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:
“Oh, has the foul atmosphere of foreign lands extinguished all your self-respect? Do you come back sordid and sycophantic, and the slave of opinions you would once have utterly detested?”
—Augusta Evans (1835–1909)
“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)
“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)