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)
“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)
“I still feel just as I told you, that I shall come safely out of this war. I felt so the other day when danger was near. I certainly enjoyed the excitement of fighting our way out of Giles to the Narrows as much as any excitement I ever experienced. I had a good deal of anxiety the first hour or two on account of my command, but not a particle on my own account. After that, and after I saw that we were getting on well, it was really jolly. We all joked and laughed and cheered constantly.”
—Rutherford Birchard Hayes (1822–1893)