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:
“Humour is the first of the gifts to perish in a foreign tongue.”
—Virginia Woolf (1882–1941)
“It is the international system of currency which determines the totality of life on this planet. That is the natural order of things today. That is the atomic, and sub-atomic, and galactic
structure of things today. And you have meddled with the primal forces of nature! And you will atone! Am I getting through to you, Mr. Beale?”
—Paddy Chayefsky (1923–1981)
“Those who believe in their truth—the only ones whose imprint is retained by the memory of men—leave the earth behind them strewn with corpses. Religions number in their ledgers more murders than the bloodiest tyrannies account for, and those whom humanity has called divine far surpass the most conscientious murderers in their thirst for slaughter.”
—E.M. Cioran (b. 1911)