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:
“You can’t appreciate home till you’ve left it, money till it’s spent, your wife till she’s joined a woman’s club, nor Old Glory till you see it hanging on a broomstick on the shanty of a consul in a foreign town.”
—O. Henry [William Sydney Porter] (1862–1910)
“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)
“It is not more people that are needed in the world but better people, physically, morally and mentally. This question of raising the quality of our American population must also be taken into account in the question of immigration.”
—Agnes E. Meyer (1887–1970)