Medical Expenses Abroad & Currency Conversion

[ilovepancakes]

Hi,

I am slowly gathering all my medical receipts for the tax year of 2023.

I couldn't find any information regarding this so I am wondering what is the procedure in calculating the amount of money spent when having a medical expense abroad in non-euro currency?

In some instances I paid with cash and in some instances I have paid with my card. I am unsure if there is an official conversion rate that is set out for these types of things by Revenue? When paid by card can I take into account the card processing fee?

The closest thing I could find for this was a customs exchange rate for businesses, but I am not sure if this applies for medical expenses also?

Thanks.

 

[jpd]

Just use the commercial rate on the date of the expense - historical rates are widely available

 

[ilovepancakes]

Just use the commercial rate on the date of the expense - historical rates are widely available

Would you be able to provide a source of the commercial rate? Every bank/service appears to have their own commercial rate from what I can see.

 

[Micks'r]

Central bank fx rates:

https://www.centralbank.ie/statistics/interest-rates-exchange-rates/exchange-rates

 

[T McGibney]

Would you be able to provide a source of the commercial rate? Every bank/service appears to have their own commercial rate from what I can see.

Any net difference between all these is likely to be negligible.

 

[ilovepancakes]

Any net difference between all these is likely to be negligible.

In the event of a Revenue audit will I not get penalised for these errors?

Central bank fx rates:

Just to confirm, do I take the fx-rate of the day that the transaction took place?

 

[T McGibney]

In the event of a Revenue audit will I not get penalised for these errors?

What errors?

 

[Towger]

Revenue public exchange rates.

 

[Dr Strangelove]

In the event of a Revenue audit will I not get penalised for these errors?

Differences are likely to be or the order of a few euros at most.

It’s not zero risk but it’s extremely close.

 

[Brendan Burgess]

In the event of a Revenue audit will I not get penalised for these errors?

Revenue is not interested in this sort of stuff.

They are looking for people who are hiding income.

They know that people don't employ accountants to manage their expenditure and document everything.

Brendan

 

[WizardDr]

You can always use Revenue Average Rates for the year

Exchange rates

Exchange rates

www.revenue.ie