FBAR Exchange Rate for Bank Account with Balance for 1 Day during Full Year

[rl50]

Hello,

What source does one use as the exchange rate for an FBAR when the account only had a balance(over 10k) for one day during the year?

It seems the US Treasury end of year rate is used, generally, but that is assumed there was money in

the account all year or at least at the end of the year.

Also, this US Treasury rate is provided only once per year and would show more than 10% more USD

value in the account than was actually taken out.

Have read the Treasury does not like other sources for the rate. Is this correct or how to proceed?

Thanks in advance.

[pk]

@rl50  from your post I am not clear as to what you are trying to achieve.  As a US person you are required to report ALL foreign financial accounts  either owned  or with signature authority. The threshold for this recognition is  US$10,000  either on the last day of the year or  essentially at any time during the year.  Considering that the penalty for non-reporting is quite onerous and that there is no tax consequences for reporting, it is safer to file form 114  ( FinCen.gov ) rather than take a chance  i.e. when in doubt , file the form.

Your post suggests that you do not wish  to file this unless absolutely sure that there is a need  i.e. the threshold has been met..  Note that IRS does get  info  on substantially all  foreign bank accounts  controlled by US persons  ( normal part of finacila information exchange between US and  most  countries.

So please file the   form.

Is there more I can do for you ?

pk