Unionpay problems

I am an expatriate in China. I used to purchase gold with my Chinese Bank Account Unionpay. Never had a problem. But , since June 25th 2017 the web interface was changed. One can get through all the steps up till it takes you to the banks. But from there nothing works. I believe this is related to the imposition of currency controls imposed on foreigners not allowing the transactions. If so, then one may have to use their bank in their nation of citizenship? Can the company, or a client please advise.
Tagged:

Comments

  • IrishGuyIrishGuy Posts: 85 Bronze ✭✭✭
    edited October 7
    Hi @Chipper
    I am similar to yourself but India.
    I had the same issue from 8th Sept with my India Bank Account. Worked before then.
    I always believed that india or my bank in India locked me out for capitol controls reasons.
    Mine worked up to 7th Sep and not since.
    I do not believe it is GoldMoney stopping you from transacting.

    I was thinking if you can get a china credit card and go that route and transfer payments to the credit card, might solve your problem.
    Hope this helps
  • ChipperChipper Posts: 11 Tin ✭
    Thank you. It's always been a "touch and go" situation with Unionpay. Cross Border transactions have been increasingly difficult through ether Pay Pal or Unionpay. Also, the banks keep changing the web interface, adding on new features that don't seem to function. This situation is interfering with the ability to purchase gold in the event it rises. So a person can sell their gold when it is high, but can't replace it when the price lowers. But, your suggestion is good of using a Mastercard issued by the bank; or wire funds back from China to a USA card in one's nation of citizenship. Thanks again.
  • TomSwiftTomSwift Posts: 40 Copper ✭✭
    Wow. I told them about problems with UnionPay in China when I lived there over a year ago and they are still having problems with it. I finally gave up and started to use my credit card and bitcoin to purchase gold in China.
  • ChipperChipper Posts: 11 Tin ✭
    I have lived here fifteen years and seen the development of the economy. The banks sell gold to citizens from the Shanghai Gold Index. I was surprised that Goldmoney even took the Unionpay card. Now bitcoin is strangled. One can place funds on their Master or Visa Cards, to make a simple purchase. That may be the way to continue investing in metals.
Sign In or Register to comment.