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:
“We are apt to say that a foreign policy is successful only when the country, or at any rate the governing class, is united behind it. In reality, every line of policy is repudiated by a section, often by an influential section, of the country concerned. A foreign minister who waited until everyone agreed with him would have no foreign policy at all.”
—A.J.P. (Alan John Percivale)
“There is no legislation—I care not what it is—tariff, railroads, corporations, or of a general political character, that all equals in importance the putting of our banking and currency system on the sound basis proposed in the National Monetary Commission plan.”
—William Howard Taft (1857–1930)
“All that seems indispensible in stating the account between the dead and the living, is to see that the debts against the latter do not exceed the advances made by the former.”
—James Madison (1751–1836)