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2023 FBAR Conversion Rates | FBAR International Tax Lawyer

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The 2023 FBAR conversion rates are very important for your US international tax compliance. The reason for their importance is their relation to FBAR (FinCEN Form 114) and the IRS Form 8938. The 2023 FBAR and 2023 Form 8938 instructions both require that 2023 FBAR conversion rates be used to report the required highest balances of foreign financial assets on these forms (in the case of Form 8938, the 2023 FBAR conversion rates is the default choice, not an exclusive one). In other words, the 2023 FBAR conversion rates are used to translate foreign-currency highest balances into US dollars for the purposes of FBAR and Form 8938 compliance.

The U.S. Department of Treasury  already published the 2023 FBAR conversion rates online (they are called “Treasury’s Financial Management Service rates” or the “FMS rates”).

Since the 2023 FBAR conversion rates are highly important to US taxpayers, international tax lawyers and international tax accountants, Sherayzen Law Office provides the table below listing the official 2023 FBAR conversion rates (note that the readers still need to refer to the official website for any updates).

Country – Currency Foreign Currency to $1.00
AFGHANISTAN – AFGHANI70.54
ALBANIA – LEK93.23
ALGERIA – DINAR134.051
ANGOLA – KWANZA842.5
ANTIGUA – BARBUDA – E. CARIBBEAN DOLLAR2.7000
ARGENTINA – PESO827.75
ARMENIA – DRAM400
AUSTRALIA – DOLLAR1.472
AUSTRIA – EURO0.905
AZERBAIJAN – NEW MANAT1.7
BAHAMAS – DOLLAR1.0000
BAHRAIN – DINAR0.3770
BANGLADESH – TAKA113
BARBADOS – DOLLAR2.02
BELARUS – NEW RUBLEUNAVAILABLE*
BELGIUM – EURO0.905
BELIZE – DOLLAR2
BENIN – CFA FRANC 589
BERMUDA – DOLLAR1
BOLIVIA – BOLIVIANO6.86
BOSNIA – MARKA1.769
BOTSWANA – PULA13.387
BRAZIL – REAL4.852
BRUNEI – DOLLAR1.32
BULGARIA – LEV New1.769
BURKINA FASO – CFA FRANC589
BURUNDI – FRANC2850
CAMBODIA – RIEL4051
CAMEROON – CFA FRANC593.41
CANADA – DOLLAR1.326
CAPE VERDE – ESCUDO99.75
CAYMAN ISLANDS – DOLLAR0.82
CENTRAL AFRICAN REPUBLIC – CFA FRANC593.41
CHAD – CFA FRANC593.41
CHILE – PESO880
CHINA – RENMINBI7.104
COLOMBIA – PESO3873
COMOROS – FRANC443.49
CONGO – CFA FRANC593.41
COSTA RICA – COLON519.22
COTE D’IVOIRE – CFA FRANC589
CROATIA – EURO0.905
CUBA – Chavito1
CUBA – PESO24
CYPRUS – EURO0.905
CZECH REPUBLIC – KORUNA21.731
DEM. REP. OF CONGO – FRANC2660
DENMARK – KRONE6.744
DJIBOUTI – FRANC177
DOMINICAN REPUBLIC – PESO57.9
ECUADOR – DOLARES1.0000
EGYPT – POUND30.9
EL SALVADOR – DOLARES1.0000
EQUATORIAL GUINEA – CFA FRANC593.41
ERITREA – NAKFA15
ESTONIA – EURO0.905
ESWATINI – LILANGENI18.427
ETHIOPIA – BIRR55.997
EURO ZONE – EURO0.905
FIJI – DOLLAR2.165
FINLAND – EURO0.905
FRANCE – EURO0.905
GABON – CFA FRANC593.41
GAMBIA – DALASI64
GEORGIA – LARI2.665
GERMANY – EURO0.905
GHANA – CEDI11.9
GREECE – EURO0.936
GRENADA – EAST CARIBBEAN DOLLAR2.7
GUATEMALA – QUETZAL7.815
GUINEA BISSAU – CFA FRANC589
GUINEA – FRANC8511
GUYANA – DOLLAR215
HAITI – GOURDE131.23
HONDURAS – LEMPIRA24.624
HONG KONG – DOLLAR7.811
HUNGARY – FORINT345.78
ICELAND – KRONA136.04
INDIA – RUPEE83.162
INDONESIA – RUPIAH15372.69
IRAN – RIAL42000
IRAQ – DINAR1308
IRELAND – EURO0.905
ISRAEL – SHEKEL3.619
ITALY – EURO0.905
JAMAICA – DOLLAR154
JAPAN – YEN141.47
JORDAN – DINAR0.708
KAZAKHSTAN – TENGE456.29
KENYA – SHILLING156.5
KOREA – WON1299.22
KOSOVO – EURO0.905
KUWAIT – DINAR0.307
KYRGYZSTAN – SOM89.062
LAOS – KIP20476
LATVIA – EURO0.905
LEBANON – POUND15000
LESOTHO – MALOTI18.427
LIBERIA – DOLLAR189
LIBYA – DINAR4.754
LITHUANIA – EURO0.905
LUXEMBOURG – EURO0.905
MADAGASCAR – ARIARY4564
MALAWI – KWACHA1700
MALAYSIA – RINGGIT4.59
MALDIVES – RUFIYAA15.42
MALI – CFA FRANC589
MALTA – EURO0.905
MARSHALL ISLANDS – DOLLAR1
MAURITANIA – OUGUIYA39.16
MAURITIUS – RUPEE43.87
MEXICO – PESO16.949
MICRONESIA – DOLLAR1
MOLDOVA – LEU17.25
MONGOLIA – TUGRIK3410.69
MONTENEGRO – EURO0.905
MOROCCO – DIRHAM9.855
MOZAMBIQUE – METICAL 63.25
MYANMAR – KYAT3380
NAMIBIA – DOLLAR18.427
NEPAL – RUPEE133.05
NETHERLANDS – EURO0.905
NETHERLANDS ANTILLES – GUILDER1.78
NEW ZEALAND – DOLLAR1.585
NICARAGUA – CORDOBA36.6
NIGER – CFA FRANC589
NIGERIA – NAIRA910
NORWAY – KRONE10.166
OMAN – RIAL0.385
PAKISTAN – RUPEE276.2
PALAU – DOLLAR1
PANAMA – DOLARES1
PAPUA NEW GUINEA – KINA3.727
PARAGUAY – GUARANI7249.99
PERU – SOL3.675
PHILIPPINES – PESO55.451
POLAND – ZLOTY3.924
PORTUGAL – EURO0.905
QATAR – RIYAL3.645
REP. OF N MACEDONIA – DINAR55.45
ROMANIA – NEW LEU 4.499
RUSSIA – RUBLE89.067
RWANDA – FRANC1250
SAO TOME & PRINCIPE – NEW DOBRAS22.142
SAUDI ARABIA – RIYAL3.75
SENEGAL – CFA FRANC589
SERBIA – DINAR105.92
SEYCHELLES – RUPEE13.473
SIERRA LEONE – LEONE22.7
SIERRA LEONE – OLD LEONE21.4
SINGAPORE – DOLLAR1.32
SLOVAK REPUBLIC – EURO0.905
SLOVENIA – EURO0.905
SOLOMON ISLANDS – DOLLAR8.065
SOMALI – SHILLING568
SOUTH AFRICA – RAND18.427
SOUTH SUDANESE – POUND1070
SPAIN – EURO0.905
SRI LANKA – RUPEE323.8
ST LUCIA – E CARIBBEAN DOLLAR2.7
SUDAN – SUDANESE POUND830
SURINAME – GUILDER36.723
SWEDEN – KRONA10.031
SWITZERLAND – FRANC0.838
SYRIA – POUND8585
TAIWAN – DOLLAR30.641
TAJIKISTAN – SOMONI10.93
TANZANIA – SHILLING2505
THAILAND – BAHT34.33
TIMOR – LESTE DILI1
TOGO – CFA FRANC589
TONGA – PA’ANGA2.26
TRINIDAD & TOBAGO – DOLLAR6.749
TUNISIA – DINAR3.064
TURKEY – NEW LIRA29.547
TURKMENISTAN – NEW MANAT3.491
UGANDA – SHILLING3775
UKRAINE – HRYVNIA38.089
UNITED ARAB EMIRATES – DIRHAM3.673
UNITED KINGDOM – POUND STERLING0.786
URUGUAY – PESO39.02
UZBEKISTAN – SOM12333.77
VANUATU – VATU116
VENEZUELA – BOLIVAR SOBERANO35.841
VENEZUELA – FUERTE (OLD)248832
VIETNAM – DONG24260
WESTERN SAMOA – TALA2.653
YEMEN – RIAL528
ZAMBIA – NEW KWACHA 25.71
ZIMBABWE – RTGS5801.47

