How much did converting my foreign payment cost?
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Enter all three numbers to see what the payment cost you.
The total includes every deduction between your client and your account: intermediary bank charges, provider fees and the conversion markup. It runs in your browser; nothing is sent anywhere.
Short answer
Divide the rupees credited by the foreign amount sent to get your effective rate.1 Compare that rate with a reference rate for the same day.1 The gap is the total cost of the payment, covering provider fees, intermediary bank charges and the conversion markup together. Your FIRA or bank advice shows the amount and rate actually applied.2
| What you enter | What the calculator shows | How it is worked out |
|---|---|---|
| Amount your client sent, and its currency | Rate you effectively got | Rupees credited divided by the amount sent1 |
| Rupees credited, from your FIRA or bank statement | Total cost versus the reference rate, in rupees | Amount sent times the reference rate, less the rupees credited12 |
| Reference rate on the day, in rupees per unit | Cost as a share of the amount, as a percentage | Total cost divided by the value at the reference rate1 |
The cost of a foreign payment is rarely one fee. Part of it is a visible charge, and part is hidden in the conversion rate. The FX Markup Calculator adds them up by comparing what your client sent with what reached your bank account.
What does the FX Markup Calculator calculate?
The FX Markup Calculator calculates the rate you effectively received on a foreign payment and the total cost of that payment against a reference rate, in rupees and as a percentage.1
| You enter | The calculator shows |
|---|---|
| The amount your client sent, in US dollars, euros, pounds, Australian, Canadian or Singapore dollars, UAE dirhams, Swiss francs or yen | Rate you effectively got, in rupees per unit |
| The rupees credited to you, from your FIRA, FIRC or bank statement2 | Total cost versus the reference rate, in rupees |
| A reference rate for the same day, for example from the USD to INR page, which uses European Central Bank data1 | Cost as a share of the amount, as a percentage |
All three numbers are needed before a result appears.
How does the FX Markup Calculator work out the cost?
The FX Markup Calculator divides the rupees credited by the amount sent to get your effective rate, values the amount sent at the reference rate, and takes the difference as the cost.1
- Effective rate: rupees credited divided by the foreign amount sent.
- Value at reference: foreign amount sent multiplied by the reference rate.
- Total cost: value at reference less rupees credited.
- Cost as a percentage: total cost divided by the value at reference.
For example, say a client sends USD 1,000, your FIRA shows ₹86,500 credited, and the reference rate that day is ₹88.00. The effective rate is ₹86.5000, the value at reference is ₹88,000, the total cost is ₹1,500, and the cost is 1.70% of the amount.12 These figures are illustrative; use your own FIRA and the reference rate for your conversion date.
How do you use the FX Markup Calculator?
You use the FX Markup Calculator by entering three numbers from your payment records and a published rate.
- Enter the amount your client sent and choose its currency, from the client's payment confirmation or your invoice if paid in full.
- Enter the rupees credited to you, from your FIRA, FIRC or bank statement.2
- Enter the reference rate for the same day, for example from the USD to INR page.1
- Read the effective rate, the total cost in rupees and the cost as a percentage.
The calculator links to the rates page for whichever currency you choose.
What does an FX Markup Calculator result mean?
An FX Markup Calculator result is the total of every deduction between your client and you, measured against the reference rate.1
- Provider fee: a fee charged by your payment provider.
- Intermediary charges: charges deducted by intermediary or correspondent banks on a SWIFT transfer.
- Conversion markup: your bank's or provider's margin on the exchange rate.
- GST: any GST charged on conversion.
To see which part is which, compare the amount the provider says it received with the amount converted. See FX markup on export payments and SWIFT transfer charges.
What does the FX Markup Calculator assume, and what does it not cover?
The FX Markup Calculator assumes the reference rate you enter is for the day your money was converted, and that the amount sent is what your client actually paid.1
- Rates used: the reference rate you enter; the European Central Bank publishes rates once each working day, so a conversion made at a different time of day will differ from the reference even with no markup.1
- Taxes included: any GST deducted before the credit is already inside the total cost, without being shown separately.
