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INR 95,212.80
FX rate
INR 95.2128
FX rate comparison
INR 93,564.40
FX rate
INR 93.5644
Which is better, Standard Chartered or Xflow?
For an Indian business receiving international payments, Standard Chartered is a safe and familiar choice, and whether it costs more than Xflow depends on the day's rate and its charges. Standard Chartered receives export payments as SWIFT wires, converts them at its own exchange rate and may add charges such as a per-remittance or FIRC fee plus GST, while intermediary banks may deduct USD 15 to 30 on the way. Xflow converts at the live mid-market rate with 0% FX markup, charges a plan-based fee (from 0.4% to 0.6%, custom from $10,000), settles INR in 1 business day and issues a free eFIRA on every payment.
| Question | Quick answer |
|---|---|
| Which is better for freelancers? | Often Xflow. Fixed bank charges and the FX spread take a large share of small invoices at Standard Chartered, while Xflow's Starter plan ($12 up to $2,000, then 0.6%) keeps costs predictable. |
| Which is better for exporters with large invoices? | Often Xflow. Invoices of $10,000 and above get custom pricing from Xflow, while at Standard Chartered the gap between its exchange rate and the mid-market rate grows with the invoice size. |
| Is Standard Chartered cheaper than Xflow? | It depends. Standard Chartered's visible fee can look small, but the real cost includes the FX spread and any intermediary deductions. Compare both in the live calculator above. |
| Can I use both? | Yes. Xflow settles INR into your existing Indian bank account, including a Standard Chartered current account, so you can keep Standard Chartered for banking and use Xflow to receive payments. |
Why Indian exporters choose Xflow over Standard Chartered
A bank wire can cost more than the fee you see on the advice slip.
FX spread on Standard Chartered conversions
Standard Chartered converts export receipts at its own exchange rate, which sits below the mid-market rate. Xflow uses the live mid-market rate with 0% FX markup, so more INR lands on every invoice.
No guaranteed FX rate on Standard Chartered
With Standard Chartered, the rate is set when the bank converts the funds, not when your client pays. Xflow locks the live rate for 3 hours after payment, so you know the exact INR before you convert.
Layered charges on Standard Chartered wires
A SWIFT receipt into Standard Chartered may carry bank charges such as a per-remittance or FIRC fee plus GST, and intermediary banks may deduct a fee (commonly USD 15 to 30) before funds arrive. Xflow shows its fee upfront on every plan.
Manual matching on Standard Chartered
Standard Chartered receipts usually need matching against invoices, even with a bank feed. Xflow ships native Zoho Books, so every receipt flows into your accounts with tax fields already filled in.
FIRC on request, not automatic
On Standard Chartered, a FIRC is usually issued on request and can take days, sometimes with a fee. Xflow issues a free eFIRA automatically within 24 hours of every payment.
Standard Chartered vs Xflow: complete breakdown
Strong for existing Standard Chartered customers
Established bank with EEFC accounts and a familiar banking relationship. Costs add up through the FX spread and wire charges.
FX spread adds up at scale
Better for regular export invoices
0% FX markup, guaranteed FX rate, local receiving accounts, 1-day INR settlement and free eFIRA on every payment.
Recommended for IT exporters
Feature | ||
|---|---|---|
FX markup | TT buying rate, below mid-market | 0% |
FIRA | FIRC on request, may carry a fee | Free eFIRA |
Transfer fee | Varies by bank, plus GST and intermediary deductions | From 0.4% to 0.6% by plan; custom from $10,000 |
Settlement speed | Typically 2 to 3 business days via SWIFT | 1 business day |
Guaranteed FX rate | Not available | Available |
Currencies supported | Major currencies via SWIFT | 25+ incl. USD, GBP, EUR, CAD, AUD, AED |
Ability to hold foreign currency | Available (EEFC account) | Available |
Zoho Books integration | Varies by bank (bank feeds) | Available |
FX AI Analyst | Not available | Available |
RBI / FEMA compliance | RBI-regulated AD Category-I bank | RBI PA-CB authorised (Feb 2026) |
Local receiving accounts | Usually SWIFT only | Local collection for major currencies |
Support | Branch and relationship manager | Dedicated India onboarding team |
Compare what you pay on each invoice
See how a bank wire into Standard Chartered compares with Xflow's plan-based pricing across invoice sizes.
