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 Filing for Green Card Holders: What You Need to Know

Green Card = Same Rules as Citizens

The moment you become a lawful permanent resident (green card holder), you are a "US person" under the Bank Secrecy Act. That means you have the exact same FBAR filing obligations as a US citizen.

If you have foreign financial accounts with an aggregate value exceeding $10,000 at any time during the year, you must file.

Why This Catches So Many Immigrants Off Guard

Most new green card holders kept their bank accounts from their home country. A checking account in India, a savings account in Mexico, a retirement fund in Germany — these don't disappear when you move to the US.

Nobody tells you about the FBAR at your immigration interview. Your employer doesn't mention it. Your US bank doesn't ask. And by the time tax season arrives, you may not realize this separate filing exists.

What Needs to Be Reported

Every foreign account you maintained during the calendar year:

Home country bank accounts — checking, savings, fixed deposits
Foreign retirement accounts — provident funds, pension accounts (varies by country and treaty)
Investment accounts — brokerage accounts in your home country
Joint accounts — accounts shared with family members abroad
Accounts you have signature authority over — even if the money isn't yours

Common Situations

"I only kept my old account for emergencies" — If it held any balance, it counts toward the $10,000 aggregate. Even a dormant account with $500 counts if your other foreign accounts push the total over $10,000.

"My parents' account is in my name" — If your name is on the account, you have a financial interest and must report it.

"I transferred everything to the US" — If the account was open at any point during the year with any balance, the year of transfer still requires reporting.

"The account is in my home country's currency and worth very little" — Convert to USD using Treasury rates. You might be surprised — exchange rates can push seemingly small amounts over the threshold.

Your First Year

Your FBAR obligation begins the year you become a permanent resident. If you received your green card on November 1, your first FBAR covers November 1 through December 31 of that year (but includes the maximum values of all foreign accounts during that period).

What If You Didn't Know and Haven't Filed?

This is extremely common among new green card holders. If you've been a permanent resident for several years and never filed an FBAR, look into the Delinquent FBAR Submission Procedures. If you properly reported all foreign income on your tax returns, penalties are typically waived.

For current-year filings, FBAR File handles the process for $29 — enter your accounts, and we generate your FinCEN Form 114 with correct currency conversions.