HMRC exchange rates for May 2025

Where May 2025 sits in the run of rates

Sterling bought €1.1680 in May 2025. That is the lowest of the 12 months to May 2025. Against May 2024 (1.1714), that is -0.3%.

For US dollars the month's rate was $1.3271 , up 6.5% on May 2024, against a 12-month range of 1.2357 to 1.3271.

Comparisons across months are ours: HMRC publishes each month on its own.

What moved most against sterling

Compared with April 2025, across the currencies UK businesses actually trade. A positive figure means sterling bought more of that currency in May 2025 than the month before; a negative figure means it bought less.

Deliberately limited to widely traded currencies. Ranking all ~140 by size of move fills the table with redenominations and revaluations rather than market movement — when Croatia adopted the euro in January 2023, for instance, the Croatian kuna's published figure changed by 87% without any exchange rate moving at all.

All 142 rates for May 2025

Using this month's rate

Worked example. An invoice for USD 10,000 dated in May 2025, at that month's rate of 1.3271, converts to £7,535.23 (10,000 ÷ 1.3271). Because the rates are units per £1, you divide rather than multiply — the most frequent error in practice.

HMRC's period rate is an accepted method for VAT; VAT Notice 700 also permits the European Central Bank rate or a rate agreed in advance with HMRC, provided you apply your chosen method consistently. For the current month, the background on which rate applies to which tax, and the full explanation, see our HMRC exchange rates page.

If you are paying rather than filing, this is not the rate you will get: that depends on your provider's margin against the mid-market rate. The FX calculator shows the difference, and the IBAN checker validates the account before you send.

Other months

All of 2025 →  ·  Every year →

Source: HMRC monthly exchange rate file via the UK Online Trade Tariff, under the Open Government Licence v3.0 · Retrieved 31 August 2026 · Editorial policy