Can I use the exchange rate I actually received when I exchanged from pounds to euro?
I have read lots of questions about exchange rates and am still in need of clarification I’m afraid!
I invoice my UK customers in pounds sterling, and they pay into a UK ‘TransferWise’ account. I then use ‘TransferWise’ to transfer/exhange the money from UK pounds to Euros and then transfer that exact amount into the seperate French bank account I use solely for my AE work.
It seems I am supposed to use the following monthly rates: https://www.banque-france.fr/statistiques/taux-et-cours/les-taux-de-change-salle-des-marches/parites-fin-de-mois . And then to keep a column of the difference from the day of the invoice to the day money was received.
I want to be sure that I am not able to use the actual rate used in TransferWise on the day I made the transfer. This would be useful as it is the amount that will be shown in my bank statements.
If I need to use the daily rates that’s not a problem. (In case you know, I would also be interested to know if there’s a reason why these are used rather than the actual amount received!) .
Many thanks
J