Gold purchase fee of 2.85% - ouch !

MillbrookMillbrook Posts: 2 Tin ✭
Last night i purchased $300 of gold and received 7.276 gg. Thats $41.231/gg. The website, at the time of purchase said gold was at $40.09/gg. So I was charged 2.85% vs the 0.5% that GoldMoney says they charge for purchases. I've sent this question to GM Support.

Has anyone seen this kind of fee before? Why was I charged so much?
Thanks,
Millbrook

Best Answers

Answers

  • MillbrookMillbrook Posts: 2 Tin ✭
    Last night i purchased $300 of gold and received 7.276 gg. Thats $41.231/gg. The website, at the time of purchase said gold was at $40.09/gg. So I was charged 2.85% vs the 0.5% that GoldMoney says they charge for purchases. I've sent this question to GM Support.

    Has anyone seen this kind of fee before? Why was I charged so much?
    Thanks,
    Millbrook
  • mr1mr1 Posts: 358 Bronze ✭✭✭
    Cromius said:

    Yes they drastically increased their purchasing fees. I noted this in another thread and I will probably create a thread to warn people from converting their Personal and Business accounts over to the new Holding account.

    Here is the profile of the new fees:

    It also looks like they increase their buy fees for gold.
    Their fee table says: 2.49% for $1- $9,999(USD) worth of gold.

    To be clear for everyone, they have not drastically increased purchasing fees. The 2.49% buy fee was from a very old fee document that unfortunately had not been updated as it should have (it is now). The buy fee is still 0.5% as of 6/22/17.

    Two things that trip people up on fee percentages:
    -Watch out for the buy/sell spread. Goldmoney's 0.5% buy fee is on the best offer price. Be careful you don't focus on the spot price or the average of the buy/sell prices.
    -There may be additional fees depending on the funding method. I know that Bank transfers in US and Canada do not have an extra fee, but credit card purchases and bank wires do.
  • AimonuAimonu Posts: 1 Tin ✭
    edited June 2017
    From what I understand there are fees connected to some of the payment methods. For example credit card = 3% fee. Wire charge however is supposed to be free of charge.
  • mr1mr1 Posts: 358 Bronze ✭✭✭
    @Aimonu
    Yes, Goldmoney doesn't charge for the wire transfer. I was thinking of the fee that banks will charge you for the wire transfer. Thanks.
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