Who benefits from the new Goldmoney PayPal vault ... apart from PayPal? Oh, and Goldmoney???

paddy10tellyspaddy10tellys Posts: 249 Bronze ✭✭✭
Oh Boy, given that... "Gold stored in the PayPal Vault cannot be sent to other users, transferred to other vaults, redeemed to your Goldmoney Mastercard, or redeemed directly to your bank account. The PayPal Vault allows PayPal users to have an exclusive storage option to build their gold savings. " Why would I ever choose to use this service?

What's the point of it??? Any deposit can only be redeemed as gold or paypal credit. AND FYI if you buy stuff abroad using PayPal then be aware that PayPal always use an opaque & unfavorable currency conversion rate—they specifically charge you extra but getting them to confirm, in writing, the exact details of their shenanigans gets you exactly nowhere.

Tell me how it adds value? (to me, that is...)
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Comments

  • Skookum_JimSkookum_Jim Posts: 124 Bronze ✭✭✭
    At first when i saw the news about paypal i thought great, at last an alternative to visa/mastercard but no - the paypal deposits, if made, will be crippled and therefore totally pointless from our point of view. I for one am waiting for SEPA payments to be an option again.

    Each time i tried depositing using plastic the transaction fee turns out to be about 1.3% inside goldmoney and then another ~1.3% my bank takes as fee for foreign exchange. I Deposited 1500 sek, shows upp as 1480 in goldmoney but cost me 1520 on the CC statement.

    I don't complain about the fees as they are very reasonable but the crippling of paypal i don't see the point in unless it's the banks who demands control in order to keep money laundry at bay.
  • paddy10tellyspaddy10tellys Posts: 249 Bronze ✭✭✭
    Agreed. That's the issue, I think.
    This PayPal offering just seems like an extra fee for less of a service than the goldmoney card, or have I missed something?
    any PayPal lurkers able to enlighten me?
  • AuoreAuore Posts: 13 Tin ✭
    Hopefully this is a start, a foot in the door so to speak. And eventually with time, laws, contracts, blockchain, or whichever, more of Paypals options will be available to us. Personally I'd love it if we got Paypals option to transfer money back to your bank. Espescially right now that Im dealing with the pin number issue on the Goldmoney Mastercard not being accepted at any ATMs and cant access my money. It would make this unexpected mechanic's bill, reasonable yet still a huge sum, which he only takes cash for, a lot easier.
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @Auore sorry to hear about the PIN issue and ATMs. Out of curiosity, where are you trying to use it? (I use it at US ATMs no problem - but that does not help you)

    I can not use the European PayPal option. Are their extra fees above and beyond the 1%?

    I could see value for PayPal merchants being able to save part of their profits directly to gold, it this appears to be the only functionality.
  • EntIntEntInt Posts: 2 Tin ✭
    I have been trying to deposit funds in HKD from my HKD American Express card for several months and it always fails. Amex insist it is Goldmoney's fault, not theirs. There still seems to be a lot of work needed.
  • icemaniceman Posts: 20 Tin ✭
    I am using the Paypal vault for some of my deposits and for me it`s ideal.
    Normally making a redemption takes a while to trigger and then the wire transfer takes time to come through plus the receiving bank charging for the wire. I have done a redemption on my Paypal Vault and it was instant no waiting to confirm. I then went to my Paypal account where the redemption amount appeared almost instantly and then transferred it to my bank account where it appeared in 2 hours and that was on a Saturday.No charges involved with the transfer.
  • paddy10tellyspaddy10tellys Posts: 249 Bronze ✭✭✭
    edited October 2016
    @iceman - to clarify, your experience is that (1) redemption is faster & more efficient (2) gold <-> paypal <-> your bank account happens with no costs? Are you sure? is it possible that you just didn't see them? I find it hard to believe that the PayPal mafiosi would do this out of the goodness of their hearts...
  • DinchDinch Posts: 67 Copper ✭✭
    @EntInt, I didn't think Goldmoney utilized AmEx. I could be wrong, but I thought it was only MasterCard and Visa.
  • arfarfarfarf Posts: 11 Tin ✭
    The Paypal route seems interesting as a way of redeeming money to a bank account but I worry a bit about possible surprise limits and blocked funds at the Paypal stage of the journey, even with a verified account. Any experience on that would be interesting (amounts, frequency,...).
  • paddy10tellyspaddy10tellys Posts: 249 Bronze ✭✭✭
    @iceman - thx. My Meerkat in 'sentry' mode behaviour is because PayPal has my best interests at heart... not.
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @EntInt Amex is not accepted as a deposit option

    http://support.goldmoney.com/customer/en/portal/articles/2302786-deposit-with-credit-debit-card

    Accepted credit cards include Visa, MasterCard, and JCB.
  • GoldmattersGoldmatters Posts: 3,961 Admin
    Thank you @Darrell . It is clear that you are working hard and have executed beautifully with the paypal vault. These are not baby steps, but huge leaps and bounds for users that are already paying off in many use cases. Its just the beginning. :)
  • GrandpaBrianGrandpaBrian Posts: 679 Silver ✭✭✭✭
    And with Brexit still ahead, the 43% payoff in gold vs UK pound is likely to further increase. Those Brits who had their savings in gold at this time last year have fully protected their purchasing power while the rest have suffered a major hit.

    Let this be a warning to others in countries around the world: it's not only countries like Venezuela where pain is being felt.

    Thanks Darrell for joining in.
  • paddy10tellyspaddy10tellys Posts: 249 Bronze ✭✭✭
    edited October 2016
    Thx @Darrell - just to clarify, I too (the OP) appreciate your time & effort. Indeed, anything that grows Goldmoney is positive as far as I'm concerned (my tanking GBP's are being converted to gold in your vaults & I've bought XAU-T shares...) please keep up the good work! If the PayPal vault evolves then, that would be just great. I'm looking forward to those further developments & hoping++ that they will add value...
  • MarkusAMarkusA Posts: 1 Tin ✭
    Sorry to resurrect this old thread but I do this instead of creating a new one.
    This sandboxing seems counter productive to me.
    If paypal was just another way of funding your gold/bitcoin holdings, I'd love it. Now, having the payPal gold/bitcoin sandboxed it's near useless.
    Ok, gold as such is a physical entity and transactions are somewhat special in their nature.
    Bitcoin on the other hand is digital in it's very nature and made to be used in transactions. Being unable to use the bitcoin holdings for transactions makes it utterly useless. If I want to hold bitcoin in safe storage, I have an abundance of other options and using these other options the holdings aren't sandboxed (I can use them any time I like).
    I suspect the sandboxing is a direct result of payPal's policies but I strongly urge Goldmoney to reconsider this policy. Adding proper access and usability would make this service very attractive instead of as now being completely dead in the water.
  • paddy10tellyspaddy10tellys Posts: 249 Bronze ✭✭✭
    @MarkusA Agreed. Bump.

    Take profit on the BTC mania/volatility. Secure the profit with gold

    Buy the BTC dips. Wait for the BTC price to rise. Sell BTC. Buy gold. Wait for the BTC price to fall. Convert gold to BTC ... & repeat.

    Two-clicks at vaultoro.

    Ball-ache/computer-says-no at GM...

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