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:
“So the gentle poet’s name
To foreign parts is blown by fame;
Seek him in his native town,
He is hidden and unknown.”
—Ralph Waldo Emerson (1803–1882)
“One of the reforms to be carried out during the incoming administration is a change in our monetary and banking laws, so as to secure greater elasticity in the forms of currency available for trade and to prevent the limitations of law from operating to increase the embarrassment of a financial panic.”
—William Howard Taft (1857–1930)
“I shall endeavour to enliven Morality with Wit, and to temper Wit with Morality, that my Readers may, if possible, both Ways find their Account in the Speculation of the Day.”
—Joseph Addison (1672–1719)