Author Topic: Revolut - FBAR question  (Read 369 times)

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Offline omglolmax

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Revolut - FBAR question
« on: March 06, 2017, 12:36:37 PM »
Revolut is an app with a pre-paid debit card for paying in foreign currencies.

You have one account with Revolut and three "wallets" within that account - one in USD, EUR, GBP. You can download statements by currency. That means I know the highest balance in the USD wallet, the highest balance in the EUR wallet, and the highest balance in the GBP wallet.

For FBAR purposes. Can I convert each of the highest values to USD, add them together and report that amount?

Doing it that way will result in an amount which is higher than the actual highest balance, because the highest balances in each wallet didn't fall on the same day. It would be much, much, much easier though than having to figure out which day the sum of all 3 wallets was the highest.


Would be grateful for any input,
Max
« Last Edit: March 06, 2017, 01:04:44 PM by omglolmax »

Offline politicfool

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Re: Revolut - FBAR question
« Reply #1 on: March 09, 2017, 08:48:40 AM »
I would maybe just report each of the wallets as a separate account on the FBAR.

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Offline omglolmax

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Re: Revolut - FBAR question
« Reply #2 on: March 10, 2017, 12:36:33 AM »
I would maybe just report each of the wallets as a separate account on the FBAR.

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Would it be possible to do that if the Revolut account number is the same on all 3 of the wallets? Never had to file FBAR before...

Offline politicfool

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Re: Revolut - FBAR question
« Reply #3 on: March 10, 2017, 12:38:50 PM »
Yeah the account number is a free text entry without validation. But you could always put "12345678 - GBP" to be completely clear. Ultimately, use your own judgment.
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Offline jj2201

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Re: Revolut - FBAR question
« Reply #4 on: March 10, 2017, 05:16:19 PM »
If there's one account number, treat it as one account, convert the currencies to USD and enter the highest agregate balance.

Offline guya

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Re: Revolut - FBAR question
« Reply #5 on: March 10, 2017, 07:12:50 PM »
If there's one account number, treat it as one account, convert the currencies to USD and enter the highest agregate balance.
Based on which US Treasury Regulation please?