FBAR Department of Treasury Exchange Rates 2020

FBAR Department of Treasury Exchange Rates 2020

FBAR Department of Treasury Exchange Rates 2020

FBAR Department of Treasury Exchange Rates 2020: Each year, the Department of Treasury publishes their updated foreign income exchange rates. While Taxpayers are not required to use these exchange rates, oftentimes the Department of Treasury Exchange rates are used for translating currency on forms such as the FBAR (FinCEN Form 114) and IRS Form 8938 (Foreign Account Tax Compliance Act) — the latter which is filed with the IRS.

How to Convert to USD

As provided by FinCEN:

  • Monetary amounts: When recording the maximum value of accounts, record all amounts as U.S. Dollar amounts rounded up to the next whole dollar. The amount $15,265.25 would be recorded as $15,266. The maximum value of the account can be determined using the following steps.NOTE: After determining the value of the account, as described below, if the value results in a negative (minus) value, enter zero (0) in item 15, “Maximum account value.”

    • Step 1. Determine the maximum value of each account (in the currency of that account) during the calendar year being reported. The maximum value of an account is a reasonable approximation of the greatest value of currency or nonmonetary assets in the account during the calendar year. Periodic account statements may be relied on to determine the maximum value of the account, provided that the statements fairly reflect the maximum account value during the calendar year. For Item 15, if the filer had a financial interest in more than one account, each account must be valued separately. For an account denominated in U.S. Dollars, the maximum value of the account is the largest U.S. Dollar value of the account during the report year. 

    • Step 2. In the case of non-United States currency, convert the maximum account value for each account into United States dollars. Convert foreign currency by using the Treasury’s Financial Management Service rate (http://www.fiscal.treasury.gov/fsreports/rpt/treasRptRateExch/treasRptRateExch_home.htm ) for the last day of the calendar year.

    • If no Treasury Financial Management Service rate is available, use another verifiable exchange rate and provide the source of that rate. In valuing currency of a country that uses multiple exchange rates, use the rate that would apply if the currency in the account were converted into United States dollars on the last day of the calendar year. 

    • If the maximum account value of a single account or aggregate of the maximum account values of multiple accounts exceeds $10,000, an FBAR must be filed. An FBAR is not required to be filed if the person did not have $10,000 of maximum value or aggregate maximum value in foreign financial accounts at any time during the calendar year.

Department Treasury 2020 FBAR Exchange Rate

Please see the Department of Treasury Exchange Rates for 2020:

