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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Foreign Currency


Synonyms:foreign cash, foreign money, foreign tender
Acronyms &
abbreviations:
FCY
Filed Under: financial-banking
Tags: banking
 

Definition of foreign currency (FCY)

foreign currency (FCY)
1. The metal (coin) or paper medium of exchange that is used in other countries. For example, the US dollar is considered foreign currency to those living in Canada.

Related Terms and Acronyms:

  • call deposit account   A bank account that combines some features from both savings and checking accounts.
  • derivatives   Financial contracts whose value is derived from the value of some underlying asset, rate or index. Derivatives are used as risk-management tools by governments and corporations to reduce exposure to risk, mainly related to fluctuations in foreign-exchange and interest rates. Derivative instruments include swaps, options, futures and forward contracts and are used by banks in two principal activities: sales/trading and asset/liability management.
  • foreign currency exchange (FCE)
  • foreign currency surcharge   A fee charged by a credit card company for purchases made in a foreign currency.
  • foreign exchange (F/X, FE, FOREX, FX)   Various instruments used to settle payments for transactions between individuals or organizations using different currencies (e.g., notes, cheques, etc.).
      ➥  Bank account transaction code.
  • foreign exchange rate (FXRate)   The value of a nation's currency in terms of another nation's currency
  • foreign investment   Investing money into a business in another country.
  • international banking   The operation of bank branches and subsidiaries located outside Canada. This area of banking also includes the supervision of correspondent banking relationships, foreign exchange trading, and trade finance.
  • note   A legal acknowledgement of a debt and an implicit promise to repay. It includes the loan amount, interest rate and term.
  • security   A tradable financial implement that represents ownership, the rights to ownership or debt.

More Related Terms and Acronyms

  • foreign currency account (FCA) — Acronym
  • foreign currency deposit (FCD) — Acronym

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