FBAR Exchange Rate
FBAR Exchange Rate & FBAR Maximum Account Value: Two of the most common questions we receive about the FBAR, is which exchange rate do I use, and how do I calculate the FBAR Maximum Account Value. Briefly, the FBAR is actually a FinCEN Form, in which the IRS has taken over compliance enforcement. FinCEN is the Financial Crimes Enforcement Network, and the FBAR is FinCEN Form 114. While confusion surrounds how certain items are reported on the FBAR — such as cryptocurrency — FinCEN has provided guidance on which exchange rates to use, and how Maximum Account Value is reported.
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 |
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