HMRC exchange rates 2025
Every HMRC monthly period rate published for 2025 — 12 months, around 140 currencies each. These are the rates to use when converting a 2025 transaction for a VAT return, a customs declaration or a correction: the rate that applies is the one for the period the transaction falls in, not the rate in force when the paperwork is done.
The year in the main currencies
High, low and average of the published monthly rates across 2025. HMRC issues each month on its own and publishes no annual summary, so this comparison is ours.
| Currency | Low | High | Average | Spread | Jan → Dec |
|---|---|---|---|---|---|
| AUD | 1.9667 Feb |
2.0949 Sep |
2.0426 | 6.5% | +0.5% |
| CAD | 1.7712 Feb |
1.8773 Oct |
1.8399 | 6.0% | +1.0% |
| CHF | 1.0523 Dec |
1.1406 Apr |
1.0976 | 8.4% | -7.4% |
| EUR | 1.1328 Dec |
1.2106 Jan |
1.1717 | 6.9% | -6.4% |
| JPY | 189.3407 May |
204.8929 Dec |
196.1750 | 8.2% | +4.9% |
| USD | 1.2357 Feb |
1.3647 Oct |
1.3156 | 10.4% | +3.3% |
The widest swing among these was USD, ranging 10.4% between its lowest month (February 2025) and its highest (October 2025). For a business invoicing in that currency through 2025, that is the size of the reporting difference between one month and another on an otherwise identical invoice.
Every month of 2025
Other years
For the month HMRC has most recently published, and an explanation of which rate applies to which tax, see our HMRC exchange rates page. If you are converting money rather than reporting it, the FX calculator shows what a provider's margin costs against the mid-market rate.
Source: HMRC monthly exchange rate files via the UK Online Trade Tariff, under the Open Government Licence v3.0 · Editorial policy