Only if your balance goes over $10,000 during the year.
If your balance in your foreign bank account does go over $10,000 during the year, it is very important to report this to the IRS. This is different than your tax filing and is still required even if you are not required to file taxes that year. It is called the Report of Foreign Bank and Financial Accounts (FBAR). The name of the required form is TD F 90-22.1. Failure to report carries very severe penalties. See this site for more details: http://www.irs.gov/businesses/small/article/0,,id=148845,00.html
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