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 poets have sung of wine, the product of a foreign plant which commonly they never saw, as if our own plants had no juice in them more than the singers.”
—Henry David Thoreau (1817–1862)
“One of the reforms to be carried out during the incoming administration is a change in our monetary and banking laws, so as to secure greater elasticity in the forms of currency available for trade and to prevent the limitations of law from operating to increase the embarrassment of a financial panic.”
—William Howard Taft (1857–1930)
“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.