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:
“Our day of dependence, our long apprenticeship to the learning of other lands, draws to a close. The millions, that around us are rushing into life, cannot always be fed on the sere remains of foreign harvests.”
—Ralph Waldo Emerson (1803–1882)
“It is the international system of currency which determines the totality of life on this planet. That is the natural order of things today. That is the atomic, and sub-atomic, and galactic
structure of things today. And you have meddled with the primal forces of nature! And you will atone! Am I getting through to you, Mr. Beale?”
—Paddy Chayefsky (1923–1981)
“If I tell you that I would be disobeying the god and on that account it is impossible for me to keep quiet, you won’t be persuaded by me, taking it that I am ironizing. And if I tell you that it is the greatest good for a human being to have discussions every day about virtue and the other things you hear me talking about, examining myself and others, and that the unexamined life is not livable for a human being, you will be even less persuaded.”
—Socrates (469–399 B.C.)