USD to EUR for business payments
To pay a supplier in the euro area, convert US dollars to euros (EUR) and pay the supplier's IBAN, either by SEPA from a euro account or by SWIFT from a dollar account. The cost is the margin over the mid-market rate plus the payment fee, and a SEPA payment from a euro balance usually costs less than a SWIFT wire. This page is for businesses outside Europe paying European suppliers: the reference rate, the details, the costs and when dollars are the better choice.
- The euro is the currency of 21 European Union countries, including Bulgaria, which joined the euro area on 1 January 2026, according to the European Central Bank.
- The ECB publishes euro reference rates at around 16:00 CET every working day except TARGET closing days, for information purposes only, and strongly discourages using them for transactions.
- An IBAN can run to 34 characters, with only the first four fixed: a two letter country code and two check digits; a German IBAN has 22 characters.
- Under the EU Instant Payments Regulation, instant euro transfers must reach the payee within 10 seconds, and since 9 October 2025 euro area providers must offer payers a free check that the IBAN matches the payee's name.
- Helm gives eligible companies outside the UK and the European Economic Area EUR account details with an IBAN for SEPA and SWIFT, with pricing agreed in writing before the account opens.
The euro and its reference rate
The European Central Bank (ECB) is the central bank for the euro (code EUR), the currency of Austria, Belgium, Bulgaria, Croatia, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain, as the ECB lists them. Bulgaria is the most recent member, from 1 January 2026.
The ECB does not set a rate at which you can deal. It publishes euro foreign exchange reference rates at around 16:00 CET every working day, except on TARGET closing days, based on a daily concertation procedure between central banks that normally takes place around 14:10 CET. The ECB states that the reference rates are published for information purposes only and that using them for transaction purposes is strongly discouraged. Your bank or provider quotes its own rate, and the reference rate is a fair yardstick for checking it after the fact.
| Item | Euro |
|---|---|
| Currency and code | Euro, EUR |
| Central bank | European Central Bank (ECB) |
| Countries | 21, including Bulgaria from 1 January 2026 |
| Reference rate | ECB euro reference rates, around 16:00 CET each working day; for information only |
| Account number | IBAN, up to 34 characters; 22 in Germany |
| Bank code | BIC (SWIFT code), up to 11 characters |
| Domestic euro rails | SEPA Credit Transfer and SEPA Instant |
Sources: ECB, euro foreign exchange reference rates; Deutsche Bundesbank, the technical standard in SEPA; Taylor Wessing, Instant Payments Regulation. As published on 29 October 2026.
SEPA or SWIFT: two ways to pay euros
SEPA, the Single Euro Payments Area, is the set of euro payment schemes in which payers and payees are identified by IBAN and BIC instead of domestic bank codes, as the Deutsche Bundesbank explains. A SEPA payment is sent from a euro account inside the scheme. A US bank account sends euros by SWIFT instead, the international network banks use for cross-border payments, often through correspondent banks.
| Point | SEPA from a euro account | SWIFT wire in euros from a dollar account |
|---|---|---|
| What you need | A euro balance with an IBAN | A bank that sends foreign currency wires |
| Speed | SEPA Instant: within 10 seconds under the Instant Payments Regulation | Swift reports almost 100% of tracked (gpi) payments credited within 24 hours |
| Name check | Verification of payee against the IBAN, since 9 October 2025 | Bank's own screening |
| Conversion | When you fund the euro balance | Inside the wire, at your bank's rate |
Sources: Taylor Wessing; Swift gpi; Deutsche Bundesbank. As published on 29 October 2026.
Verification of payee matters for fraud. If the supplier's name and IBAN do not match, the check warns you before the money leaves, which is the moment to call the supplier on a number you already hold.
Details you need to pay a European supplier
| Detail | What to collect | Check |
|---|---|---|
| Beneficiary name | Legal company name as registered with its bank | Should match on the verification of payee check |
| IBAN | Starts with the country code, for example DE for Germany | German IBANs have 22 characters; other countries differ |
| BIC | 8 or 11 character bank code | Check it against the bank name before a SWIFT payment |
| VAT number | The supplier's EU VAT number from its invoice | Links the bank details to the invoicing company |
| Reference | Invoice number | Lets the supplier match the payment |
Sources: Deutsche Bundesbank; Taylor Wessing. As published on 29 October 2026.
Check a BIC against the bank name with our SWIFT code lookup before the first payment.
What converting USD to EUR costs
Every conversion has three parts: the mid-market rate, the margin added to it and the payment fee. US banks show the fee and keep the margin inside the rate. Chase, for example, charges $5 for an online wire in a foreign currency, or $0 at $5,000 or more, against $40 for an online international wire in US dollars. A free euro wire is not free: its cost is the gap between your rate and the mid-market rate.
Check that gap with our currency converter, which shows the ECB reference rates, or against the mid-market rate at the moment you convert. On a $50,000 payment, each 0.10% of margin costs $50.
Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment. See how Helm pricing works.
Pay in USD or in EUR?
| Situation | Better choice | Why |
|---|---|---|
| Supplier invoices in EUR | EUR | It receives the exact amount; you see the rate before you pay |
| You also receive euros from European buyers | EUR from a euro balance | No conversion at all; pay the supplier by SEPA from euros you already hold |
| Supplier invoices in USD and holds a dollar account | USD | No conversion; the supplier carries the exchange risk |
| Supplier invoices in USD but has only a euro account | Ask for a euro price | Its bank would convert your dollars at its own rate |
Sources: ECB; Taylor Wessing. As published on 29 October 2026.
Helm gives your company EUR details in its own name, with an IBAN for SEPA and SWIFT, alongside USD and GBP details. You can convert dollars to euros at the published margin and pay the supplier by SEPA free of charge, or pay by SWIFT. Helm serves businesses outside Europe: it does not serve businesses registered in the UK or the European Economic Area. See global accounts, and for euros you receive, our page on converting EUR to USD.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
Which countries use the euro in 2026?
Twenty one EU countries: Austria, Belgium, Bulgaria, Croatia, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain. Bulgaria joined on 1 January 2026.
Can I use the ECB reference rate to convert dollars to euros?
No. The ECB publishes its reference rates for information purposes only and strongly discourages using them for transactions. Banks and providers quote their own rates; the reference rate helps you check them.
Can a US bank send a SEPA payment?
Not from a US dollar account. SEPA payments are sent between euro accounts identified by IBAN and BIC; a US bank sends euros abroad by SWIFT wire instead.
How fast is a SEPA Instant payment?
Under the EU Instant Payments Regulation, instant euro transfers must reach the payee within 10 seconds of initiation.
What is verification of payee?
Since 9 October 2025, payment providers in the euro area must offer payers a free check that the IBAN matches the payee's name before a euro transfer is sent.
Can a European company open a Helm account to pay its suppliers?
No. Helm does not serve businesses registered in the UK or the European Economic Area. It serves businesses elsewhere that pay or are paid in euros.
References
- European Central Bank: Euro foreign exchange reference rates
- Deutsche Bundesbank: The technical standard in SEPA (IBAN and BIC)
- Taylor Wessing: Instant Payments Regulation
- Swift: Fast, transparent and trackable payments (gpi)
- Chase: How Performance Business Checking works (wire fees)
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.