When will we see canadian deposit cards for Canadians rather than US deposit cards?

JacxJacx Posts: 3 Tin ✭
don't know what a "body required" is.

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  • Rj838Rj838 Posts: 212 Bronze ✭✭✭
    @Jacx

    Hopefully very soon, it'd be exciting to have such.
  • AlienMeAlienMe Posts: 56 Copper ✭✭
    Darrel, I currently have a USD card that i haven't used yet. Will you have a process in place to allow Canadians to swap their US cards to CAD without charge?
  • GoldIsCurrencyGoldIsCurrency Posts: 1,773 Gold ✭✭✭✭✭
    AlienMe said:

    Darrel, I currently have a USD card that i haven't used yet. Will you have a process in place to allow Canadians to swap their US cards to CAD without charge?

    I think considering how many Canadians have been waiting patiently for CAD Cards it would be in Goldmoney's best interest that when CAD cards are finally avail to issue those cards to Canadians free of charge. It has been a very long wait and to show customer appreciation I think going that route would be optimal. That is my two cents/grams on this topic.
  • PowerlunchmoneyPowerlunchmoney Posts: 274 Bronze ✭✭✭
    you'll be able to have multiple cards no doubt.
  • TheRaveneerTheRaveneer Posts: 102 Bronze ✭✭✭
    Multiples, yes, but the point is they only allow the first one for free (and we all took the US based card). I second the move to offer CAD cards for no charge given our waiting period.

    I'm hoping this bank they are waiting for is not this UK one. All you read about in the forum is disasters of being charged in pounds for US purchases and other issues for having US cards processed out of the UK. Let's hope it's a Canadian processor :)
  • GMONEY1GMONEY1 Posts: 426 Silver ✭✭✭✭
    edited March 2017


    I think considering how many Canadians have been waiting patiently for CAD Cards it would be in Goldmoney's best interest that when CAD cards are finally avail to issue those cards to Canadians free of charge. It has been a very long wait and to show customer appreciation I think going that route would be optimal. That is my two cents/grams on this topic.

    hmmm... @GoldIsCurrency .... I don't think I agree with this from a financials standpoint. Let's do some quick math (with a lot of assumptions):

    Let's assume Canadians are half of the user base (which we'll lowball at 1 Million users total). If the card issue fee is ~7-8 USD, that would be a significant expense to Goldmoney:

    500K* ($7.5) = $3.75 Million USD.

    That seems to be a low estimate. I think it would be more like $5+Million if they issued for free to ALL current Canadian members. And I don't think they are trying to make a profit off of card issuance. I just think that is pretty close to what they are charged (& Shipping).

    I think it would be more reasonable for Goldmoney and @Darrell to say, we are providing the CAD cards to Grandfathered Canadian Customers "At Cost".

    That ...IMO... would be "optimal" for CAD users, Goldmoney, and XAU/XAUMF Shareholders.
  • TheRaveneerTheRaveneer Posts: 102 Bronze ✭✭✭
    Trust me, issuing the cards are the least of their worry. Banks trip over themselves to actually issue the cards for free knowing they'll make revenue on the merchant fees. That could be true here, but certainly anyone who churns through their gold (0.5 in and 0.5 out) will just keep increasing fees for Goldmoney. This doesn't happen if everyone is treating it like a savings account. Why do you think they are encouraging spending in any way possible? Even letting you borrow against your gold? That's where they make profits. Get the cards out, start making money sooner.
  • GoldIsCurrencyGoldIsCurrency Posts: 1,773 Gold ✭✭✭✭✭
    edited March 2017
    @GMONEY1 Some Canadian users have waited nearly 2 years for a CAD card, I am in this boat. This has been a touchy topic. Every time I spend on a USD card I am getting wacked for fx fee's. I think some Canadians have decided to not spend their gold until a CAD card is issued. Issuing the CAD card will inspire some Canadians to spend their gold resulting in transaction profits for Goldmoney as well as less gold for goldmoney to cover the free storage on. I would also say your estimate of Canadian users is not correct. I would think a more reasonable guesstimate would be 50,000 Canadian users, this is a global platform and it is my understanding they have got the most growth from Europe but do have users signed up from pretty much every country in the world where goldmoney is available.

    The CAD card was also discussed at the AGM meeting. My expectation from what was said at that meeting is that I would have a card functioning in CAD by now. I don't want to be perceived as a ball buster but I am just keeping things real. 2 years is an excessive amount of time to wait for a card and these should be issued for free.
  • PowerlunchmoneyPowerlunchmoney Posts: 274 Bronze ✭✭✭
    I assumed they would be free. Where does it say they cost money?
  • GMONEY1GMONEY1 Posts: 426 Silver ✭✭✭✭
    @GoldIsCurrency I stand corrected... I looked it up in one of the presentations and it looks like ~15% is CAD. So it's probably more like 150-200K potentialCAD users. Which would knock the sunk cost down to ~$1.35 M USD. Still a big chunk of change.


