Foreign Currency Account Safety
Foreign currency accounts often hold savings, remittances or business funds, which makes them targets. Alerts, limits and verification habits that keep them safe.
Many people keep savings in a foreign currency account, receive remittances into one, or use one for business. These accounts can hold significant sums, and fraudsters know it.
Protections to set up
- Alerts for every transaction and new payee. See bank alerts and limits.
- Transfer limits set to what you normally need.
- Strong sign-in on the banking app, with device approvals.
- A separate everyday account for spending, so the foreign currency account is rarely used.
Verify every transfer request
- Confirm requests from relatives or partners by phone on a known number.
- Never move money because a caller says it is "at risk". See the safe account scam.
- Be wary of "investment opportunities" to grow your savings. See "guaranteed returns".
Banks never ask you to move savings to protect them, or to share codes to "secure" your account. See how banks contact you.
Related: sending money home safely. For more, see our guide to financial scams.
Frequently asked questions
Are foreign currency accounts targeted more?
They often hold larger balances and receive international transfers, which can make them attractive to fraudsters.
What protections should I turn on?
Alerts for every transaction, transfer limits, and device controls in your banking app.
Someone called about my dollar account. What should I do?
Hang up and call your bank on the number on your card or its official website.
Sources
- What To Know Before You Wire Money, US Federal Trade Commission
- Take Five to Stop Fraud, Take Five (UK Finance)
- Lost or Stolen Credit, ATM, and Debit Cards, US Federal Trade Commission
