Contents
Foreign Exchange Rate Form 8938
Foreign Exchange Rate Form 8938
Foreign Exchange Rate Form 8938: When it comes time to prepare a tax return, some US Taxpayers will have report their Specified Foreign Financial Assets on Form 8938 . The IRS. Form 8938 was developed in accordance with FATCA (Foreign Account Tax Compliance Act). FATCA requires taxpayers who have certain specified foreign financial assets such as foreign pension plans, overseas life insurance and offshore accounts to report the information to the IRS. One common question we come across is:
-
“How do I convert the foreign asset value into USD for Form 8938?”
The taxpayer is required to translate or exchange the asset into USD (US Dollars). The two main ways to accomplish this is either using the:
- IRS Average Exchange Rates; or
- Department of Treasury Exchange rates.
IRS Foreign Income Exchange Table
| Country |
Currency |
2020 |
2019 |
2018 |
2017 |
2016 |
2015 |
|---|---|---|---|---|---|---|---|
|
Afghanistan |
Afghani | 76.651 | 77.579 | 73.598 |
71.086 |
70.645 |
63.653 |
|
Algeria |
Dinar | 126.741 | 119.402 | 117.409 |
115.876 |
114.431 |
104.883 |
|
Argentina |
Peso | 70.635 | 48.192 | 28.167 |
17.227 |
15.359 |
9.617 |
|
Australia |
Dollar | 1.452 | 1.439 | 1.340 |
1.358 |
1.400 |
1.345 |
|
Bahrain |
Dinar | 0.377 | 0.377 | 0.395 |
0.395 |
0.395 |
0.395 |
|
Brazil |
Real | 5.151 | 3.946 | 3.655 |
3.322 |
3.632 |
3.468 |
|
Canada |
Dollar | 1.341 | 1.327 | 1.297 |
1.350 |
1.379 |
1.329 |
|
Cayman Islands |
Dollar | 0.833 | 0.833 | 0.833 |
0.884 |
0.886 |
0.885 |
|
China |
Yuan | 6.900 | 6.910 | 6.620 |
7.030 |
6.910 |
6.489 |
|
Denmark |
Krone | 6.538 | 6.670 | 6.319 |
6.864 |
7.000 |
6.991 |
|
Egypt |
Pound | 15.813 | 16.809 | 17.809 |
18.586 |
10.462 |
8.044 |
|
Euro Zone |
Euro | 0.877 | 0.893 | 0.848 |
0.923 |
0.940 |
0.937 |
|
Hong Kong |
Dollar | 7.756 | 7.835 | 7.838 |
8.105 |
8.073 |
8.062 |
|
Hungary |
Forint | 307.766 | 290.707 | 270.441 |
285.583 |
293.083 |
290.638 |
|
Iceland |
Krona | 135.354 | 122.571 | 116.379 |
111.231 |
126.256 |
137.471 |
|
India |
Rupee | 74.102 | 70.394 | 68.422 |
67.809 |
69.956 |
66.768 |
|
Iraq |
Dinar | 1197.497 | 1191.254 | 1193.478 |
1241.677 |
1236.453 |
1231.234 |
|
Israel |
New Shekel | 3.438 | 3.563 | 3.596 |
3.746 |
3.997 |
4.052 |
|
Japan |
Yen | 106.725 | 109.008 | 110.424 |
116.667 |
113.138 |
125.911 |
|
Lebanon |
Pound | 1510.677 | 1510.290 | 1511.677 |
1593.969 |
1593.639 |
1588.880 |
|
Mexico |
Peso | 21.466 | 19.246 | 19.227 |
19.679 |
19.435 |
16.505 |
|
Morocco |
Dirham | 9.495 | 9.614 | 9.389 |
10.230 |
10.279 |
10.206 |
|
New Zealand |
Dollar | 1.540 | 1.518 | 1.447 |
1.465 |
1.494 |
1.492 |
|
Norway |
Kroner | 9.413 | 8.802 | 8.143 |
8.606 |
8.745 |
8.392 |
|
Qatar |
Rial | 3.641 | 3.641 | 3.642 |
3.850 |
3.791 |
3.790 |
|
Russia |
Rouble | 72.299 | 64.687 | 62.845 |
60.692 |
69.685 |
63.659 |
|
Saudi Arabia |
Riyal | 3.753 | 3.751 | 3.753 |
3.903 |
3.903 |
3.903 |
|
Singapore |
Dollar | 1.379 | 1.364 | 1.349 |
1.437 |
1.437 |
1.430 |
|
South Africa |
Rand | 16.458 | 14.448 | 13.258 |
13.859 |
15.319 |
13.281 |
|
South Korean |
Won | 1179.199 | 1165.697 | 1100.587 |
1178.585 |
1211.121 |
1179.128 |
|
Sweden |
Krona | 9.205 | 9.457 | 8.703 |
8.894 |
8.910 |
8.775 |
|
Switzerland |
