Foreign currency account explained

Foreign Currency Account (FCA) is a transactional account denominated in a currency other than the home currency and can be maintained by a bank in the home country (onshore) or a bank in another country (offshore).

Foreign currency accounts are generally not covered by national deposit insurance schemes.[1] [2] [3] [4] However, such accounts are covered in the United States, within the usual limits, as long the financial institution is insured and the deposits are available for withdrawal inside the U.S.[5]

Notes and References

  1. Web site: What's Covered, What's Not?. Canada Deposit Insurance Corporation. August 6, 2011. https://web.archive.org/web/20110906010228/http://www.cdic.ca/e/coveredornot/coveredornot.html. September 6, 2011. dead.
  2. Web site: Deposit Insurance Scheme. Singapore Deposit Insurance Corporation. August 6, 2011.
  3. Web site: Foreign Currency Savings Deposit. CitiBank Japan. August 6, 2011.
  4. Web site: Citi Global Currency Account. CitiBank Australia. July 2, 2018.
  5. Web site: FDIC Law, Regulations, Related Acts. Federal Deposit Insurance Corporation. August 6, 2011.

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