To file an FBAR, gather the details and maximum balances of your foreign financial accounts, convert the balances to US dollars using the applicable Treasury exchange rate, and electronically submit FinCEN Form 114 through the BSA E-Filing System.
You generally need to file if the combined value of your foreign financial accounts exceeded $10,000 at any point during the year.
If you have foreign financial accounts and meet the FBAR filing threshold, knowing how to properly prepare and submit FinCEN Form 114 is important.
This article walks you through the information you’ll need, how to calculate and convert your account balances, and how to file your FBAR electronically. If you prefer professional assistance, we also provide FBAR filing service for current and prior-year foreign account reporting.
Key Summary: How to file an FBAR?
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Gather Account Information First: You’ll need identifying information and the maximum value of each reportable foreign account.
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Convert Foreign Balances to US Dollars: Foreign currency balances generally need to be converted using the applicable Treasury year-end exchange rate.
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File by the Deadline: FBARs are generally due April 15, with an automatic extension to October 15 if you miss the April deadline.
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FBARs are filed electronically: FinCEN Form 114 is submitted through FinCEN’s BSA E-Filing System, not with your federal tax return.
FBAR Filing Summary Checklist
| Task | Notes |
|---|---|
| Confirm you need to file | Your combined foreign account balances went over $10,000 at any point in the year |
| Collect statements for the whole year | You need every month to find the highest balance, not just December |
| Find each account’s maximum value | The highest balance during the year, in the account’s currency |
| Convert to USD | Use the Treasury rate for December 31 of the reporting year |
| File Form 114 on BSA E-Filing | Use “File FBAR as an Individual”; no account registration needed |
| Save your confirmation and BSA ID | You’ll need the BSA ID if you ever amend |
| Keep records for 5 years | Account names, numbers, institutions and maximum values |
Before You File an FBAR
Before you begin filing, make sure you actually have an FBAR filing requirement.
In general, US persons must file an FBAR if they have a financial interest in, or signature or other authority over, foreign financial accounts with a combined value exceeding $10,000 at any point during the calendar year.
There are additional rules around which accounts count, how the $10,000 threshold is calculated, and who is required to report them. Once you’ve determined that you need to file, the next step is gathering your account information and preparing FinCEN Form 114.
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How to File an FBAR: Step-by-step Guide
Step 1: Gather Your Account Information and Maximum Values
Before you open the filing system, collect these details for every foreign account:
- Name on the account
- Account number
- Name and address of the bank or financial institution
- Account type (checking, savings, investment, pension or other)
- Currency the account is held in
- The account’s maximum value during the year
If you share an account with someone else, also have the joint owner’s name, address and taxpayer ID ready.
The maximum value is the highest balance the account reached at any point during the calendar year, not the December 31 balance. Go through your statements for the whole year and note the highest figure for each account, in the account’s own currency. Periodic statements are acceptable as long as they reasonably reflect the account’s highest value.
For example, if your German savings account reached €13,000 in June and ended the year at €7,500, you report €13,000, converted to US dollars in the next step.
Step 2: Convert Each Maximum Value to US Dollars
The FBAR is filed in US dollars, so convert each account’s maximum value using the Treasury’s FBAR exchange rate for the last day of the year you’re reporting. For 2025 accounts, that’s the rate for December 31, 2025, even if the maximum balance occurred in June.
Treasury rates show how many units of foreign currency equal one US dollar, so you divide the foreign balance by the rate. For example, with a rate of 0.85 euros per dollar:
€13,000 ÷ 0.85 = $15,294.12
Round up to the next whole dollar and enter $15,295 on the form.
Convert the maximum value of each account first, then add the converted values together to confirm you’re over the $10,000 filing threshold. If Treasury doesn’t publish a rate for your currency, use another verifiable exchange rate and keep a note of its source.
Step 3: Access the BSA E-Filing System
The FBAR must be filed electronically via FinCEN’s BSA E-Filing System:
- Go to bsaefiling.fincen.treas.gov
- Select FinCEN Form 114
- Click File an Individual FBAR
Step 4: Complete FinCEN Form 114
Most expats select Individual as the filer type. The form then asks for your details and each account, sorted into these parts:
- Part I, Filer Information: your name, taxpayer ID, date of birth and address
- Part II, Accounts Owned Separately: accounts in your name only
- Part III, Accounts Owned Jointly: accounts you share with someone else, including the joint owner’s details
- Part IV, No Financial Interest: accounts you can sign on but don’t own, such as an employer’s account
For each account, enter the institution’s name and address, the account number, the account type and the maximum value in USD. If you have 25 or more accounts, you can report only the number of accounts, but you must keep the full details in your records.
Step 5: Review and Submit
Carefully review your entries before submitting the form. Once submitted, you will receive a confirmation email from FinCEN.
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How Do You Report Joint Accounts on an FBAR?
Joint accounts may need to be included on your FBAR depending on the account ownership and whether your spouse is a US person.
Special filing rules can also apply when both spouses are required to report the same jointly owned accounts.
When is the FBAR Filing Deadline?
The FBAR is generally due on April 15 following the calendar year being reported.
If you do not file by April 15, FinCEN provides an automatic extension to October 15. You do not need to file a separate extension request to receive the additional time.
For example, an FBAR reporting foreign financial accounts held during 2025 is generally due April 15, 2026, with an automatic extension through October 15, 2026.
Unlike an income tax extension, no separate FBAR extension form needs to be submitted.
Delinquent FBAR Filing: What If You Missed Previous Years?
If you were required to file an FBAR for a previous year but missed the deadline, you can still submit a delinquent FBAR electronically through FinCEN’s BSA E-Filing System.
The IRS advises taxpayers who have not been contacted about a late FBAR and who are not under civil or criminal investigation to file delinquent FBARs as soon as possible. When filing late, you will also need to provide a reason for the late filing.
However, the IRS removed its previous Delinquent FBAR Submission Procedures in 2026. Those procedures had provided certain qualifying taxpayers with a specific penalty-free path for filing overdue FBARs. As a result, taxpayers should no longer assume that filing a late FBAR will automatically avoid penalties.
If your missed FBARs are part of broader US tax noncompliance, another compliance option may be appropriate, such as the Streamlined Filing Compliance Procedures. The appropriate approach depends on your filing history, whether foreign income was properly reported, and the circumstances that led to the missed filings.
Common FBAR Filing Mistakes
Most FBAR errors come from a handful of misunderstandings. Avoid these and your filing will be accurate.
Reporting the December 31 Balance
The FBAR asks for each account’s maximum value during the year. If your account peaked at €13,000 in June and ended the year at €7,500, report the June figure.
Testing the $10,000 Threshold Per Account
The $10,000 threshold applies to all your foreign accounts combined. Three accounts holding $4,000 each add up to $12,000, which means you meet the FBAR filing requirements and must report all three.
Leaving Out Pensions and Investment Accounts
The FBAR covers more than bank accounts. Foreign brokerage accounts, mutual funds and many pension accounts are reportable too, and Americans in Australia often miss that superannuation must be reported on the FBAR.
Forgetting Accounts You Don’t Own
If you can sign on an account, such as a company account you manage as a director, it may need to be reported even though the money isn’t yours.
Reporting Only Your Share of a Joint Account
Each US owner of a joint account generally reports the full account value, not their half. Married couples can often file one FBAR together, and the rules change when one spouse isn’t a US person.
Assuming Your Tax Return Covers It
The FBAR is filed separately with FinCEN, not with your Form 1040. Tax software and some preparers don’t file it unless you ask, so check that it was submitted and save the confirmation with its BSA ID.
