Why do I need a holding account over my personel

My personal account holds gold as promissed with no fee's.
What is the advantages of moving gold to a holding account?

Answers

  • Zach3000Zach3000 Posts: 10 Tin ✭
    To the best of my knowledge you can only hold gold (up to 1000g) in a personal account. With a holding account you can hold gold, silver, and crypto (all unlimited amounts). I have a personal account for now. I would consider upgrading if the holding accepted ACH deposits. The fees are very minimal. For gold anyway. They seem a bit steeper for silver but I have not spent much time looking at it. I hope that helps. For what it's worth I have always been happy with the service. The KYC rules can be a little frustrating. But, if it means the company is legit and will still be around in 100 years, I'm OK with it.
  • RocketDogRocketDog Posts: 557 Silver ✭✭✭✭
    Hey @Zach3000, I just found out last week that those of us with Personal accounts can keep the Personal, get a Holding and then transfer funds from Personal to Holding (and back I hope). That way we could use the ACH function of the Personal account to transfer money in and out, then tranfer to Holding to get more gold, and access to additional metals. I think I will be applying for my Full Holding soon. Esp. now that they have the easier documentation upload process.
  • SpontaneousOrderSpontaneousOrder Posts: 267 Bronze ✭✭✭
    You can transfer from Personal to Holding, but not back from Holding to Personal. It's a one-way-trip.
  • RocketDogRocketDog Posts: 557 Silver ✭✭✭✭
    Thanks for the clarification @SpontaneousOrder. That means that we'd probably have to deal with Wiring funds out, if we want large amounts that we don't want to put on the Goldmoney card. Currently I am doing more depositing than redeeming. So that's OK for now, but I think it is important to work the kinks out of the withdrawal process before one actually needs the funds. (A test run, that is.)
    Also, we would want to make sure our Full Holding was fully Verified before transferring funds in. Cause without verification, that Holding is a bit like a Roach Motel. (Your funds check in, but they don't check out.)
  • Lone_StarrLone_Starr Posts: 91 Bronze ✭✭✭


    @rocketdog Don't you mean Hotel California :-) (Joke - **I've never had an issue getting my money out.**)



    In fact I recently used my goldmoney account to help my son save up for his first car and expand the driveway.
    https://steemit.com/life/@saibhreas-de/using-gold-and-silver-to-save-for-a-first-car
  • RocketDogRocketDog Posts: 557 Silver ✭✭✭✭
    @Lone_Starr -- could be that hotel too. :-) I have never had trouble getting funds out either. But several people have mentioned that they can't get their funds back out of an UNVERIFIED Holding.
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