How Do I Calculate the Maximum Account Value for My FBAR?
For each foreign account on your FBAR (FinCEN Form 114), you must report the highest balance the account held at any point during the calendar year, converted to U.S. dollars using the Treasury Reporting Rates of Exchange for December 31 of that year. This is not the year-end balance; it is the peak balance, even if the account was at zero by December 31.
- Check every statement period (monthly or quarterly) and use the single highest closing balance
- Convert using the Treasury year-end rate, not your bank’s rate or an online converter
- Round up to the next whole U.S. dollar
- If no Treasury rate exists for your currency, use another verifiable exchange rate and note the source
| Account Type | How to Determine Maximum Value |
| Checking/savings | Highest statement balance during the year |
| Brokerage | Highest periodic statement value (including securities at market value) |
| Foreign pension | Year-end statement value if no interim statements are available |
| Term deposit/CD | Principal plus accrued interest if no early withdrawal is possible |
| Jointly held | Report the full account value (not your proportional share) |
Common mistakes:
- Using the year-end balance instead of the peak balance
- Using the IRS yearly average rate (that rate is for income conversion on Form 1040, not for FBAR)
- Forgetting to include accrued interest on fixed deposits
- Excluding accounts that were closed mid-year (report the peak value before closure)
The $10,000 aggregate threshold also uses maximum values. Add the peak value of every foreign account on the same day to determine whether you exceed $10,000 on any single day during the year.
For more on FBAR filing, see our FBAR Reporting Guide.
Last updated on April 29, 2026
