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][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
  1. "What's Covered, What's Not?". Canada Deposit Insurance Corporation. Archived from the original on September 6, 2011. 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. "Citi Global Currency Account". CitiBank Australia. Retrieved July 2, 2018.
  5. "FDIC Law, Regulations, Related Acts". Federal Deposit Insurance Corporation. Retrieved August 6, 2011.
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