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:
“Go to foreign countries and you will get to know the good things one possesses at home.”
—Johann Wolfgang Von Goethe (1749–1832)
“Money is the worst currency that ever grew among mankind. This sacks cities, this drives men from their homes, this teaches and corrupts the worthiest minds to turn base deeds.”
—Sophocles (497–406/5 B.C.)
“It is not more people that are needed in the world but better people, physically, morally and mentally. This question of raising the quality of our American population must also be taken into account in the question of immigration.”
—Agnes E. Meyer (1887–1970)