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 a foreign country doesn’t look like a middle-class suburb of Dallas or Detroit, then obviously the natives must be dangerous as well as badly dressed.”
—Lewis H. Lapham (b. 1935)
“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.)
“I have observed the misery of my people who are in Egypt; I have heard their cry on account of their taskmasters. Indeed, I know their sufferings, and I have come down to deliver them from the Egyptians, and to bring them up out of that land to a good and broad land, a land flowing with milk and honey, to the country of the Canaanites, the Hittites, the Amorites, the Perizzites, the Hivites, and the Jebusites.”
—Bible: Hebrew, Exodus 3:7,8.