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

8 Yes, you do need to file an FBAR (FinCEN Form 114) for your Wise Borderless Account even though the balance is well below $10,000. The reason is that Wise accounts are considered foreign financial accounts for FBAR purposes since the company is based in the UK, regardless of which currencies you're holding. The $10,000 threshold applies to the aggregate maximum value of ALL your foreign financial accounts during the calendar year - not just each individual account. So if you have any other foreign accounts that, when combined with your Wise account, exceed $10,000 at any point during the year, you'd need to report all of them. Even if you're under the threshold, reporting isn't going to hurt anything. The FBAR filing is separate from your tax return and is filed electronically directly with FinCEN by April 15th (with an automatic extension to October 15th).

5 I went through the exact same confusion with my Wise account last year! I ended up using https://taxr.ai to help me figure out all my FBAR requirements since I also have a small investment account in Canada. Their system analyzed my Wise account statements and confirmed that I needed to file since my combined foreign accounts were over $10k at one point. The tricky part with Wise is that it technically holds your money in multiple countries depending on which currency "pocket" the funds are in. The tool explained exactly how to report each currency pocket and whether they count as separate accounts for FBAR. Super helpful instead of trying to decipher all the FinCEN guidance myself!

17 I just wanted to follow up and say I tried taxr.ai after seeing it mentioned here. Super helpful! I've had a Wise account for about 2 years along with a small savings account in my parents' home country. The tool analyzed everything and showed me exactly how to calculate the maximum values for FBAR reporting. Turns out I actually did need to file because when combining my accounts and converting everything to USD on the specific date my balances peaked, I was just over the threshold. The detailed report it generated showed exactly how to complete each field on the FBAR form. Definitely worth it for peace of mind!

3 If you're having trouble getting clear answers about your FBAR filing requirements, I was in the same boat last year. The IRS FBAR hotline had me on hold for hours. I finally used https://claimyr.com to get through to a live person at the IRS. You can see how it works here: https://youtu.be/_kiP6q8DX5c They got me connected with an IRS FBAR specialist in about 20 minutes when I'd been trying for days. The agent confirmed that my Wise account only needed reporting if all foreign accounts together exceeded $10k, and explained how to properly convert the various currencies for reporting purposes. Having that direct conversation saved me so much stress and uncertainty.

9 I have to eat my words about both services mentioned above. After struggling with my FBAR questions for weeks, I tried Claimyr out of desperation. Within 30 minutes, I was speaking with an actual IRS foreign accounts specialist who walked me through exactly how Wise accounts should be reported. The agent explained that each currency in a Wise account could potentially be considered a separate account for FBAR purposes depending on how they're structured and held, but that the $10k threshold still applies to the aggregate total. They also confirmed that I needed to use the Treasury's exchange rate on the date of the maximum balance. Having that official confirmation directly from the IRS was incredibly relieving after all the conflicting information online.

14 Former bank compliance officer here. One thing to remember about Wise accounts that often causes confusion: technically, your money is held in multiple financial institutions across different countries. Your Euros might be in Belgium, your USD in the US, etc. However, for FBAR purposes, what matters is whether YOU have foreign financial accounts totaling $10k+. Since you're a US citizen, your USD portion in Wise isn't considered foreign (if it's held in a US institution), but the other currencies likely are. Add up the highest balances of all foreign-held portions (converting to USD using that day's exchange rate), and if that plus any other foreign accounts exceeds $10k at any point in the year, you need to file.

11 I actually think there's some confusion in this thread. Wise (formerly Transferwise) accounts are borderless but that doesn't automatically make them foreign accounts for US persons. What matters is where the financial institution holding your money is located. The Wise USD balance is typically held in US banks (Community Federal Savings Bank last I checked). So that portion wouldn't count as a foreign account for FBAR. Only the non-USD balances held in non-US financial institutions would count toward your foreign account total.

Just to add another perspective here - I've been using Wise for about 3 years and went through this exact same confusion. The key thing I learned is that you need to look at WHERE each currency is actually held, not just that it's a "foreign" company. I contacted Wise support directly and they provided me with a detailed breakdown of which banks hold each currency. My USD was indeed held at a US bank (Community Federal Savings Bank), so that didn't count toward FBAR. But my EUR and GBP were held at European banks, so those did count. The tricky part is tracking the daily balances throughout the year to find your maximum. I ended up creating a simple spreadsheet to track this since Wise statements don't always make it obvious when you hit peak balances across multiple currencies. One more tip: if you're even remotely close to the $10k threshold, it's probably worth filing the FBAR anyway. The penalties for not filing when required are much worse than over-filing when not required. Better safe than sorry with FinCEN compliance.

Based on what you've described, you likely don't need to file an FBAR for your Wise account this year since your maximum balance across all currencies was only around $800. The FBAR filing requirement only kicks in when the aggregate value of ALL your foreign financial accounts exceeds $10,000 at any point during the calendar year. However, there are a couple of important nuances to consider with Wise accounts: 1. **Location matters more than currency**: As others have mentioned, what determines if an account is "foreign" for FBAR purposes is where the financial institution holding your money is located, not the currency type. Your USD in Wise is likely held at a US bank and wouldn't count toward the threshold. 2. **Keep good records**: Even though you're well below the threshold now, I'd recommend tracking your balances more carefully going forward. If you start using the account more frequently for larger transfers, you could potentially hit the threshold without realizing it. 3. **Consider other accounts**: Make sure you're not forgetting any other foreign accounts - even small investment accounts, savings accounts in other countries, or accounts you have signature authority over (like business accounts) all count toward the aggregate total. Since you're nowhere near the $10k threshold with just this account, you should be fine for this year's filing. But definitely keep documentation of your maximum balances just in case!