load card

AsonAson Posts: 6 Tin ✭
edited July 2016 in About Goldmoney Products
Hey! I just got my prepaid Goldmoney card, and I noticed I have to load it with currency from my my vault, so my question is basically when I load the card will it convert the gold in the vault to currency (sell the gold) or will the money on the card still be "backed" by gold?

My understanding was that the card would be directly linked to the gold in the vault, so when I make a purchase the amount of gold in my vault would decrease.

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Answers

  • AsonAson Posts: 6 Tin ✭
    I see, thanks for the reply!
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @ason yes as @ArtMatters said, loading your card involves selling gold to put currency on your card which maintains the same amount of currency until spent or reloaded. Just be aware that it is a "PrePaid Card" which like a gift card. It will be accepted 99% of the time … but some purchases or sellers will accept only a Debit or Credit card linked to a bank. In fact you cannot deposit to your BitGold (Goldmoney) account with a Prepaid Card only debit or credit linked to a bank. This is why you cannot deposit back into your BitGold account using the Prepaid Card.*

    But hey 99% of the time is OK. Sadly it may mean that you still need to have at least one real Credit Card "just in case".

    * the rules and regulations supporting Know Your Customer, Anti-Money Laundering, and Combatting the Financing of Terrorism (KYC, AML, CFT) make for arcane business practices
  • KlausKlaus Posts: 102 Copper ✭✭

    @Ason you have it correct in the first explanation, the gold in your vault will be sold, then the currency will load onto your card in your local currency.

    Once it is on your card, the nominal value will not fluctuate until your spend it.

    And, talking about this...is Goldmoney planning to have a debit card directly linked to the gold vault? So that there is no need to sell gold and load the prepaid card but just using the debit card and, when you spend, then the gold is sold
  • GoldmattersGoldmatters Posts: 3,996 Admin
    @Klaus I believe something like this may happen eventually. Maybe not exactly how you describe, but a simular effect
  • KlausKlaus Posts: 102 Copper ✭✭

    @Klaus I believe something like this may happen eventually. Maybe not exactly how you describe, but a simular effect

    So this must perhaps go to the wishlist?
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