Foreign currency account

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] 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.[4]

References

  1. ↑ "What's Covered, What's Not?". Canada Deposit Insurance Corporation. Retrieved August 6, 2011.
  2. ↑ "Deposit Insurance Scheme". Singapore Deposit Insurance Corporation. Retrieved August 6, 2011.
  3. ↑ "Foreign Currency Savings Deposit". CitiBank Japan. Retrieved August 6, 2011.
  4. ↑ "FDIC Law, Regulations, Related Acts". Federal Deposit Insurance Corporation. Retrieved August 6, 2011.
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