FBAR exchange rate for 2025 accounts (filed in 2026)

Published on: April 28, 2026

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For FBAR, you must convert the highest balance of each foreign account into US dollars using the US Treasury’s December 31 exchange rate and round up to the nearest whole dollar.

That’s the rule in its simplest form. However, once you start applying it to real accounts, things can feel less straightforward. Different balances, different currencies, and different sources of exchange rates can easily create confusion. So let’s walk through it clearly, step by step, without overcomplicating it.

What exchange rate should you use for FBAR?

You must use the official year-end exchange rate published by the US Department of the Treasury to convert the highest value of your foreign accounts into US dollars.

Here’s how that works in practice:

Identify the highest balance in each foreign account during the year
Take the December 31 exchange rate for that currency
Convert the balance into USD
Report the amount rounded up to the next whole US dollar

Important: FBAR is not based on your year-end balance. It uses the maximum value at any point during the year, then applies a single exchange rate.

2025 FBAR exchange rates (December 31, 2025)

Below are selected December 31, 2025, Treasury reporting rates commonly used by US expats for FBAR.

Country	Currency	Code	Symbol	Rate (per US$1.00)
United Kingdom	British Pound	GBP	£	0.743
Canada	Canadian Dollar	CAD	C$	1.369
Australia	Australian Dollar	AUD	A$	1.495
New Zealand	New Zealand Dollar	NZD	NZ$	1.733
Germany	Euro	EUR	€	0.851
France	Euro	EUR	€	0.851
Netherlands	Euro	EUR	€	0.851
Ireland	Euro	EUR	€	0.851
Spain	Euro	EUR	€	0.851
Italy	Euro	EUR	€	0.851
Switzerland	Swiss Franc	CHF	CHF	0.792
United Arab Emirates	UAE Dirham	AED	د.إ	3.672
Saudi Arabia	Saudi Riyal	SAR	﷼	3.750
Singapore	Singapore Dollar	SGD	S$	1.285
Hong Kong	Hong Kong Dollar	HKD	HK$	7.784
Japan	Japanese Yen	JPY	¥	156.61
South Korea	South Korean Won	KRW	₩	1443.75
China	Chinese Yuan (Renminbi)	CNY	¥	6.998
India	Indian Rupee	INR	₹	89.854
Philippines	Philippine Peso	PHP	₱	58.911
Thailand	Thai Baht	THB	฿	31.66
Malaysia	Malaysian Ringgit	MYR	RM	4.056
Indonesia	Indonesian Rupiah	IDR	Rp	16649.99
Mexico	Mexican Peso	MXN	$	17.956
Brazil	Brazilian Real	BRL	R$	5.477
South Africa	South African Rand	ZAR	R	16.546
Israel	Israeli Shekel	ILS	₪	3.191
Turkey	Turkish Lira	TRY	₺	42.951

The table in this guide covers common countries for US expats, but the full official list is published by the US Treasury.

Important note:

These are year-end Treasury reporting rates.

For FBAR, follow these steps:

Use your highest account balance during the year
Convert that amount using the December 31 rate

Why is the December 31 exchange rate used?

FBAR uses a single year-end exchange rate to ensure consistent reporting across all taxpayers.

This approach comes from the Financial Crimes Enforcement Network, which oversees FBAR reporting. The goal is consistency. Using a single year-end rate helps:

Keep reporting aligned across all taxpayers
Avoid distortions from currency fluctuations during the year
Ensure values are comparable across filings

There’s also a subtle benefit here. It simplifies the process. You don’t need to track exchange rates throughout the year. Knowing the rule is one thing. The next step is knowing where to find the correct rate—and how to apply it properly.

How do I use the FBAR exchange rate?

To use the FBAR exchange rate, convert your highest account balance during the year into US dollars using the December 31 Treasury rate.

Here’s a step-by-step guide on using the FBAR exchange rate:

Find the highest balance in your account
Look at your bank statements and identify the maximum value (original foreign currency) at any point during the year. It is not the average balance, nor is it necessarily the December 31 balance.
Identify the correct currency
Confirm the currency the account is actually denominated in. That matters more than the country where the account is located. For example, accounts in France or Germany both use euros.
Use the December 31 exchange rate
Take the official year-end rate from the US Department of the Treasury. Even if your maximum balance happened in March or August, you still convert it using the December 31 rate.
Convert to US dollars
Treasury reporting rates are shown as foreign currency units per US$1.00, so you divide the foreign-currency balance by the rate to get the US-dollar amount.

