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:
“Go to foreign countries and you will get to know the good things one possesses at home.”
—Johann Wolfgang Von Goethe (1749–1832)
“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.)
“Classic remorse, as all the moralists are agreed, is a most undesirable sentiment. If you have behaved badly, repent, make what amends you can and address yourself to the task of behaving better next time. On no account brood over your wrongdoing. ROLLING IN THE MUCK IS NOT THE BEST WAY OF GETTING CLEAN.”
—Aldous Huxley (1894–1963)