*Note #1: As of the time of this article, the Department of Treasury still has not published the FBAR rate for Belarus. Please, consult the Department of the Treasury for clarification.

2022 FBAR Conversion Rates | FBAR Tax Lawyer & Attorney

/in , /by

The 2022 FBAR conversion rates are very important for your US international tax compliance. The reason for their importance is their relation to FBAR (FinCEN Form 114) and the IRS Form 8938. The 2022 FBAR and 2022 Form 8938 instructions both require that 2022 FBAR conversion rates be used to report the required highest balances of foreign financial assets on these forms (in the case of Form 8938, the 2022 FBAR conversion rates is the default choice, not an exclusive one). In other words, the 2022 FBAR conversion rates are used to translate foreign-currency highest balances into US dollars for the purposes of FBAR and Form 8938 compliance.

The U.S. Department of Treasury  already published the 2022 FBAR conversion rates online (they are called “Treasury’s Financial Management Service rates” or the “FMS rates”).

Since the 2022 FBAR conversion rates are highly important to US taxpayers, international tax lawyers and international tax accountants, Sherayzen Law Office provides the table below listing the official 2022 FBAR conversion rates (note that the readers still need to refer to the official website for any updates).

Country – Currency Foreign Currency to $1.00
AFGHANISTAN – AFGHANI89.11
ALBANIA – LEK106.5
ALGERIA – DINAR136.467
ANGOLA – KWANZA503.65
ANTIGUA – BARBUDA – E. CARIBBEAN DOLLAR2.7000
ARGENTINA – PESO183
ARMENIA – DRAM400
AUSTRALIA – DOLLAR1.471
AUSTRIA – EURO0.936
AZERBAIJAN – NEW MANAT1.7
BAHAMAS – DOLLAR1.0000
BAHRAIN – DINAR0.3770
BANGLADESH – TAKA105
BARBADOS – DOLLAR2.02
BELARUS – NEW RUBLE2.518
BELGIUM – EURO0.936
BELIZE – DOLLAR2
BENIN – CFA FRANC 614.84
BERMUDA – DOLLAR1
BOLIVIA – BOLIVIANO6.86
BOSNIA – MARKA1.83
BOTSWANA – PULA12.739
BRAZIL – REAL5.286
BRUNEI – DOLLAR1.34
BULGARIA – LEV New1.83
BURKINA FASO – CFA FRANC614.84
BURMA – KYAT2100
BURUNDI – FRANC2045.3
CAMBODIA – RIEL4051
CAMEROON – CFA FRANC613.79
CANADA – DOLLAR1.354
CAPE VERDE – ESCUDO103.16
CAYMAN ISLANDS – DOLLAR0.82
CENTRAL AFRICAN REPUBLIC – CFA FRANC613.79
CHAD – CFA FRANC613.79
CHILE – PESO851.5
CHINA – RENMINBI6.897
COLOMBIA – PESO4845.83
COMOROS – FRANC461.6
CONGO – CFA FRANC613.79
COSTA RICA – COLON591.36
COTE D’IVOIRE – CFA FRANC614.84
CROATIA – KUNA6.87
CROATIA – EURO0.936*
CUBA – Chavito1
CYPRUS – EURO0.936
CZECH REPUBLIC – KORUNA22.102
DEM. REP. OF CONGO – FRANC2012
DENMARK – KRONE6.959
DJIBOUTI – FRANC177
DOMINICAN REPUBLIC – PESO55.72
ECUADOR – DOLARES1.0000
EGYPT – POUND24.74**
EGYPT – POUND29.5**
EL SALVADOR – DOLARES1.0000
EQUATORIAL GUINEA – CFA FRANC613.79
ERITREA – NAKFA15
ESTONIA – EURO0.936
ETHIOPIA – BIRR53.339
EURO ZONE – EURO0.936
FIJI – DOLLAR2.176
FINLAND – EURO0.936
FRANCE – EURO0.936
GABON – CFA FRANC613.79
GAMBIA – DALASI61
GEORGIA – LARI2.665
