Foreign Currency to USD Converter (IRS Yearly Average Rates)

IRS yearly average exchange rates, 2020 to 2025 (full table)

Rates are expressed as foreign currency units per 1 US dollar, exactly as the IRS publishes them. To convert income to US dollars, divide the foreign amount by the rate for the tax year the income was earned.

IRS yearly average currency exchange rates (foreign currency units per 1 US dollar), tax years 2020 to 2025

Swipe sideways for earlier years

Source: IRS, Yearly Average Currency Exchange Rates. Covers tax years 2020 to 2025. The IRS publishes each new year's averages early in the following year, and this table is refreshed when it does. One currency on the IRS list is deliberately not carried here: the Venezuelan bolivar, whose published averages run into the quadrillions per dollar after redenomination and hyperinflation, and which needs a preparer rather than a converter. Take it from the IRS page directly.

Treasury year-end exchange rates for FBAR and Form 8938, 2020 to 2025

This is a different dataset from the IRS yearly averages above: the Treasury Reporting Rates of Exchange as of December 31 each year. Use these for account balances, meaning the FBAR (FinCEN Form 114) maximum account value and Form 8938, not for income. Six years are published deliberately: a Streamlined catch-up filing covers six years of FBARs, being the most recent six for which the FBAR due date has passed. Which six those are depends on when in the year you file, so a span that reaches back before 2020 needs the earlier rates from the Treasury dataset linked below this table. Foreign mutual funds and ETFs reported on these same FBAR and 8938 balances are often PFICs requiring a separate Form 8621, a filing FBAR and 8938 alone do not cover.

Treasury year-end exchange rates for FBAR and Form 8938 (foreign currency units per 1 US dollar), December 31 of 2020 to 2025

Swipe sideways for earlier years

Source: US Treasury, Treasury Reporting Rates of Exchange, December 31 values (the rows whose effective date is December 31 itself, not later amendment rows), retrieved 2 August 2026. The December 31 set for each year appears in early January and this table is refreshed then.

Which exchange rate do you use for a US expat tax return?

The IRS has no single official exchange rate: it “accepts any posted exchange rate that is used consistently,” and for convenience it publishes a yearly average for each currency. What it does say is that in general you use “the exchange rate prevailing (i.e., the spot rate) when you receive, pay or accrue the item.” For a salary earned evenly across the year the published yearly average is the practical way to do that, and it is what most US expats use to convert a full year of foreign salary, self-employment, pension, or interest income on Form 1040. That is what the converter above does. It is not the right tool for a single dated transaction.

Two situations use a different rate, and mixing them up is a common mistake:

• Account balances (FBAR and Form 8938): use the Treasury Reporting Rates of Exchange for December 31 of the year, not the yearly average. The FBAR reports the maximum value of each foreign account, converted at the year-end rate.
• A specific transaction (a property sale, a single large payment, a stock vesting): use the spot rate on the date of that transaction. The IRS states the general rule the other way round from how it is usually described: “In general, use the exchange rate prevailing (i.e., the spot rate) when you receive, pay or accrue the item,” with the only exception being certain qualified business units. The yearly average is a convenience for income earned across the whole year, not a default that a one-off event can fall back on.

How the conversion works

The IRS publishes each rate as the number of foreign currency units that equal one US dollar. To convert foreign income to US dollars you divide by that rate; to go the other way you multiply. For example, 1,000,000 Japanese yen of 2024 income at the 2024 average of 151.353 yen per dollar is 1,000,000 divided by 151.353, or about 6,607 US dollars.

Frequently asked questions

What exchange rate does the IRS require for foreign income?

The IRS does not mandate one source. It accepts any exchange rate that is used consistently, and it publishes yearly average rates for convenience. Most expats convert annual foreign income using the IRS yearly average for the tax year.

Do I use the yearly average rate for the FBAR?

No. FBAR (FinCEN Form 114) and Form 8938 report account balances and use the Treasury Reporting Rates of Exchange for the last day of the year, not the IRS yearly average. The yearly average is for income.

What if my currency is not on the IRS list?

The IRS publishes averages for the major currencies above. If yours is not listed, use another verifiable published rate (such as the Treasury rate or your country's central bank) applied consistently, and keep your source.

Which year's exchange rate do I use?

Use the rate for the tax year the income was earned. Income earned in 2024 is converted at the 2024 yearly average, reported on your 2024 return.