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:
“For most visitors to Manhattan, both foreign and domestic, New York is the Shrine of the Good Time. “I don’t see how you stand it,” they often say to the native New Yorker who has been sitting up past his bedtime for a week in an attempt to tire his guest out. “It’s all right for a week or so, but give me the little old home town when it comes to living.” And, under his breath, the New Yorker endorses the transfer and wonders himself how he stands it.”
—Robert Benchley (1889–1945)
“There is no legislation—I care not what it is—tariff, railroads, corporations, or of a general political character, that all equals in importance the putting of our banking and currency system on the sound basis proposed in the National Monetary Commission plan.”
—William Howard Taft (1857–1930)
“To have some account of my thoughts, manners, acquaintance and actions, when the hour arrives in which time is more nimble than memory, is the reason which induces me to keep a journal: a journal in which I must confess my every thought, must open my whole heart!”
—Frances Burney (1752–1840)