GERMANY – EURO0.936
GHANA – CEDI9.8***
GHANA – CEDI11.5***
GREECE – EURO0.936
GRENADA – EAST CARIBBEAN DOLLAR2.7
GUATEMALA – QUETZAL7.84
GUINEA – FRANC8554
GUINEA BISSAU – CFA FRANC614.84
GUYANA – DOLLAR215
HAITI – GOURDE145
HONDURAS – LEMPIRA24.552
HONG KONG – DOLLAR7.797
HUNGARY – FORINT374.63
ICELAND – KRONA141.61
INDIA – RUPEE82.599
INDONESIA – RUPIAH15528.42
IRAN – RIAL42000
IRAQ – DINAR1458.53
IRELAND – EURO0.936
ISRAEL – SHEKEL3.518
ITALY – EURO0.936
JAMAICA – DOLLAR150
JAPAN – YEN131.83
JORDAN – DINAR0.708
KAZAKHSTAN – TENGE462.54
KENYA – SHILLING123.25
KOREA – WON1252.61
KOSOVO – EURO0.936
KUWAIT – DINAR0.306
KYRGYZSTAN – SOM85.68
LAOS – KIP17217
LATVIA – EURO0.936
LEBANON – POUND1500
LESOTHO – MALOTI16.948
LIBERIA – DOLLAR153.5
LIBYA – DINAR4.817
LITHUANIA – EURO0.936
LUXEMBOURG – EURO0.936
MADAGASCAR – ARIARY4360
MALAWI – KWACHA1035.49
MALAYSIA – RINGGIT4.4
MALDIVES – RUFIYAA15.42
MALI – CFA FRANC614.84
MALTA – EURO0.936
MARSHALL ISLANDS – DOLLAR1
MAURITANIA – OUGUIYA37
MAURITIUS – RUPEE43.85
MEXICO – PESO19.546
MICRONESIA – DOLLAR1
MOLDOVA – LEU19.08
MONGOLIA – TUGRIK3443.37
MONTENEGRO – EURO0.936
MOROCCO – DIRHAM10.48
MOZAMBIQUE – METICAL 63.24
NAMIBIA – DOLLAR16.948
NEPAL – RUPEE132.25
NETHERLANDS – EURO0.936
NETHERLANDS ANTILLES – GUILDER1.78
NEW ZEALAND – DOLLAR1.575
NICARAGUA – CORDOBA36.15
NIGER – CFA FRANC614.84
NIGERIA – NAIRA440
NORWAY – KRONE9.831
OMAN – RIAL0.385
PAKISTAN – RUPEE226.4
PANAMA – BALBOANot Listed
PANAMA – DOLARES1
PAPUA NEW GUINEA – KINA3.431
PARAGUAY – GUARANI7309.61
PERU – SOL3.786
PHILIPPINES – PESO55.606
POLAND – ZLOTY4.38
PORTUGAL – EURO0.936
QATAR – RIYAL3.64
REP. OF N MACEDONIA – DINAR57.56
REPUBLIC OF PALAU – DOLLAR1
ROMANIA – NEW LEU 4.627
RUSSIA – RUBLE71.481
RWANDA – FRANC1060
SAO TOME & PRINCIPE – NEW DOBRAS23.062
SAUDI ARABIA – RIYAL3.75
SENEGAL – CFA FRANC614.84
SERBIA – DINAR109.69
SEYCHELLES – RUPEE12.87
SIERRA LEONE – LEONE18.8
SINGAPORE – DOLLAR1.34
SLOVAK REPUBLIC – EURO0.936
SLOVENIA – EURO0.936
SOLOMON ISLANDS – DOLLAR7.949
SOMALI – SHILLING565
SOUTH AFRICA – RAND16.948
SOUTH SUDANESE – POUND669
SPAIN – EURO0.936
SRI LANKA – RUPEE363
ST LUCIA – E CARIBBEAN DOLLAR2.7
SUDAN – SUDANESE POUND576
SURINAME – GUILDER31.714
SWAZILAND – LANGENI16.948
SWEDEN – KRONA10.386
SWITZERLAND – FRANC0.923
SYRIA – POUND2510
TAIWAN – DOLLAR30.648
TAJIKISTAN – SOMONI10.16
TANZANIA – SHILLING2329
THAILAND – BAHT34.52
TIMOR – LESTE DILI1
TOGO – CFA FRANC614.84
TONGA – PA’ANGA2.261
TRINIDAD & TOBAGO – DOLLAR6.765
TUNISIA – DINAR3.094
TURKEY – NEW LIRA18.711
TURKMENISTAN – NEW MANAT3.491
UGANDA – SHILLING3715
UKRAINE – HRYVNIA36.569
UNITED ARAB EMIRATES – DIRHAM3.673
UNITED KINGDOM – POUND STERLING0.83
URUGUAY – PESO39.95
UZBEKISTAN – SOM11224.32
VANUATU – VATU119.9
VENEZUELA – BOLIVAR SOBERANO17.236****
VENEZUELA – BOLIVAR SOBERANO19.23****
VENEZUELA – FUERTE (OLD)248832
VIETNAM – DONG23610
WESTERN SAMOA – TALA2.607
YEMEN – RIAL580
ZAMBIA – NEW KWACHA 18.1
ZIMBABWE – RTGS654.66

