What If My Foreign (Non-US) Bank Account Balance Exceeds $10,000?

If the aggregate value of all your foreign financial accounts—including personal, joint, and any accounts over which you hold signature or other authority—exceeds $10,000 USD at any time during the calendar year, you must file an FBAR (FinCEN Form 114) with the US Treasury’s Financial Crimes Enforcement Network (FinCEN).

Key Points to Know

Requirement	Details
Who must file?	All US citizens, Green Card holders, and US resident aliens who meet the $10,000 threshold—even if living abroad and even if a tax return is not otherwise required.
Accounts covered	Checking, savings, securities, investment, brokerage, foreign retirement accounts, and any account where you have ownership, joint ownership, or signature authority.
Reporting threshold	$10,000 aggregate—if the combined highest balances of all foreign accounts ever exceed $10,000 during the year, one FBAR must be filed.
Due date	April 15 (automatic extension to October 15).
How to file	Electronically through the BSA E-Filing System (FinCEN Form 114). The FBAR is separate from your IRS tax return.
Penalties	Non-willful failure to file can result in penalties of up to $10,000 per violation; willful violations can be much higher.

Tips for Greenback Clients

Gather account details
- Bank name, address, and account number
- Maximum account value in USD during the year (use IRS yearly average or spot rate)
Report in your Greenback questionnaire
- List all accounts—including those you only have signature authority over—so your accountant can prepare an accurate FBAR.
Let us handle the filing
- Greenback can prepare and submit your FBAR alongside your US tax return, ensuring you remain fully compliant and avoid penalties.

Read our comprehensive FBAR guide for details on thresholds, deadlines, and FAQs.

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Last updated on May 26, 2025

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