Transferwise and similar: FBAR and 8938

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Joined: Thu Apr 28, 2016 11:26 am

Transferwise and similar: FBAR and 8938

Post by peer »

Continuing my string of tax errors, it occurs to me that I should probably have been reporting my Transferwise "borderless" account, even though I've never used it.

That leads to the question of whether I should have been reporting Transferwise before it offered a borderless account. Or worse, all my money transfer accounts. I have 4, including 2 that were opened in 2014.

(1) Should I have been reporting all money transfer accounts on the FBAR? If yes, it would seem I'm technically required to file amended FBARs going back to 2014. Where the maximum balance would hopefully be $0, as opposed to the amount I transferred.
(2) If I only needed to report Transferwise when they added the borderless component, I guess I need to find out when that happened and file amended FBARS going back to then (I think around 2018)?
(3) I'm pretty sure I don't need to report any money transfer accounts on the 8938, since there was no "asset"?
(4) If I do deposit something in the Transferwise borderless account, I'm pretty sure I'll need to report that on both the FBAR and 8938?
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