*Note #1: the official exchange rate for Euro on December 31, 2022 was 0.936; however, with respect to Croatia the Department of the Treasury lists 0.925. We believe that this is a mistake. Please, consult the Department of the Treasury for clarification.

**Note #2: the Treasury Department lists two alternative rates for the Egyptian Pound without clarification which rate should be used for FBAR and Form 8938. We believe that the second rate is correct as it more properly reflects the conversion rate at that time. However, if you wish to follow the safest route, you can use 24.74 conversion rate. Please, consult the Department of the Treasury for clarification.

***Note #3: the Treasury Department lists two alternative rates for the Ghanan Cedi without clarification which rate should be used for FBAR and Form 8938. We believe that the second rate is correct as it more properly reflects the conversion rate at that time. However, if you wish to follow the safest route, you can use 9.8 conversion rate. Please, consult the Department of the Treasury for clarification.

****Note #4: the Treasury Department lists two alternative rates for the Venezuelan Bolivar Soberano without clarification which rate should be used for FBAR and Form 8938. We believe that the second rate is correct as it more properly reflects the conversion rate at that time. However, if you wish to follow the safest route, you can use 17.236 conversion rate. Please, consult the Department of the Treasury for clarification.

2021 FBAR Conversion Rates | FBAR Tax Lawyer & Attorney

/in , /by

The 2021 FBAR conversion rates are highly important in US international tax compliance. The 2021 FBAR and 2021 Form 8938 instructions both require that 2021 FBAR conversion rates be used to report the required highest balances of foreign financial assets on these forms (in the case of Form 8938, the 2021 FBAR conversion rates is the default choice, not an exclusive one). In other words, the 2021 FBAR conversion rates are used to translate foreign-currency highest balances into US dollars for the purposes of FBAR and Form 8938 compliance.

The U.S. Department of Treasury  already published the 2021 FBAR conversion rates online (they are called “Treasury’s Financial Management Service rates” or the “FMS rates”).

Since the 2021 FBAR conversion rates are highly important to US taxpayers, international tax lawyers and international tax accountants, Sherayzen Law Office provides the table below listing the official 2021 FBAR conversion rates (note that the readers still need to refer to the official website for any updates).

