Deposit protection abroad: FSCS, FDIC, EU, CDIC, FCS and DCS limits compared

Deposit protection limits by country, how they apply when you live abroad, and why e-money balances at Wise or Payoneer are safeguarded rather than insured. Official sources, checked 23 October 2026.

Last updated 23 October 2026. All limits checked against the official scheme or regulator pages on 23 October 2026.

This is general information, not financial or legal advice. Limits and eligibility can change, so check the scheme’s own website before you rely on a figure.

Short answer

Deposit protection pays you back, up to a limit, if a licensed bank fails. Each country runs its own scheme with its own limit, usually per person, per bank. Balances held with e-money or payment firms such as Wise and Payoneer are not bank deposits, so they are not covered by these schemes in the same way. Those firms must safeguard your money instead. That means keeping it separate from their own funds. It is not a guaranteed payout.

Deposit protection limits by country

Country or region Scheme Limit How the limit applies Official source (checked 23 October 2026)
United Kingdom Financial Services Compensation Scheme (FSCS) £120,000 Per person, per firm, across current, savings and fixed-term deposit accounts. The FSCS says the limit rose to £120,000 from December 2025. FSCS: check your money is protected
United States Federal Deposit Insurance Corporation (FDIC) $250,000 Per depositor, per FDIC-insured bank, for each account ownership category (for example single, joint, certain retirement accounts). FDIC: understanding deposit insurance
European Union National deposit guarantee schemes under Directive 2014/49/EU €100,000 For the total deposits of each depositor at the same bank. Some deposits, such as proceeds of a private home sale or deposits linked to life events, get higher protection for a limited period. The 2014 directive set that period at 3 to 12 months; Directive (EU) 2026/804 amends Article 6, so check your national scheme for the current period. Directive 2014/49/EU, Article 6
Canada Canada Deposit Insurance Corporation (CDIC) C$100,000 Per category, including principal and interest. Categories such as single-name deposits, joint deposits and RRSPs are each insured separately. CDIC: your coverage
Australia Financial Claims Scheme (FCS) A$250,000 Per account holder, per authorised deposit-taking institution incorporated in Australia. Applies to Australian-dollar deposits only. APRA: accounts covered by the FCS
New Zealand Depositor Compensation Scheme (DCS) NZ$100,000 Per deposit taker, for money in DCS-protected accounts. The scheme started on 1 July 2025. Reserve Bank of New Zealand: DCS
Singapore Singapore Deposit Insurance Corporation (SDIC) S$100,000 Insured deposits are added together per depositor, per scheme member bank or finance company. SDIC: Deposit Insurance Scheme
Philippines Philippine Deposit Insurance Corporation (PDIC) ₱1 million Per depositor, per bank, effective 15 March 2025. PDIC

The limits are in each scheme’s own currency. Converting them into another currency gives a rough comparison only.

E-money and payment accounts are not bank deposits

Many people who live or work abroad hold money in multi-currency accounts with firms such as Wise or Payoneer. Those firms are generally e-money or payment institutions, not banks.

Question Bank deposit E-money or payment firm balance
Covered by the national deposit scheme? Yes, up to the limit, if the bank is a scheme member and the account type is eligible. No. The FCA says money with a non-bank payment provider is not protected by the FSCS.
What protects it instead? The compensation scheme pays out up to the limit. Safeguarding: the firm must keep customer money separate, usually in a bank account, or protect it with insurance or a guarantee.
If the firm fails Compensation up to the limit. The FCA says you should get most of your money back, but it may take time and may not be the full amount, because the administrator’s costs can be taken first.
  • Wise: Wise’s help centre says it does not lend out customer money and safeguards it instead of being covered by a deposit scheme like the FSCS. (Wise: is my money protected?, checked 23 October 2026.)
  • Payoneer: Payoneer’s US terms say funds “do not constitute deposits”, that FDIC or other government-sponsored insurance does not apply, and that you may lose the stored value if Payoneer becomes insolvent, although customer funds are segregated. Its UK entity says its funds are not covered by the FSCS but are safeguarded under the FCA’s rules. (Payoneer Terms and Conditions, section 3.5; Payoneer UK licence FAQ, both checked 23 October 2026.)
  • “FDIC-insured” fintech apps: the FDIC says non-bank companies are never FDIC-insured themselves. Your money may get pass-through cover only once it is placed with an insured bank and the records requirements are met. FDIC insurance does not protect against the non-bank company’s own failure. (FDIC: banking with third-party apps, checked 23 October 2026.)

What changes when you live abroad

  • Cover depends on where the bank is licensed, not your passport. For example, APRA says residency and citizenship do not affect whether an Australian deposit is covered.
  • Currency can matter. Australia’s FCS does not cover accounts held in foreign currencies. If you hold other currencies, check the scheme’s rules for each one.
  • Branches can be excluded. Australia’s FCS does not apply to branches of foreign banks in Australia or to overseas branches of Australian banks.
  • Brands can share one licence. In Australia and the UK the limit applies per licensed institution, so two brands of the same bank may share one limit.

FAQ

Is money in Wise protected by the FSCS?

No. Wise is not a bank. It safeguards customer money rather than being covered by the FSCS, according to its help centre, checked on 23 October 2026.

Get the weekly money brief

One email. No spam. Practical tips on earn, grow, and protect.

Is my Payoneer balance FDIC-insured?

No. Payoneer’s US terms say FDIC or other government-sponsored insurance does not apply to funds held with Payoneer.

How much is protected if a UK bank fails?

Up to £120,000 per person, per firm, under the FSCS.

How much is protected if a US bank fails?

Up to $250,000 per depositor, per FDIC-insured bank, for each ownership category.

How much is protected in the EU?

€100,000 per depositor, per bank, under Directive 2014/49/EU, with temporary higher protection for some deposits. Directive (EU) 2026/804 amends these rules, so check the national scheme for details.

Does New Zealand have deposit insurance?

Yes. The Depositor Compensation Scheme has covered up to NZ$100,000 per deposit taker since 1 July 2025, for DCS-protected accounts.

Sources

All sources were checked on 23 October 2026.

Get the weekly money brief

One email. No spam. Practical tips on earn, grow, and protect.

Still got a question? Ask Bankrolled and get a quick answer from our guides.

Matt Cartwright
Matt Cartwright

Matt Cartwright runs Bankrolled, a trading name of CLYFAR LTD, a UK company. He edits every guide for people whose income, home and savings sit in different countries, and checks each rule, limit and fee against the official source before it goes up. Nothing here is personal advice.

Articles: 21