You are correct. If your foreign bank account balance is below $10,000 at all times during the year, you don't have to file an FBAR.
This FinCen document says:
Who Must File the FBAR?
A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year.