What is the status of the conversion from Wealth accounts to new unified Holding accounts?

mr1mr1 Posts: 358 Bronze ✭✭✭
@Melanie

The recent announcement about the new unified Holding account said the following:
"Clients with existing Goldmoney Wealth Holdings will instantly experience the new branding and features available to them in their Dashboard."
https://www.goldmoney.com/corporate/news/from-our-founders-the-new-goldmoney-holding

I have an existing Goldmoney Wealth "Full Holding" account, but I am not seeing new features on my dashboard. It looks like some of the rates and fees have been updated, but I'm not seeing any other changes to the dashboard. In particular, I'm curious about these features:
-"Multiple funding and redemption options (bank transfer, debit and credit cards, AliPay, etc.) including physical redemption (bars, GoldCubes, and coins) at vaults or direct-to-consumer delivery via SchiffGold (coming soon)."
-"Send and receive free precious metal and currency payments to and from Goldmoney Holding owners globally (gold, silver, platinum, palladium, and all nine available currencies)."
-"Earn precious metals and send free metal payments with Goldmoney business tools (payroll & invoicing)."

Are these new features not being rolled out "instantly" as promised? What is the current status?

Answers

  • DeOmnibusDubitandumDeOmnibusDubitandum Posts: 48 Copper ✭✭
    @mr1 Except from the new fee structure (that I highly appreciate) I don't see any of these new features in my Goldmoney Wealth account either yet and was also wondering about the very same thing.
  • MelanieMelanie Posts: 1,045 Gold ✭✭✭✭✭
    Hi @mr1 - most new features for the Goldmoney Holding are "coming soon," but there are some new tools in your Holding, such as the ability to send a payment to another Holding, or to exchange currencies within your Holding. Both can be found under the Navigation Menu (note that the option to exchange funds will only appear if you have a currency balance in your Holding).
  • mr1mr1 Posts: 358 Bronze ✭✭✭
    @Melanie
    I do see the feature to exchange currencies, but I still can't find the feature to send payments/transfers to other users.

    Am I missing something?
  • GMONEY1GMONEY1 Posts: 415 Silver ✭✭✭✭
    mr1 said:

    @Melanie

    I do see the feature to exchange currencies, but I still can't find the feature to send payments/transfers to other users.



    @mr1 Same here.

  • MelanieMelanie Posts: 1,045 Gold ✭✭✭✭✭
    @mr1 @GMONEY1 My apologies, I neglected to include an important note - Payments are not presently available in the US, but keep an eye out for an update on that!
  • mr1mr1 Posts: 358 Bronze ✭✭✭
    Thanks @Melanie. I have more questions:

    -Bank transfers: It looks like I can only do wire transfers, not the free bank transfers. Does that effect everyone, or is that a limitation just in the US?
    -US Peer-to-peer payments: Any time estimate for the implementation of payments for the US?
    -Business tools: Is this one of the features that is still "coming soon" for everyone? Or is it also just a US limitation? And do you have a rough time frame for its implementation?

    All of this raises the larger question: Most of these features were working well in the personal and business accounts so why start forcing all new signups into the new Holding accounts before they have all the features ready?

    The website seems to imply that all the features are currently available in the new Holding accounts, but that doesn't seem to be the case. It seems to be causing a lot of confusion.
  • KatyMillingtonKatyMillington Posts: 49 Tin ✭
    U.S. payments are available for U.S. resident Holding owners - they are not, however, available to clients in the state of Vermont.
  • mr1mr1 Posts: 358 Bronze ✭✭✭
    @KatyMillington
    Yes, I can now see the "Send Payment" feature in my holding account. Thank you. That is awesome!

    Do you have any information about my other two remaining feature questions:
    -Bank transfers: It looks like I can only do wire transfers, not the free bank transfers. Does that effect everyone, or is that a limitation just in the US?
    -Business tools: Is this one of the features that is still "coming soon" for everyone? Or is it also just a US limitation? And do you have a rough time frame for its implementation?

