Do Wise, Revolut, or Other Fintech Accounts Trigger FBAR Reporting?
Yes, in most cases. Multi-currency fintech platforms like Wise, Revolut, and N26 hold your funds at financial institutions outside the United States, which makes those balances reportable on the FBAR once your aggregate foreign accounts exceed $10,000 at any point during the year. This catches many expats and digital nomads by surprise because these platforms feel like apps, not foreign bank accounts.
- Wise (formerly TransferWise): Non-USD balances are held at partner banks outside the U.S. Your GBP, EUR, or other currency balances are foreign financial accounts for FBAR purposes
- Revolut: Depending on your account entity (Revolut Ltd is UK-based, Revolut Lithuania is EU-based), your balances may be held at foreign institutions
- N26: German-licensed bank; accounts are foreign financial accounts
- PayPal: A U.S. PayPal account is not foreign. A PayPal account registered through a foreign entity (PayPal Europe) may be
How to determine if your fintech account is foreign:
| Check this | What it means |
| Where is the entity licensed? | If outside the U.S., likely foreign |
| Where are funds held? | If at a non-U.S. bank, foreign for FBAR |
| What currency is the default? | Non-USD default often signals foreign entity |
| What does the app’s terms of service say? | Look for the regulated entity name and country |
Reporting details:
- Maximum balance: Track the highest combined balance across all currencies in the account during the year, converted to USD
- Account number: Use the account identifier shown in the app
- Institution: Use the regulated entity name (e.g., “Wise Europe SA” or “Revolut Ltd”)
Other forms these accounts may trigger:
- Form 8938 if your total specified foreign financial assets exceed the threshold for your filing status
- Schedule B Part III foreign account question
For fintech FBAR questions, see our FBAR Reporting Guide.
Last updated on April 29, 2026
