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:
“A régime which invented a biological foreign policy was obviously acting against its own best interests. But at least it obeyed its own particular logic.”
—Albert Camus (1913–1960)
“One of the reforms to be carried out during the incoming administration is a change in our monetary and banking laws, so as to secure greater elasticity in the forms of currency available for trade and to prevent the limitations of law from operating to increase the embarrassment of a financial panic.”
—William Howard Taft (1857–1930)
“I cannot tell how many times we had to walk on account of falls or rapids. We were expecting all the while that the river would take a final leap and get to smooth water, but there was no improvement this forenoon.”
—Henry David Thoreau (1817–1862)