Foreign currency account (Ofer Abarbanel online library)

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. 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.

Ofer Abarbanel online library

Ofer Abarbanel online library

Ofer Abarbanel online library