Customs exchange rate
Also called: rate of exchange for customs
The official rate used to convert invoice prices in foreign currency into the local currency for duty calculation. The EU publishes monthly rates based on the European Central Bank, the UK publishes monthly HMRC rates, Türkiye uses Central Bank rates from the day before registration of the declaration, and the US uses rates certified by the Federal Reserve Bank of New York.
In practice
Large consignments invoiced in volatile currencies can see a different duty bill depending on the declaration date.
EU
Türkiye
USA
UKRelated terms
- Customs value
- The value of imported goods on which ad valorem duties are calculated. Almost all countries follow the WTO Customs Valuation Agreement, under which…
- Customs declaration
- The act by which a person indicates, in the prescribed form, the customs procedure to be applied to goods and provides the data needed to apply it,…