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I have a small, yet important question about FBAR, the policy regarding the reporting of foreign bank account.

The rule says that I only have to report when the aggregate amount exceeds 10,000 US dollars equivalent at any point of calendar year.

So my question is: Which exchange rate (for the currency) do I need to use? Is it the end-of-year exchange rate for the year 2015, DEC 31? (If I am concerned about the financial activities that have transpired since the beginning of 2015.)

Thanks bunch in advance!

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This FBAR document suggests:

enter image description here

which eventually leads to here which has the historical rates here.

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  • The first year we had to file a FBAR we had our taxes professionally done (a tax guy, not a storefront operation) and they used the IRS rate. That's what I have done ever since on both the IRS and FBAR forms and neither has squawked about it. Apr 28, 2016 at 4:56
  • So, if you hold Canadian dollars worth $9000 US from January to March, and then *close the account*, you'd *still* need to report the account if the CAN$ surged in value for the last few days in December?
    – DJohnM
    Apr 28, 2016 at 20:45
  • @DJohnM no, that's not what it says. That's an acceptable way to do it, but any verifiable way of making the conversion is ok, too. If there was a large change against you between March and December, you can use any source. I use oanda for my filings with the IRS.
    – Peter K.
    Apr 28, 2016 at 21:55

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