What is an FBAR and who needs to file?

An FBAR (FinCEN Form 114) is required for any US person — citizens, green card holders, and residents — who has foreign financial accounts that together exceeded $10,000 at any point during the calendar year. This includes Americans living abroad, immigrants maintaining accounts in their home country, and dual citizens. If the total across all your foreign accounts hit $10,000 for even one day, you're required to file.

What's the penalty for not filing?

Non-willful failure to file carries a penalty of up to $16,536 per account, per year. Willful failure can result in penalties up to $165,353 or 50% of the account balance, whichever is greater. Criminal penalties can include up to 5 years imprisonment. The good news: the IRS rarely penalizes taxpayers who come forward voluntarily with non-willful violations.

When is the FBAR deadline?

The FBAR is due April 15 each year, with an automatic extension to October 15. No extension request is needed — it applies automatically. For the 2025 tax year, the October 15, 2026 extension deadline is the current active deadline. We recommend filing as early as possible to stay ahead of the deadline.

How does the FinCEN submission work?

We generate your completed FinCEN Form 114 — both a FinCEN-compliant XML for submission and a PDF copy for your records. We walk you through uploading to the BSA E-Filing system, the same portal CPAs and tax professionals use. The upload takes about 2 minutes. Once submitted, you get a BSA tracking ID as proof of filing, saved in your dashboard alongside your PDF receipt.

How is my data protected?

Your SSN and account numbers are encrypted with AES-256-GCM before they're stored. The encryption architecture means we cannot access your sensitive data in plain text. All traffic uses TLS. Bank statement uploads are encrypted at rest and deleted after data extraction is complete.

What if I have accounts in multiple countries?

You can add as many accounts as you need — there's no per-account charge. We handle currency conversion automatically using Treasury Department exchange rates for the reporting year. Five accounts across three countries is the same $29.

Can I file for previous years?

Yes. You can file for any year going back 6 years. Each year is a separate filing. If you have multiple years of unfiled FBARs, we recommend consulting a tax professional about the Streamlined Filing Compliance Procedures before filing — it can protect you from penalties.

How is this different from using a CPA?

A CPA typically charges $200–500 for FBAR preparation. For straightforward filings, the work involved is primarily data entry — your name, bank details, and account balances. We handle that same process for $29 in about 12 minutes, with bank-grade encryption. For complex situations like delinquent filings, FATCA Form 8938, or tax treaty issues, a CPA is the right choice.

Can I file myself for free on the BSA site?

Yes, the BSA E-Filing system at FinCEN is free and open to the public. It's a functional but dated system — no save-and-resume, no currency conversion, and no error checking before submission. Most filers report it takes 45–90 minutes. FBAR File provides a modern interface with automatic currency conversion, error detection, and the ability to save your progress for $29.

Is my data really safe?

We use AES-256-GCM encryption — the same standard used by the US government for classified information. Your SSN and account numbers are encrypted before they're written to our database, using a key derived from your account. We cannot read them in plain text. Bank statement uploads are encrypted at rest and automatically deleted after data extraction.

FBAR for Expats: A Complete Guide to Filing from Abroad

If You're an American Living Abroad, You Almost Certainly Need to File

The math is straightforward: you live in another country, so you have a local bank account. That account likely holds more than $10,000 at some point during the year — even briefly, from a salary deposit. That means you need to file an FBAR.

Who Needs to File

Every US person with foreign accounts exceeding $10,000 in aggregate at any time during the year. "US person" means:

US citizens (including dual citizens who have lived abroad for decades)
Green card holders
US residents meeting the substantial presence test

Living abroad doesn't change the requirement. Being a dual citizen doesn't change it. Having no US income doesn't change it.

What Counts as a Foreign Account

Any financial account held outside the United States:

Checking and savings accounts — your everyday local bank account
Investment accounts — local brokerage, certain foreign retirement accounts
Joint accounts — even if your non-US spouse is the primary holder
Business accounts — if you have signature authority
Accounts at foreign branches of US banks
Insurance policies with cash value held by foreign companies

What doesn't count: US-based accounts (even if you access them from abroad), cryptocurrency held on US exchanges, and real estate directly (though accounts holding real estate proceeds do count).

The $10,000 Threshold

The threshold is $10,000 aggregate across all foreign accounts at any point during the year. If your checking account briefly reached $8,000 when your salary was deposited, and your savings held $3,000 — that's $11,000. You file.

Most expats clear this threshold without realizing it. A single monthly salary deposit is often enough.

Common Mistakes

"I don't owe US taxes, so I don't need to file" — The FBAR is separate from your tax return. Zero tax liability doesn't mean zero filing obligation.

"My account is in my spouse's name" — If you have signature authority (can make transactions), you report it.

"I already filed Form 8938" — FBAR and FATCA are separate requirements filed with different agencies. Filing one doesn't satisfy the other.

"The balance never stays above $10,000" — The threshold applies to the highest aggregate value at any point. Even one day counts.

"I forgot about my old account" — Dormant accounts with balances still count toward the aggregate.

How to File from Abroad

The FBAR is filed electronically — there's no need to be in the US. FBAR File handles the entire process online: enter your info, add your accounts, and submit. It works from anywhere with an internet connection.

What If You Haven't Been Filing?

If you're an expat who didn't know about the FBAR requirement, look into the Streamlined Foreign Offshore Procedures. This program is designed specifically for non-willful taxpayers living abroad and typically results in zero penalties. For current-year filings, you can start with FBAR File and consult a tax professional about prior years if needed.