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]
^"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.
February 16, 2024
foreign, currency, account, this, article, needs, additional, citations, verification, please, help, improve, this, article, adding, citations, reliable, sources, unsourced, material, challenged, removed, find, sources, news, newspapers, books, scholar, jstor,. This article needs additional citations for verification Please help improve this article by adding citations to reliable sources Unsourced material may be challenged and removed Find sources Foreign currency account news newspapers books scholar JSTOR May 2008 Learn how and when to remove this template message 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 edit nbsp Banks portal 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 Retrieved from https en wikipedia org w index php title Foreign currency account amp oldid 1056641562, wikipedia, wiki, book, books, library,
