FBAR Department of Treasury Exchange Rates 2020

FBAR Department of Treasury Exchange Rates 2020

FBAR Department of Treasury Exchange Rates 2021

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 2021 FBAR Exchange Rate

Please see the Department of Treasury Exchange Rates for 2021:

Country Currency Country – Currency Description Exchange Rate
Afghanistan Afghani Afghanistan-Afghani 103.4
Albania Lek Albania-Lek 105.95
Algeria Dinar Algeria-Dinar 138.284
Angola Kwanza Angola-Kwanza 562.44
Antigua & Barbuda E. Caribbean Dollar   Antigua & Barbuda  2.7
Argentina Peso Argentina-Peso 107.75
Armenia Dram Armenia-Dram 485.0
Australia Dollar Australia-Dollar 1.375
Azerbaijan Manat Azerbaijan-Manat 1.7
Bahamas Dollar Bahamas-Dollar 1.0
Bahrain Dinar Bahrain-Dinar 0.377
Bangladesh Taka Bangladesh-Taka 86.0
Barbados Dollar Barbados-Dollar 2.02
Belarus New Ruble Belarus-New Ruble 2.544
Belize Dollar Belize-Dollar 2.0
Benin CFA Franc Benin-CFA Franc 581.84
Bermuda Dollar Bermuda-Dollar 1.0
Bolivia Boliviano Bolivia-Boliviano 6.82
Bosnia Marka Bosnia-Marka 1.724
Botswana Pula Botswana-Pula 11.71
Brazil Real Brazil-Real 5.668
Brunei Dollar Brunei-Dollar 1.352
Bulgaria Lev New Bulgaria-Lev New 1.724
Burkina Faso CFA Franc Burkina Faso-CFA Franc 581.84
Burma Kyat Burma-Kyat 1769.5
Burundi Franc Burundi-Franc 1989.1
Cambodia Riel Cambodia-Riel 4051.0
Cameroon CFA Franc Cameroon-CFA Franc 578.24
Canada Dollar Canada-Dollar 1.277
Cape Verde Escudo Cape Verde-Escudo 97.22
Cayman Island Dollar Cayman Island-Dollar 0.82
Central African Rep. CFA Franc Central African Rep.-CFA Franc 578.24
Chad CFA Franc Chad-CFA Franc 578.24
Chile Peso Chile-Peso 842.5
China Renminbi China-Renminbi 6.373
Colombia Peso Colombia-Peso 4030.43
Comoros Franc Comoros-Franc 434.73
Congo CFA Franc Congo-CFA Franc 578.24
Costa Rica Colon Costa Rica-Colon 638.27
Cote D’ivoire CFA Franc Cote D’ivoire-CFA Franc 581.84
Croatia KUNA Croatia-KUNA 6.45
Cuba Chavito Cuba-Chavito 1.0
Cuba Peso Cuba-Peso 1.0
Czech. Republic Koruna Czech. Republic-Koruna 21.417
Dem. Rep. of Congo Franc Dem. Rep. of Congo-Franc 1987.8
Denmark Krone Denmark-Krone 6.556
Djibouti Franc Djibouti-Franc 177.0
Dominican Republic Peso Dominican Republic-Peso 56.79
Ecuador Dolares Ecuador-Dolares 1.0
Egypt Pound Egypt-Pound 15.68
El Salvador Dollar El Salvador-Dollar 1.0
Equatorial Guinea CFA Franc Equatorial Guinea-CFA Franc 578.24
Eritrea Nakfa Eritrea-Nakfa 15.0
Ethiopia Birr Ethiopia-Birr 49.132
Euro Zone Euro Euro Zone-Euro 0.882
Fiji Dollar Fiji-Dollar 2.103
Gabon CFA Franc Gabon-CFA Franc 578.24
Gambia Dalasi Gambia-Dalasi 52.0
Georgia Lari Georgia-Lari 3.075
Ghana Cedi Ghana-Cedi 6.05
Grenada E.Caribbean Dollar Grenada-E.Caribbean Dollar 2.7
Guatemala Quetzal Guatemala-Quetzal 7.7
Guinea Franc Guinea-Franc 9234.2
Guinea Bissau CFA Franc Guinea Bissau-CFA Franc 581.84
Guyana Dollar Guyana-Dollar 215.0
Haiti Gourde Haiti-Gourde 99.771
Honduras Lempira Honduras-Lempira 24.254
Hong Kong Dollar Hong Kong-Dollar 7.799
Hungary Forint Hungary-Forint 326.32
Iceland Krona Iceland-Krona 129.98
India Rupee India-Rupee 74.343
Indonesia Rupiah Indonesia-Rupiah 14195.28
Iran Rial Iran-Rial 42000.0
Iraq Dinar Iraq-Dinar 1458.54
Israel Shekel Israel-Shekel 3.099
Jamaica Dollar Jamaica-Dollar 155.0
Japan Yen Japan-Yen 115.04
Jordan Dinar Jordan-Dinar 0.708
Kazakhstan Tenge Kazakhstan-Tenge 436.88
Kenya Shilling Kenya-Shilling 113.05
Korea Won Korea-Won 1188.92
Kuwait Dinar Kuwait-Dinar 0.302
Kyrgyzstan Som Kyrgyzstan-Som 84.791