Country – Currency Foreign Currency to $1.00
AFGHANISTAN – AFGHANI103.4000
ALBANIA – LEK105.9500
ALGERIA – DINAR138.2840
ANGOLA – KWANZA562.4400
ANTIGUA – BARBUDA – E. CARIBBEAN DOLLAR2.7000
ARGENTINA – PESO107.7500
ARMENIA – DRAM485.0000
AUSTRALIA – DOLLAR1.3750
AUSTRIA – EURO0.8820
AZERBAIJAN – NEW MANAT1.7000
BAHAMAS – DOLLAR1.0000
BAHRAIN – DINAR0.3770
BANGLADESH – TAKA86.0000
BARBADOS – DOLLAR2.0200
BELARUS – NEW RUBLE2.5440
BELGIUM – EURO0.8820
BELIZE – DOLLAR2.0000
BENIN – CFA FRANC581.8400
BERMUDA – DOLLAR1.0000
BOLIVIA – BOLIVIANO6.8200
BOSNIA – MARKA1.7240
BOTSWANA – PULA11.7100
BRAZIL – REAL5.6680
BRUNEI – DOLLAR1.3520
BULGARIA – LEV New1.7240
BURKINA FASO – CFA FRANC581.8400
BURMA – KYAT1,769.5000
BURUNDI – FRANC1,989.1000
CAMBODIA – RIEL4051.0000
CAMEROON – CFA FRANC578.2400
CANADA – DOLLAR1.2770
CAPE VERDE – ESCUDO97.2200
CAYMAN ISLANDS – DOLLAR0.8200
CENTRAL AFRICAN REPUBLIC – CFA FRANC578.2400
CHAD – CFA FRANC578.2400
CHILE – PESO842.5000
CHINA – RENMINBI6.3730
COLOMBIA – PESO4030.4300
COMOROS – FRANC434.7300
CONGO – CFA FRANC578.2400
COSTA RICA – COLON638.2700
COTE D’IVOIRE – CFA FRANC581.8400
CROATIA – KUNA6.4500
CUBA – Chavito1.0000
CYPRUS – EURO0.8820
CZECH REPUBLIC – KORUNA21.4170
DEM. REP. OF CONGO – FRANC1,987.8000
DENMARK – KRONE6.5560
DJIBOUTI – FRANC177.0000
DOMINICAN REPUBLIC – PESO56.7900
ECUADOR – DOLARES1.0000
EGYPT – POUND15.6800
EL SALVADOR – DOLARES1.0000
EQUATORIAL GUINEA – CFA FRANC578.2400
ERITREA – NAKFA15.0000
ESTONIA – EURO0.8820
ETHIOPIA – BIRR49.1320
EURO ZONE – EURO0.8820
FIJI – DOLLAR2.1030
FINLAND – EURO0.8820
FRANCE – EURO0.8820
GABON – CFA FRANC578.2400
GAMBIA – DALASI52.0000
GEORGIA – LARI3.0750
GERMANY – EURO0.8820
GHANA – CEDI6.0500
GREECE – EURO0.8820
GRENADA – EAST CARIBBEAN DOLLAR2.7000
GUATEMALA – QUENTZAL7.7000
GUINEA BISSAU – CFA FRANC581.8400
GUINEA – FRANC9234.2000
GUYANA – DOLLAR215.0000
HAITI – GOURDE99.7710
HONDURAS – LEMPIRA24.2540
HONG KONG – DOLLAR7.7990
HUNGARY – FORINT326.3200
ICELAND – KRONA129.9800
INDIA – RUPEE74.3430
INDONESIA – RUPIAH14,195.2800
IRAN – RIAL42,000.0000
IRAQ – DINAR1,458.5400
IRELAND – EURO0.8820
ISRAEL – SHEKEL3.0990
ITALY – EURO0.8820
JAMAICA – DOLLAR155.0000
JAPAN – YEN115.0400
JORDAN – DINAR0.7080
KAZAKHSTAN – TENGE436.8800
KENYA – SHILLING113.0500
KOREA – WON1,188.9200
KOSOVO – EURO0.8820
KUWAIT – DINAR0.3020
KYRGYZSTAN – SOM84.7910
LAOS – KIP11,148.8000
LATVIA – EURO0.8820
LEBANON – POUND1,500.0000
LESOTHO – MALOTI15.8820
LIBERIA – DOLLAR143.7000
LIBYA – DINAR4.5870
LITHUANIA – EURO0.8820
LUXEMBOURG – EURO0.8820
MADAGASCAR – ARIARY3,902.0000
MALAWI – KWACHA920.0000
MALAYSIA – RINGGIT4.1750
MALDIVES – RUFIYAA15.4200
MALI – CFA FRANC581.8400
MALTA – EURO0.8820
MARSHALL ISLANDS – DOLLAR1.0000
MARTINIQUE – EURO0.8820
MAURITANIA – OUGUIYA37.0000
MAURITIUS – RUPEE43.7500
MEXICO – PESO20.5310
MICRONESIA – DOLLAR1.0000
MOLDOVA – LEU17.6370
MONGOLIA – TUGRIK2,848.6300
MONTENEGRO – EURO0.8820
MOROCCO – DIRHAM9.2710
MOZAMBIQUE – METICAL 63.2000
NAMIBIA – DOLLAR15.8820
NEPAL – RUPEE119.3500
NETHERLANDS – EURO0.8820
NETHERLANDS ANTILLES – GUILDER1.7800
NEW ZEALAND – DOLLAR1.4600
NICARAGUA – CORDOBA35.5000
NIGER – CFA FRANC581.8400
NIGERIA – NAIRA405.0000
NORWAY – KRONE8.7780
OMAN – RIAL0.3850
PAKISTAN – RUPEE177.9700
PANAMA – BALBOANot Listed
PANAMA – DOLARES1.0000
PAPUA NEW GUINEA – KINA3.5090
PARAGUAY – GUARANI6,854.0000
PERU – SOL3.9690
PHILIPPINES – PESO51.0300
POLAND – ZLOTY4.0530
PORTUGAL – EURO0.8820
QATAR – RIYAL3.6400
REP. OF N MACEDONIA – DINAR54.2300
REPUBLIC OF PALAU – DOLLAR1.0000
ROMANIA – NEW LEU 4.3610
RUSSIA – RUBLE74.9990
RWANDA – FRANC1000.0000
SAO TOME & PRINCIPE – NEW DOBRAS21.6230
SAUDI ARABIA – RIYAL3.7500
SENEGAL – CFA FRANC581.8400
SERBIA – DINAR103.5800
SEYCHELLES – RUPEE13.3300
SIERRA LEONE – LEONE11,221.7000
SINGAPORE – DOLLAR1.3520
SLOVAK REPUBLIC – EURO0.8820
SLOVENIA – EURO0.8820
SOLOMON ISLANDS – DOLLAR7.8860
SOMALI – SHILLING575.0000
SOUTH AFRICA – RAND15.8820
SOUTH SUDANESE – POUND421.0000
SPAIN – EURO0.8820
SRI LANKA – RUPEE202.7500
ST LUCIA – E CARIBBEAN DOLLAR2.7000
SUDAN – SUDANESE POUND449.0000
SURINAME – GUILDER19.5310
SWAZILAND – LANGENI15.8820
SWEDEN – KRONA9.0250
SWITZERLAND – FRANC0.9140
SYRIA – POUND2,511.0000
TAIWAN – DOLLAR27.7070
TAJIKISTAN – SOMONI11.2800
TANZANIA – SHILLING2,302.0000
THAILAND – BAHT33.4000
TIMOR – LESTE DILI1.0000
TOGO – CFA FRANC581.8400
TONGA – PA’ANGA2.2290
TRINIDAD & TOBAGO – DOLLAR6.7590
TUNISIA – DINAR2.8760
TURKEY – NEW LIRA12.9560
TURKMENISTAN – NEW MANAT3.4910
UGANDA – SHILLING3,537.0000
UKRAINE – HRYVNIA27.3220
UNITED ARAB EMIRATES – DIRHAM3.6730
UNITED KINGDOM – POUND STERLING0.7400
URUGUAY – PESO44.4500
UZBEKISTAN – SOM10,805.7000
VANUATU – VATU111.2200
VENEZUELA – BOLIVAR SOBERANO4.5780
VENEZUELA – FUERTE (OLD)248,832.0000
VIETNAM – DONG22,765.0000
WESTERN SAMOA – TALA2.5650
YEMEN – RIAL580.0000
ZAMBIA – NEW KWACHA16.6320
ZIMBABWE – RTGS105.9490

