Hi - I live in the US. Before the pandemic hit, I had planned to spend some vacation time in Europe. At the beginning of 2020, I took advantage of low FX rates and bought a few hundred Euros via TransferWise. I thought it was a good idea to use for my spending throughout the EU. Well those Euros have just been sitting in my TransferWise account in Belgium ever since. No moving around or any interest earned, just sitting.
Does this account need to be reported to the US IRS? I would certainly think so if any kind of income is involved but just the fact that it exists? Interestingly enough, TransferWise, on their help page, states that they do not report any information to any tax authority.