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:
“The past is a foreign country; they do things differently there.”
—L.P. (Leslie Poles)
“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)
“Then he looked up at his disciples and said: Blessed are you who are poor, for yours is the kingdom of God.
Blessed are you who are hungry now, for you will be filled.
Blessed are you who weep now, for you will laugh.
Blessed are you when people hate you, and when they exclude you, revile you, and defame you on account of the Son of Man.”
—Bible: New Testament, Luke 6:20-22.