Okuzeka
Finance & Banking vocabulary · Accounts & Deposits

Foreign currency account

Meaning in finance & banking, with examples

nounCommon term

In finance & banking, foreign currency account means: A bank account that holds money in a currency other than the local one, such as US dollars or euros in a Turkish bank.

In Turkish: döviz hesabı, döviz tevdiat hesabı, yabancı para hesabı

How it is used

Used by exporters, importers, savers and people who receive money from abroad. Companies keep foreign currency accounts to receive and make payments without converting each time. People also say 'FX account', and bank reports talk about 'FX deposits'.

Example sentences

  1. Our exporters keep their euro income in foreign currency accounts until they pay their suppliers.

  2. You can open a foreign currency account in dollars, euros or pounds from the app.

Common collocations

  • open a foreign currency account
  • FX deposits
  • USD account
  • foreign currency deposit
  • foreign exchangeThe buying and selling of currencies, or foreign currency itself. It is often shortened to FX or forex.
  • exchange rateThe price of one currency in terms of another, for example how many Turkish lira you need to buy one euro.
  • current accountAn everyday bank account for receiving a salary, paying bills and making card payments. It pays little or no interest, and the money can be used at any time.
  • depositMoney that you put into a bank account, or the act of putting it there. For a bank, customer deposits are its main source of funding.
  • wire transferAn electronic transfer of money from one bank account to another, often between different banks or countries.

More terms: Accounts & Deposits

Practise with graded reading

Reading at the right level is the fastest way to make new words stick. Pick free English books by level:

This page explains English vocabulary for learners. It is not financial advice.