ECB daily reference rate
Published euro reference rates for supported currencies on business days. The ECB does not publish a reference rate for every currency or on every calendar date.
German tax records · foreign currencies
Which exchange rate should you use for a German tax return?
If you receive foreign income in USD, GBP, CHF or another currency, you may need a documented EUR amount for your German tax records. There is no single exchange-rate method for every tax situation. Here is how to distinguish the published rates and keep an auditable record.
Start with the tax context
ECB daily rates, BMF monthly rates and manual rates
Before converting an amount, identify what you are documenting: an income-tax receipt, foreign tax for a credit calculation, a VAT amount or a different accounting item. The legally relevant conversion method may differ.
BMF monthly VAT rate
Official monthly average rates published for German VAT conversion under § 16(6) UStG. They are not a universal default for all income-tax receipts.
Documented manual rate
Where a different exchange rate is appropriate, preserve the rate and the evidence for its source. Whether it is acceptable depends on the particular rules.
Important: A tax-documentation tool cannot determine the correct method for your individual case. If uncertain, ask your tax adviser before using the converted amounts in a tax return.
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Where the distinction matters
What do German tax rules actually say?
Foreign tax credit under § 34c EStG: The German income-tax guidance R 34c generally refers to the ECB euro reference rate on the relevant date, with an express simplification allowing the published monthly VAT conversion rates. That rule concerns the foreign-tax conversion in this specific context; it does not make every income receipt interchangeable between the methods.
VAT under § 16(6) UStG: The BMF publishes monthly average conversion rates for VAT. In certain cases, other daily rates can be accepted subject to the statutory conditions and tax-office approval.
Other foreign income: The applicable income-tax or accounting rules, receipt timing and the nature of the income must be checked separately. The conversion tool documents a selected method; it does not classify income or determine taxable profit.
Official sources: R 34c EStR, § 16 UStG and ECB euro reference rates.
Illustrative example
Why the payment date matters
Imagine you received three payments in US dollars on 15 March, 30 April and 12 June. Each payment has a different receipt date. If a date-specific method is relevant, converting the annual total using one arbitrary rate loses that information.
Example of the data to retain for each payment
Receipt date15 Mar 2025
Original amount1,250 USD
RateRecord actual rate
EUR amountCalculate and save
The example intentionally does not invent a rate. The actual EUR result depends on the relevant method and published or documented rate. A rate published for one currency or date cannot automatically be applied to another.
German income tax generally uses the receipt principle under § 11 EStG in applicable cash-basis cases, but there are exceptions and accrual-based situations. Do not assume the payment date is the legally relevant date in every case.
A useful documentation checklist
How to keep exchange-rate records your adviser can review
For each conversion, retain the original amount and currency, the relevant date, the exchange-rate method, the rate used, its source and the calculated EUR amount. A consistent format makes it easier to explain later how you arrived at your totals.
Foreign Income FX supports ECB daily rates, BMF monthly rates and documented manual rates. It stores entries and performs calculations locally in your browser. Rate lookups may contact a service; your financial entries are not uploaded as part of the normal conversion workflow.
Free handles up to five inflows with CSV import and export. Pro removes that limit and adds XLSX, print/PDF and JSON backup/restore. Neither version submits a tax return or provides individual tax advice.
For a broader walkthrough, read how to document foreign income in EUR for German tax records. For more detail, see our German methodology page and the English BMF monthly rate calculator.
Frequently asked questions
Questions about foreign-currency conversions
Can I use the BMF monthly rate for all foreign income?
No general rule permits that conclusion. The BMF rates are official VAT conversion rates; applicability elsewhere depends on the specific tax provision or simplification.
What if the ECB has no rate for the payment date?
The ECB publishes rates on working days and only for supported currencies. You need to document the date of the rate actually used and verify whether it is appropriate for your case.
Can I share the result with a German tax adviser?
Yes. The export is designed as a traceable calculation record that your adviser can review. It is not a certified tax statement or a substitute for professional judgement.
Turn foreign-currency receipts into a clear EUR record
Start with five entries for free. Need more? See the English Free and Pro comparison before buying.