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. 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.
Famous quotes containing the words foreign, currency and/or account:
“Man-in-seed, in seed-at-zero,
From the star-flanked fields of space,
Thunders on the foreign town
With a sand-bagged garrison....”
—Dylan Thomas (1914–1953)
“Common experience is the gold reserve which confers an exchange value on the currency which words are; without this reserve of shared experiences, all our pronouncements are cheques drawn on insufficient funds.”
—René Daumal (1908–1944)
“Principles aren’t of much account anyway, except at election time. After that you hang them up to let them season.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)