Deposits taking too long

I've been using Goldmoney for several months now and really like the whole concept. However recently I noticed one issue with deposits: they take too long to clear. I am using transfers from Canadian bank account (verified) and they usually take day or two, but recently transactions are just stuck at "pending" and don't clear. I have a transaction that's been in this state since May 3 without any reason given or any way to communicate with customer service. Unfortunately, there's no phone support for personal accounts and my emails are just being ignored. This is frustrating issue and I hope that it will be resolved in the future.

Comments

  • MelanieMelanie Posts: 1,045 Gold ✭✭✭✭✭
    @J_Galt I can see you sent in a message 6 hours ago, and another about 10 minutes ago. One of our agents is presently reviewing your messages!
  • AdrianZAdrianZ Posts: 1 Tin ✭
    @Melanie hi. I am a regular goldmoney user but have had issues with my last withdrawal into my verified bank account. I have tried to email the support center to get the SWIFT confirmation but nobody has seemed to be able to assist me yet. Can you help?
  • J_GaltJ_Galt Posts: 7 Tin ✭
    @Melanie unfortunately it was not the first message I sent. My previous messages were left without response. Is it possible they were sent to your wealth management department instead of personal?

    The issue has been partially resolved since, but I still have pending transaction from May 3.
  • CampeadorCampeador Posts: 200 Bronze ✭✭✭
    How long does it take for a transaction to be completed. Saw like in Pay Pal is inmediately, another 1 to 5 days for bank transfer. Used both and still waiting.
  • J_GaltJ_Galt Posts: 7 Tin ✭
    I have a suggestion as far as deposits: include unique transaction number to memo field. Without this number it's hard to see which transaction is which. This goes both for ACH and credit card deposits and transaction history in the app.
  • monetmonet Posts: 8 Tin ✭
    Hello guys from Costa Rica I am having the same issue some months ago any deposit cleared in a few hours, now they take days, two three four...
    I get worried is there enough gold, is there no gold and procurement is running like crazy to get it? Then my mind goes to... ok what if I want to redeem all my physical... will I get some kind of weird excuses and delays on no end?
    I am actually having second thoughts about continuing my deposits here and doing "bank run" on my physical... if I ever get it.
  • GoldIsCurrencyGoldIsCurrency Posts: 1,713 Gold ✭✭✭✭✭
    @monet All gold bought on this platform is 100% fully allocated to the client so there will never be any "excuses".

    As we all know the gold is stored in Brinks Vaults. Within Brinks vaults there are different lockers/cages for each Brinks customer. So when we as a Goldmoney client make a purchase of gold if there isn't enough unallocated gold currently in the Goldmoney locker more gold bars need to be moved from a sellers locker over to the Goldmoney locker. So on occasion a new purchase of gold by a Goldmoney client can go into "Pending" status and will remain in Pending status until Brinks has confirmed that a new bar/bars of gold have been moved into the Goldmoney locker. The Goldmoney platform works on 100% transparency so the status will not go into "Confirmed" status until that gold is in the locker via electronic confirmation from Brinks. On occasion the above process can take a few days as Brinks has times were they can get really busy moving bars around and also there could be some delays with limited Brinks staff working during weekends and holidays.

    Please also take note that an outsider Auditor KPMG (known as one of the big 4 worldwide auditors) physically audits the Goldmoney locker holdings within the Brinks Vaults. All bars are serialized and accounted for. 100% transparency.

    Hopefully knowing the above will alleviate some of your concerns. This is the benefit of owning gold on the Goldmoney platform versus other choices in the world that are not fully allocated and do not have the utmost highest level of transparency that Goldmoney provides to their clients.
  • mr1mr1 Posts: 312 Bronze ✭✭✭
    @GoldIsCurrency
    Great explanation. I am curious though, do you know if there is anything keeping Goldmoney from maintaining a sufficient buffer in their cage in order to avoid having the "pending" delay for customers?
  • TauntFourstarTauntFourstar Posts: 211 Bronze ✭✭✭
    edited May 11
    Just as an FYI you can check the Realtime audit to view the gold in 1kilo bars at each vault. its nice to see how much gold is actually in each vault and see how it goes up and down. as you filter down to single vaults, you will see how often bars are moved in and out when hovering over different days.






  • GoldIsCurrencyGoldIsCurrency Posts: 1,713 Gold ✭✭✭✭✭
    @mr1 Goldmoney could answer better but I will give it a kick of the can. I am not sure the exact buffer they carry but I would presume not a huge buffer as with the price of gold always changing if too much was held it could be a cost exposure considering the half a percent margin.
  • TexTex Posts: 197 Bronze ✭✭✭
    Must be a big demand for physical.
  • J_GaltJ_Galt Posts: 7 Tin ✭
    Hi @Melanie, my 2 deposits made on May 3 are stil marked as pending. Could you please help to clear them?
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