2020 FBAR Conversion Rates | FBAR Tax Lawyer & Attorney

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The 2020 FBAR conversion rates are highly important in US international tax compliance. The 2020 FBAR and 2020 Form 8938 instructions both require that 2020 FBAR conversion rates be used to report the required highest balances of foreign financial assets on these forms (in the case of Form 8938, the 2020 FBAR conversion rates is the default choice, not an exclusive one). In other words, the 2020 FBAR conversion rates are used to translate foreign-currency highest balances into US dollars for the purposes of FBAR and Form 8938 compliance.

The U.S. Department of Treasury  already published the 2020 FBAR conversion rates online (they are called “Treasury’s Financial Management Service rates” or the “FMS rates”).

Since the 2020 FBAR conversion rates are highly important to US taxpayers, international tax lawyers and international tax accountants, Sherayzen Law Office provides the table below listing the official 2020 FBAR conversion rates (note that the readers still need to refer to the official website for any updates).

Country – Currency Foreign Currency to $1.00
AFGHANISTAN – AFGHANI77.0900
ALBANIA – LEK100.3500
ALGERIA – DINAR132.2120
ANGOLA – KWANZA649.6000
ANTIGUA – BARBUDA – E. CARIBBEAN DOLLAR2.7000
ARGENTINA – PESO89.2500
ARMENIA – DRAM515.0000
AUSTRALIA – DOLLAR1.2940
AUSTRIA – EURO0.8150
AZERBAIJAN – NEW MANAT1.7000
BAHAMAS – DOLLAR1.0000
BAHRAIN – DINAR0.3770
BANGLADESH – TAKA85.0000
BARBADOS – DOLLAR2.0200
BELARUS – NEW RUBLE2.5980
BELGIUM – EURO0.8150
BELIZE – DOLLAR2.0000
BENIN – CFA FRANC529.0000
BERMUDA – DOLLAR1.0000
BOLIVIA – BOLIVIANO6.8100
BOSNIA – MARKA1.5940
BOTSWANA – PULA10.7990
BRAZIL – REAL5.1940
BRUNEI – DOLLAR1.3220
BULGARIA – LEV1.5940
BURKINA FASO – CFA FRANC529.0000
BURMA-KYAT1,326.0000
BURUNDI – FRANC1,930.6100
CAMBODIA (KHMER) – RIEL4,051.0000
CAMEROON – CFA FRANC529.2600
CANADA – DOLLAR1.2750
CAPE VERDE – ESCUDO89.8300
CAYMAN ISLANDS – DOLLAR0.8200
CENTRAL AFRICAN REPUBLIC – CFA FRANC529.2600
CHAD – CFA FRANC529.2600
CHILE – PESO709.7500
CHINA – RENMINBI6.5400
COLOMBIA – PESO3,414.5000
COMOROS – FRANC400.6200
CONGO – CFA FRANC529.2600
COSTA RICA – COLON609.1000
COTE D’IVOIRE – CFA FRANC529.0000
CROATIA – KUNA5.9500
CUBA – Chavito1.0000
CYPRUS – EURO0.8150
CZECH REPUBLIC – KORUNA20.7540
DEM. REP. OF CONGO – FRANC1,966.4800
DENMARK – KRONE6.0650
DJIBOUTI – FRANC177.0000
DOMINICAN REPUBLIC – PESO58.1400
ECUADOR – DOLARES1.0000
EGYPT – POUND15.6900
EL SALVADOR – DOLARES1.0000
EQUATORIAL GUINEA – CFA FRANC529.2600
ERITREA – NAKFA15.0000
ESTONIA – EURO0.8150
ETHIOPIA – BIRR39.1810
EURO ZONE – EURO0.8150
FIJI – DOLLAR2.0040
FINLAND – EURO0.8150
FRANCE – EURO0.8150
GABON – CFA FRANC529.2600
GAMBIA – DALASI52.0000
GEORGIA – LARI3.2700
GERMANY – EURO0.8150
GHANA – CEDI5.8100
GREECE – EURO0.8150
GRENADA – EAST CARIBBEAN DOLLAR2.7000
GUATEMALA – QUENTZAL7.7800
GUINEA BISSAU – CFA FRANC529.0000
GUINEA – FRANC9,990.0000
GUYANA – DOLLAR215.0000
