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 seeps from heavily jowled or hawk-like foreign faces
The guttural sorrow of the refugees.”
—Louis MacNeice (1907–1963)
“Common experience is the gold reserve which confers an exchange value on the currency which words are; without this reserve of shared experiences, all our pronouncements are cheques drawn on insufficient funds.”
—René Daumal (1908–1944)
“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)