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.

How to File Your FBAR on BSA E-Filing: Step-by-Step Guide

Overview

The FBAR is filed electronically through FinCEN's BSA E-Filing system. You cannot mail a paper FBAR. There are two paths: fill out the form manually on the BSA portal, or upload a pre-built XML file. This guide covers both.

Option 1: Manual Entry on BSA E-Filing

Step 1: Go to the BSA E-Filing Portal

Visit [bsaefiling.fincen.treas.gov](https://bsaefiling.fincen.treas.gov) and click "File FBAR" (no account required for individual filers).

Step 2: Select Filing Type

Choose "I want to file an Individual FBAR (FinCEN Report 114)." You'll see a multi-page form.

Step 3: Enter Filer Information

Full legal name (as it appears on your SSN card)
Social Security Number or ITIN
Date of birth
US address

Step 4: Enter Each Foreign Account

For each account, you'll need: - Financial institution name and address - Account number - Type of account (bank, securities, other) - Maximum value during the calendar year (in USD) - Currency of the account

Step 5: Sign and Submit

E-sign with your name and submit. You'll receive a BSA ID — this is your proof of filing. Save it.

The Downsides of Manual Entry

No save-and-resume. If your session times out or you close the tab, you start over.
No currency conversion help. You must look up Treasury rates yourself.
No error validation beyond basic field formats.
The interface is from the early 2000s.

Option 2: Upload a Pre-Built XML File

How It Works

Instead of filling out the BSA portal form field by field, you upload a completed XML file that contains all your information. The portal validates the XML and submits it.

This is what FBAR File generates for you.

Step 1: Prepare Your Filing

In FBAR File, enter your information and accounts. We validate everything, apply Treasury exchange rates, and generate a FinCEN-compliant XML file plus a PDF copy for your records.

Step 2: Download Your Files

After payment, download your XML file and PDF receipt.

Step 3: Go to BSA E-Filing

Visit the BSA E-Filing portal and select "File FBAR."

Step 4: Upload Your XML

Instead of manual entry, select the option to upload an XML file. Choose the XML file FBAR File generated.

Step 5: Review and Submit

The portal will display your filing details from the XML. Review them, e-sign, and submit. You'll receive your BSA tracking ID.

After Filing

Save your BSA tracking ID — this is your proof of filing
Keep your PDF receipt with your tax records
The BSA system does not send email confirmations to individual filers
You can check filing status on the BSA E-Filing portal

How FBAR File Simplifies This

FBAR File handles steps 1–2 (data entry, validation, currency conversion, XML generation) so the BSA portal upload in steps 3–5 is a 2-minute process instead of a 45-minute ordeal.