HAITI – GOURDE71.6060
HONDURAS – LEMPIRA25.0000
HONG KONG – DOLLAR7.7530
HUNGARY – FORINT296.7600
ICELAND – KRONA127.1100
INDIA – RUPEE73.0340
INDONESIA – RUPIAH14,028.0000
IRAN – RIAL42,000.0000
IRAQ – DINAR1,138.0000
IRELAND – EURO0.8150
ISRAEL – SHEKEL3.2130
ITALY – EURO0.8150
JAMAICA – DOLLAR150.0000
JAPAN – YEN103.0800
JORDAN – DINAR0.7080
KAZAKHSTAN – TENGE421.2700
KENYA – SHILLING109.1000
KOREA – WON1,087.6600
KOSOVO – EURO0.8150
KUWAIT – DINAR0.3040
KYRGYZSTAN – SOM82.6500
LAOS – KIP9,280.0000
LATVIA – EURO0.8150
LEBANON – POUND1,500.0000
LESOTHO – MALOTI14.6730
LIBERIA – DOLLAR163.0000
LIBYA – DINAR1.3330
LITHUANIA – EURO0.8150
LUXEMBOURG – EURO0.8150
MADAGASCAR – ARIARY3,824.8000
MALAWI – KWACHA820.0000
MALAYSIA – RINGGIT4.0200
MALDIVES – RUFIYAA15.4200
MALI – CFA FRANC529.0000
MALTA – EURO0.8150
MARSHALL ISLANDS – DOLLAR1.0000
MARTINIQUE – EURO0.8150
MAURITANIA – OUGUIYA37.0000
MAURITIUS – RUPEE39.5500
MEXICO – PESO19.9130
MICRONESIA – DOLLAR1.0000
MOLDOVA – LEU17.0800
MONGOLIA – TUGRIK2,849.7700
MONTENEGRO – EURO0.8150
MOROCCO – DIRHAM8.9170
MOZAMBIQUE – METICAL 74.2000
NAMIBIA – DOLLAR14.6730
NEPAL – RUPEE117.0000
NETHERLANDS – EURO0.8150
NETHERLANDS ANTILLES – GUILDER1.7800
NEW ZEALAND – DOLLAR1.3830
NICARAGUA – CORDOBA34.9000
NIGER – CFA FRANC529.0000
NIGERIA – NAIRA385.0000
NORWAY – KRONE8.5300
OMAN – RIAL0.3850
PAKISTAN – RUPEE159.7500
PANAMA – BALBOA1.0000
PANAMA – DOLARES1.0000
PAPUA NEW GUINEA – KINA3.5090
PARAGUAY – GUARANI6,891.9600
PERU – SOL3.6190
PHILIPPINES – PESO48.1730
POLAND – ZLOTY3.7130
PORTUGAL – EURO0.8150
QATAR – RIYAL3.6400
REP. OF N MACEDONIA – DINAR50.1300
REPUBLIC OF PALAU – DOLLAR1.0000
ROMANIA – NEW LEU 3.9660
RUSSIA – RUBLE74.4600
RWANDA – FRANC950.0000
SAO TOME & PRINCIPE – NEW DOBRAS20.0510
SAUDI ARABIA – RIYAL3.7500
SENEGAL – CFA FRANC529.0000
SERBIA – DINAR95.8000
SEYCHELLES – RUPEE20.9100
SIERRA LEONE – LEONE9,997.0000
SINGAPORE – DOLLAR1.3220
SLOVAK REPUBLIC – EURO0.8150
SLOVENIA – EURO0.8150
SOLOMON ISLANDS – DOLLAR7.7340
SOMALI – SHILLING575.0000
SOUTH AFRICA – RAND14.6730
SOUTH SUDANESE – POUND177.0000
SPAIN – EURO0.8150
SRI LANKA – RUPEE185.0000
ST LUCIA – E CARIBBEAN DOLLAR2.7000
SUDAN – SUDANESE POUND55.0000
SURINAME – GUILDER14.2900
SWAZILAND – LANGENI14.6730
SWEDEN – KRONA8.1720
SWITZERLAND – FRANC0.8810
SYRIA – POUND1,256.0000
TAIWAN – DOLLAR28.0740
TAJIKISTAN – SOMONI11.3250
TANZANIA – SHILLING2,314.0000
THAILAND – BAHT29.9200
TIMOR – LESTE DILI1.0000
TOGO – CFA FRANC529.0000
TONGA – PA’ANGA2.1980
TRINIDAD & TOBAGO – DOLLAR6.6980
TUNISIA – DINAR2.6830
TURKEY – LIRA7.4240
TURKMENISTAN – NEW MANAT3.4910
UGANDA – SHILLING3,649.0000
UKRAINE – HRYVNIA28.3000
UNITED ARAB EMIRATES – DIRHAM3.6730
UNITED KINGDOM – POUND STERLING0.7320
URUGUAY – PESO42.1400
UZBEKISTAN – SOM10,471.9200
VANUATU – VATU106.2300
VENEZUELA – BOLIVAR SOBERANO1,104,430.5870
VENEZUELA – FUERTE (OLD)248,832.0000
VIETNAM – DONG23,070.0000
WESTERN SAMOA – TALA2.4440
YEMEN – RIAL480.0000
ZAMBIA – NEW KWACHA21.1400
ZIMBABWE – RTGS79.7420

