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 worst enemy of good government is not our ignorant foreign voter, but our educated domestic railroad president, our prominent business man, our leading lawyer.”
—John Jay Chapman (1862–1933)
“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)
“How then can we account for the persistence of the myth that inside the empty nest lives a shattered and depressed shell of a woman—a woman in constant pain because her children no longer live under her roof? Is it possible that a notion so pervasive is, in fact, just a myth?”
—Lillian Breslow Rubin (20th century)