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:
“There can only be one Commander-in-Chief. In these times, crises cannot be managed and wars cannot be waged by committee. To the ears of the world, the President speaks for the nation. While he is of course ultimately accountable to Congress, the courts, and the people, he and his emissaries must not be handicapped in advance in their relations with foreign governments as has sometimes happened in the past.”
—Gerald R. Ford (b. 1913)
“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)
“This life we live is a strange dream, and I don’t believe at all any account men give of it.”
—Henry David Thoreau (1817–1862)