Bank wire model
Costs come from
Fees + FX spread
Charges are spread across the bank fee, intermediary deductions and the conversion rate, so the true cost is hard to see upfront
| Charge | What applies |
|---|---|
| Inward processing | Varies by bank, plus 18% GST |
| Intermediary banks | Commonly USD 15 to 30 per wire |
| Conversion | Standard Chartered's exchange rate |
Starter plan (Growth and Scale plans also available)
Ideal for invoices from
$500 to $500,000+
Freelancers, SMEs and enterprises, with no transaction limits
| Invoice value | Fees |
|---|---|
| Upto $2000 | $12 flat + Free eFIRA |
| Above $2,000 | 0.6% + Free eFIRA |
| $10,000 and above | Custom rate + Free eFIRA |
What our users say
Xflow’s product has added tremendous value to our customers by simplifying cross border payments and helping save costs. The integ
Tej Mulgaonkar
Director
Xflow helps me collect payments from customers across multiple countries. With Xflow, global payments are simplified and reconcile
Varun
Co-founder
Xflow has helped us improve collections by making it easy for my customers to pay using their local payment methods
Hemant Kumar
WeWork India
I manage my forex operations and hence it was important for me to find a payments partner who could settle into my EEFC account. X
Dhruv
Founder
Xflow has made it super simple for us to go live with Inkle’s specific cross-border payment use case (intercompany transfer pricin
Anand Krishna
CEO & Founder
Xflowpay has built very powerful, robust, and flexible APIs that any organisation can easily consume to launch cross border paymen
Pranav
Head of Forex
I am able to collect payments for invoices to overseas customers seamlessly using Xflow. My customers in US are also able to pay m
Binu
Founder
Xflow's cross-border payment solution complements our core neobank offering. We love the white-labelled nature of the product. We
Saurabh
Founder
Getting started on Xflow was easy - KYC was simple and I could start transacting in less than 24 hours. Now that we have used Xflo
Sandeep
Founder
We leverage Xflow to help our customers collect >$10,000 invoices. We draw a lot of comfort from the fact that Xflow has partnered
Saurabh
Founder
With Xflow, we found a convenient, compliant, cost-effective payment provider to bring funds into India under transfer pricing. Th
Sunil
Founder
Xflow is built for India and engineered for growth
Features a bank wire does not give you. Xflow is built for Indian exporters from day one.
Guaranteed Live FX Rate
Your rate is locked for 3 hours after your client pays, so you know the exact INR before you convert.
FX AI Analyst
An AI-powered assistant that helps you decide when to convert based on market conditions.
Ability to hold funds
Hold your foreign earnings in USD, GBP or EUR and convert when the rate works in your favour.
Local payment rails
Your overseas clients pay to local account details for major currencies such as USD, GBP and EUR, instead of sending a SWIFT wire.
Fully compliant infrastructure
ISO 27001 and SOC 2 certified, with no upper limit on transfer size.
Free FIRA
Auto-generated within 24 hours for every transaction. No branch visits, no extra charges and no delays before your audit.
- 01Exchange rate spread Banks convert export receipts at their own buying rate, which sits below the mid-market rate. On large or recurring invoices, this gap often costs more than the visible fee. Compare the rate you actually get, not just the charge.
- 02Wire and intermediary fees A SWIFT wire can pass through one or more intermediary banks, and each may deduct a fee before funds reach India. Ask your client to use the OUR charge code, or use local receiving accounts to avoid these deductions.
- 03Processing time Bank wires typically take 2 to 3 business days to credit, longer with intermediary banks or around holidays. Payment platforms with local receiving accounts usually settle INR in 1 to 2 business days.
- 04FIRA and FIRC for exports Exporters need a FIRA or FIRC as proof of inward remittance for GST refunds and EDPMS reconciliation. Banks issue a FIRC or e-FIRA, sometimes for a fee, while platforms like Xflow issue an eFIRA automatically.
