Personal Account > Holding?

I am a little confused. I heard we should be getting an easier path to upgrading our personal accounts to holding accounts. When?

Also, will we still be able to buy and sell gold, silver, etc., with our debit cards like a personal account?

Answers

  • GMONEY1GMONEY1 Posts: 408 Silver ✭✭✭✭
    Hey @DevinCooper I can answer the second part:

    Yes... but it's slightly different. You "fund" your holding with your debit card in your case. This means a fiat (cash) balance appears in your account based on the amount you "bought" less fees. Then, you'd be able to buy metal (gold, silver, etc) with the fiat balance in your holding. Or you could exchange for one of the other currencies.

    So, it's currently a two step process in the holding with debit/credit cards.
  • mr1mr1 Posts: 344 Bronze ✭✭✭

    I am a little confused. I heard we should be getting an easier path to upgrading our personal accounts to holding accounts. When?

    @DevinCooper - I believe they are still working on an easier signup process for Holdings, but I don't think they've given a clear time frame for that. Also, I don't think it is in the plans to allow people to upgrade their personal accounts to Holdings per se. Instead of upgrading and keeping the same account, you have to open a separate Holding, and then you can transfer gold from the personal account to the Holding account.
    .
    .

    Also, will we still be able to buy and sell gold, silver, etc., with our debit cards like a personal account?

    @GMONEY1 is correct about funding your account with a card. If you're also asking about putting money on your Goldmoney mastercard, the answer is that it is also still available. But your GM Mastercard from you personal holding won't be connected to your Holding. You have to get a separate GM Mastercard that is tied to you Holding, and you have to have a Full Holding before you can request it.

  • DevinCooperDevinCooper Posts: 9 Tin ✭
    You have to get a separate GM Mastercard that is tied to you Holding, and you have to have a Full Holding before you can request it


    How do you upgrade to a full holding?
  • mourinhomourinho Posts: 1 Tin ✭
    Just to add, I have no idea if I should move to the "holding" account and how to do it.

    The whole naming was already difficult but even documentation makes it more than a mess.

    https://support.goldmoney.com/ - Recent Annoucements:
    «Once you have created your new Holding, or if you already have a Goldmoney Holding, you can click here to learn how to transfer your balance from your Personal account.»
    The link goes to a article named "Redeeming to your Goldmoney Wealth Holding".


    This mess makes me think about just take losses and close my account.
  • mr1mr1 Posts: 344 Bronze ✭✭✭
    @DevinCooper
    Here's what you need to do:
    https://www.goldmoney.com/support#funding-and-transfers
    I currently have a Basic Holding. How to I apply for a Full Holding?

    Should you wish to upgrade to a Full Holding, log into your Dashboard, scroll to the bottom, and click “You currently own a Basic Holding. If you would like to upgrade to a Full Holding, please click here.” Upgrades are free; you may request to upgrade once your Basic Holding is verified. If you’re interested in upgrading prior to Basic Holding verification, please contact our dedicated Relationship Management team via secure message from your Dashboard.
  • mr1mr1 Posts: 344 Bronze ✭✭✭
    mourinho said:

    Just to add, I have no idea if I should move to the "holding" account and how to do it.

    @mourinho
    I don't know how new you are, but for background...After BitGold and GoldMoney merged, the BitGold accounts basically became the Personal/Business (aka "Network") accounts and the legacy GoldMoney accounts became the Wealth accounts. Here's a quick summary of some of the key differences that existed between those accounts:

    Personal/Business:
    -Free gold storage up to 1kg
    -Multiple funding options (bank transfer, Cards, Paypal, Cryptos, bank wires, and more)
    -Peer-to-peer payments between accounts
    -Free prepaid mastercard
    -Limited to holding gold

    Wealth:
    -No free storage
    -Limited funding options
    -No Peer-to-peer payments between accounts
    -Prepaid mastercard available in plastic but also made out of actual Gold and silver
    -Can hold other metals and currencies besides gold (silver, platinum, etc)

    What has happened now is that the Wealth accounts have been automatically converted into the new Holdings (thus some lingering misnaming of accounts in the documentation), and all of the features of the Personal/Business accounts are scheduled to be added to the Holding accounts (except for the free storage). As for the Personal/Business accounts, they are closed to new users but existing accounts remain as-is.

    If you already have a personal account, I would hold off on signing up for a new Holding account unless you really want to hold other metals/currency, or if you are running up against the 1kg limit. If those don't apply to you, then the personal accounts are still the best because they have free storage grandfathered in (for the time being at least) and all the funding options work well. The funding options for the Holding accounts are still being rolled out, and the signup process is still buggy and cumbersome.

  • whipowillwhipowill Posts: 4 Tin ✭
    I can't tell if the Holding accounts let you choose the geographic location of the vaults.
  • mr1mr1 Posts: 344 Bronze ✭✭✭
    @whipowill
    Yes, you can definitely choose which vaults you want to use in your Holding account. One difference with Personal accounts though is that purchasing gold is a two step process. First you fund your account with fiat currency (that goes to Goldmoney's bank, and you don't have a choice there), then you use the fiat currency in your account to purchase metals (at that point you get to choose the vault you want).
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