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:
“The American who has been confined, in his own country, to the sight of buildings designed after foreign models, is surprised on entering York Minster or St. Peter’s at Rome, by the feeling that these structures are imitations also,—faint copies of an invisible archetype.”
—Ralph Waldo Emerson (1803–1882)
“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)
“It is a fact that we have got to render an account for the deeds done in the body.”
—Henry David Thoreau (1817–1862)