- 05Purpose codes and KYC Every inward remittance needs the right purpose code, such as P0802 for software services. Both banks and regulated platforms verify your business before releasing funds, so keep your IEC, PAN and GST details ready.
- 06Banks vs payment platforms Banks like Standard Chartered give you a familiar relationship and EEFC accounts. Payment platforms give you the mid-market rate, one upfront fee and faster settlement, so more of each invoice reaches your account.
Who is Xflow built for?
Feature | ||
|---|---|---|
IT / IT Service Exporters | ||
The gap between the bank's rate and the mid-market rate adds up quickly when billing several $5K to $10K invoices each month. | No FX markup, with custom pricing for invoices of $10,000 and above. | |
SWIFT credits typically take 2 to 3 business days or more, which slows cash flow between projects. | 1-day INR settlement. Project revenue lands faster every cycle. | |
Intermediary banks can deduct USD 15 to 30 before funds arrive, so the credit rarely matches the invoice. | Local account details for major currencies. Clients pay like a domestic transfer. | |
Receipts must be matched to invoices by hand from bank statements. | Native Zoho Books integration. Every receipt lands in your books automatically. | |
SaaS & Startups | ||
Monthly recurring invoices each carry an FX spread, plus any bank charges and GST. | Plan-based pricing from 0.4%, with custom rates as ARR grows. | |
No rate guarantee, so the INR from each subscription payment varies with the bank's rate. | Guaranteed FX rate locked for 3 hours after your client pays. | |
Multi-currency receivables arrive as separate SWIFT wires, each priced at the bank's rate. | 25+ currencies with live mid-market conversion. | |
Reconciling SWIFT credits across billing cycles is manual work for the finance team. | EEFC support. Hold foreign currency and convert at the right moment. | |
Freelancers & Agencies | ||
Fixed bank charges eat a large share of small invoices. On a $500 invoice, fees and spread take a noticeable share. | Starter plan: $12 up to $2,000, then 0.6%. More of every invoice reaches your bank account. | |
Branch visits or calls are often needed to classify receipts and request documents. | 1-day INR settlement with documents ready in your dashboard. | |
US clients paying by wire pay their own bank fee too, which can make you harder to pay. | US clients can pay via ACH to local account details, like a domestic transfer. | |
The rate is set when Standard Chartered converts, so the INR can differ from what you expected at invoice time. | EEFC account support. Hold USD or GBP and convert when the rate suits you. | |
Platforms & Marketplaces | ||
FIRCs are issued per account, not per vendor, which creates compliance gaps on marketplaces. | Per-vendor eFIRA auto-generated within 24 hours. Compliance handled at the infrastructure level. | |
FX spread on every payout erodes platform margins as volumes grow. | No FX markup, with custom pricing as volume scales. | |
Frequently asked questions
We're making the headlines
"Xflow, an Indian fintech startup, has secured backing from both Stripe and PayPal Ventures in a $16.6 million funding round. The investment comes as the company works to carve out a position in cross-border B2B payments, a market still dominated by banks and manual processes.
"Xflow, a leading cross-border payments fintech, today announced the launch of its new flexible, flat-fee pricing plans designed specifically for India's small and mid-sized exporters. "
"Indian exporters can now focus on growth while Xflow handles complex payment documentation Bengaluru, Karnataka, India (NewsVoir) Xflow today announced the launch of Compliance Desk, a managed service that allows Indian exporters to outsource the complex compliance requirements tied to cross-border payments.
“Xflow, a Bangalore-based fintech specialising in cross-border payments, has received in-principle approval from the Reserve Bank of India (RBI) to operate as an online Payment Aggregator for Cross-Border transactions. ”
"Xflow, a financial services and infrastructure company, simplifies the cross-border payments experience for businesses.
"Xflow has made it super simple for us, it handled our needs, volumes and edge cases quickly, seamlessly and compliantly," said Anand Krishna, CEO and Founder of Inkle
"Xflow is designed to help businesses send and receive cross-border payments in a compliant and regulatory manner - from freelancers to small and medium enterprises all the way