Franc | 0.939 | 0.994 | 0.979 |
1.024 |
1.025 |
1.001 |
|
Taiwan |
Dollar | 29.460 | 30.898 | 30.152 |
31.683 |
33.586 |
33.089 |
|
Thailand |
Baht | 31.271 | 31.032 | 32.317 |
35.372 |
36.778 |
35.679 |
|
Tunisia |
Dinar | 2.836 | 2.925 | 2.71 |
2.513 |
2.237 |
2.044 |
|
Turkey |
New Lira | 7.025 | 5.685 | 4.849 |
3.794 |
3.146 |
2.834 |
|
United Arab Emirates |
Dirham | 3.673 | 3.673 | 3.673 |
3.821 |
3.821 |
3.821 |
|
United Kingdom |
Pound | 0.779 | 0.784 | 0.750 |
0.808 |
0.770 |
0.681 |
| Venezuela | Bolivar (Fuerte) | 236266.507 | 248486.041 | 131352.21 | 10.452 | 9.447 | 6.562 |
Department of Treasury Exchange Rate 12/31/2020
Please see the Department of Treasury Exchange Rates for 2020:
| TREASURY REPORTING RATES OF EXCHANGE | |
| As of | December 31, 2020 |
| Country-Currency | Foreign Currency To $1.00 |
| Afghanistan-Afghani | 77.0900 |
| Albania-Lek | 100.3500 |
| Algeria-Dinar | 132.2120 |
| Angola-Kwanza | 649.6000 |
| Antigua & Barbuda-E. Caribbean Dollar | 2.7000 |
| Argentina-Peso | 89.2500 |
| Armenia-Dram | 515.0000 |
| Australia-Dollar | 1.2940 |
| Azerbaijan-Manat | 1.7000 |
| Bahamas-Dollar | 1.0000 |
| Bahrain-Dinar | 0.3770 |
| Bangladesh-Taka | 85.0000 |
| Barbados-Dollar | 2.0200 |
| Belarus-New Ruble | 2.5980 |
| Belize-Dollar | 2.0000 |
| Benin-CFA Franc | 529.0000 |
| Bermuda-Dollar | 1.0000 |
| Bolivia-Boliviano | 6.8100 |
| Bosnia-Marka | 1.5940 |
| Botswana-Pula | 10.7990 |
| Brazil-Real | 5.1940 |
| Brunei-Dollar | 1.3220 |
| Bulgaria-Lev New | 1.5940 |
| Burkina Faso-CFA Franc | 529.0000 |
| Burma-Kyat | 1,326.0000 |
| Burundi-Franc | 1,930.6100 |
| Cambodia-Riel | 4,051.0000 |
| Cameroon-CFA Franc | 529.2600 |
| Canada-Dollar | 1.2750 |
| Cape Verde-Escudo | 89.8300 |
| Cayman Island-Dollar | 0.8200 |
| Central African Rep.-CFA Franc | 529.2600 |
| Chad-CFA Franc | 529.2600 |
| Chile-Peso | 709.7500 |
| China-Renminbi | 6.5400 |
| Colombia-Peso | 3,414.5000 |
| Comoros-Franc | 400.6200 |
| Congo-CFA Franc | 529.2600 |
| Costa Rica-Colon | 609.1000 |
| Cote D’ivoire-CFA Franc | 529.0000 |
| Croatia-KUNA | 5.9500 |
| Cuba-Chavito | 1.0000 |
| Czech. Republic-Koruna | 20.7540 |
| Dem. Rep. of Congo-Franc | 1,966.4800 |
| Denmark-Krone | 6.0650 |
| Djibouti-Franc | 177.0000 |
| Dominican Republic-Peso | 58.1400 |
| Ecuador-Dolares | 1.0000 |
| Egypt-Pound | 15.6900 |
| El Salvador-Dollar | 1.0000 |
| Equatorial Guinea-CFA Franc | 529.2600 |
| Eritrea-Nakfa | 15.0000 |
| Ethiopia-Birr | 39.1810 |
| Euro Zone-Euro | 0.8150 |
| Fiji-Dollar | 2.0040 |
| Gabon-CFA Franc | 529.2600 |
| Gambia-Dalasi | 52.0000 |
| Georgia-Lari | 3.2700 |
| Ghana-Cedi | 5.8100 |
| Grenada-E.Caribbean Dollar | 2.7000 |
| Guatemala-Quetzal | 7.7800 |
| Guinea Bissau-CFA Franc | 529.0000 |
| Guinea-Franc | 9,990.0000 |
| Guyana-Dollar | 215.0000 |
| Haiti-Gourde | 71.6060 |
| Honduras-Lempira | 25.0000 |
| Hong Kong-Dollar | 7.7530 |
| Hungary-Forint | 296.7600 |
| Iceland-Krona | 127.1100 |
| India-Rupee | 73.0340 |
| Indonesia-Rupiah | 14,028.0000 |
| Iran-Rial | 42,000.0000 |
| Iraq-Dinar | 1,138.0000 |
| Israel-Shekel | 3.2130 |
| Jamaica-Dollar | 150.0000 |
| Japan-Yen | 103.0800 |
| Jordan-Dinar | 0.7080 |
| Kazakhstan-Tenge | 421.2700 |
| Kenya-Shilling | 109.1000 |
| Korea-Won | 1,087.6600 |
