diff --git a/conservancy_beancount/reports/core.py b/conservancy_beancount/reports/core.py
index e2f474ed1332c948d985b6dd3be77cc010b6da57..458f16faa920d633dc5d76b21f6bf8654d402351 100644
--- a/conservancy_beancount/reports/core.py
+++ b/conservancy_beancount/reports/core.py
@@ -19,10 +19,13 @@ import operator
 
 from decimal import Decimal
 
+import babel.numbers  # type:ignore[import]
+
 from .. import data
 
 from typing import (
     overload,
+    Any,
     Callable,
     DefaultDict,
     Dict,
@@ -65,11 +68,7 @@ class Balance(Mapping[str, data.Amount]):
         return f"{type(self).__name__}({self._currency_map!r})"
 
     def __str__(self) -> str:
-        amounts = [amount for amount in self.values() if amount.number]
-        if not amounts:
-            return "Zero balance"
-        amounts.sort(key=lambda amt: abs(amt.number), reverse=True)
-        return ', '.join(str(amount) for amount in amounts)
+        return self.format()
 
     def __eq__(self, other: Any) -> bool:
         if (self.is_zero()
@@ -113,6 +112,26 @@ class Balance(Mapping[str, data.Amount]):
         """Returns true if all amounts in the balance <= 0."""
         return self._all_amounts(operator.le, 0)
 
+    def format(self,
+               fmt: str='#,#00.00 ¤¤',
+               sep: str=', ',
+               empty: str="Zero balance",
+    ) -> str:
+        """Formats the balance as a string with the given parameters
+
+        If the balance is zero, returns ``empty``. Otherwise, returns a string
+        with each amount in the balance formatted as ``fmt``, separated by
+        ``sep``.
+        """
+        amounts = [amount for amount in self.values() if amount.number]
+        if not amounts:
+            return empty
+        amounts.sort(key=lambda amt: abs(amt.number), reverse=True)
+        return sep.join(
+            babel.numbers.format_currency(amt.number, amt.currency, fmt)
+            for amt in amounts
+        )
+
 
 class MutableBalance(Balance):
     __slots__ = ()
diff --git a/setup.py b/setup.py
index d772e5b5659acaf497b3ce27130984adae9321ad..f7a92f163dc01c5199c97e0d9afd93d3ef1330d0 100755
--- a/setup.py
+++ b/setup.py
@@ -11,6 +11,7 @@ setup(
     license='GNU AGPLv3+',
 
     install_requires=[
+        'babel>=2.6',  # Debian:python3-babel
         'beancount>=2.2',  # Debian:beancount
         'PyYAML>=3.0',  # Debian:python3-yaml
         'regex',  # Debian:python3-regex
diff --git a/tests/test_reports_accrual.py b/tests/test_reports_accrual.py
index 85b5e3ca6644717f4e086d504cd928f59ea2a0cb..5356285a09b2e71aa0b7d148fa79032bd2604a70 100644
--- a/tests/test_reports_accrual.py
+++ b/tests/test_reports_accrual.py
@@ -249,7 +249,7 @@ def check_output(output, expect_patterns):
     ('rt:505/5050', "Zero balance outstanding since 2020-05-05"),
     ('rt:510/5100', "Zero balance outstanding since 2020-05-10"),
     ('rt:510/6100', "-280.00 USD outstanding since 2020-06-10"),
-    ('rt://ticket/515/attachments/5150', "1500.00 USD outstanding since 2020-05-15",),
+    ('rt://ticket/515/attachments/5150', "1,500.00 USD outstanding since 2020-05-15",),
 ])
 def test_balance_report(accrual_postings, invoice, expected):
     related = core.RelatedPostings(
@@ -392,7 +392,7 @@ def test_main_balance_report(arglist):
     assert retcode == 0
     check_output(output, [
         r'\brt://ticket/515/attachments/5150:$',
-        r'^\s+1500\.00 USD outstanding since 2020-05-15$',
+        r'^\s+1,500\.00 USD outstanding since 2020-05-15$',
     ])
 
 def test_main_no_books():
diff --git a/tests/test_reports_balance.py b/tests/test_reports_balance.py
index 07e238662870c712fc76a39a84f210ac8aa691c1..7913156940639c97d059d69c585b24c8fbfa7d4d 100644
--- a/tests/test_reports_balance.py
+++ b/tests/test_reports_balance.py
@@ -24,6 +24,14 @@ from . import testutil
 
 from conservancy_beancount.reports import core
 
+DEFAULT_STRINGS = [
+    ({}, "Zero balance"),
+    ({'JPY': 0, 'BRL': 0}, "Zero balance"),
+    ({'USD': '20.00'}, "20.00 USD"),
+    ({'EUR': '50.00', 'GBP': '80.00'}, "80.00 GBP, 50.00 EUR"),
+    ({'JPY': '-5500.00', 'BRL': '-8500.00'}, "-8,500.00 BRL, -5,500 JPY"),
+]
+
 def test_empty_balance():
     balance = core.Balance()
     assert not balance
@@ -150,13 +158,44 @@ def test_eq(kwargs1, kwargs2, expected):
     actual = bal1 == bal2
     assert actual == expected
 
-@pytest.mark.parametrize('balance_map_kwargs,expected', [
-    ({}, "Zero balance"),
-    ({'JPY': 0, 'BRL': 0}, "Zero balance"),
-    ({'USD': '20.00'}, "20.00 USD"),
-    ({'EUR': '50.00', 'GBP': '80.00'}, "80.00 GBP, 50.00 EUR"),
-    ({'JPY': '-55.00', 'BRL': '-85.00'}, "-85.00 BRL, -55.00 JPY"),
-])
+@pytest.mark.parametrize('balance_map_kwargs,expected', DEFAULT_STRINGS)
 def test_str(balance_map_kwargs, expected):
     amounts = testutil.balance_map(**balance_map_kwargs)
     assert str(core.Balance(amounts.items())) == expected
+
+@pytest.mark.parametrize('bal_kwargs,expected', DEFAULT_STRINGS)
+def test_format_defaults(bal_kwargs, expected):
+    amounts = testutil.balance_map(**bal_kwargs)
+    assert core.Balance(amounts).format() == expected
+
+@pytest.mark.parametrize('fmt,expected', [
+    ('¤##0.0', '¥5000, -€1500.00'),
+    ('#,#00.0¤¤', '5,000JPY, -1,500.00EUR'),
+    ('¤+##0.0;¤-##0.0', '¥+5000, €-1500.00'),
+    ('#,#00.0 ¤¤;(#,#00.0 ¤¤)', '5,000 JPY, (1,500.00 EUR)'),
+])
+def test_format_fmt(fmt, expected):
+    amounts = testutil.balance_map(JPY=5000, EUR=-1500)
+    balance = core.Balance(amounts)
+    assert balance.format(fmt) == expected
+
+@pytest.mark.parametrize('sep', [
+    '; ',
+    '—',
+    '\0',
+])
+def test_format_sep(sep):
+    bal_kwargs, expected = DEFAULT_STRINGS[-1]
+    expected = expected.replace(', ', sep)
+    amounts = testutil.balance_map(**bal_kwargs)
+    balance = core.Balance(amounts)
+    assert balance.format(sep=sep) == expected
+
+@pytest.mark.parametrize('empty', [
+    "N/A",
+    "Zero",
+    "ø",
+])
+def test_format_empty(empty):
+    balance = core.Balance()
+    assert balance.format(empty=empty) == empty