Which rate for customs value?
When the elements of customs value are expressed in a currency other than the euro, they are converted at the reference rate published by the European Central Bank on the penultimate Wednesday of the month. That rate applies from the first to the last day of the following month (Article 146 of Implementing Regulation (EU) 2015/2447).
What counts is the rate in force on the date the declaration is accepted, not the rate on the invoice or payment date.
How the rate is set
- Euro reference rates published by the ECB every working day at around 16:00 Frankfurt time
- The rate used is that of the penultimate Wednesday of the month; if no rate was published that day, the last one published before
- It applies for the whole following month, regardless of market movements
- In Czechia, Denmark, Hungary, Poland, Romania and Sweden, customs use the rates published by the national authority
- For a currency the ECB does not publish, each Member State sets the rate to use
And import VAT?
Import VAT is calculated on the customs value plus duties and certain costs. Amounts in foreign currency are converted under the same rules as customs value (Article 91 of the VAT Directive): one rate per month for both calculations.
What the tool does not do
Converted amounts are rounded estimates: the customs declaration and the customs assessment prevail. For the full customs value, with freight, insurance and duties, use the customs value calculator.
Frequently asked questions
Which exchange rate should I use for a customs declaration?
In the euro area, the reference rate published by the ECB on the penultimate Wednesday of the previous month, valid for the whole month. It is the same in the 21 Member States that use the euro.
Why does this rate differ from today's rate?
Because it is set once a month: customs do not apply the market rate on the day of the declaration, but a rate known in advance and identical for the whole month. The gap with the market can reach a few per cent.
Does the invoice date matter?
No. The applicable rate is that of the month in which customs accept the declaration, whatever the invoice or payment date.
When are next month's rates known?
From the penultimate Wednesday of the month, once the ECB publishes them at around 16:00. The page then shows them next to the current month's rates.
Is your file ready?
Check it for free in a few minutes, before you prepare your declaration.