Currency codes

Currency codes are essential for determining customs value. The European Commission publishes monthly reference exchange rates used to convert values during customs operations.

ISO 4217 standard

Each currency is identified by a 3-letter alphabetic code and a 3-digit numeric code in accordance with the ISO 4217 standard.

Main currencies for international trade

Customs exchange rates

The European Commission publishes reference exchange rates monthly in the Official Journal of the European Union. These rates are mandatory for:

• Converting the customs value when the invoice is in a currency other than euro
• Calculating customs duties and import VAT
• Statistical thresholds for Intrastat declarations

Conversion rules

1. The applicable rate is the one published for the second-to-last Wednesday of the month preceding the declaration
2. The rate remains valid for the entire following month
3. If the rate variation exceeds 5%, the new rate applies immediately
4. For EU countries outside the eurozone, the national conversion rate applies

Conversion example

Invoice: 10,000 USD
Published EUR/USD rate: 1.0850
Customs value: 10,000 / 1.0850 = 9,216.59 EUR

EU currencies outside the eurozone