Editor’s note: NeuGroup’s online communities provide members a forum to pose questions and give answers. Talking Shop shares valuable insights from these exchanges, anonymously. Send us your responses: [email protected].
Member question: “A global banking partner is discontinuing physical cash services in Israel, where our cash needs typically exceed ATM levels.
- “Does anyone have experience obtaining USD and ILS (Israeli new shekel) in country without opening a local bank account?”
Peer answer: “Our global bank partner can offer USD and ILS accounts in the Netherlands, Ireland and the UK, which could be used for deposits or to make cross-border payments (FX wires and cross-currency ACH).”
Member question: “We are exploring other investment vehicles for cash in China. Beyond bank deposits and money market funds, what products do others in the group use?”
Peer answer: “We also invest in structured deposits. There are various types of structured deposits in local market, some of which are principal protected, whose structures fit with our investment policy and offer pretty decent yield.
- “While banks were asked to scale bank structured deposit offerings by regulators in 2020, this product category itself is regulation-compliant, and is still a valid investment tool in China market.”