TREASURY REPORTING RATES OF EXCHANGE
As of  December 31, 2020
Country-Currency Foreign Currency To $1.00
Afghanistan-Afghani 77.0900
Albania-Lek 100.3500
Algeria-Dinar 132.2120
Angola-Kwanza 649.6000
Antigua & Barbuda-E. Caribbean Dollar 2.7000
Argentina-Peso 89.2500
Armenia-Dram 515.0000
Australia-Dollar 1.2940
Azerbaijan-Manat 1.7000
Bahamas-Dollar 1.0000
Bahrain-Dinar 0.3770
Bangladesh-Taka 85.0000
Barbados-Dollar 2.0200
Belarus-New Ruble 2.5980
Belize-Dollar 2.0000
Benin-CFA Franc 529.0000
Bermuda-Dollar 1.0000
Bolivia-Boliviano 6.8100
Bosnia-Marka 1.5940
Botswana-Pula 10.7990
Brazil-Real 5.1940
Brunei-Dollar 1.3220
Bulgaria-Lev New 1.5940
Burkina Faso-CFA Franc 529.0000
Burma-Kyat 1,326.0000
Burundi-Franc 1,930.6100
Cambodia-Riel 4,051.0000
Cameroon-CFA Franc 529.2600
Canada-Dollar 1.2750
Cape Verde-Escudo 89.8300
Cayman Island-Dollar 0.8200
Central African Rep.-CFA Franc 529.2600
Chad-CFA Franc 529.2600
Chile-Peso 709.7500
China-Renminbi 6.5400
Colombia-Peso 3,414.5000
Comoros-Franc 400.6200
Congo-CFA Franc 529.2600
Costa Rica-Colon 609.1000
Cote D’ivoire-CFA Franc 529.0000
Croatia-KUNA 5.9500
Cuba-Chavito 1.0000
Czech. Republic-Koruna 20.7540
Dem. Rep. of Congo-Franc 1,966.4800
Denmark-Krone 6.0650
Djibouti-Franc 177.0000
Dominican Republic-Peso 58.1400
Ecuador-Dolares 1.0000
Egypt-Pound 15.6900
El Salvador-Dollar 1.0000
Equatorial Guinea-CFA Franc 529.2600
Eritrea-Nakfa 15.0000
Ethiopia-Birr 39.1810
Euro Zone-Euro 0.8150
Fiji-Dollar 2.0040
Gabon-CFA Franc 529.2600
Gambia-Dalasi 52.0000
Georgia-Lari 3.2700
Ghana-Cedi 5.8100
Grenada-E.Caribbean Dollar 2.7000
Guatemala-Quetzal 7.7800
Guinea Bissau-CFA Franc 529.0000
Guinea-Franc 9,990.0000
Guyana-Dollar 215.0000
Haiti-Gourde 71.6060
Honduras-Lempira 25.0000
Hong Kong-Dollar 7.7530
Hungary-Forint 296.7600
Iceland-Krona 127.1100
India-Rupee 73.0340
Indonesia-Rupiah 14,028.0000
Iran-Rial 42,000.0000
Iraq-Dinar 1,138.0000
Israel-Shekel 3.2130
Jamaica-Dollar 150.0000
Japan-Yen 103.0800
Jordan-Dinar 0.7080
Kazakhstan-Tenge 421.2700
Kenya-Shilling 109.1000
Korea-Won 1,087.6600
Kuwait-Dinar 0.3040
Kyrgyzstan-Som 82.6500
Laos-Kip 9,280.0000
Lebanon-Pound 1,500.0000
Lesotho-Maloti 14.6730
Liberia-Dollar 163.0000
Libya-Dinar 1.3330
Madagascar-Ariary 3,824.8000
Malawi-Kwacha 820.0000
Malaysia-Ringgit 4.0200
Maldives-Rufiyaa 15.4200
Mali-CFA Franc 529.0000
Marshall Islands-U.S. Dollar 1.0000
Mauritania-Ouguiya 37.0000
Mauritius-Rupee 39.5500
Mexico-Peso 19.9130
Micronesia-U.S. Dollar 1.0000
Moldova-LEU 17.0800
Mongolia-Tugrik 2,849.7700
Morocco-Dirham 8.9170
Mozambique-Metical 74.2000
Nambia-Dollar 14.6730
Nepal-Rupee 117.0000
Netherlands Antilles-Guilder 1.7800
New Zealand-Dollar 1.3830
Nicaragua-Cordoba 34.9000
Niger-CFA Franc 529.0000
Nigeria-Naira 385.0000
Norway-Krone 8.5300
Oman-Rial 0.3850
Pakistan-Rupee 159.7500
Panama-Balboa 1.0000
Panama-Dolares 1.0000
Papua New Guinea-Kina 3.5090
Paraguay-Guarani 6,891.9600
Peru-Sol 3.6190
Philippines-Peso 48.1730
Poland-Zloty 3.7130
Qatar-Riyal 3.6400
Rep. of N Macedonia-Dinar 50.1300
Republic of Palau-Dollar 1.0000
Romania-New Leu 3.9660
Russia-Ruble 74.4600
Rwanda-Franc 950.0000
Sao Tome & Principe-New Dobras 20.0510
Saudi Arabia-Riyal 3.7500
Senegal-CFA Franc 529.0000
Serbia-Dinar 95.8000
Seychelles-Rupee 20.9100
Sierra Leone-Leone 9,997.0000
Singapore-Dollar 1.3220
Solomon Islands-Dollar 7.7340
Somali-Shilling 575.0000
South Africa-Rand 14.6730
South-Sudanese-Pound 177.0000
Sri Lanka-Rupee 185.0000
St. Lucia-E. Caribbean Dollar 2.7000
Sudan-Pound 55.0000
Suriname-Dollar 14.2900
Swaziland-Langeni 14.6730
Sweden-Krona 8.1720
Switzerland-Franc 0.8810
Syria-Pound 1,256.0000
Taiwan-Dollar 28.0740
Tajikistan-Somoni 11.3250
Tanzania-Shilling 2,314.0000
Thailand-Baht 29.9200
Timor-Leste-Dili 1.0000
Togo-CFA Franc 529.0000
Tonga-Pa’anga 2.1980
Trinidad & Tobago-Dollar 6.6980
Tunisia-Dinar 2.6830
Turkey-New Lira 7.4240
Turkmenistan-New Manat 3.4910
Uganda-Shilling 3,649.0000
Ukraine-Hryvnia 28.3000
United Arab Emirates-Dirham 3.6730
United Kingdom-Pound 0.7320
Uruguay-Peso 42.1400
Uzbekistan-Som 10,471.9200
Vanuatu-Vatu 106.2300
Venezuela-Bolivar Soberano 1,104,430.5870
Venezuela-Fuerte (OLD) 248,832.0000
Vietnam-Dong 23,070.0000
Western Samoa-Tala 2.4440
Yemen-Rial 480.0000
Zambia-New Kwacha 21.1400
Zimbabwe-RTGS 79.7420

We Specialize in International Tax Compliance for FBAR & FATCA

Our firm specializes exclusively in international tax, and specifically IRS offshore disclosure

Contact our firm for assistance with getting compliant.