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:
“For my name and memory I leave to men’s charitable speeches, and to foreign nations and the next ages.”
—Francis Bacon (1561–1626)
“Common experience is the gold reserve which confers an exchange value on the currency which words are; without this reserve of shared experiences, all our pronouncements are cheques drawn on insufficient funds.”
—René Daumal (1908–1944)
“Our leading men are not of much account and never have been, but the average of the people is immense, beyond all history. Sometimes I think in all departments, literature and art included, that will be the way our superiority will exhibit itself. We will not have great individuals or great leaders, but a great average bulk, unprecedentedly great.”
—Walt Whitman (1819–1892)