My Experience with Goldmoney so far and a question about Cryptocurrency

Hi, I signed up for Goldmoney and my first transaction was for $400 worth of gold in the New York Vault when it was about $38.50 a gram. So I got my 0.5 grams of gold, thanks for that! I'm living in the USA. I've sent in my drivers license and am awaiting my Goldmoney Card.

I used my Bank Of America Credit Card for that $400 and they charged me a $12 "Foreign Transaction Fee". That amounts to a 3% fee. I'm not sure if the fee is a percentage or a flat $12 every time. Future deposits will determine whether this is indeed the case.

I am also a Bitcoin holder, and I was wondering about purchasing Gold in the Dubai vault with Bitcoin. If I do that, what is the shipping and handling fee to ship to the USA, Texas in particular? I looked at the S&H fee for shipping a 10g Gold cube from the New York vault, and it was about $13.00. Common sense is telling me that the S&H from Dubai to Texas would be greater than $13, but there is no where on this site that I can find such information. Also, is the S&H different for a 10g cube versus a 1 oz coin?

If somebody has done such a transaction, I'd appreciate your experience. Goldmoney Administrators, it would behoove you
to make this kind of information more readily available.

Answers

  • GoldIsCurrencyGoldIsCurrency Posts: 1,777 Gold ✭✭✭✭✭
    @CoreyGoldMoney Up till now the Goldmoney 10gram cubes along with all the redemption options have been shipping from Dillon Gage based in Texas. This may have changed with the recent acquisition of Schiff gold although I have not seen an update on that to this point. I would go though the redemption process from your gold holdings in the Dubai vault and see what dollar amount the platform is advising before clicking confirm. My expectation is it will quote you the same S&H dollar amount that you saw from the NY vault.
  • CoreyGoldMoneyCoreyGoldMoney Posts: 4 Tin ✭
    Thank you for the reply. I figured that it would ship from Dubai, but that makes more sense now. Looks like I'm lucky to live in the same state as Dillon Gage! The gold is distributed across the many vaults for security and convenience, I suppose.
  • CoreyGoldMoneyCoreyGoldMoney Posts: 4 Tin ✭
    One more question, so you have to have a Wealth Account to trade gold into silver, platinum, and palladium, right? 1000 grams of gold is a bit out of my purchasing power for now :D
  • GoldIsCurrencyGoldIsCurrency Posts: 1,777 Gold ✭✭✭✭✭
    edited December 2016
    @CoreyGoldMoney yw. Gold holdings across the vaults are in the form of 1kg bars that you own a portion of along with other Goldmoney users. Depending on where a user resides will have a factor on which vault they feel most comfortable with having their gold stored. There is a process a user can take to have 1kg bars redeemed directly from that vault they have their gold stored in for pickup, but a 1kg bar is out of the league of most users like myself. When you redeem gold for the smaller bars, cubes and coins it is basically selling your portion of a 1kg bar in return to buy one of those physical redemption offerings. As far as I am aware everything is currently shipping from Texas. I am in Canada and have redeemed some of my holdings from the Toronto Vault for physical and it all was shipped from Texas. Hopefully I have explained this well enough based on my understanding how it all flows.

    From your Goldmoney Personal account it currently provides some options to redeem some of your gold into physical silver coins and bars. I have redeemed some of my gold for silver bars. Also it is my understanding that Goldmoney will be adding more physical redemption options in the near future. I noticed they were selling various options on Ebay in order to feel out what other options would be popular. There was a wide array of other options including a cool looking 1kg silver coin and also noticed a 1 ounce platinum bar. I look forward to see what new redemption options they decide to add.

    If you want to own silver, platinum and palladium that Goldmoney stores for you then you would need a Wealth Account.
  • GoldmattersGoldmatters Posts: 3,864 Admin
    @CoreyGoldMoney you do not have to have 1000 grams. There is no minimum to open up a wealth account
  • GoldmattersGoldmatters Posts: 3,864 Admin
    @GoldIsCurrency Another great summary from old school GMH @GoldIsCurrency !
  • GoldIsCurrencyGoldIsCurrency Posts: 1,777 Gold ✭✭✭✭✭
  • CoreyGoldMoneyCoreyGoldMoney Posts: 4 Tin ✭
    OK, thanks for the reply. I went to the Youtube channel for GoldMoney but the problem there is, there are so many videos, and it appears the interface to the website has changed since some of those videos were made. I don't know where I saw that you had to have 1000g AU to open a Wealth account, perhaps that was the rule in the past. For now I'll keep what I have I suppose. I purchased some more gold with my Paypal account, and am waiting to see if it charges me a Foreign Transaction Fee like my BofA Credit Card did.
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