One of the biggest misconceptions regarding FBAR (Foreign [non-US] bank account) reports is that only accounts with $10k or equivalent need to be reported.

One of the biggest misconceptions regarding FBAR (Foreign [non-US] bank account) reports is that only accounts with $10k or equivalent need to be reported.

However, once the $10k threshold has been met, whether through the amount was in one foreign account of spread between a few accounts, an FBAR report needs to be prepared. 

Also, once the amount has been met, ALL foreign accounts need to be reported, even if they have $0.00 in funds in them.