Filing FBAR as a US expat abroad — 2022 Guide to fill out your yearly report for free!
The US requires their citizens to file taxes and an FBAR, even if they are no longer residents and live abroad. In addition, they require residents to file it if they have signification foreign holdings ($10,000 or more). This is important for the US government to know that people are
The FBAR is more straightforward than taxes and can be done by yourself in a matter of minutes (if you have 1 or 2 bank accounts). No lawyer, tax preparer, or accountant is necessary for most cases.
If the aggregate value of those foreign financial accounts exceeded $10,000 at any time during the calendar year reported, you are required to fill out the FBAR.
The exchange rate is based on the 12th month (December) at the 31st day of that year, you can download the spreadsheet from the Treasury. There is lots of additional information that isn’t necessary. Make sure you are at the right date, then do a find all for your selected currency.
For people residing in Israel, I already did the work and this is the exchange rate (official) as of 12/31/2021. FBAR and taxes are reporting for the prior year, so even though it’s 2022… the report is only in relation to the 2021 fiscal year.
on 12/31/2021, the Israel-Shekel was at the rate of 3.099 for every 1 US dollar.
This means that a single dollar was worth 3.099 shekels at that time. This is the exchange rate that you will be calculating your account balance with.
For Bank Hapoalim, you can get a report of the yearly transactions here:
and make sure to take the highest balance at that time.
I copied that data into excel, then ran this simple formula to find the max value in dollars I had throughout the whole year!
=MAX(E:E)/make sure to round it up to the 3.099 ( next whole dollar). It will return only the maximum value in your balance).
Some banks do not have this format, and you may have to get reports or speak to your branch for assistance.
E is the column with the balance and 3.099 is the exchange rate! If you are using another currency, please change it accordingly.