2020 FBAR Criminal Penalties | FBAR International Tax Lawyers

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2020 FBAR criminal penalties is a potential threat to any US taxpayer who willfully failed to file his FBARs or knowingly filed a false FBAR. In this essay, I would like to review the 2020 FBAR criminal penalties that these noncompliant US taxpayers may have to face.

2020 FBAR Criminal Penalties: Background Information

A lot of US taxpayers do not understand why the 2020 FBAR criminal penalties are so shockingly severe. These taxpayers question why failing to file a form that has nothing do with income tax calculation should potentially result in a jail sentence.

The answer to this questions lies in the legislative history of FBAR. First of all, it is important to understand that FBAR is not a tax form. The Report of Foreign Bank and Financial Accounts (“FBAR”) was born in 1970 out of the Bank Secrecy Act (“BSA”), in particular 31 U.S.C. §5314. This means that the initial primary purpose of the form was to fight financial crimes, money laundering and terrorism. In other words, FBAR was not initially created to combat tax evasion.

Rather, FBAR criminal penalties were structured from the very beginning for the purpose of punishing criminals engaged in financial crimes and/or terrorism. This is why the FBAR penalties are so severe and easily surpass the penalties of any tax form.

It was only 30 years later, after the enaction of The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the “USA Patriot Act”), that the enforcement of FBAR was turned over to the IRS allegedly to fight terrorism. Instead, the IRS almost immediately commenced using FBAR to fight the tax evasion schemes that utilized offshore accounts.

The Congress liked the IRS initiative and responded with the American Jobs Creation Act of 2004 (“2004 Jobs Act”). The 2004 Jobs Act further increased the FBAR existing penalties and created an new non-willful penalty of up to $10,000 per violation.

2020 FBAR Criminal Penalties: Description

Now that we understand why the 2020 FBAR criminal penalties are so severe, let’s describe what these penalties actually may be. There are three different 2020 FBAR criminal penalties associated with different FBAR violations.

First, a criminal penalty may be imposed under 26 U.S.C. 5322(a) and 31 C.F.R. § 103.59(b) for willful failure to file FBAR or retain records of a foreign account. The penalty is up to $250,000 or 5 years in prison or both.

Second, when the willful failure to file FBAR is combined with a violation of other US laws or the failure to file FBAR is “part of a pattern of any illegal activity involving more than $100,000 in a 12-month period”, then the IRS has the option of imposing a criminal penalty under 26 U.S.C. 5322(b) and 31 C.F.R. § 103.59(c). In this case, the penalty jumps to incredible $500,000 or 10 years in prison or both.

Finally, if a person willingly and knowingly files a false, fictitious or fraudulent FBAR, he may be penalized under 31 C.F.R. § 103.59(d). The penalty in this case may be $10,000 or 5 years or both.

Contact Sherayzen Law Office for Help With Past FBAR Violations

If you were required to file an FBAR but you have not done it, contact Sherayzen Law Office to explore your voluntary disclosure options. Our international tax law firm specializes in FBAR compliance and we have helped hundreds of US taxpayers around the world to resolve their past FBAR noncompliance while reducing and, in some cases, even eliminating their FBAR penalties.

We can help You! Contact Us Today to Schedule Your Confidential Consultation!