Standard Chartered Forex Rates Explained | How to Save on Transfers

Managing international transactions may be a daily reality for your business. However, more often than not, you may notice how the amount you expect to receive from your customers abroad does not match what actually gets credited to your bank account. The reason for this is hidden spreads and additional fees that most banks, including Standard Chartered, apply. 

In this article, we help you understand what Standard Chartered Bank charges for its forex services so that you can plan your inward and outward remittances or the multi-currency forex card transactions effectively.

The Standard Chartered exchange rates are the rates the bank offers its customers when converting one currency into another. These are commonly referred to as retail rates and are always different from the live mid-market exchange rate benchmark you see on platforms like Google or Reuters. The difference is in the margin or spread that the bank adds to cover its costs and generate revenue.

For businesses, this means the amount received from international clients or the amount paid for overseas transactions is lower or higher than the mid-market rate, depending on the direction of conversion.

Here’s what’s part of the Standard Chartered forex rates: 

• Buying Rate: The rate at which the bank sells foreign currency to customers.
• Selling Rate: The rate at which the bank buys foreign currency back from customers.
• Outward Remittance Rate: The conversion rate applied when sending money abroad.
• Inward Remittance Rate: The rate applied when receiving foreign payments into an Indian bank account.

The Standard Chartered Bank forex rates fluctuate daily and can even change within the day based on global market conditions. Rate sheets are published by the bank every day. 

Beyond the exchange rate, Standard Chartered Bank provides several additional charges that may apply depending on the type of transaction. These include remittance fees, forex card fees, and cross-currency markups. Below are the major categories of charges you may encounter.

1. Inward Remittances

When overseas customers send money to an Indian business account, Standard Chartered applies:

• Exchange rate margin: A spread over the mid-market rate when converting foreign currency into INR.
• Processing fees: Banks may charge a flat inward remittance fee, typically a few hundred rupees, depending on the transaction amount.
• Intermediary bank charges: If the transfer passes through correspondent banks, additional deductions may apply before funds are credited.

Since these charges vary by transaction and region, you should confirm exact fees with your Standard Chartered Bank representative.

2. Outward Remittances

When you send money abroad (for vendor payments, branch office funding, or investments), the following are usually applied:

• Commission on transfer: A percentage of the remittance amount, often around 0.25% to 0.50%, with minimum and maximum caps.
• SWIFT charges: Fixed fees for international transfer messaging, generally between ₹500-₹1,500.
• Exchange rate spread: A margin added to the outward remittance rates, making the effective rate less favorable than the live mid-market rate.
• Regulatory form fees: Charges for processing Form A2 or other compliance documents may apply in some cases.

These rates are not publicly listed in detail, so you should request a breakdown from your branch for clarity before large transfers.

3. Forex Cards

Standard Chartered offers a Multi-Currency Forex Card (SCB) that can be loaded with up to 20 currencies. Charges include:

• Issuance fee: This is usually charged from retail customers and can be waived for premium or corporate customers. 
• Reload fee: Typically free, but may depend on segment.
• ATM withdrawal fee: Varies by currency, e.g., USD $2, GBP £1.25, AED 7.25.
• Cross-currency markup: ~3.5% when spending in a currency not preloaded on the card.
• Replacement fees: ₹199-₹349 depending on customer segment.

Foreign exchange markets fluctuate by the second. Using real-time rates matters because:

• Even a 1% difference in rate impacts large business transfers.
• Rate discrepancies can reduce profitability on exports.
• Businesses comparing the mid-market exchange rate benchmark with bank-quoted rates can detect hidden costs.

The Standard Chartered forex rates differ from the live mid-market rates because the bank adds a margin, also called a spread, to cover operational costs and generate profit. This margin makes the exchange rate Standard Chartered Bank offers less favorable than the market rate you see online. 

For your business, this means lower receivables on inward remittances or higher costs on outward transfers compared to the mid-market exchange rate benchmark.

