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:
“We should meet each morning, as from foreign countries, and spending the day together, should depart at night, as into foreign countries.”
—Ralph Waldo Emerson (1803–1882)
“Both of us felt more anxiety about the South—about the colored people especially—than about anything else sinister in the result. My hope of a sound currency will somehow be realized; civil service reform will be delayed; but the great injury is in the South. There the Amendments will be nullified, disorder will continue, prosperity to both whites and colored people will be pushed off for years.”
—Rutherford Birchard Hayes (1822–1893)
“That man is good who does good to others; if he suffers on account of the good he does, he is very good; if he suffers at the hands of those to whom he has done good, then his goodness is so great that it could be enhanced only by greater sufferings; and if he should die at their hands, his virtue can go no further: it is heroic, it is perfect.”
—Jean De La Bruyère (1645–1696)