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

12 Wait, I'm confused. If the OP's account never went above $800 and they don't have any other foreign accounts, do they still need to file the FBAR? I thought the threshold was $10,000 across all foreign accounts combined. Could you clarify?

8 You're absolutely right, and I should have been clearer. If your Wise account is your ONLY foreign account and its total value across all currencies never exceeded $10,000 during the calendar year, then you don't need to file an FBAR. The key point is to consider the aggregate value of all foreign accounts you own or have signature authority over. Since your maximum balance was around $800 and you mentioned no other foreign accounts, you would be below the threshold and wouldn't need to file the FBAR.

17 Does taxr.ai help with actually filing the FBAR or does it just tell you if you need to file? And how does it handle the different currency conversion rates throughout the year for determining if you hit the $10k threshold?

9 I'm a bit skeptical about using a third-party service for this. Couldn't you just call the IRS or look at their website for the correct information? I've heard some of these tax tools just tell everyone to file everything to cover their bases rather than giving specific advice.

5 It doesn't file the FBAR for you, but it analyzes your statements and tells you exactly what needs to be reported and how. It handles the currency conversion automatically using the Treasury's official exchange rates for each date, so it can accurately calculate whether your accounts hit the threshold at any point. The reason I found it helpful is that the IRS guidance doesn't specifically address multi-currency accounts like Wise very clearly, and when I called, I got different answers from different agents. The tool was able to analyze my specific situation with all the currency movements and gave me documentation to back up the filing decision if ever questioned.

19 How does this service actually work? Do they just call the IRS for you? I don't understand how they can get through when regular people can't.

9 This sounds like BS honestly. The IRS doesn't have a special fast lane for certain callers. They're notoriously understaffed and everyone waits. I doubt any service could actually get you through faster.

3 They actually use technology that navigates the IRS phone system and holds your place in line. When they reach a human, they call you and connect you directly to the IRS agent. They don't call on your behalf - you speak directly with the IRS yourself. I was skeptical too, but it actually works. They use automated systems to maintain your place in the queue through all the disconnects and transfers that normally happen when you call the IRS. They've apparently figured out the patterns in the IRS phone system to optimize getting through.

7 So wait, if I have $5k in euros and $5k in British pounds in my Wise account on the same day, that would put me over the threshold? Do I need to list each currency as a separate account on the FBAR?

14 Yes, if you had $5k equivalent in euros and $5k equivalent in British pounds on the same day, and those currencies are held in financial institutions outside the US, that would put you at $10k in foreign accounts, meeting the threshold. For reporting purposes, you generally report each foreign financial institution separately on the FBAR. With Wise, it gets complicated because they use different partner banks. The most conservative approach is to list each currency held in a non-US institution as a separate line item on the FBAR, noting "Wise" followed by the currency type. Always document your maximum balances and the exchange rates you used for your records.

21 So does that mean if I only keep USD in my Wise account, I don't need to worry about FBAR at all? I've been filing it unnecessarily?

11 That's generally correct. If you only maintain USD in your Wise account, and Wise holds those dollars in a US financial institution (which they typically do), then that portion wouldn't be considered a foreign financial account for FBAR purposes. However, I'd recommend confirming this with Wise directly for your specific account, as their banking relationships can change. They can tell you exactly where each currency is held, which is the determining factor. Always better to be cautious with FBAR compliance since the penalties for non-filing can be severe, even when unintentional.

This is such a clear explanation, thank you! I've been stressing about this for weeks. One follow-up question - you mentioned keeping documentation of maximum balances "just in case." What kind of documentation should I be saving? Just screenshots of my Wise dashboard, or do I need something more formal like monthly statements? And how long should I keep these records? I want to make sure I'm covered if there are ever any questions down the road.

For FBAR documentation, I'd recommend saving both monthly statements from Wise and periodic screenshots of your dashboard showing the balances across all currencies. The monthly statements are more "official" but screenshots can help capture peak balances that might occur between statement periods. The IRS generally recommends keeping tax-related records for at least 6 years, but with FBAR compliance I'd suggest keeping them even longer - maybe 7-10 years - since the statute of limitations can be extended for certain international reporting issues. Also make sure to document the exchange rates you use if you ever need to convert to USD for threshold calculations. The Treasury publishes official rates that you should reference. Having this documentation organized will save you major headaches if you ever get questions about your filing decisions.

