foreign currency account

{{Use American English|date = March 2019}}

{{Short description|Transactional account denominated in another state's currency}}

{{Use mdy dates|date = March 2019}}

{{refimprove|date=May 2008}}

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.{{cite web| url=http://www.cdic.ca/e/coveredornot/coveredornot.html| title=What's Covered, What's Not?| publisher=Canada Deposit Insurance Corporation| accessdate=August 6, 2011| archive-url=https://web.archive.org/web/20110906010228/http://www.cdic.ca/e/coveredornot/coveredornot.html| archive-date=September 6, 2011| url-status=dead}}{{cite web| url=https://www.sdic.org.sg/faq.html#a9| title=Deposit Insurance Scheme| publisher=Singapore Deposit Insurance Corporation| accessdate=August 6, 2011}}{{cite web| url=http://www.citibank.co.jp/en/fcy/fcy_savings_deposits.html| title=Foreign Currency Savings Deposit| publisher=CitiBank Japan| accessdate=August 6, 2011}}{{cite web| url=http://www.citibank.com.au/global-currency-account/| title=Citi Global Currency Account| publisher=CitiBank Australia| accessdate=July 2, 2018}} 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.{{cite web| url=http://www.fdic.gov/regulations/laws/rules/2000-5400.html| title=FDIC Law, Regulations, Related Acts| publisher=Federal Deposit Insurance Corporation| accessdate=August 6, 2011}}