Of the 28 European Union (EU) member states, 19 currently have the euro as their national currency:
If you trade with these countries - or with UK businesses which conduct a lot of their business with these countries - you should weigh the benefits of pricing your goods and services in euros.
Consider what your customers and potential customers expect and prefer. In the same way that sterling is the most convenient currency for most UK businesses to work with, most eurozone customers will prefer to see prices in euros.
Look at what your competitors are doing. If you're selling into the eurozone you are competing with eurozone businesses - all of which quote prices in euros. Using a sterling price list in this environment may lose you business.
If you decide to price your goods and services in euros:
- watch for 'pricing points' - a neat sterling price of £4.99 may convert to a less psychologically appealing figure in euros
- be aware of exchange rate risks if accepting payment in euros - if the exchange rate changes you may lose out
Read more about how to accept and make payments in euros.
Set your prices carefully - don't assume that your UK pricing strategy will work in other EU markets. Read more about how to price your product or service.