| Kuwait-Dinar | 0.3040 |
| Kyrgyzstan-Som | 82.6500 |
| Laos-Kip | 9,280.0000 |
| Lebanon-Pound | 1,500.0000 |
| Lesotho-Maloti | 14.6730 |
| Liberia-Dollar | 163.0000 |
| Libya-Dinar | 1.3330 |
| Madagascar-Ariary | 3,824.8000 |
| Malawi-Kwacha | 820.0000 |
| Malaysia-Ringgit | 4.0200 |
| Maldives-Rufiyaa | 15.4200 |
| Mali-CFA Franc | 529.0000 |
| Marshall Islands-U.S. Dollar | 1.0000 |
| Mauritania-Ouguiya | 37.0000 |
| Mauritius-Rupee | 39.5500 |
| Mexico-Peso | 19.9130 |
| Micronesia-U.S. Dollar | 1.0000 |
| Moldova-LEU | 17.0800 |
| Mongolia-Tugrik | 2,849.7700 |
| Morocco-Dirham | 8.9170 |
| Mozambique-Metical | 74.2000 |
| Nambia-Dollar | 14.6730 |
| Nepal-Rupee | 117.0000 |
| Netherlands Antilles-Guilder | 1.7800 |
| New Zealand-Dollar | 1.3830 |
| Nicaragua-Cordoba | 34.9000 |
| Niger-CFA Franc | 529.0000 |
| Nigeria-Naira | 385.0000 |
| Norway-Krone | 8.5300 |
| Oman-Rial | 0.3850 |
| Pakistan-Rupee | 159.7500 |
| Panama-Balboa | 1.0000 |
| Panama-Dolares | 1.0000 |
| Papua New Guinea-Kina | 3.5090 |
| Paraguay-Guarani | 6,891.9600 |
| Peru-Sol | 3.6190 |
| Philippines-Peso | 48.1730 |
| Poland-Zloty | 3.7130 |
| Qatar-Riyal | 3.6400 |
| Rep. of N Macedonia-Dinar | 50.1300 |
| Republic of Palau-Dollar | 1.0000 |
| Romania-New Leu | 3.9660 |
| Russia-Ruble | 74.4600 |
| Rwanda-Franc | 950.0000 |
| Sao Tome & Principe-New Dobras | 20.0510 |
| Saudi Arabia-Riyal | 3.7500 |
| Senegal-CFA Franc | 529.0000 |
| Serbia-Dinar | 95.8000 |
| Seychelles-Rupee | 20.9100 |
| Sierra Leone-Leone | 9,997.0000 |
| Singapore-Dollar | 1.3220 |
| Solomon Islands-Dollar | 7.7340 |
| Somali-Shilling | 575.0000 |
| South Africa-Rand | 14.6730 |
| South-Sudanese-Pound | 177.0000 |
| Sri Lanka-Rupee | 185.0000 |
| St. Lucia-E. Caribbean Dollar | 2.7000 |
| Sudan-Pound | 55.0000 |
| Suriname-Dollar | 14.2900 |
| Swaziland-Langeni | 14.6730 |
| Sweden-Krona | 8.1720 |
| Switzerland-Franc | 0.8810 |
| Syria-Pound | 1,256.0000 |
| Taiwan-Dollar | 28.0740 |
| Tajikistan-Somoni | 11.3250 |
| Tanzania-Shilling | 2,314.0000 |
| Thailand-Baht | 29.9200 |
| Timor-Leste-Dili | 1.0000 |
| Togo-CFA Franc | 529.0000 |
| Tonga-Pa’anga | 2.1980 |
| Trinidad & Tobago-Dollar | 6.6980 |
| Tunisia-Dinar | 2.6830 |
| Turkey-New Lira | 7.4240 |
| Turkmenistan-New Manat | 3.4910 |
| Uganda-Shilling | 3,649.0000 |
| Ukraine-Hryvnia | 28.3000 |
| United Arab Emirates-Dirham | 3.6730 |
| United Kingdom-Pound | 0.7320 |
| Uruguay-Peso | 42.1400 |
| Uzbekistan-Som | 10,471.9200 |
| Vanuatu-Vatu | 106.2300 |
| Venezuela-Bolivar Soberano | 1,104,430.5870 |
| Venezuela-Fuerte (OLD) | 248,832.0000 |
| Vietnam-Dong | 23,070.0000 |
| Western Samoa-Tala | 2.4440 |
| Yemen-Rial | 480.0000 |
| Zambia-New Kwacha | 21.1400 |
| Zimbabwe-RTGS | 79.7420 |
Translating Foreign Assets into USD using Exchange Rates
In conclusion, when a US person is required to report foreign financial assets on form 8938, they must report the value in U.S. dollars. As a result, it requires the taxpayer to translate or convert the foreign currency into U.S. dollars. There is not one specific method for preparing the conversions, but the two most commonly accepted benchmarks are the IRS Average Exchange Rates and the Treasury Department Exchange Rates.
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