Gold price and Mastercard loading

Hi everyone, I would appreciate some help understanding it please!
I have a personal account. I just made a 3000 USD gold purchase (Toronto Vault) in order to load my mastercard (EURO). It is weekend and the gold price on the Goldmoney homepage is showing 38.78.
I could notice that the gold price for the purchase transaction was 39.12 USD, it only appeared after the transaction was completed, so total was 76.688 GAU. Just after load all 76.688 GAU in my Mastercard I got the transaction details showing that they paid 38.44 USD per GAU.

So the questions are:

1) Since I loaded 76.688 GAU (total) the Mastercard fee 0,05% was not debited in GAU, right?

2) Same thing happened on working days this week, I loaded all the gold available in the vault, on that occasion I couldn't keep track of the price variation because the market was open and prices were changing, so when and how does Mastercard charge it's fees?

3) The difference in gold price for buying and loading the card are huge, much bigger than 0,05%, why?

Thank you!


  • AnacapAnacap Posts: 91 Copper ✭✭
    edited March 2017
    Goldmoney card fees are applied when you use an ATM, not when loading your card!

    For example, you can use your goldmoney card to repurchase gold, then you don't pay that fee, but the normal fees of a deposit.
    Load the money you will use.
  • GMONEY1GMONEY1 Posts: 426 Silver ✭✭✭✭
    @Juliano I noticed a few things in your post.

    First: the fees are 0.5% .... not 0.05%. So that could be contributing to the difference in expectation vs reality.

    Second: if you are going "all in" to gold and "all-out" in a short period of time... you will lose money in the spread. The "market" price displayed in our accounts is the average across ALL vaults-- a midpoint. So you actually buy higher than what is displayed, and you sell lower than what is displayed. The difference is the spread that I'm referring to. I explain the math of a transaction in this post:

    But the main take-away seems to be buy, hold, and redeem when necessary. For example, I hold gold in the vaults, and then only load USD to the card when I need it. The card is like cash, so it's probably not a good idea to be walking around with $3,000 cash. Instead, you could load like $100 at a time, buy your groceries and coffee, etc.

    Hope this helps.

    I know others do load substantial amounts onto the card and then buy back gold... but you'd need to be pretty savvy and knowledgable about the spreads so that you're not losing on those transactions. And by losing I mean... you might not be able to buy back as much gold as you sold.
    Cheers; enjoy the weekend!
  • JulianoJuliano Posts: 8 Tin ✭
    @GMONEY1 Thank you for your help. My goal with these transactions is reduce the costs of exchange USD to EUR. This spread increased a lot the cost of doing that via Goldmoney but it is still cheaper than my bank. I can save around 1% using Goldmoney.
    I loaded my Goldmoney card with $450 from my Toronto vault. Now when I try to use the card online to purchase a product or at the bank ATM that accepts MasterCard it gets rejected? WHY? My credit card will work every time?
    When can I expect a reply to the above question on the Goldmoney Card and how will I get the reply?? Thanks
  • RocketDogRocketDog Posts: 678 Silver ✭✭✭✭
    Hi @GEORGVLK this is a community board, not the Customer Service portal.. Usually you will get a good-natured reply from a community member within a day or two if somebody has some insight into your issue, or at least feels your pain.

    If you are trying to contact customer service you should follow the customer service link and fill in their form to send in a formal request for help. I believe they say they will respond within 1-2 business days, even if that is just an email saying they are "working on it".

    There are some other discussion threads discussing where the GoldMoney cards work and don't work. It might be a card activation issue, or simply an issue with those locations not accepting debit cards. I have had issues with using my GoldMoney card to make online purchases and I find that they won't work at most local gas pumps. Various people around the globe are having various issues with them. They are not necessarily any more problematic than any other debit card. You should try them out at various locations/websites and learn where and how it can be used in your area.

    Hopefully customer service can answer your specific question regarding your card.
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