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:
“When translating one must proceed up to the intranslatable; only then one becomes aware of the foreign nation and the foreign tongue.”
—Johann Wolfgang Von Goethe (1749–1832)
“Both of us felt more anxiety about the South—about the colored people especially—than about anything else sinister in the result. My hope of a sound currency will somehow be realized; civil service reform will be delayed; but the great injury is in the South. There the Amendments will be nullified, disorder will continue, prosperity to both whites and colored people will be pushed off for years.”
—Rutherford Birchard Hayes (1822–1893)
“I cannot help wondering sometimes what I might have become and might have done if I had lived in a country which had not circumscribed and handicapped me on account of my race, but had allowed me to reach any height I was able to attain.”
—Mary Church Terrell (1863–1954)