Just double-checking on FBAR

Ok, I know you have to report to the US Govmt if you have an aggregate of $10,000 in any foreign bank account(s) at any point during the calendar year.

What exchange rate do you use to compute that amount? Is the the year-end one, the "yearly average currency exchange rate"? https://www.irs.gov/individuals/international-taxpayers/yearly-average-currency-exchange-rates

So if I had, say, a high of £7,500 pounds aggregate in all my foreign accounts on one day in Nov 2018. I look at the YACER, above, and find it to be 0.750. I multiply the £7,500  by .75 for a total of $5,625.  This is well below the $10K benchmark for requiring a FBAR filing. So I need do nothing. Correct?

Convert the maximum value into U.S. dollars by using the official exchange rate in effect at the end of the year at issue for converting the foreign currency into U.S. dollars. The official Treasury Reporting Rates of Exchange for recent years are posted on the FBAR home page of the IRS web site at www.irs.gov. Search for keyword "FBAR" to find the FBAR home page. Current and recent quarterly rates are also posted on the Bureau of the Fiscal Service website at www.fiscal.treas.gov.

https://www.irs.gov/irm/part4/irm_04-026-016#idm140512323177520

For FBAR and Form 8938, as Larrabee said, it's the US Treasury 31 December rate which is here:
https://fiscal.treasury.gov/reports-statements/treasury-reporting-rates-exchange/current.html

United Kingdom - 0.7810 (1.28), so £1=$1.28

So if I had, say, a high of £7,500 pounds aggregate in all my foreign accounts on one day in Nov 2018. I look at the YACER, above, and find it to be 0.750. I multiply the £7,500  by .75 for a total of $5,625.  This is well below the $10K benchmark for requiring a FBAR filing. So I need do nothing. Correct?

You've probably already caught this by the time this is posted, but

No. It's £7,500 * 1.28, or $9,600.

Or, £7,500 / 0.7810 = $9,603.

Ok, then, so it's just the reverse. I don't multiply it by the number listed. I multiply it by the exchange.  Ok, that's really close to 10k, but not over, so I should be good then.

And I know I've seen this written before, but just in case:

Say I had 4,800 pounds in a savings acount.  On the same date, I got deposits into my checking account that brought it to a high of £2,800.  So, a total of £7,600 is what I could have gotten if I had gone in and liquidated both accounts on that date. £7,600 x $1.28 = $9,728. No FBAR required.

I moved £1,200 from the checking to the savings account on that date. I still only have a total of   £7,600 in both accounts, total, but if you look at the highest amount on that day in each account it looks like I have  £6,000 in savings and a high of £2,800 in checking, for a total of  £8,600 for that day.

I keep thinking I remember seeing conversations go by that say I have to use the higher amount in figuring the FBAR. Is that correct, or is the actual amount available to me if I cashed out both accounts on that day the correct number to use?

So if I had, say, a high of £7,500 pounds aggregate in all my foreign accounts on one day in Nov 2018.

You don't take the highest balance of all the accounts on one day, you take the highest balance of each account on whatever day that is and add them all together.

Ok, that's really close to 10k, but not over, so I should be good then.

If you'd like close, try it with the IRS unofficial exchange rate for 2018, 0.75, or 1.3333 (which is, of course, the wrong figure to use):

£7,500 * 1.3333 = $9,999.75.

As Larrabee said, it's the highest £ balance in each account at any time during the year, then add all high £ figures together and multiply by 1.28 for the final sum to determine if it's over $10,000.

You don't take the highest balance of all the accounts on one day, you take the highest balance of each account on whatever day that is and add them all together.

Ah. Well in that case I have to file then. Bummer. At least I've sorted it out early.

And I know I've seen this written before, but just in case:

Say I had 4,800 pounds in a savings acount.  On the same date, I got deposits into my checking account that brought it to a high of £2,800.  So, a total of £7,600 is what I could have gotten if I had gone in and liquidated both accounts on that date. £7,600 x $1.28 = $9,728. No FBAR required.

I moved £1,200 from the checking to the savings account on that date. I still only have a total of   £7,600 in both accounts, total, but if you look at the highest amount on that day in each account it looks like I have  £6,000 in savings and a high of £2,800 in checking, for a total of  £8,600 for that day.

Correct.

One fine day you have £4,800 in your savings account, and £2,800 in your current account. On a later fine day, you move £1,200 from the savings account to your current account. If these are the two highest days of the year for each account, the high for the year for the savings account is now £6,000 and the high for current account for year is the £2,800, the amount in the current account prior to the £1,200 transfer.

£6,000 + £2,800 = £8,800 * 1.28 = $11,264, which is FBAR reportable.

FBAR can make you look like you are better off than you actually are!

Move (the gbp equivalent of) $7,000 from one account to another and you have $14,000 to report.

 

One stupid day. I accidently moved a grand from one account to the other, and then went back and moved it back. FBAR. Oy.

So on the form it asks for the account number. Would that be the full routing-account number or just the individual account number within the bank?

So on the form it asks for the account number. Would that be the full routing-account number or just the individual account number within the bank?

Not the routing number, just the account number.

Thanks. It's sent. Will be more careful "next" year, for sure!

We changed banks, and moved ££ from one to the other, as you do. So, for one day only, we were VERY wealthy (not really, but comparatively...) per the FBAR. Next year, we will be back to being VERY poor (at least according to my husband).