Foreign currency account

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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] 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. http://www.cdic.ca/e/coveredornot/coveredornot.html. Retrieved August 6, 2011. 
  2. ^ "Deposit Insurance Scheme". Singapore Deposit Insurance Corporation. https://www.sdic.org.sg/faq.html#a9. Retrieved August 6, 2011. 
  3. ^ "Foreign Currency Savings Deposit". CitiBank Japan. http://www.citibank.co.jp/en/fcy/fcy_savings_deposits.html. Retrieved August 6, 2011. 
  4. ^ "FDIC Law, Regulations, Related Acts". Federal Deposit Insurance Corporation. http://www.fdic.gov/regulations/laws/rules/2000-5400.html. Retrieved August 6, 2011.