Great question! For FBAR documentation, I'd recommend saving both monthly statements from Wise and periodic screenshots showing your balance breakdown by currency. The monthly statements are more "official" but screenshots can help show peak balances that might occur mid-month. The IRS generally recommends keeping tax-related records for at least 3 years, but for FBAR compliance, I'd suggest keeping them for 6 years since that's the statute of limitations for FBAR penalties. Some tax professionals even recommend longer if you want to be extra cautious. Also make sure to document the exchange rates you used if you ever need to convert to USD for threshold calculations. The Treasury Department publishes official exchange rates that you should use for consistency. Having this paper trail will make your life much easier if there are ever any questions!

For FBAR documentation, I'd recommend saving your monthly Wise statements as PDFs - those are more formal than screenshots and show the official record from Wise. You should also keep records of any significant transactions that might affect your maximum balance calculations. The IRS generally recommends keeping tax-related records for at least 3 years, but for FBAR compliance, I'd suggest keeping them for 6 years since that's the statute of limitations for FBAR penalties. If you ever do need to file an FBAR in the future, having a clear paper trail of how you calculated your maximum balances will be invaluable. Also worth noting - if you start approaching the $10k threshold in future years, document the specific exchange rates you used for currency conversions. The Treasury provides official exchange rates that should be used for FBAR calculations, and having that documentation could save you headaches if there are ever questions about your filing.

Great question about documentation! For FBAR compliance, I'd recommend keeping both monthly statements from Wise and periodic screenshots showing your balance breakdown by currency. The monthly statements are more "official" but screenshots can help show peak balances that might fall between statement dates. Most tax professionals recommend keeping FBAR-related records for at least 6 years, since that's how long the IRS generally has to audit. But honestly, with digital storage being so cheap these days, I just keep everything indefinitely. One tip: when you take screenshots, make sure the date is visible and try to capture the page that shows all your currency balances together. That makes it much easier to calculate your total foreign account value later. Wise's dashboard usually shows this pretty clearly on the main account page. Also consider setting up a simple spreadsheet to track your quarterly maximums - just a quick check every few months to see if you're trending toward the $10k threshold. That way you're not scrambling at tax time trying to reconstruct a whole year's worth of balances!

For FBAR documentation, I'd recommend keeping both monthly statements from Wise and periodic screenshots of your account dashboard showing the balances across all currencies. The key is being able to prove your maximum aggregate balance if ever questioned. Monthly statements are more official and show the full transaction history, but screenshots can be helpful for capturing specific high-balance dates that might fall between statement periods. Make sure any screenshots include the date and clearly show all currency balances. The IRS generally recommends keeping tax-related records for at least 3 years, but for FBAR compliance I'd suggest keeping them for 6 years since the statute of limitations for FBAR violations is longer. Also keep records of the exchange rates you used for any calculations - you can get historical Treasury rates from their website. Since you're well under the threshold now, this is more about building good habits for the future as your account usage grows. Better to have the documentation and not need it than the other way around!

For FBAR documentation, I'd recommend saving monthly statements from Wise rather than just screenshots, since statements are more official and harder to question. You should keep records for at least 6 years after filing (that's the IRS statute of limitations for FBAR issues), though some tax professionals recommend keeping them permanently since foreign account penalties can be severe. The key things to document are: 1) Maximum balance in each currency during the year, 2) The specific date when you hit that maximum, and 3) The exchange rate you used to convert to USD (use Treasury rates from treasury.gov). Even if you're well under the threshold like you are now, having this documentation makes it much easier if your balances grow in future years and you do need to file. Also worth noting - if you ever get close to that $10k threshold, remember it's based on the aggregate maximum, not necessarily all accounts peaking on the same day. So track each account's individual maximum balance throughout the year.

For FBAR documentation, I'd recommend saving monthly statements from Wise as your primary record - these are more official than screenshots and show the detailed breakdown of each currency balance. You should also keep records of the exchange rates you used for any USD conversions (the Treasury Department publishes daily rates at fiscal.treasury.gov). The IRS generally recommends keeping tax-related records for at least 6 years, but for FBAR compliance, I'd suggest keeping them even longer since there's no statute of limitations on willful FBAR violations. Better to have 10+ years of records and never need them than to be caught short if questions arise. One tip: create a simple annual summary document that shows your maximum balance calculation for each year, including the date it occurred and the exchange rates used. This makes it much easier to reference later than digging through months of statements.

Great question! For FBAR documentation, I'd recommend saving both monthly statements from Wise and periodic screenshots of your dashboard showing the balances across all currencies. The monthly statements are more official, but screenshots can help capture specific dates when you might have hit peak balances between statement periods. The IRS generally recommends keeping tax-related records for at least 6 years, and since FBAR violations can have a 6-year statute of limitations, I'd keep your foreign account documentation for that long. Some people keep them longer just to be extra safe. Also make sure to document the exchange rates you used for any USD conversions - the Treasury publishes official exchange rates that should be used for FBAR calculations. If you ever do need to file, having this documentation ready will make the process much smoother and give you confidence that your calculations are defensible.

Great question! For FBAR documentation, I'd recommend keeping monthly statements from Wise rather than just screenshots, since statements are more official and timestamped. The key things to document are: 1. **Maximum balance dates**: Note the specific dates when each currency hit its peak, along with the USD equivalent using Treasury exchange rates from those dates 2. **Currency breakdown**: Keep records showing which currencies were held where (US vs foreign institutions) 3. **Account details**: Save any correspondence with Wise about where funds are held The IRS generally recommends keeping FBAR-related records for at least 5 years after the filing due date. Even if you don't need to file this year, having this documentation establishes a paper trail showing you were monitoring your obligations. Wise makes it pretty easy - you can download PDF statements monthly that show all your balances and transactions. I'd also screenshot or save any emails from Wise support about which banks hold which currencies, since that's crucial for determining what counts as "foreign" for FBAR purposes. Better to over-document than under-document when it comes to tax compliance!

Great question! For FBAR documentation, I'd recommend saving both monthly statements from Wise and periodic screenshots of your account dashboard showing the balances in all currencies. The monthly statements are more formal and show the official record, but screenshots can help capture those peak balance moments that might fall between statement dates. The IRS generally recommends keeping tax-related records for at least 3 years, but for FBAR compliance, I'd suggest keeping them for 6 years since that's the statute of limitations for FBAR penalties. Some tax professionals even recommend longer if you want to be extra cautious. Also make sure to document the exchange rates you used if you ever need to convert to USD for threshold calculations. The Treasury Department publishes official exchange rates that you should use for FBAR purposes. Having that paper trail will be invaluable if you're ever audited or questioned about your foreign account reporting.

Great question about documentation! For FBAR purposes, you should keep records for at least 5 years from the filing due date. Monthly statements from Wise are your best bet - they're official documents that show account balances, transaction dates, and currency conversions. Screenshots can be helpful as supplementary documentation, but statements are more reliable since they can't be easily altered. I'd also recommend saving any correspondence with Wise about where specific currencies are held (like the bank breakdown others mentioned) since that determines which balances count as "foreign" for FBAR. If you ever do need to file an FBAR, you'll want to be able to prove your maximum balance calculation, especially with multi-currency accounts where exchange rates matter. The IRS typically accepts the Treasury's published exchange rates, so document which rates you used and on what dates. Keep it simple but thorough - a basic spreadsheet noting max balances by currency and date, plus your monthly statements, should cover you completely.

For FBAR documentation, I'd recommend saving your monthly Wise statements as PDFs - these are more comprehensive than screenshots and show the official account balances on specific dates. You should keep these records for at least 5 years, which is the IRS's general statute of limitations for FBAR examinations. If you end up needing to file an FBAR in the future, you'll want to be able to prove your maximum account balances and the dates they occurred. The monthly statements will show your balance trends, but for the exact maximum balance date, you might also want to take a screenshot when you notice you're approaching higher balances. Also keep any correspondence with Wise about where your different currency balances are held (like the bank breakdown someone mentioned earlier). This documentation could be crucial if there's ever a question about whether certain portions of your account should count as "foreign" for FBAR purposes. The key is having a clear paper trail that shows you made a good faith effort to comply with the reporting requirements based on the information available to you.

Great question! For FBAR documentation, I'd recommend keeping both monthly statements from Wise and periodic screenshots of your account dashboard showing the balances across all currencies. The key is being able to prove your maximum aggregate balance if ever questioned. Monthly statements are probably your best bet since they're official documents, but screenshots can help fill in gaps if you had significant activity between statement dates. Make sure any screenshots include the date and show all currency balances clearly. As for retention period, the IRS generally recommends keeping FBAR-related records for at least 5 years from the filing date. Since you're not filing this year, I'd still keep 2024 records for 5 years just to be safe - you never know if circumstances change or if there are questions later about why you didn't file. One more tip: if you do hit the threshold in future years, having this historical documentation will also help establish a pattern of compliance and good faith record-keeping, which can be helpful if there are ever any penalty considerations.

Great question! For FBAR documentation, you'll want to keep records that can prove your account balances and locations. Here's what I recommend saving: **Essential documentation:** - Monthly statements from Wise (these show account balances and are official) - Screenshots of your dashboard showing peak balances, especially around dates when you made large transfers - Any correspondence from Wise about where each currency is held (like what Carmen mentioned getting from support) - Records of exchange rates you used if you ever need to convert to USD for threshold calculations **Retention period:** The IRS generally recommends keeping FBAR-related records for at least 5 years after the filing due date. Even if you don't file an FBAR this year, keep records showing why you didn't need to (i.e., proof your balances stayed under $10k). **Pro tip:** Create a simple spreadsheet tracking your monthly maximum balances across all currencies. This makes it easy to spot trends and ensures you won't miss hitting the threshold in future years. The key is having enough documentation to demonstrate that you made a good faith effort to comply with the requirements. Monthly statements are usually sufficient, but having a few strategic screenshots doesn't hurt!

Great question! For FBAR documentation, I'd recommend saving both monthly statements from Wise and periodic screenshots of your account dashboard showing the balances in each currency. The monthly statements are more "official" but screenshots can capture specific high-balance dates that might not align with month-end. The IRS generally recommends keeping tax-related records for at least 6 years, but for FBAR compliance I'd suggest keeping them even longer - maybe 7-8 years - since the statute of limitations for FBAR violations can be extended in certain circumstances. Also make sure to document the exchange rates you used for any USD conversions. The Treasury Department publishes official exchange rates that you should use for FBAR calculations, so keeping a record of which rates you applied on which dates could be helpful if you ever need to recreate your calculations. One more tip: if you do hit the threshold in future years, consider using a simple spreadsheet to track your daily/weekly balances rather than trying to reconstruct everything at tax time!

For FBAR documentation, I'd recommend saving both monthly statements from Wise and periodic screenshots showing your balances across all currencies. The monthly statements are more formal and show the official record, but screenshots can help capture peak balances that might occur mid-month. The IRS generally recommends keeping tax-related records for at least 3 years, but for FBAR compliance, I'd suggest keeping them for 6 years since that's the statute of limitations for FBAR penalties. This is especially important if you ever get close to the $10k threshold. Also consider downloading your transaction history annually - Wise makes it easy to export CSV files of all your activity. This can help you reconstruct peak balances if needed and shows the currency conversion rates used on specific dates. Having this level of detail really helped me when I had questions about my own compliance a couple years back.

Great question about documentation! For FBAR compliance, you'll want to keep records that show your maximum account balances during the year. Monthly statements from Wise are definitely your best bet - they're official documents that show account balances and transaction history. Screenshots can be helpful as backup, but statements are more reliable since they can't be easily altered. Make sure to download both the summary statements and any detailed transaction reports, especially for months when you had significant activity. The IRS generally recommends keeping tax-related records for at least 6 years, and FBAR records fall into this category. Some tax professionals recommend keeping them even longer since FBAR penalties can be substantial and the statute of limitations can be extended in certain situations. Also, don't forget to save the Treasury exchange rates for any dates when you hit your maximum balances in foreign currencies - you'll need these to convert everything to USD for reporting purposes. The Treasury posts historical rates on their website, but it's easier to save them as you go rather than hunting them down later!

Great question! For FBAR documentation, I'd recommend saving both monthly statements from Wise and periodic screenshots of your account dashboard showing balances across all currencies. Monthly statements are more formal and show the official record, but screenshots can capture those peak balance moments that might occur between statement periods. The IRS generally recommends keeping tax-related records for at least 6 years, and FBAR records fall under this guideline. Some tax professionals suggest keeping them even longer since FBAR penalties can be severe and the statute of limitations can be extended in certain cases. Also make sure to document the exchange rates you used if you ever need to convert to USD for threshold calculations. The Treasury Department publishes official rates that you should use for consistency. Having this documentation organized will save you major headaches if you ever need to prove your compliance or if your account balances grow larger in future years.

For FBAR documentation, I'd recommend saving monthly statements from Wise rather than just screenshots, since statements are more official and harder to manipulate if questioned. The IRS generally recommends keeping tax-related records for at least 3 years, but for FBAR compliance I'd keep them for 6 years to be safe since the statute of limitations can be longer for foreign account reporting. What I do is download the monthly PDF statements and save them in a dedicated folder on my computer with clear file names like "2024-03-Wise-Statement.pdf". If you ever hit the threshold and need to file an FBAR, you'll need to report the maximum value of each account during the year, so having those monthly snapshots makes it much easier to identify peak balances. Also worth noting - if you ever do need to file an FBAR in the future, you'll need to convert foreign currency amounts to USD using the Treasury's published exchange rates for the last day of the calendar year (or the last business day if December 31st falls on a weekend). The statements will help you track when those peak balances occurred throughout the year.

Great question! For FBAR documentation, I'd recommend saving both monthly statements from Wise and periodic screenshots of your dashboard showing balances, especially around dates when you made large transfers or currency conversions. The key is being able to prove your maximum aggregate balance if ever questioned. Monthly statements are probably your best bet since they're official documents, but screenshots can help fill gaps if you had significant activity between statement dates. Make sure any screenshots include the date and clearly show the balance in each currency. As for retention, the general rule is to keep tax-related records for at least 6 years (that's how long the IRS can go back for FBAR violations in most cases). Some people keep them longer just to be extra safe. I'd also recommend keeping a simple spreadsheet noting your maximum balance each month - it makes it much easier to track trends and know when you're approaching thresholds. Since Wise makes it easy to export transaction history, you could also download annual summaries as backup documentation. The main thing is having enough records to reconstruct your account activity if needed.

Great question about documentation! For FBAR purposes, you'll want to keep records that show your maximum account balances and can prove the amounts if ever questioned. Here's what I'd recommend: **Essential documentation:** - Monthly statements from Wise (these are usually sufficient) - Screenshots of your account dashboard on dates when you had peak balances - Records of any large transfers or currency conversions that might have caused balance spikes **Additional helpful records:** - Documentation from Wise about where each currency is held (as others mentioned, this helps determine what counts as "foreign") - A simple spreadsheet tracking your maximum balances by currency throughout the year - Exchange rates used for any USD conversions (Treasury rates are the standard) **Retention period:** The IRS generally recommends keeping tax-related records for at least 3 years, but for FBAR compliance, I'd suggest keeping them for 6 years to be safe, especially since FBAR penalties can be substantial. The monthly statements are usually your best bet since they're official documents from the financial institution. Screenshots are helpful as backup, but statements carry more weight if you're ever audited. Wise makes it pretty easy to download statements for each month, so I'd just make that a regular habit!

Great question about documentation! For FBAR purposes, you should definitely save more than just screenshots. Here's what I recommend keeping: **Essential documents to save:** - Monthly statements from Wise (download PDFs directly from your account) - Records of the specific dates when you had your highest balances - Currency exchange rates from the Treasury Department website (treasury.gov) for those peak balance dates - Any correspondence with Wise about where each currency is held **How long to keep them:** The IRS generally recommends keeping FBAR-related records for at least 5 years from the filing due date. Even though you're not filing this year, I'd still keep 2024 records for that period just in case your situation changes or you need to reference them later. **Pro tip:** Create a simple folder (digital or physical) labeled "FBAR Records 2024" and dump everything in there. Include a one-page summary with your maximum balance amount, the date it occurred, and why you determined no filing was required. Future you will thank you for the organization! The key is being able to show you made a good-faith effort to comply and track the relevant information, even if you ultimately didn't need to file.

For FBAR documentation, I'd recommend saving monthly statements from Wise that show your balances in each currency, plus any screenshots from dates when you had significant transfers or peak balances. The IRS generally recommends keeping tax-related records for at least 6 years, but for FBAR compliance I'd suggest keeping them even longer since the statute of limitations can be extended in certain cases. The key is being able to demonstrate your maximum aggregate balance calculation if ever questioned. So save the Wise statements, document the exchange rates you used (Treasury rates for the specific dates), and keep a simple spreadsheet showing how you calculated your totals. Even though you're well under the threshold, having this documentation shows good faith compliance efforts. Also worth noting - if you ever do cross the $10k threshold in future years, you'll need this historical data to properly report on the FBAR anyway, so starting the documentation habit now is smart!

For FBAR documentation, I'd recommend saving monthly statements from Wise rather than just screenshots. The statements provide an official record with timestamps that would be more credible if ever questioned. You should keep these records for at least 6 years - that's the statute of limitations for FBAR violations. Also save any correspondence with Wise about where your funds are held (like the breakdown of which banks hold each currency that Carmen mentioned getting). If you ever do hit the threshold and need to file, having that documentation will make it much easier to complete the FBAR accurately. One more tip: if you use any currency conversion websites or apps to track exchange rates for calculating USD equivalents, take screenshots of those too on the dates of your maximum balances. The IRS expects you to use "reasonable" exchange rates, and being able to show your methodology helps if there are ever questions.

Great question about documentation! For FBAR compliance, I'd recommend saving monthly statements from Wise rather than just screenshots, since statements are more official and harder to dispute. The IRS generally recommends keeping tax-related records for at least 3 years, but for FBAR specifically, I'd keep them for 5 years since that's the statute of limitations for FBAR penalties. What I do is download the monthly PDF statements from Wise and save them in a dedicated tax folder on my computer. These statements show your balances in each currency and the dates, which is exactly what you'd need if you ever had to prove your maximum balances were below the threshold. Also make sure to save any correspondence with Wise about where each currency is held (like the breakdown between US and foreign banks that others mentioned). That documentation could be crucial if there's ever a question about which portions of your account should count toward FBAR reporting. The key is being able to demonstrate that you were tracking this properly and made a good faith effort to comply, even if you were well below the threshold.

For FBAR documentation, I'd recommend keeping both monthly statements from Wise and periodic screenshots of your dashboard showing the balances in each currency. The monthly statements are more formal and show the official record, but screenshots can be helpful for capturing peak balances that might occur mid-month. The IRS generally recommends keeping tax-related records for at least 6 years, but for FBAR compliance, I'd suggest keeping them even longer - maybe 7-8 years - since the statute of limitations for willful FBAR violations can be longer. Also make sure to document the exchange rates you used if you ever need to convert to USD for threshold calculations. The Treasury publishes official exchange rates that you should use for consistency. Having this paper trail will save you major headaches if there are ever any questions about your filing decisions.

For documentation, I'd recommend saving monthly statements from Wise that show your balances, plus taking screenshots on any dates when you make large transfers or conversions that might create peak balances. The monthly statements are probably your best bet since they're official records from Wise. For record retention, the IRS generally recommends keeping FBAR-related records for at least 5 years after the filing due date. Even if you don't need to file an FBAR this year, I'd still keep records showing you were below the threshold - it's much easier to prove you didn't need to file if you have documentation. Also worth noting: if you ever do hit the threshold in future years, you'll need records showing the maximum value of each account during that calendar year, so getting in the habit of saving monthly statements now will make your life easier later. The Treasury Department's exchange rates are archived online, so you can always look up historical conversion rates if needed.

For FBAR documentation, I'd recommend saving your monthly Wise statements as PDFs - these show your balance history and are more official than screenshots. You should also keep records of the exchange rates you used for any USD conversions (Treasury rates are available at fiscal.treasury.gov). The IRS generally recommends keeping tax-related records for at least 3 years, but for FBAR compliance I'd suggest keeping them for 6 years since that's the statute of limitations for FBAR violations. Also save any correspondence with Wise about where your currencies are held - that documentation could be valuable if there are ever questions about which portions of your account count as "foreign." A simple spreadsheet noting your maximum balance each month (converted to USD) along with the supporting statements should be plenty. You're being smart to document this even though you're well under the threshold!

Great question! For FBAR documentation, I'd recommend saving both monthly statements from Wise and periodic screenshots of your account dashboard showing the balances in each currency. The monthly statements are more official, but screenshots can help capture those peak balance moments that might occur mid-month. You should keep these records for at least 5 years from the FBAR filing deadline (so if you were to file an FBAR for 2024, keep records until at least 2030). The IRS can go back 6 years for FBAR examinations in some cases, so keeping records a bit longer doesn't hurt. Also make sure to document the exchange rates you used if you ever need to convert foreign currencies to USD for threshold calculations. The Treasury publishes official rates that you should use for consistency. Having this paper trail will make your life much easier if you ever get questions about your filing decisions.

Great question about documentation! For FBAR compliance, I'd recommend keeping both monthly statements from Wise AND screenshots of your account dashboard showing maximum balances on key dates. The monthly statements provide official documentation, but screenshots can capture specific peak balance dates that might fall between statement periods. The IRS generally recommends keeping tax-related records for at least 3 years, but for FBAR compliance, I'd suggest keeping them for 6 years since the statute of limitations for FBAR violations is longer. Make sure your screenshots show the date clearly and include all currency balances. Also, if you ever convert between currencies within Wise, keep records of those transactions too since they can affect your maximum balance calculations. A simple spreadsheet noting the date, transaction type, and resulting balances can be really helpful for tracking purposes.

For FBAR documentation, I'd recommend saving monthly statements from Wise rather than just screenshots. The statements are more comprehensive and show the official record of your balances and transactions. You should keep these records for at least 5 years, which is the IRS's typical audit window for FBAR compliance. Specifically, save: - Monthly account statements showing balances in all currencies - Any year-end summaries or annual statements Wise provides - Documentation of the exchange rates you used for USD conversion (Treasury rates) - Records of when you opened/closed accounts or made significant transfers The key is being able to demonstrate your maximum aggregate balance calculation if ever questioned. Even though you're well below the threshold now, having this documentation habit will serve you well as your account usage potentially grows over time. Also consider taking a screenshot or saving a copy of Wise's current documentation about which banks hold each currency - this could be useful context for future filings if their banking relationships change.

For documentation, I'd recommend saving both monthly statements from Wise and taking periodic screenshots of your dashboard, especially around dates when you made large transfers or currency conversions. The monthly statements are more official, but screenshots can capture daily balance fluctuations that might not be obvious from monthly summaries. The IRS generally recommends keeping tax-related records for at least 3 years, but for FBAR documentation, I'd suggest keeping records for 6 years since that's the statute of limitations for FBAR penalties. Store them digitally if possible - I keep mine in a dedicated "Tax Documentation" folder organized by year. Also worth noting: if you ever do hit the $10k threshold in future years, you'll want records showing the exact date and USD-converted amount of your maximum balance. Wise's transaction history is helpful for this, but having your own tracking spreadsheet makes it much easier to identify those peak dates quickly.

For FBAR documentation, I'd recommend saving both monthly statements and periodic screenshots of your account dashboard showing the balances in each currency. The monthly statements are more official, but screenshots can be helpful for capturing peak balances that might occur mid-month. The IRS generally recommends keeping tax-related records for at least 6 years, but for FBAR compliance I'd suggest keeping them even longer - maybe 7-8 years - since the statute of limitations can be extended in certain circumstances. What I do is create a simple folder each year with screenshots from any dates when my balances were particularly high (like right after receiving a large transfer), plus all the monthly statements. I also keep a simple Excel file noting the maximum balance for each foreign currency account and the date it occurred. This makes it easy to calculate whether I hit the threshold in future years. The key is being able to prove your maximum aggregate balance if ever questioned, so having multiple types of documentation gives you good coverage.