FBAR Exchange Rate: What Exchange Should I Use

FBAR Exchange Rate and Maximum Account Value

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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FBAR Exchange Rate: What Exchange Rate to Use?