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Foreign currency account

Transactional account denominated in another state's currency

Summary

Transactional account denominated in another state's currency

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. 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.

References

References

  1. "What's Covered, What's Not?". Canada Deposit Insurance Corporation.
  2. "Deposit Insurance Scheme". Singapore Deposit Insurance Corporation.
  3. "Foreign Currency Savings Deposit". CitiBank Japan.
  4. "Citi Global Currency Account". CitiBank Australia.
  5. "FDIC Law, Regulations, Related Acts". Federal Deposit Insurance Corporation.
Wikipedia Source

This article was imported from Wikipedia and is available under the Creative Commons Attribution-ShareAlike 4.0 License. Content has been adapted to SurfDoc format. Original contributors can be found on the article history page.

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