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 is the fear, common to all English-only speakers, that the chief purpose of foreign languages is to make fun of us. Otherwise, you know, why not just come out and say it?”
—Barbara Ehrenreich (b. 1941)
“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)
“Ireland still remains the Holy Isle whose aspirations must on no account be mixed with the profane class-struggles of the rest of the sinful world ... the Irish peasant must not on any account know that the Socialist workers are his sole allies in Europe.”
—Friedrich Engels (1820–1895)