how does it works

mlibrahmlibrah Posts: 1 Tin ✭
How does this goldmoney works

Answers

  • GoldStandardCanadianGoldStandardCanadian Posts: 145 Bronze ✭✭✭
    You can buy precious metals through Goldmoney. Your metal is stored in a vault you can choose its location, and either convert the metal with the real exchange rate onto a prepaid mastercard or you can have the metal sent to you physically. The rates are competitive and the process is easy.

    To learn about which account is right for you and to learn more visit the support pages, or https://support.goldmoney.com/customer/en/portal/articles/2519840-which-account-type-is-right-for-me-
  • soeborgsoeborg Posts: 27 Tin ✭
    edited April 14
    Just one thing that surprised me a little when I started using it a month ago, you will have to pay about 20 dollars+0.5% (if your bank doesn't use ACH/ETF)to make your gold into paper money again and you can not get your money back in the bank if you have less then 1 GAU.
  • TauntFourstarTauntFourstar Posts: 215 Bronze ✭✭✭
    @soeborg
    This may only be true for some if the only means of redemption is wire transfer and a fee is enforced.
    For example, a few months back I redeemed 100% of my gold holdings to my bank via ACH and was left with 0.0 GAU in my account.
    I would also be willing to bet that if you have a pre-paid card, you can redeem your entire balance of gold assuming it doesn't max your card limit.

    I recommend that before posting, keep in the back of your mind that this platform crosses many countries with many different banking systems and your experience may very from others depending on how they are setup. I had to remind myself this recently as well and have started a responses and decided not to post them because I could not speak to their situation.
    I typically will add a disclaimer when giving my thoughts with "in my experience" or "from my understanding".
  • soeborgsoeborg Posts: 27 Tin ✭
    edited April 14
    I said "(if your bank doesn't use ACH/ETF)" then you'll have to pay 20 dollars, and you can not get you gold into paper and into your bank account if you have less then 1 GAU, it is written here: https://support.goldmoney.com/customer/en/portal/articles/1927344-redemption-fees-processing-times-policies

    But how can you use the goldmoney master card to get gold into paper money, and for free?
  • AnacapAnacap Posts: 91 Copper ✭✭
    soeborg said:



    But how can you use the goldmoney master card to get gold into paper money, and for free?

    Loading the goldmoney card means you're now holding cash there now, loading it actually selling gold. Then you can use that card to get the money out of an ATM, 2,5$/€ flat fee. On top of the bank's ATM fees. On my country we literally have a cartel, as there's no free market for ATMs, major banks are fighting online banks that used their phisical atms with ridiculously high fees to discourage using an atm service if you're not client of them. LOL

    I guess 1% cash coeficient makes ATM services a big problem haha
  • TauntFourstarTauntFourstar Posts: 215 Bronze ✭✭✭
    @soeborg Sorry, looks like my post and your edit are too close together so I didn't see your update to your thread before posting. Apologies.
Sign In or Register to comment.