baroda branch if you’re transacting big amounts. 

Xflow is a smarter alternative to traditional banks, offering a plethora of advantages and features like:

• Mid-market rates: Xflow offers mid-market FX rates with no hidden markup fees, providing more transparency, reduced risk of currency fluctuations, and improved savings. In fact, you can save up to 50% on FX costs with Xflow. 

• Locked forex rates: Xflow allows you to lock the current foreign exchange rate for up to 45 days, helping your business avoid market volatility. 

• Better compliance: To ensure that your business remains compliant with the latest RBI regulations and FEMA norms, Xflow also offers free e-FIRA. 

• RBI-Authorized: Our partners are RBI-Authorized banks, ensuring the complete safety of your funds during receipt. 

• Fast settlements: Xflow settles payments much faster than traditional banks. You can improve your business’s efficiency with our 1-business-day, fast payment settlement.

• A 100% digital workflow: If you’re tired of visiting physical bank branches, waiting for hours in queues, Xflow is your saviour, thanks to our fully digital workflow.

• Third-party integration: Xflow can easily integrate with your invoicing tools, CRM software, and account systems, like Zoho Books, ensuring smooth transactions across borders.

Here’s a bird’s-eye view of the cost and feature comparison of Xflow and Bank of Baroda:

Even though traditional banks may be the go-to option for forex conversions, many new-age platforms are now offering better FX rates, which can be locked for future transactions, ensuring that your actual earning potential is realised. 

Xflow is one such platform. We offer multi-currency receiving accounts at mid-market FX rates with no hidden fees or markup. Our pricing is transparent and better than Bank of Baroda, amongst many others in the pool of traditional banks. 

We partner with RBI-authorised banks and are powered by JPMorgan Chase, so you can be sure that your fund transfer lies in responsible hands. With free eFIRA, same-day payment settlements, and third-party integration, Xflow is becoming a business’s go-to payment solution. Sign up with Xflow today!