YES Bank Forex Rates Explained | Cards, Remittance & Fees

Introduction

Have you ever received a payment from a customer abroad and been left wondering, "Where did the rest of my money go?". The culprit in this case is often the bank's exchange rate.

Yes Bank, like most other banks, applies its own conversion rate that is lower than the mid-market exchange rate you see on other financial platforms. If you are a business that handles regular international transactions, these differences can add up to substantial losses.

In this article, we help you understand Yes Bank's forex rates and charges, so that you can calculate and plan your receivables accurately.

Understanding Yes Bank Forex Rates

A forex rate is the value of one currency in terms of another. For a bank like Yes Bank, the forex rate you are offered for converting currency, such as a USD payment from a client abroad into INR for your business, is not the same as the live, interbank "mid-market" rate.

The bank's rate is a card rate that includes a markup or spread, which is the bank's profit margin. This is why the rate you see on Yes Bank's platform will be different from the live rate you see elsewhere.

Beyond the exchange rate markup, Yes Bank may also apply additional charges for various forex services.

For instance, while inward remittances are often free of a specific fee, other services like an outward remittance (sending money abroad) or using a forex card can incur separate service charges, commissions, and a cross-currency fee. These charges, along with the exchange rate markup, form the total cost of your transaction.

Yes Bank Forex Charges

Like most banks, Yes Bank's forex rates are only part of the overall cost of a transaction. Businesses and individuals also need to account for service fees, commissions, and card-related markups.

1. Inward and Outward Remittances

Yes Bank maintains a relatively simple schedule for remittance services. Yes Bank does not levy charges for inward or outward foreign currency remittances. This means businesses receiving payments from customers abroad or sending payments abroad are not charged by the bank directly. However, intermediary or correspondent banks involved in the transfer may still deduct their own fees before the money reaches or leaves your account.

If a transaction is executed without Yes Bank earning an exchange margin (for example, in cases where the foreign currency proceeds are not converted), a commission of 0.125% of the bill amount, subject to a minimum of ₹1,000, is charged.

Standard compliance documents like FIRC (Foreign Inward Remittance Certificate) and e-BRC (Electronic Bank Realisation Certificate) are issued free of charge, while courier or handling charges are billed at actuals.

2. Forex Travel Cards

Yes Bank also offers multi-currency travel cards that businesses and individuals can use for international travel or cross-border spending.

Issuance, reload, and refund Fees are set at ₹0, making the card convenient to start and maintain. Refund requests for unused balances are processed without a fee, though standard GST on conversion still applies.

Transactions made in a currency not preloaded on the card attract a 3.5% markup fee on the transaction value. This is a standard charge across most banks and can significantly add to costs for frequent travelers or cardholders making unplanned purchases in non-loaded currencies.

The BookMyForex-linked Yes Bank travel card specifies charges like USD 2 per withdrawal in the US, with similar equivalent fees in other currencies. POS and e-commerce transactions are free when made in a preloaded currency.

Why real-time forex rates are important

Foreign exchange markets move every second, and even small rate changes can affect large business transfers. A difference of 0.5-1% between the live mid-market rate and the Yes Bank forex rates can mean thousands of rupees lost on a single transaction.

Why do Yes Bank's rates differ from market rates

The Yes Bank exchange rate rarely matches the mid-market rate you see online or in financial data sites. This is because Yes Bank, like other banks, adds a margin or spread over the live rate to cover operational costs and generate revenue. In addition to this markup, commissions, cross-currency fees, and service charges apply depending on the transaction type, making the effective rate less favorable than the published benchmark.

Effective rate example

On 19th September 2025, the live mid-market USD/INR rate on Google was ₹88.18. At the same time, the Yes Bank USD conversion rate was published as ₹87.43.

If your business receives USD 10,000:

At the mid-market rate, you should ideally get ₹8,81,800.
At Yes Bank's rate of ₹87.43, you would receive ₹8,74,300.
The result is a shortfall of ₹7,500 purely due to the exchange rate markup.

This means Yes Bank's applied rate is about 0.85% weaker than the mid-market benchmark. This can affect your profitability if you are receiving large amounts.

How to check Yes Bank forex rates

The Yes Bank forex rates are published daily on the official Yes Bank website. These rate sheets provide updated buy and sell rates for major currencies.

However, they may not always reflect the latest mid-market movements. If you cannot find the current rates online or need confirmation for a large transaction, it is best to contact your nearest Yes Bank branch or your relationship manager directly.

Why Xflow is better than Yes Bank forex rates

When you compare Yes Bank's forex rates with what Xflow offers, the difference is quite noticeable. Yes Bank applies a margin of around 0.5-1% below the mid-market benchmark, along with service charges and cross-currency fees. For a business handling frequent transfers, these costs add up quickly.

With Xflow, you get transparent pricing directly linked to the mid-market exchange rate, with no hidden spreads. You see the exact INR that will land in your account before initiating a transaction. Using our tools like the FX AI Analyst, you can set smart conversion targets and avoid converting at unfavorable rates.

Xflow's Receiving Accounts also reduce intermediary bank charges by letting your customers pay through local transfers in their own currency. Settlements are typically completed within one business day, with an automatic eFIRA issued for compliance. Backed by global banking partners like JP Morgan, and certified under ISO 27001 and SOC 2, Xflow provides both security and reliability for international payments.

In Conclusion

Yes Bank offers a wide range of forex services for businesses, including remittances, trade finance, and forex cards. However, the Yes Bank exchange rate almost always carries a markup against the live mid-market rate, leading to reduced receivables for exporters and higher costs for outward payments.

By switching to Xflow, you can save on conversion costs, cut down on delays, and simplify compliance, all while knowing exactly how much money will reach your account.

Frequently asked questions

In addition to the exchange rate markup, Yes Bank may apply service charges, commissions, and a cross-currency fee for specific forex services. While inward remittances are free of a specific fee, they still attract commissions, and an exchange rate markup is applied.

Yes Bank publishes its forex card rates daily on its official website. For large business transactions or for the most up-to-date rates, it is recommended to contact your nearest Yes Bank branch or your relationship manager directly.

Yes, transactions such as outward remittances may require supporting documents like invoices, Form A2, or Bill of Entry, depending on the purpose of transfer, in line with RBI regulations.

The main benefit of a service like Xflow is transparent pricing with no hidden spreads. Unlike banks, which apply a markup, Xflow's pricing is directly linked to the mid-market exchange rate. This helps you save on conversion costs and know the exact amount you will receive.