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:
“My home policy: I wage war; my foreign policy: I wage war. All the time I wage war.”
—Georges Clemenceau (1841–1929)
“One of the reforms to be carried out during the incoming administration is a change in our monetary and banking laws, so as to secure greater elasticity in the forms of currency available for trade and to prevent the limitations of law from operating to increase the embarrassment of a financial panic.”
—William Howard Taft (1857–1930)
“All my life I’ve been harassed by questions: Why is something this way and not another? How do you account for that? This rage to understand, to fill in the blanks, only makes life more banal. If we could only find the courage to leave our destiny to chance, to accept the fundamental mystery of our lives, then we might be closer to the sort of happiness that comes with innocence.”
—Luis Buñuel (1900–1983)