How to deal with currency issues in Horizon Europe projects

The project budget presented in your proposal is in euro. The EC grant is also in euro. For beneficiaries in the euro area, everything is straightforward. However, if you are in a non-euro area member country, you may find the following tips relevant.

Bank account in euro

Currency exchange losses are not eligible. If the EC makes the payment in euro and your bank account is in a different currency, you will have to pay some commission charges. The amount can be significant, and you will have to cover it with your own resources.

To avoid this situation, it is advisable to open a bank account in euro to receive the grant. It is better to do this before signing the Grant Agreement with the EC.

Internal accounting

To register the costs in your books, you need to follow your national accounting practices. Unless you have a multi-currency system, expenses should be first registered in your national currency. Conversion into euro is done as a following step to report the costs to the EC.

Reporting to the EC

The financial statements must be presented in euro. Therefore, if your general accounts are in another currency, you must convert the costs into euro. What exchange rate should be used? The average of the daily exchange rates published in the C series of the Official Journal of the European Union (ECB website), calculated over the corresponding reporting period.

So, what to do if you spend in euro but your accounting is in a different currency, and eventually you need to report in euro? For these and any other questions, do not hesitate to contact us at