When filing FBAR, you must convert foreign currency balances to U.S. dollars. Using the wrong exchange rate is a common mistake that can cause reporting errors. Here’s exactly which rates to use and where to find them.
FBAR Currency Conversion Rules
- Use Treasury Department year-end exchange rates
- Convert the maximum account value during the year to USD
- Use the rate for December 31 of the reporting year
- Official source: Treasury Reporting Rates of Exchange
- Never use average rates or rates from your bank
Table of Contents
Which Exchange Rate to Use for FBAR
The only correct rate for FBAR is the Treasury Department year-end exchange rate.
Key rules:
- Use the December 31 rate of the reporting year
- For 2025 accounts (filed in 2026), use December 31, 2025 rates
- Use the rate for converting foreign currency TO U.S. dollars
- Not the rate on the date of maximum balance
This is different from what you might expect. Even if your account hit its maximum value in July, you use the December 31 exchange rate for conversion.
For complete FBAR requirements, see our FBAR Filing Guide.
Where to Find Official Treasury Rates
The Treasury publishes official exchange rates quarterly. Here’s where to find them:
Official source: Treasury Reporting Rates of Exchange
What you’ll find:
- Rates for 170+ currencies
- Quarterly publications
- Year-end rates typically available by mid-January
- Free access, no registration required
The Treasury site allows you to search by currency and date. Download the rate for December 31 of your reporting year.
2025 Exchange Rates (For 2026 Filing)
Year-end 2025 rates will be published in January 2026. Below are placeholder references for common currencies. Check the Treasury site for official 2025 rates before filing.
Common currencies to look up:
- EUR (Euro Zone)
- GBP (United Kingdom)
- JPY (Japan)
- CNY (China)
- CAD (Canada)
- AUD (Australia)
- CHF (Switzerland)
- INR (India)
- MXN (Mexico)
- HKD (Hong Kong)
- SGD (Singapore)
- KRW (South Korea)
- TWD (Taiwan)
- ILS (Israel)
The Treasury rates are expressed as units of foreign currency per one U.S. dollar.
How to Calculate Maximum Account Value
Step 1: Determine Highest Balance in Foreign Currency
Check all statements throughout the year. Identify the single highest balance on any day. Don’t use averages.
Example: Your UK account had these monthly balances:
- January: £40,000
- June: £65,000 (highest)
- December: £45,000
The maximum value is £65,000.
Step 2: Convert to USD Using Year-End Treasury Rate
Use the December 31 Treasury rate, not the rate from the date of maximum balance.
Formula: Maximum Balance ÷ Treasury Rate = USD Value
Example: If the December 31, 2025 Treasury rate for GBP is 0.79:
- £65,000 ÷ 0.79 = $82,278 USD
Step 3: Report USD Value on FBAR
Round to the nearest dollar. Report $82,278 on your FBAR.
For deadline information, see FBAR Deadline.
Multiple Currency Accounts
Some accounts hold multiple currencies. Here’s how to handle them:
- Identify maximum balance for each currency separately
- Convert each currency to USD using the Treasury rate for that currency
- Add the USD values together for total account value
- Report the combined USD value on FBAR
Example: A Swiss account holds both CHF and EUR:
- Maximum CHF: CHF 30,000
- Maximum EUR: €20,000
Convert each separately, then add the USD values.
Multiple Accounts in Different Currencies
If you have multiple foreign accounts in different countries:
- Calculate maximum USD value for each account separately
- Add all USD values to determine aggregate maximum
- If aggregate exceeds $10,000, all accounts must be reported
- Report each account’s maximum USD value individually
Even accounts with low balances must be reported if your aggregate threshold is met.
Learn more about reporting requirements in Who Needs to File FBAR.
Common Currency Conversion Mistakes
| Mistake | Correct Approach |
|---|---|
| Using bank’s exchange rate | Use Treasury rate |
| Using rate on date of max balance | Use year-end rate |
| Using average annual rate | Use year-end rate |
| Rounding to thousands | Round to nearest dollar |
| Forgetting to convert at all | Always convert to USD |
| Using online currency converters | Use official Treasury rates |
What If Your Currency Isn’t Listed?
The Treasury publishes rates for 170+ currencies, but some aren’t included.
If your currency isn’t listed:
- Use a reasonable method to determine the rate
- Consider using cross-rates through the USD
- Document your source and method
- Contact FinCEN if uncertain about a specific currency
Some smaller country currencies may require using the central bank rate or a reputable financial data source. Document whatever method you use.
Currency-Specific Notes
Euro (EUR): Covers all Eurozone countries. Use EUR rate for accounts in Germany, France, Italy, Spain, and other Eurozone members.
Chinese Yuan (CNY): Use the official onshore rate, not the offshore CNH rate.
Cryptocurrency: Currently not covered by FBAR requirements. However, this may change. Form 8938 may require reporting of crypto held on foreign exchanges under certain circumstances.
Foreign pension accounts: Convert using the same method. Maximum value during the year, converted at year-end rate.
For how FBAR compares to Form 8938, see FBAR vs Form 8938.
Frequently Asked Questions
What exchange rate do I use for FBAR?
Use the official Treasury Department year-end exchange rate. For 2025 accounts (filed in 2026), use the December 31, 2025 rate from the Treasury Reporting Rates of Exchange.
Where do I find Treasury exchange rates?
Treasury rates are available at fiscaldata.treasury.gov/datasets/treasury-reporting-rates-exchange/treasury-reporting-rates-of-exchange. Year-end rates are typically published in January following the reporting year.
Do I use the rate on the date of maximum balance?
No. Always use the December 31 year-end rate, regardless of when the maximum balance occurred during the year.
How do I convert multiple currencies on one FBAR?
If an account holds multiple currencies, convert each currency separately using the Treasury rate for that currency. Add the USD values together for the total account value.
What if the Treasury doesn’t list my currency?
Use a reasonable method and document your source. Consider cross-rates through USD or your country’s central bank rate. Contact FinCEN if you’re uncertain.
Related FBAR Resources
- Complete FBAR Filing Guide
- FBAR Deadline
- FBAR Penalties & Relief
- FBAR vs Form 8938 Comparison
- Delinquent FBAR Filing Procedures
- Who Needs to File FBAR
- All International Tax Services
Need Help With FBAR Currency Conversions?
We handle multi-currency accounts regularly. Get an upfront estimate before we start.
View FBAR Filing Services | Schedule a Consultation
Official Resources: