MinhT1
Expert Alumni

Deductions & credits

Your Transferwise account is a borderless account which is regulated by the Financila Coduct Authority in the UK, and as such is considered as a foreign account for US residents and citizens.

 

Therefore, if your Transferwise had a balance (including all currencies) of more than $10,000 anytime during 2019, you have to file a FBAR report.

 

Please read this FINCEN article for more information.

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