    Also one other very important feature question to add:
    -Signup process: I've seen a lot of comments about difficulties signing up for the new holding accounts and heard that there are plans to simplify the process. Any timeline on when that is expected? I had a wealth account that was automatically turned into a holding account so it doesn't affect me personally, but I want to know that signup process works before encouraging others to sign up.
  • MelanieMelanie Posts: 1,045 Gold ✭✭✭✭✭
    @mr1 Network deposit tools have not yet been added to the Goldmoney Holding, but we will be letting you know as they become available. Presently, wires are the only funding method available. Business tools also have not yet been added.

    We will advise when the updated registration process is available, so stay tuned!
  • mr1mr1 Posts: 358 Bronze ✭✭✭
    @Melanie
    It is disappointing that there's no rough timeline that users can expect for these features, but thanks for at least confirming the current status and that they are in the works. And with that being the case, can something be done about the website? Because it clearly makes it seem like those features are available now.

    "Comprehensive reporting, low cost dealing and storage fees, and multiple funding options including bank transfer, debit and credit cards, and cryptocurrencies."
    https://www.goldmoney.com/holding-overview

    "Now you can earn precious metals – not just buy them. Our free business and invoicing tools enable Goldmoney clients to receive payments directly to their precious metal savings account."
    https://www.goldmoney.com/holding-metal-payments-and-business-tools

    This creates tons of confusion for customers. I don't understand why the account unification would happen before these features are ready, but now that it has happened, the website needs to have a better way for customers to know what is available now, and what is coming.

    I heard on the year end conference call that Goldmoney is planning on ramping up marketing now that the message can be delivered more clearly with just one account. I just hope that Goldmoney gets most if not all of these features implemented for the Holding accounts (especially simplification of the sign-up process) before starting to spend any more money marketing. Otherwise, it could be a big waste of marketing money.

    The peer-to-peer payment functionality was only a couple days late after the account unification, so hopefully the timeline for the other features is days, not weeks or months. Thanks.


  • MaddyMaddy Posts: 8 Tin ✭
    The upgrade process is still not fixed. Getting errors from Equifax, that the servers cannot connect to it.
    God knows what code they have written and when they are going to fix it.
  • MaddyMaddy Posts: 8 Tin ✭
    The GoldMoney is the most awful buying experience I ever had for buying some Silver. The only advantage I ever wanted was to have a debit card linked to the Account. Many other conventional dealers like SchiffGold, Goldsilver.com are extremely good but they charge some premium.
    I wonder how GoldMoney got the fame "The World's Most Trusted Name in Precious Metal". God help us all. They keep changing business strategies and we end up creating new accounts and transferring balance from Old accounts.
  • JamesMJamesM Posts: 2 Staff ✭✭✭✭✭
    Hi Maddy,

    I am sorry to hear you have had issues purchasing silver at Goldmoney. Please login to your Holding and click 'Messages' at the top right-hand corner of your Holding to send your enquiry. Your dedicated Relationship Manager will be able to ascertain any issues regarding the purchase of silver with a debit/credit card. If you own a 'Full Services' Holding, you can purchase gold, silver, platinum and palladium with a debit/credit Card. Therefore, I surmise you may own a 'Basic' Holding but your Relationship Manager will be able to confirm this through the secure messaging system within your Holding.

    We look forward to hearing from you.
  • GO4GOLDGO4GOLD Posts: 1 Tin ✭
    edited December 2017
    I'm not happy with the GoldMoney holding account. I had a GoldMoney holding account from several years ago, then I opened an account with BitGold. The phone app was good, my debit card was good, all is okay. But now every time I log in I get that annoying message to switch over to the holding account - that the options are better,. But they are not better at all. I no longer have a debit card - have to reapply. The phone app is crummy with very few options. What gives? What the PUSH to get people in the holding account? I want to go back to my personal account and find a way to get rid of the annoying message to switch.
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