EU projects: How to deal with the conversion between the euro and other currencies

EU grants are calculated and paid in euros. However, in the framework of a transnational partnership you may have to work with partners from non-members countries of the Eurozone or the European Union.

The rate used to convert currencies is defined by the European Commission. The monthly rate is available on this website.

As the rate may vary you need to update the conversion between the currencies at each step of the EU project:

1) Bid preparation

During project costing, you need to estimate the costs for project implementation. You have to use the rate for the month where the budget is prepared.

2) Grant Agreement

It has been months between project costing and bid submission, and the grant award decision. You need to update the conversion between the currencies by using the rate for the current month. Partners outside the Eurozone or the EU will have an idea of the amount of the grant they are awarded. 

3) Project implementation

Every project expenditure incurred by a partner outside the Eurozone or the EU must be converted by using the rate for the current month.

As a reminder, Eurozone countries are: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain.

Source: Good Practice on Project Development and Management – Second edition, April 2016