The IRS Average Exchange Rates for 2022 FBAR

The IRS Average Exchange Rates for 2022 FBAR

The IRS Average Exchange Rates for 2022 FBAR

When a US person has foreign accounts, they have to exchange or ‘convert’ the foreign currency into USD. With FBAR and most other foreign reporting, the Department of Treasury Exchange rates are preferred (as evidenced by language directly on Form 8938) but Taxpayers are not required to use the DOT rates. Rather, they can also use the IRS Average Exchange Rate too if they prefer.

The IRS Average Exchange Rates for 2017-2022 are as follows:

Yearly Average Exchange Rates for Converting Foreign Currencies into U.S. Dollars

Country Currency 2022 2021 2020 2019 2018 2017
Afghanistan Afghani 90.084 83.484 76.651 77.579 73.598 71.086
Algeria Dinar 142.123 135.011 126.741 119.402 117.409 115.876
Argentina Peso 130.792 95.098 70.635 48.192 28.167 17.227
Australia Dollar 1.442 1.332 1.452 1.439 1.340 1.358
Bahrain Dinar 0.377 0.377 0.377 0.377 0.395 0.395
Brazil Real 5.165 5.395 5.151 3.946 3.655 3.322
Canada Dollar 1.301 1.254 1.341 1.327 1.297 1.350
Cayman Islands Dollar 0.833 0.833 0.833 0.833 0.833 0.884
China Yuan 6.730 6.452 6.900 6.910 6.620 7.030
Denmark Krone 7.077 6.290 6.538 6.670 6.319 6.864
Egypt Pound 19.208 15.697 15.813 16.809 17.809 18.586
Euro Zone Euro 0.951 0.846 0.877 0.893 0.848 0.923
Hong Kong Dollar 7.831 7.773 7.756 7.835 7.838 8.105
Hungary Forint 372.775 303.292 307.766 290.707 270.441 285.583
Iceland Krona 135.296 126.986 135.354 122.571 116.379 111.231
India Rupee 78.598 73.936 74.102 70.394 68.422 67.809
Iraq Dinar 1459.751 1460.133 1197.497 1191.254 1193.478 1241.677
Israel New Shekel 3.361 3.232 3.438 3.563 3.596 3.746
Japan Yen 131.454 109.817 106.725 109.008 110.424 116.667
Lebanon Pound 1515.669 1519.228 1510.677 1510.290 1511.677 1593.969
Mexico Peso 20.110 20.284 21.466 19.246 19.227 19.679
Morocco Dirham 10.275 8.995 9.495 9.614 9.389 10.230
New Zealand Dollar 1.578 1.415 1.540 1.518 1.447 1.465
Norway Kroner 9.619 8.598 9.413 8.802 8.143 8.606
Qatar Rial 3.644 3.644 3.641 3.641 3.642 3.850
Russia Ruble 69.896 73.686 72.299 64.687 62.845 60.692
Saudi Arabia Riyal 3.755 3.751 3.753 3.751 3.753 3.903
Singapore Dollar 1.379 1.344 1.379 1.364 1.349 1.437
South Africa Rand 16.377 14.789 16.458 14.448 13.258 13.859
South Korean Won 1291.729 1144.883 1179.199 1165.697 1100.587 1178.585
Sweden Krona 10.122 8.584 9.205 9.457 8.703 8.894
Switzerland Franc 0.955 0.914 0.939 0.994 0.979 1.024
Taiwan Dollar 29.813 27.932 29.460 30.898 30.152 31.683
Thailand Baht 35.044 31.997 31.271 31.032 32.317 35.372
Tunisia Dinar 3.082 2.778 2.836 2.925 2.71 2.513
Turkey New Lira 16.572 8.904 7.025 5.685 4.849 3.794
United Arab Emirates Dirham 3.673 3.673 3.673 3.673 3.673 3.821
United Kingdom Pound 0.811 0.727 0.779 0.784 0.750 0.808
Venezuela Bolivar
(Fuerte)
Not Available 2722.757 236266.507 248486.041 131352.21 10.452

Current Year vs Prior Year Non-Compliance

Once a taxpayer missed the tax and reporting (such as FBAR and FATCA) requirements for prior years, they will want to be careful before submitting their information to the IRS in the current year. That is because they may risk making a quiet disclosure if they just begin filing forward in the current year and/or mass filing previous year forms without doing so under one of the approved IRS offshore submission procedures. Before filing prior untimely foreign reporting forms, taxpayers should consider speaking with a Board-Certified Tax Law Specialist that specializes exclusively in these types of offshore disclosure matters.

Avoid False Offshore Disclosure Submissions (Willful vs Non-Willful)

In recent years, the IRS has increased the level of scrutiny for certain streamlined procedure submissions. When a person is non-willful, they have an excellent chance of making a successful submission to Streamlined Procedures. If they are willful, they would submit to the IRS Voluntary Disclosure Program instead. But, if a willful Taxpayer submits an intentionally false narrative under the Streamlined Procedures (and gets caught), they may become subject to significant fines and penalties

Golding & Golding: About Our International Tax Law Firm

Golding & Golding specializes exclusively in international tax, specifically IRS offshore disclosure

Contact our firm today for assistance.