Getting gold out of Dubai

79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
edited August 2016 in About Goldmoney Products
Is your gold trapped in Dubai?

I might have a deal for you … but it will cost you the normal 1% fee (to me).

@Melanie - please advise if there is anything in the TOS (in fact or implied) the prohibits what I am proposing.

1) if I agree to the transfer, I will provide you with my email address
2) you will email me with your email address
3) I will reply with account to send gold to. You will send your Dubai gold to me in the Dubai vault.
4) Once I have confirmed receipt of the gold, I will send the same amount to you less 1% (the same that Goldmoney charges) to another vault of my choice.
5) If you specify a particular vault I will charge an addition 1% to cover the initial transfer between vaults on my end.

Please note that transfers of this kind are essentially instantaneous and occur with the same vault.

I am "GOLD *****" member in the community and have been a BitGold / Goldmoney account holder since last fall in the US. Any of the senior members will vouch for me.

Unless the amount of gold that you need to transfer is too large (although we can do it in stages) - or @Melanie advises that this violates the Terms of Service - we can begin at your convenience.

WARNING - if you are a US citizen who does NOT live in Texas or Colorado, this will not work. Make sure that the "Send Gold" option is available on your menu. @Melanie is the "Gift of Gold" option still available for those who to not have the ability to "Send Gold"?

Comments

  • Rj838Rj838 Posts: 217 Bronze ✭✭✭
    nice gestures, but may have a number of implication on Goldmoney company, needs a lot of thought...

    @79Au197
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @Rj838 in that the platform was set up to allow for peer to peer transactions, I fail to see a problem. But … I want to see what @Melanie says.
  • GoldmattersGoldmatters Posts: 4,051 Admin
    @79Au197 FYI gift of gold is still available for those not able to "Send Gold". :)
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
  • RocketDogRocketDog Posts: 806 Silver ✭✭✭✭
    As a person who writes regulatory compliance training for a sector of the finance industry I can tell you that one problem is that it appears like money laundering. It looks like a layered or structured transaction. Though it is happening at a dollar amount that is totally insignificant. And though the reasons are sound and the people may be totally innocent, just the discussion of this type of money swap with no actual goods or services traded along with it is suspect. And it shouldn't be anyone's business, but the government is all over the financial institutions to report certain types of transactions.

    Does anyone know if GoldMoney falls under the reporting requirements of the USA's Bank Secrecy Act? Or does Canada have a similar act? The dollar amounts here are way too low, but any suspicious behavior is required to be reported. Even innocent third parties can be implicated if they unknowingly participate. Middle Eastern countries are doubly suspicious these days. (Sorry for the anti-social buzz kill--not my true nature, but the nature of the world we do business in.)
  • MelanieMelanie Posts: 1,045 Gold ✭✭✭✭✭
    @79Au197 There is no restriction against this, though I do suggest that caution be exercised, as I always do, when you are transacting with a stranger. I would also absolutely recommend avoiding larger amounts, as per @RocketDog above. A few dollars is unlikely to be of any consequence, but worth considering.
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @RocketDog @Melanie

    Yes the money laundering angle had occurred to me. It is one of the reasons I have been reluctant to assist in the past. Now that you have commented on it - it may cause me to change my mind on this. :#
  • caitlin888caitlin888 Posts: 1 Tin ✭
    Im quite surprised to hear the debate above- I certainly would not be doing the original transaction above besides which I cant make head nor tail how this site works - confusing regards setting up acct which is in canada but then its now amalgamated with UK? What is going on and why have they done that?
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    Hi @caitlin888

    If you are just joining here is the "Cliff Notes" version

    •     BitGold IPOs spring of 2015 TSX:Venture exchange
    •     Shortly after buys GoldMoney in UK
    •     Summer 2015 it expands to US and continues expansion globally
    •     Fall of 2015 graduates to main TSX market
    •     Early 2016 it hits 1 million users
    •     Changes name to Goldmoney (lowercase m, to avoid confusion with Bitcoin)

    I left off the exact dates to avoid having to look them up.
    The Dubai vault is unique. Bitcoin can be deposited there, but funds can only be removed a physical gold or exchange to bank.

    Check out the Goldmoney channel on YouTube
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