Do I need to file a finCEN 114? I've a UK account but it always has less than $10000 in it. I believe I don't have to file but want to double check here. Anyone confirm?

[KarenJ · Accepted solution]

If your foreign account (or the aggregate of the maximum account values of multiple accounts of your foreign financial accounts)  did not go above $10,000 on any one day in 2019 then you do not have a finFinCEN 114 filing requirement. 

Make sure you have used the correct exchange rates to verify the amounts:  In the case of non-United States currency, convert the maximum account value for each account into United States dollars. Convert foreign currency by using the Treasury's Financial Management Service rate (select Exchange Rates under Reference & Guidance) https://www.fiscal.treasury.gov/reports-statements/treasury-reporting-rates-exchange/   for the last day of the calendar year.

Please make sure you are also including any children's foreign account as well as any spouse accounts and any accounts that you have signature authority.

[Edited 03.18.20 | 1:13 pm]