Example:
If the Treasury table shows 1.369 Canadian dollars per US$1
And your highest balance was CAD$20,000
Then the US-dollar amount is 20,000 ÷ 1.369 = US$14,609.20
Round to the next whole dollar
After conversion, FBAR amounts are reported in US dollars, rounded up to the next whole dollar. FinCEN’s guidance is specific on this point: if the converted amount is US$15,265.25, it is reported as US$15,266.

FBAR reporting does not require cents.

Summary:

For most standard accounts, the process boils down to this:
Highest balance in local currency → Treasury December 31 rate → convert to USD → round up to the next whole dollar.

How do I calculate FBAR using exchange rates? (example)

Let’s say you’re a US expat living in the UK with a savings account in British pounds (GBP). Your highest balance during 2025 is £18,500.

Treasury December 31, 2025 rate for GBP: £0.743 = US$1.00

To convert the account to US dollars:
£18,500 ÷ 0.743 = US$24,899.06

After conversion, FBAR values are reported in whole US dollars. (Round up to the next whole dollar)
US$24,899.06 = US$24,899
This is the amount you will report on FinCEN Form 114.

Now, let’s say you had three accounts in 2025:

UK savings account: max £18,500
Canada checking account: max CAD$7,200
France brokerage account: max €9,800

You would convert each one separately using the December 31, 2025, Treasury rate for that currency. FinCEN says each account must be valued separately before determining whether the threshold is met.

Using the official Treasury 2025 format:

GBP rate: 0.743 per US$1.00
CAD rate: 1.369 per US$1.00
EUR rate: 0.851 per US$1.00

Now convert:

UK: £18,500 ÷ 0.743 = US$24,899.06, report US$24,899
Canada: CAD$7,200 ÷ 1.369 = US$5,259.31, report US$5,260
France: €9,800 ÷ 0.851 = US$11,515.86, report US$11,516

Total aggregate maximum value: US$41,675

Once you know an FBAR is required, you file FinCEN Form 114 electronically through the BSA E-Filing System. On the form, you report each account separately.

What if I have multiple foreign accounts?

If you have more than one foreign account, you must calculate and report each account separately, but all accounts are combined to determine whether the total exceeds the US$10,000 reporting threshold at any point during the year.

If you have fewer than 25 accounts, you typically enter details for each one. If you have 25 or more accounts, FinCEN allows simplified reporting, though additional rules apply.

Do I use IRS exchange rates or Treasury rates?

FBAR uses Treasury exchange rates, not IRS rates.

FBAR (FinCEN Form 114): Uses Treasury year-end rates
Income tax returns (Form 1040, etc.): May use IRS yearly averages or other acceptable methods

The confusion comes from the fact that both FBAR and tax returns involve currency conversion, but they follow different rules.

Tax returns focus on income measurement
FBAR focuses on account value reporting

Therefore, the rules don’t overlap as much as people expect.

Note: If you’re filing both (which most expats are), you might end up using two different exchange rate methods in the same year. That’s normal.

What are the common FBAR exchange rate mistakes to avoid?

Most FBAR errors don’t come from misunderstanding the rule—they come from using the wrong rate source or timing.

Here are the most common pitfalls:

Using IRS average exchange rates
These are meant for income tax reporting, not FBAR.
Using the exchange rate on the transaction date
FBAR doesn’t track individual transactions.
Using your bank’s conversion rate
Banks often include spreads or fees in their rates.
Using the year-end balance instead of the highest balance
This is one of the most frequent reporting mistakes.

Frequently Asked Questions

Do I need to convert each transaction for FBAR?
No. FBAR does not require transaction-level reporting. You only need to:

Maximum account value

Year-end Treasury rate

This is different from income tax reporting, where transactions may matter. FBAR focuses on account value, not activity.
What happens if my exchange rate is slightly different from the official Treasury rate?
What if my account is already in US dollars but held abroad?
Do I need to report exchange gains or losses on FBAR?
No. FBAR is not concerned with gains or losses. It is strictly a reporting form, not a tax calculation.

No income is calculated

No tax is owed through FBAR

Exchange rate changes do not create taxable events here

That said, exchange gains may still matter for your income tax return, depending on the situation.
What if I made a mistake in my FBAR exchange rate?
If you realize the mistake after filing, you can:

Submit an amended FBAR through the BSA E-Filing system

Correct the exchange rate and reported values

Minor errors can happen, especially with conversions. The key is to fix them promptly once identified.
Do FBAR exchange rates affect my US tax return?

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Clark Stott has been with Expat Tax Online since 2015. Being a dual national based in the UK, Clark has unique experience helping US citizens (and Accidental Americans) become tax compliant via the Streamlined Tax Amnesty program. Clark likes to help Americans in the UK keep their tax situations as simple as possible to avoid harsh IRS treatment.