Foreign currency account

Foreign currency account,

Definition of Foreign currency account:

  1. Deposit account maintained in a (1) local bank in a currency that is not the local currency, (2) in a foreign bank in a currency that is the currency of the country in which the bank is located, (3) in a foreign bank in a currency that is not the currency of the country in which the bank is located.

Meaning of Foreign currency account & Foreign currency account Definition