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:
“It is a curious emotion, this certain homesickness I have in mind. With Americans, it is a national trait, as native to us as the rollercoaster or the jukebox. It is no simple longing for the home town or country of our birth. The emotion is Janus-faced: we are torn between a nostalgia for the familiar and an urge for the foreign and strange. As often as not, we are homesick most for the places we have never known.”
—Carson McCullers (1917–1967)
“Common experience is the gold reserve which confers an exchange value on the currency which words are; without this reserve of shared experiences, all our pronouncements are cheques drawn on insufficient funds.”
—René Daumal (1908–1944)
“He who is only a traveler learns things at second-hand and by the halves, and is poor authority. We are most interested when science reports what those men already know practically or instinctively, for that alone is a true humanity, or account of human experience.”
—Henry David Thoreau (1817–1862)