Glossary

What is a card rate in foreign exchange?

Author:: Editorial team, serviceexportguide.com
Verified by:: Editorial team
Published: 28 October 2026
Last modified: 30 October 2026
Reading time: 4 min read

Short answer

A card rate is the exchange rate a bank publishes on its rate card for the day.¹² It lists buying and selling rates for each currency.¹² The rates differ by form of transaction, such as telegraphic transfers (TT), bills, currency notes and forex cards.¹² ICICI Bank says its card rates apply to forex transactions up to USD 25,000 or equivalent.¹

Full form	Governed by	Who needs it	Where it is used	Related terms
Card rate (a bank's published forex rate card)	Each bank sets and publishes its own card rates, which it describes as indicative¹²	Exporters whose bank converts foreign receipts to rupees	Bank conversion of inward wires, usually at the TT buying rate¹²	TT buying rate, mid-market rate, FX markup, FIRA, forward contract

The card rate is the rupee price your bank puts on a dollar, euro or pound on a given day. For an Indian freelancer or agency, it decides how many rupees land in your account when a foreign payment is converted by the bank.

What does a card rate mean in simple words?

A card rate is the list of exchange rates a bank publishes for the day, with different buying and selling rates for each currency and each type of transaction.¹²

Buying side: ICICI Bank's page has columns for TT buying, bills buying, currency notes and forex prepaid card, with matching selling columns.¹
Other banks: Bank of Baroda's card rate table shows TT sell, bill sell, TT buy, bill buy, traveller's cheque and currency note rates.²
For exporters: the relevant figure is normally the TT buying rate, the rate at which the bank buys foreign currency that arrives by telegraphic transfer. See TT buying rate.

Why does a card rate matter for Indian exporters and freelancers?

A card rate matters for Indian exporters and freelancers because it is the default exchange rate your bank applies when it converts a client's payment to rupees, unless you have agreed a different rate.

Conversion cost: a card rate includes the bank's margin, so it affects your rupee receipt even if the bank charges no separate fee.
Records: the bank's credit advice or FIRA usually shows the rate applied, so you can check it against the card rate for that day.
Size: ICICI Bank says its card rates apply to forex transactions up to USD 25,000 or equivalent; above that, customers are directed to a forex branch or their relationship manager.¹

How does a card rate work?

A card rate works as an indicative, time-stamped price that the bank updates with the market.

Indicative: Bank of Baroda says all its published rates are indicative and change with the market, and its table carries a time stamp.²
Size limit: ICICI Bank's card rates apply up to USD 25,000 or equivalent.¹
Date check: ICICI Bank asks customers to contact a branch if the date shown on its page does not match the current date.¹

The rate on the card can differ from the rate at the time your payment is actually converted.

How do you check a card rate against your own conversion?

You check a card rate by comparing the bank's TT buying rate with the mid-market rate at the same time.

Note the TT buying rate: take the bank's TT buying rate for your currency and its time stamp.
Note the mid-market rate: take the mid-market rate at the same time.
Work out the markup: divide the difference by the mid-market rate to get the markup as a percentage.

For example, a content writer in Lucknow who receives a dollar wire can run these three steps on the day of credit and compare the result with the rate shown on the bank's credit advice. Ways to ask for a better rate are in negotiating FX rates with your bank.

What is the difference between a card rate and the mid-market rate?

A card rate includes the bank's margin, while the mid-market rate is the midpoint between buying and selling prices in the wholesale market. Banks set their own policies on negotiated rates; ICICI Bank, for instance, routes transactions above USD 25,000 to a forex branch or relationship manager.¹

Rate	What it is	Includes a bank margin	Best for
Card rate (TT buying)	The bank's published rate for buying currency received by wire	Yes	Checking what your bank applied
Mid-market rate	The midpoint between wholesale buying and selling prices	No	A benchmark for measuring markup
Negotiated rate	A rate agreed with the bank for a transaction	Depends on the bank	Larger or regular receipts

The difference between the rupees you would get at the mid-market rate and at the card rate is your real conversion cost. See mid-market rate and FX markup on export payments.

What do people get wrong about card rates?

People most often compare a bank's card rate with the rate on a search engine, which is usually a mid-market rate.

Search engine rates: rates shown on search engines and news sites are usually mid-market rates, and a bank's buying rate is below them.
One rate all day: card rates are time-stamped and change with the market.²
Any amount: ICICI Bank's card rates apply only up to USD 25,000 or equivalent.¹
No fee, no cost: the margin inside the card rate is a cost even when no fee is shown.

These terms come up alongside the card rate when a foreign payment is converted.

TT buying rate: the card rate column that applies to incoming wires.
Mid-market rate: the wholesale midpoint used as a benchmark.
FX markup: the gap between the rate you get and the mid-market rate.
FIRA: the advice that shows the rate applied to a receipt.
Forward contract: a way to fix a future conversion rate with a bank.

How did we verify this?

We checked this page against the sources below on 30 October 2026. Read our methodology or report an error.

Frequently asked questions

Which card rate applies when I receive a foreign payment?+

For a wire into your account, banks normally use the TT buying rate, the card rate at which the bank buys foreign currency received by telegraphic transfer. Both ICICI Bank and Bank of Baroda publish a TT buying column on their card rate pages.¹²

Can I get a better rate than the card rate?+

You can often get a better rate than the card rate for larger amounts. ICICI Bank says its card rates apply up to USD 25,000 or equivalent and directs larger transactions to a forex branch or relationship manager.¹ Ask your bank whether it offers negotiated or preferential rates.

Do card rates change during the day?+

Card rates change during the day. Banks time-stamp their card rates; Bank of Baroda showed rates as at 11:40 AM on 28 October 2026 and says they will change as per the prevailing market.² Note the time stamp when you compare a bank's card rate with another rate.

Which columns does a bank's card rate table show?+

ICICI Bank's card rate page has columns for TT buying, bills buying, currency notes and forex prepaid card on the buying side, with matching selling columns.¹ Bank of Baroda's table shows TT sell, bill sell, TT buy, bill buy, traveller's cheque and currency note rates.²

Where can I see the exchange rate my bank applied to my export receipt?+

The bank's credit advice or FIRA for an export receipt usually shows the exchange rate applied. Compare that rate with the bank's card rate for the same day and time to see whether you received the card rate or a negotiated rate, and to work out your conversion cost.

This page is general information for Indian service exporters, not tax or legal advice. Rules change and outcomes depend on your facts, so confirm with a chartered accountant before acting.

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