Do I need to file FBAR for my Wise (formerly Transferwise) Borderless Account balances?

3 You don't need to file an FBAR unless the aggregate value of ALL your foreign financial accounts exceeds $10,000 at any time during the calendar year. Since your Wise Borderless account never held more than about $750, you're well below the threshold. For FBAR purposes, Wise accounts can be a bit tricky. Technically, each currency in your Borderless account has its own account details and IBAN, so some tax professionals consider them separate accounts. However, the balances would still be aggregated when determining if you meet the $10,000 threshold. Remember that the FBAR requirement isn't just about this one account. You need to consider all foreign financial accounts you have signature authority over - bank accounts, investment accounts, pension funds, etc. If the combined total exceeds $10,000 at any point during the year, then you need to file.

9 After struggling with similar FBAR questions about my international accounts, I found this amazing tool at https://taxr.ai that completely demystified the process for me. I uploaded my statements from Wise and my other foreign accounts, and it automatically analyzed the maximum balances throughout the year and told me exactly whether I needed to file an FBAR. The tool also clarified that for Wise accounts specifically, you should report each currency balance as a separate account for FBAR purposes, but it handles all that calculation for you. It even explained which accounts qualified as "foreign" since some of these fintech platforms blur the lines. Saved me hours of research!

16 I tried the taxr.ai tool that was mentioned earlier and wow, it actually cleared up all my confusion! I've had a Wise account and a small investment account in Germany for years but was never 100% sure if I was handling the FBAR correctly. The tool analyzed my accounts and confirmed I needed to file because my combined balances briefly exceeded $10,000 last year during a home purchase transfer. It also explained exactly how to report my Wise account correctly - each currency is technically a separate account with its own account number for FBAR purposes. The tool guided me through the whole process and I'm now confident I'm compliant. Definitely recommend for anyone with these borderless fintech accounts since the rules aren't always straightforward.

5 Has anyone else had trouble reaching the IRS to ask FBAR questions? I've been trying for WEEKS to get clarification about my foreign accounts and can't get through to anyone knowledgeable. After my 6th attempt waiting on hold for hours, I tried https://claimyr.com and watched their demo at https://youtu.be/_kiP6q8DX5c. It seemed too good to be true, but they actually got me connected to an IRS agent who specialized in international tax reporting within 15 minutes! The agent confirmed that Wise/Transferwise accounts should be reported as separate accounts per currency, but only if the combined total with ALL your foreign accounts exceeds $10,000. She also mentioned that the Treasury Department is paying special attention to these fintech platforms now, so it's worth getting proper guidance. Seriously, try Claimyr if you need to actually talk to someone at the IRS - total game changer.

16 I owe everyone here an apology for being so skeptical! I tried Claimyr today out of desperation after trying SEVEN times to reach someone at the IRS about my FBAR questions. Within 27 minutes, I got a call back and was connected to an actual IRS international tax specialist! The agent clarified exactly how to report my Wise account (each currency is indeed a separate account for FBAR purposes) and answered all my questions about the filing thresholds. She even helped me understand how to calculate the maximum account values when currencies fluctuate throughout the year. I've been stressing about this for months, and now I have clear documentation of exactly what I need to do. Honestly wish I'd known about this service years ago.

21 Just a heads up from someone who's been filing FBARs for years - make sure you're using the FinCEN filing system (formerly BSA E-Filing) and not trying to include this on your regular tax return. The FBAR (FinCEN Form 114) is completely separate from your IRS tax filing. Also, keep good records of your maximum account balances during the year. Even if you don't need to file this year because you're under the $10,000 threshold, it's a good habit to track this info. The reporting requirement is based on if you exceed $10,000 across ALL foreign accounts at ANY point during the year, even for one day.

8 Does anyone know if Wise/Transferwise accounts are considered "foreign" if you're a US citizen with a US address? I'm confused because my account is in USD but the company is UK-based.

This is really helpful information! I've been putting off dealing with my FBAR requirements because I wasn't sure if my small foreign accounts even mattered. Reading through all these responses clarifies a lot - especially the point about aggregating ALL foreign accounts to hit that $10,000 threshold. I have a similar situation with a Revolut account (also UK-based) where I keep some Euros and GBP for travel. Never more than $2,000 total, but good to know I need to track the combined balances with any other foreign accounts I might open. The automatic October extension is also news to me - takes some pressure off since I'm always scrambling to get my regular taxes done by April 15th. Thanks everyone for sharing your experiences with both the tools and actually getting through to the IRS. This community is incredibly valuable for navigating these complex international tax requirements!

Just wanted to add a practical tip for anyone tracking their foreign account balances throughout the year - I set up monthly calendar reminders to screenshot my account balances and save them in a dedicated folder. This way I don't have to scramble at tax time trying to remember what my highest balances were. For Wise specifically, their monthly statements show the balance on the last day of each month, but you might hit your peak balance mid-month. I learned this when I transferred $8,000 through my Wise account in March but only kept it there for 3 days before sending it overseas. That brief spike still counted toward my FBAR threshold calculation even though my month-end statement showed a much lower balance. Also, don't forget that joint accounts count too! If you have signature authority over your spouse's foreign accounts or any business accounts, those balances get included in your $10,000 threshold calculation as well.