Laos Kip Laos-Kip 11148.8
Lebanon Pound Lebanon-Pound 1500.0
Lesotho Maloti Lesotho-Maloti 15.882
Liberia Dollar Liberia-Dollar 143.7
Libya Dinar Libya-Dinar 4.587
Madagascar Ariary Madagascar-Ariary 3902.0
Malawi Kwacha Malawi-Kwacha 920.0
Malaysia Ringgit Malaysia-Ringgit 4.175
Maldives Rufiyaa Maldives-Rufiyaa 15.42
Mali CFA Franc Mali-CFA Franc 581.84
Marshall Islands U.S. Dollar Marshall Islands-U.S. Dollar 1.0
Mauritania Ouguiya Mauritania-Ouguiya 37.0
Mauritius Rupee Mauritius-Rupee 43.75
Mexico Peso Mexico-Peso 20.531
Micronesia U.S. Dollar Micronesia-U.S. Dollar 1.0
Moldova LEU Moldova-LEU 17.637
Mongolia Tugrik Mongolia-Tugrik 2848.63
Morocco Dirham Morocco-Dirham 9.271
Mozambique Metical Mozambique-Metical 63.2
Nambia Dollar Nambia-Dollar 15.882
Nepal Rupee Nepal-Rupee 119.35
Netherlands Antilles Guilder Netherlands Antilles-Guilder 1.78
New Zealand Dollar New Zealand-Dollar 1.46
Nicaragua Cordoba Nicaragua-Cordoba 35.5
Niger CFA Franc Niger-CFA Franc 581.84
Nigeria Naira Nigeria-Naira 405.0
Norway Krone Norway-Krone 8.778
Oman Rial Oman-Rial 0.385
Pakistan Rupee Pakistan-Rupee 177.97
Panama Dolares Panama-Dolares 1.0
Papua New Guinea Kina Papua New Guinea-Kina 3.509
Paraguay Guarani Paraguay-Guarani 6854.0
Peru Sol Peru-Sol 3.969
Philippines Peso Philippines-Peso 51.03
Poland Zloty Poland-Zloty 4.053
Qatar Riyal Qatar-Riyal 3.64
Rep. of N Macedonia Dinar Rep. of N Macedonia-Dinar 54.23
Republic of Palau Dollar Republic of Palau-Dollar 1.0
Romania New Leu Romania-New Leu 4.361
Russia Ruble Russia-Ruble 74.999
Rwanda Franc Rwanda-Franc 1000.0
Sao Tome & Principe New Dobras Sao Tome & Principe-New Dobras 21.623
Saudi Arabia Riyal Saudi Arabia-Riyal 3.75
Senegal CFA Franc Senegal-CFA Franc 581.84
Serbia Dinar Serbia-Dinar 103.58
Seychelles Rupee Seychelles-Rupee 13.33
Sierra Leone Leone Sierra Leone-Leone 11221.7
Singapore Dollar Singapore-Dollar 1.352
Solomon Islands Dollar Solomon Islands-Dollar 7.886
Somali Shilling Somali-Shilling 575.0
South Sudanese-Pound South-Sudanese-Pound 421.0
South Africa Rand South Africa-Rand 15.882
Sri Lanka Rupee Sri Lanka-Rupee 202.75
St. Lucia E. Caribbean Dollar St. Lucia-E. Caribbean Dollar 2.7
Sudan Pound Sudan-Pound 449.0
Suriname Dollar Suriname-Dollar 19.531
Swaziland Langeni Swaziland-Langeni 15.882
Sweden Krona Sweden-Krona 9.025
Switzerland Franc Switzerland-Franc 0.914
Syria Pound Syria-Pound 2511.0
Taiwan Dollar Taiwan-Dollar 27.707
Tajikistan Somoni Tajikistan-Somoni 11.28
Tanzania Shilling Tanzania-Shilling 2302.0
Thailand Baht Thailand-Baht 33.4
Timor Leste-Dili Timor-Leste-Dili 1.0
Togo CFA Franc Togo-CFA Franc 581.84
Tonga Pa’anga Tonga-Pa’anga 2.229
Trinidad & Tobago Dollar Trinidad & Tobago-Dollar 6.759
Tunisia Dinar Tunisia-Dinar 2.876
Turkey New Lira Turkey-New Lira 12.956
Turkmenistan New Manat Turkmenistan-New Manat 3.491
Uganda Shilling Uganda-Shilling 3537.0
Ukraine Hryvnia Ukraine-Hryvnia 27.322
United Arab Emirates Dirham United Arab Emirates-Dirham 3.673
United Kingdom Pound United Kingdom-Pound 0.74
Uruguay Peso Uruguay-Peso 44.45
Uzbekistan Som Uzbekistan-Som 10805.7
Vanuatu Vatu Vanuatu-Vatu 111.22
Venezuela Bolivar Soberano Venezuela-Bolivar Soberano 4.578
Venezuela Fuerte (OLD) Venezuela-Fuerte (OLD) 248832.0
Vietnam Dong Vietnam-Dong 22765.0
Western Samoa Tala Western Samoa-Tala 2.565
Yemen Rial Yemen-Rial 580.0
Zambia New Kwacha Zambia-New Kwacha 16.632
Zimbabwe RTGS Zimbabwe-RTGS 105.949

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