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:
“If I were an American, as I am an Englishman, while a foreign troop was landed in my country, I never would lay down my arms—never—never—never!”
—William Pitt, The Elder, Lord Chatham (1708–1778)
“Money is the worst currency that ever grew among mankind. This sacks cities, this drives men from their homes, this teaches and corrupts the worthiest minds to turn base deeds.”
—Sophocles (497–406/5 B.C.)
“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)