- Not covered: charges your client paid on their side on an OUR transfer, which are not visible to you.
- Storage: the calculator runs in your browser and does not store anything you enter.
The European Central Bank publishes its reference rates for information only, so treat the result as a way to compare payments and providers.1
What do people get wrong when calculating FX markup?
The most common mistakes when calculating FX markup are using the wrong day's rate and the invoice amount instead of the amount actually sent.12
- Wrong day: a reference rate for a different day can make the cost look larger or smaller.1
- Invoice amount used: if the client paid less than the invoice, use the amount actually sent.
- Headline fee only: a provider's advertised fee leaves out the markup and intermediary charges.
- Credited amount guessed: take the rupees credited from the FIRA or bank statement.2
Checking a few real payments this way shows what each route actually costs.
Which rules should you know about FX markup on export payments?
The points to know about FX markup on export payments are where the reference rate comes from and where the applied rate is recorded.12
- Reference rates: the European Central Bank publishes euro reference rates once each working day, for information only; this site crosses them to the rupee.1
- Applied rate: your FIRA or bank advice shows the amount and rate actually applied, and banks report inward remittance data that DGFT uses for e-BRCs.2
To cut the cost on future payments, see how to reduce forex charges.
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 reference rate should an exporter use in the FX Markup Calculator?+
Use a published reference rate for the day the money was converted. This site's currency pages cross European Central Bank reference rates to the rupee and keep 90 days of history, and the FX Markup Calculator links to the page for the currency you choose.1 Using the same source each time keeps comparisons consistent.
Why is the FX Markup Calculator cost higher than the provider's advertised fee?+
The FX Markup Calculator measures everything between what your client sent and what reached you, including any conversion markup and charges taken by intermediary banks, as well as the fee a provider advertises. A low advertised fee can still leave a large total cost if the conversion rate is far from the reference rate.
Is the European Central Bank reference rate a rate an exporter could have got?+
No. The European Central Bank publishes its reference rates for information only.1 Treat the FX Markup Calculator result as a way to compare payments and providers on the same basis. It is a measure of cost, and gives no right to a refund from your bank or payment provider.
Why does the FX Markup Calculator sometimes show a negative cost?+
A negative cost means you received more rupees than the reference rate implies. The European Central Bank publishes rates once each working day, so a conversion made at a different time can land above the reference even with a markup.1 Check that the reference rate is for the right day.
Where does an exporter find the rupees credited for a foreign payment?+
The rupees credited for a foreign payment appear on your FIRA, FIRC or bank statement for that payment. Banks also report inward remittance data that DGFT uses for e-BRCs.2 Use the figure actually credited to your account after every deduction.
Does the FX Markup Calculator store the payment amounts I enter?+
No. The FX Markup Calculator runs in your browser and does not send or store anything you enter. Refreshing the page clears the numbers, so note the result with the FIRA it relates to if you want a record for comparing providers or payment routes later.
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.
Keep reading
What is the FX markup on export payments, and how do you measure it?
How the exchange rate on a foreign payment hides a cost, how to measure the markup against the mid-market rate, and what banks and platforms publish about it.
PaymentsHow can Indian service exporters reduce forex charges on foreign payments?
Ten checks that cut the cost of receiving foreign payments: charge codes, invoice size and fee structure, EEFC, FIRC fees, purpose codes and the exchange rate.
PaymentsWhat charges apply when you receive a SWIFT transfer in India?
Why a SWIFT wire to India arrives short: sender, correspondent and Indian bank charges, OUR vs SHA, GST on conversion, and six Indian banks' published fees.
RBI and FEMAWhat is the difference between FIRC, FIRA and e-BRC for service exporters?
What FIRC, FIRA and e-BRC are, who issues each, how e-BRC works on the DGFT portal, and which documents Indian service exporters should keep for GST and tax.