Pricing

optiopti Posts: 33 Tin ✭
edited May 12 in About Goldmoney
Why would I get charged C$55.76 for 1 g Au when the going rate was shown as C$54.21 ... can any one explain that to me?

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Answers

  • optiopti Posts: 33 Tin ✭
    Thanks so much @uxinever - well done! Yes, I used my cash-back MC which gives me 1% back, lol ... now, on a sale, it would be 0.15 below the ask price less the 0.5% - am I right?
  • Phil_C75Phil_C75 Posts: 1 Tin ✭
    So by these calculations (0.15% + 0.5% + 2.0% ) the account holder is now 2.65% down ! And don't forget about the cost of moving from gold to cash at 0.5%.
    Therefore in total, the price of gold would need to increase by 3.15% just to break even !!.
    I'm beginning to reconsider goldmoney as an option for me.
  • GoldIsCurrencyGoldIsCurrency Posts: 1,628 Gold ✭✭✭✭✭
    @Phil_C75 If you find somewhere that offers cheaper priced gold with free storage and free insurance, let us know.

    The below chart is an older price comparison chart... it displays Goldmoney as BitGold and has old 1% fee versus current 0.5% fee.

  • PowerlunchmoneyPowerlunchmoney Posts: 214 Bronze ✭✭✭
    Buying gold through credit seems counter-intuitive to me. Goldmoney should consider dropping the credit card purchases as its been tarnishing their reputation, and why pay more when you can pay less?

    @opti, if you can link your bank account, you'll get the .5% fees. Another one of these threads again :s
  • TauntFourstarTauntFourstar Posts: 202 Bronze ✭✭✭
    @Powerlunchmoney agreed! if people would stop trying to use credit cards and get points back... a few pennies here and a penny there, and just hook up bank account, they wouldn't need to worry about the additional merchant fees. I used to use CC as well but as soon as GM passed the cost on, I promptly moved onto the bank purchase method. Plus, I feel most of us are here because of the current banking problems and fractional reserve lending. Using a credit card when you don't need to is simply playing right into the hands of the deteriorating banking system.
  • TimKTimK Posts: 45 Copper ✭✭
    Buying physical Bullion is worse. The fees for that are brutal. Especially when you using credit cards. The gold purchase is cheaper with a bank wire but then my bank charges 30.00 U.S. for a wire transfer. So that doesn't help me either.

    This is part of the reason I starting using this service. With the fees that are charged here. It is still much better than buying physical.
  • TimKTimK Posts: 45 Copper ✭✭
    I agree though. Link your account to this service and it helps with the fees.
  • Skookum_JimSkookum_Jim Posts: 87 Bronze ✭✭✭

    @Powerlunchmoney agreed! if people would stop trying to use credit cards and get points back... a few pennies here and a penny there, and just hook up bank account, they wouldn't need to worry about the additional merchant fees. I used to use CC as well but as soon as GM passed the cost on, I promptly moved onto the bank purchase method. Plus, I feel most of us are here because of the current banking problems and fractional reserve lending. Using a credit card when you don't need to is simply playing right into the hands of the deteriorating banking system.

    That does sound well and dandy until you realise that most of the world is locked out when it comes to bank transfers, either simply because the option does not exist or because the banks charge 20 usd or more in fees for the service.

    Creditcard is the only practically usable option for myself, and probably all the rest of Europe since SEPA doesn't work any more?

  • GMONEY1GMONEY1 Posts: 245 Bronze ✭✭✭
    I still use three methods (ACH, PayPal, and Credit Card) for purchases. My logic is "in the long-run" when dollar cost averaging the 2-3% fee is going to be a rounding error or just randomness...plus GM is still the lowest price out there when considering insurance, storage, and spending utility.

    I do wish there were a way to buy on the platform without signaling to banks that I am decreasing my bank deposits and increasing my gold holdings. This is one reason why I use the PayPal/AMEX combo. Paypal and AMEX aren't banks; but an ACH from Bank of America or a purchase on a Chase CC would signal to banks what consumers are doing.

    So consider ALL of the intangible benefits of the different payment options. IMO Goldmoney core principle of CHOICE is key... And a HUGE value proposition.
  • GoldMattersGoldMatters Posts: 3,402 Gold ✭✭✭✭✭
    @GMONEY1 totally agree with the rounding error :)
  • MagicFreddyMagicFreddy Posts: 1 Tin ✭
    edited May 29
    For Canadian users, aside from the intangibles associated with each payment method, here's the math:
    The pricing to BUY in CAD $ changes according to 3 different payment methods:
    1. Bank wire: CAD$ 55.34/g (+ bank wire fee paid to the bank, usually a flat fee around $20-30 in Canada)
    2. Interac: CAD$ 55.89/g (or about 1% more than by Bank Wire, therefore Interac would make sense when buying less than 20g or CAD $1100 )
    3. Credit card: CAD$ 56.44/g (or about 2% more than by Bank Wire, as you would expect, GoldMoney is passing its merchant cost to the buyer)

    For users buying in USD, I get the same result comparing Bank wire vs Credit card pricing, i.e. a 2% surcharge, as one would expect.
    Seems straightforward to me. Am I missing something?
  • GMONEY1GMONEY1 Posts: 245 Bronze ✭✭✭
    People in the states can also check out BlisPay . I just learned out it; planning to sign up. 2% cash back, 0% interest for 6months on purchases over 199. Just make sure you can pay it off bc after 6 months the rate is like 20%.
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