Effective Rate Example

Imagine your business in India receives a payment of USD 10,000 from a customer in the US. The live mid-market exchange rate benchmark is 1 USD = ₹83.00.

At mid-market rate: You should ideally receive ₹8,30,000.

At Standard Chartered exchange rates: The bank may credit you at ₹81.50 per USD (after applying its margin). That brings your receivable down to ₹8,15,000.

Difference due to exchange rate: You lose ₹15,000 just on the rate markup.

Additional deductions:

• Inward remittance fee (e.g., ₹500-₹1,000).
• Possible intermediary bank charges if the transfer routes through another bank.

Final credit to your account: ~₹8,14,000 (or lower depending on charges).

This means that even though your overseas client sent USD 10,000, the effective amount you can use in India is reduced. The gap between the mid-market rate and the Standard Chartered Bank forex rates directly affects your profitability.

The Standard Chartered Bank forex rates are usually published as daily rate sheets on the official Standard Chartered India website. If the latest rate sheet is not available on the website, it is best to reach out to your nearest Standard Chartered Bank branch directly. This way, you get the most accurate and current Standard Chartered exchange rates before initiating any forex transaction.

Why Xflow is better than Standard Chartered Bank's forex rates

When you compare Standard Chartered Bank’s forex rates and charges with what Xflow offers, you’ll notice several distinct advantages like cost savings, transparency, speed, and smarter decision-making. 

Here’s how Xflow uses FX AI Analyst and Receiving Accounts to deliver a better deal for your business when receiving cross-border payments.

1. FX AI Analyst 

Xflow’s FX AI Analyst is a tool built on advanced machine learning, sentiment analysis, and real-time domestic & global market indicators (like crude oil prices, FPI flows, RBI liquidity actions, macroeconomic releases). It tracks USD/INR trends to help exporters & businesses predict fluctuations and identify favorable windows for conversion. 

Instead of converting funds the moment they arrive, you can use FX AI Analyst to set target FX rates. The system can alert you or execute when your target is hit. This avoids converting at unfavourable rates. 

Even a small improvement over the bank’s margin (e.g., saving 0.1-0.3%) can add up when amounts are large. By using FX AI Analyst, you can capture better, more effective rates beyond what you would get from a bank. 

2. Receiving Accounts

Xflow Receiving Accounts act like virtual foreign currency accounts, enabling your international clients to pay you using a local bank transfer (in their country’s currency). This avoids or minimises intermediary bank fees, which are common when using SWIFT or other international wire transfers. 

You can collect in 30+ currencies, receive from many countries, and then withdraw to your Indian bank (INR or EEFC) with full transparency of FX rates and fees. 

One huge benefit is faster settlements. We ensure the money is in your Receiving Account and you can withdraw it to your business's bank account, typically within 1 business day, with predictable conversion. Also, a free eFIRA (or FIRA) is issued for each withdrawal. 

3. Cost-Effectiveness, Safety, and Convenience Combined

Putting together both FX AI Analyst and Receiving Accounts, Xflow offers:

• Cost transparency: You get rates closer to the mid-market rate, with little or no markup (much lower than typical ~3-4% spreads & hidden correspondent fees with banks).

• Speed: Faster conversion and settlement help with cash flow. When funds arrive fast, you can reinvest or pay vendors sooner.

• Reduced compliance friction: Since Xflow is RBI-approved (in-principle for cross-border payments aggregator) and handles regulatory documentation like eFIRA, the administrative burden is lower. 

While Standard Chartered Bank supplies trusted services and a well-known network, its forex rates often carry significant markups, slower conversion windows, and less predictability. 

In contrast, Xflow gives you tools like the FX AI Analyst to time conversions intelligently, and Receiving Accounts that drastically reduce hidden fees, speed up settlements, and give full transparency over what INR you will actually receive.

If you’re a business in India receiving payments from global customers, switching to Xflow could meaningfully improve your margins and simplify operations.

Sign up with Xflow today, set your FX targets, activate a Receiving Account, and start receiving cross-border payments with clarity, speed, and better rates.