    @Powerlunchmoney Your first card is free. 2nd, 3rd, 4th are .2g. So, I paid .4g for CHF and EUR after getting USD for free. If I wanted CAD when it came out, I'd have to pay .2g for it (I'm assuming). And I have family in Canada, so I'd get use out of the CAD card too; the additional offering is certainly welcome.

    I hear you @GoldIsCurrency about the wait, but I'm just thinking... $1.35M or whatever that free CAD card issuance campaign cost would be ...could go a long way if reinvested into the company somehow. For example, they could hire more support (which is needed), a programmer, and/or a marketing specialist.

    Plus, it seems like Goldmoney has not been the limiting agent here... it seems to be the issuing partner. As per:
    Darrell said:

    we have had this as a priority and ready to roll out on our end for some time. We're having to move at Bank speed on this with our issuing partners to get this rolled out

    I agree this has been (and is) a touchy subject, but I'm hoping that all stakeholders are considered in the "optimal" decision.
  • GMONEY1GMONEY1 Posts: 426 Silver ✭✭✭✭
    I just wrote a response to this, and apparently it's being reviewed or got deleted, but I'll try again haha:

    @Powerlunchmoney only your first card is free; all others you pay for. So I paid, .4 for CHF and EUR after free USD. And I'm assuming I'd have to pay for CAD when it's released.

    @GoldIsCurrency , I hear you about the wait.

    And I stand corrected on the CAD userbase... it looks like 10-15% based on a presentation:



    So, a sunk cost of $1.35M for 150-200K users is still a lot. I'd think a better use of funds would be to re-invest in the company. They could hire more support staff (which is needed), a programmer, and/or a marketing specialist.

    Plus, it seems like Goldmoney isn't the limiting agent here. It seems to be the card issuing partner, as per:
    Darrell said:

    we have had this as a priority and ready to roll out on our end for some time. We're having to move at Bank speed on this with our issuing partners to get this rolled out

    I agree this has been (and is) a touchy subject, but I'm hoping that ALL stakeholders are considered when making the "optimal" decision.
    (I say that as a non-Canadian user and investor, who 1-has family in Canada and 2- plans to pay the .2g fee to use the CAD Mastercard.)

    I do hear you though 2 years is a long time...
  • PowerlunchmoneyPowerlunchmoney Posts: 274 Bronze ✭✭✭
    edited March 2017
    I beta tested the original BitGold USD Mastercard. It wasn't the smoothest ride and it was all they could offer me as a Canadian (still is). I don't think we should be charged for this, especially those of us that beta tested the original card.

    @GMONEY1 its a balancing act between user growth and user support. Investment in user growth is necessary but the support needs to scale with it. Learning from mistakes means a deeper understanding of the support issues and then further software development to improve on that experience. Any issues involving account creation and linking of funding rails should be priority one. I'm saying this as an overweighted investor down on his luck :D
  • GoldStandardCanadianGoldStandardCanadian Posts: 148 Bronze ✭✭✭
    edited March 2017
    Considering 10-15% is the Canadian card userbase right now when the only option is a USD card in Canada, check the userbase again once a CAD card becomes available! And Canadians are 36 million, US are 336 million (about 9.7 times our population). Not to compare ourselves against Americans, but I can say I'm proud to see such a strong and expanding Canadian userbase! If Canada was the size of the US, that would put the size of our userbase up by 150%... or needing a new scale. Rock on, Canada!

    ... and if Trump keeps up his antics, our demographics should improve / population increase with many hard working and talented immigrants. Good news for us, imho.

    All it will take is bank defaults, ICE9, and the like, and all of a sudden GoldMoney could easily become the world's most dominant and reliable bank.
  • nixterswifenixterswife Posts: 3 Tin ✭
    I was pleased and satisfied when I saw Darrell's response to "when will CAD $ MasterCard be available" That was a year ago. I am no longer pleased and satisfied!!!!!!
  • Lone_StarrLone_Starr Posts: 97 Bronze ✭✭✭
    My guess is the bank/card issuer they use doesn't hold CAD. They use intercash - https://www.intercash.com/list-of-clients
  • TheRaveneerTheRaveneer Posts: 102 Bronze ✭✭✭
    April 2018, just checking in. Will check back again in 2019.
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