Should I report paypal account, other electronic wallet account on FBAR, FinCEN Report?

[reneerex]

The PayPal account is opened many years ago, and balance is 0. 

The other electronic wallets are WeChat Wallet, and Ali Pay. It is not for cryptocurrency. 

Thanks!

[KathrynG3]

It depends. If you have balances in any foreign account that reach the equivalent of $10,000 at any time during the year, then the account must be reported.

To file the FBAR, click this link for the BSA E-Filing System for FBAR(FinCEN 114)

Click the links for additional details:

Should I file FBAR (FinCEN 114), Form 8938, Form 3520 or all of these?

2019 IRS Comparison of Form 8938 and FBAR Requirements

2019 Report of Foreign Bank and Financial Accounts (FBAR). IRS Resources assistance: For assistance with completing the FBAR, call 866-270-0733 (for callers within the U.S.) or 313-234-6146 (for callers outside the U.S.). Questions regarding the FBAR can be sent to FBARquestions@irs.gov.

2019 Form 8938 filing requirements

2019 FATCA Reporting, Form 3520

[reneerex]

Hello @KathrynG3 

Thanks for your repoly. Yes, I do meet the FBAR threshold to report. However, these accounts (PayPal, Wechat Wallet, Ali Pay) does NOT have account number. They are mixed characters and numbers. Is that OK? Should I still report the account as it is, for example, "paypal_account1"?

Best regards,

Renee

[KathrynG3 · Accepted solution]

You're welcome!

Yes, you can use mixed characters and numbers, but no special characters such as parentheses, spaces or hyphens.

For more information, see BSA Electronic Filing Requirements For Report of Foreign Bank and Financial Accounts (FinCEN Form 11... page 10