Looking to make my first deposit

Wondering whats the best option, Bank wire or credit/debit card. By best option I mean are there fees from the bank for the transaction?

Best Answer

  • Skookum_JimSkookum_Jim Posts: 124 Bronze ✭✭✭
    Accepted Answer
    Check your card fees, the conversion use MC/VISA daily rates, your bank/ card issuer may add a percentage on top of that though. My own provider puts 1% on top of the VISA transaction so if i buy gold for 100 the statement will read 101 (in reality it will read 101.5 - don't know what they are up to really :-)

    My card issuer takes (near) 1% and goldmoney takes 1% of every transaction so in my example i would pay 101.5 and get gold for about 99 in any FIAT currency be it dollars/eur/nzd/pesos :smile:


  • Skookum_JimSkookum_Jim Posts: 124 Bronze ✭✭✭
    edited November 2016
    I would say it depends on where in the world you are and also what currency you want to use to buy gold.

    If you are based in the Usa or Canada a bank transfer seem to be the obvious choise.

    If you are based elsewhere in the world, a payment using debit/credit card most likely is the cheapest option. Goldmoney used to support SEPA apparently - that would have been the cheapest way for europeans like myself and i hope it will be available soon again.

    Card issuer fees aside, goldmoney still is very competitly priced compared to buying physical gold locally!
  • beachedasbeachedas Posts: 2 Tin ✭
    I'm buying in NZD using a credit card as I'm from NZ. So I'm unsure if there will be currency conversion fees. The answer on the website is unclear so thought I would check with the community first.
  • GrandpaBrianGrandpaBrian Posts: 679 Silver ✭✭✭✭
    Given the US elections on Tuesday, the price of gold could jump several perecentage points in a flash so paying a fee now may prove to be immaterial.

    I worry that in a fundamental sense neither candidate will win: Trump would be a loose cannon and Clinton would not be accepted as a legitimate president by half of the country. It's a mess either way.

    So could gold head north in a hurry? Yep.
  • TimKTimK Posts: 90 Bronze ✭✭✭
    Why would this affect gold Grampa ?

    If it's a mess either way then it should affect it now? One of these two clowns is going to be president. The only thing that should affect gold is the fact that paper money money is worthless. Once people figure that out if they ever do then gold should go up do to more demand.

    Yes the country is a mess. The country has been a mess for a long time now. It will keep going though. Whenever their is an election everybody thinks this is it, armageddon. The U.S. has not been doing the right thing for a long time. It didn't just start in the last twenty years. It is finally catching up to us.
    Just consider that how many millions of people their are in the country. Some very smart people and this is the best two people we could come up with?

    It's shameful. We all should be ashamed.
  • MelanieMelanie Posts: 1,045 Gold ✭✭✭✭✭
    edited November 2016
    @beachedas We offer credit card processing in NZD, so you will not be charged a foreign exchange fee. Don't forget to check with your card provider for any other fees that may apply, such as making a purchase from an international company. These are uncommon, but some providers note this in their fee schedule.
  • GoldmattersGoldmatters Posts: 3,996 Admin
    edited November 2016
    I dont think there is reason for any of us on this community to be ashamed. We have taken considerable effort and made meaningful steps to protect our selves and our loved ones just by being here. We all have Goldmoney accounts and that is a lot more than a lot of people can say.

    We took the time to understand that situation we are all in and used our intellectual resources to find this place, and many of us have spread the word as far as we can.

    I feel no shame.
  • GoldIsCurrencyGoldIsCurrency Posts: 1,796 Gold ✭✭✭✭✭
    edited November 2016
    @GoldMatters I don't think that is what he is talking about. The shame from what I am reading is the fact Hillary and Donald are the two choices out of all possible Americans who could be running for president. From what I am seeing in the news the vote appears to be coming down to which candidate you hate less and that is a shameful situation for all Americans.
  • Sonia05Sonia05 Posts: 1 Tin ✭
    Mi problema es que mi Banco me cambio el numero de mi tarjeta .
    Cuando me inscribí en Goldmoney tenia otro numero; ahora el que tengo no puedo cambiarlo en los datos que tengo en Goldmoney
    no me da opción de editar el nuevo numero
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