Question

social science
What are thé foreign accounts
plase answer ​

Answer 1

Answer:

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.

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Answer 2

Generally an account at a financial institution located outside the united states is a foreign account.

Explanation:

whether the account produced taxable income has no effect on whether the account is a financial account.

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