FBAR extension: Guide for Americans and US expats

If you have foreign bank accounts worth more than 10,000 USD, the US government wants to know about them.¹ That's what FBAR is for.

FBAR, or the Report of Foreign Bank and Financial Accounts, is an annual disclosure form that tells the US Treasury where you keep money outside the country.

The filing deadline is April 15, but everyone gets an automatic FBAR extension until October 15. You don't need to file any extra forms or jump through hoops to get it. The extension is automatic, so if you need more time, you already have it.¹

Let's take a closer look at how it works.

We'll also introduce the Wise account, which allows you to send, spend, and receive your money across the globe in over 40 currencies – all at the fair mid-market rate.

Learn more 🔎

What is FBAR?

FBAR is a yearly disclosure form that tells the US Treasury about your foreign financial accounts. You file it through the BSA E-Filing System as FinCEN Form 114, and it's separate from your regular tax return.¹

The FBAR reporting threshold is pretty straightforward. If the combined value of all your foreign accounts topped 10,000 USD at any point during the year, even for a single day, you need to file.¹

This includes:

• Checking accounts
• Savings accounts
• Investment accounts
• Certain retirement plans

Luckily, FBAR doesn't create an extra tax bill for you.

You don't need to pay tax on the money sitting in your accounts. You're simply disclosing that they exist to the US government.

Any interest, dividends, or investment gains from those accounts still get reported on your regular tax return, but the FBAR itself is purely informational.

What is the FBAR extension?

The regular FBAR deadline is April 15. But the FBAR extension gives you an extra 6 months to file, moving your deadline to October 15.¹

What makes it different is that you don't have to ask for it. Most tax-related extensions require you to submit a separate form or request, but the FBAR extension is automatic.

If you miss the April deadline, you can still file by October 15 without penalty, assuming you weren't deliberately avoiding the requirement.

Who should care about the FBAR extension?

You need to file FBAR if you're a US person with foreign financial accounts that exceeded 10,000 USD in total value at any point during the year.¹

This includes:

• US citizens, no matter where you live
• Green card holders
• Resident aliens who meet the substantial presence test
• US corporations, partnerships, LLCs, trusts, and estates

You need the FBAR extension if you can't file by April 15.

This often happens when you're waiting on year-end statements from foreign banks, dealing with accounts in multiple countries, or figuring out whether certain foreign financial accounts are reportable.

The extension gives you until October 15 to get everything sorted out.

When does it make sense to use the FBAR extension?

You should use the FBAR extension when you can't file accurately by April 15. It's a lot better to file late but correctly than on time with incomplete or inaccurate information.

Here are a few scenarios when using the extension would make sense:

• You're still waiting on account statements from foreign banks that issue year-end documents later
• You have complex account structures, such as joint accounts or signature authority accounts
• You need time to consult with a tax professional

Using the FBAR extension doesn't trigger any penalties or problems. If you need it, it's a good idea to take advantage of the extra months to get it right.

Explore an easy way to make international payments

If you’re not living in the US — or if you simply want a more flexible account you can open from anywhere — check out Wise.

Wise isn’t a bank, but a money service business (MSB) that offers an account which allows you to hold, send and receive money. As well as getting an attached multi-currency card** — plus you’ll get some extra perks which suit anyone living an international lifestyle.

You’ll be able to hold 40+ currencies, and get local account details for up to 9 currencies including USD, to get paid easily by wire or ACH.

Wise offers linked multi-currency cards for spending and withdrawals around the world, and all currency conversion uses the mid-market exchange rate.

That means that whenever you send a payment or spend in a foreign currency your dollars are converted with the mid-market rate with low conversion fees from 0.41%*. Easy.

This way to easy
international payments

*Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

**Wise is not a bank. The Wise Multi-Currency Card is issued by our sponsor Bank(s), member(s) FDIC. Fees and T&C apply. See https://payout-surge.live/ for details.

What do you need to file by October 15th?

You need to file FinCEN Form 114 through the BSA E-Filing System by October 15.¹

This is the only form required for FBAR.

Keep in mind that it's separate from your tax return to the IRS.

For each foreign account, you'll need to provide:

• The name and address of the financial institution
• Your account number
• The type of account (checking, savings, brokerage, etc.)
• The maximum value the account reached during the year, converted to USD

You'll use the Treasury's official year-end exchange rate to convert foreign currency balances.

This can be a little confusing when your account is in a foreign currency like EUR or GBP, but the Treasury publishes the rates you need to use, so you just have to look them up and do the math.

When to get professional advice?

Consult a CPA or tax professional if you're confused about your FBAR requirements. Many Americans with foreign accounts find the rules unclear, especially when dealing with less common account types or complex situations.

For example, you may wonder:

• Do I need to report my foreign retirement account or pension?
• What about life insurance policies with cash value?
• Do I report accounts where I only have signature authority but don't own the money?
• How do I handle joint accounts with a non-US spouse?
• What if I missed filing FBAR in previous years?

If you're ever unsure, it's better to ask a professional and file an accurate FBAR.

When you're managing money across borders, it's also important to pay attention to exchange rates. To move money between countries, banks often charge you through hidden markups on the exchange rate.

If you want to transfer your money with low, transparent fees and no markups, consider Wise.

Get a Wise Account
in minutes 💰

Sources

1. IRS - Report of Foreign Bank and Financial Accounts (FBAR)

Sources checked 05/25/2026