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:
“Friends, both the imaginary ones you build for yourself out of phrases taken from a living writer, or real ones from college, and relatives, despite all the waste of ceremony and fakery and the fact that out of an hour of conversation you may have only five minutes in which the old entente reappears, are the only real means for foreign ideas to enter your brain.”
—Nicholson Baker (b. 1957)
“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.)
“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)