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:
“Our poets have sung of wine, the product of a foreign plant which commonly they never saw, as if our own plants had no juice in them more than the singers.”
—Henry David Thoreau (1817–1862)
“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.)
“I shall endeavour to enliven Morality with Wit, and to temper Wit with Morality, that my Readers may, if possible, both Ways find their Account in the Speculation of the Day.”
—Joseph Addison (1672–1719)