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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]
References
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- ^ "What's Covered, What's Not?". Canada Deposit Insurance Corporation. Archived from the original on September 6, 2011. Retrieved August 6, 2011.
- ^ "Deposit Insurance Scheme". Singapore Deposit Insurance Corporation. Retrieved August 6, 2011.
- ^ "Foreign Currency Savings Deposit". CitiBank Japan. Retrieved August 6, 2011.
- ^ "Citi Global Currency Account". CitiBank Australia. Retrieved July 2, 2018.
- ^ "FDIC Law, Regulations, Related Acts". Federal Deposit Insurance Corporation. Retrieved August 6, 2011.