Fee's

CoppertopCoppertop Posts: 7 Tin ✭
Hello Everyone.
I'm New to GoldMoney after months of convincing my wife it was the way to go in order to help preserve our purchasing power over the doomed fiat currencies!
GoldMoney seemed like a wonderful opportunity to cheaply invest in precious metals and conveniently sell them.
So - i've taken the plunge and started to put Currency into my holding , only to be slightly dissapointed with the amount of small fee's.( I'm only a simple Family man - not a business savvy investor...but i know the difference between currency and Money! :/ )
For example:
..Wire transfer fee's from UK account to Royal Bank of Canada.
..Fee's to put money onto the pre-paid card and bigger fee's to transfer the money back into my Lloyds account.

Don't get me wrong i still Love GoldMoney, the business model and this online community forum is a great idea - and i see it growing with the support of its members..but i've go to ask..

Has anyone figured out methods to avoid or reduce some of these fee's

Many Thanks..

Comments

  • RocketDogRocketDog Posts: 590 Silver ✭✭✭✭
    Hello @Coppertop. Moving money into/out of Goldmoney accounts has become more expensive lately (few months ago). We used to be able to use ACH in USA and/or EFT in other countries to transfer money, quickly, easily and free. Recently the ACH and EFT transfer capability has been cancelled except for within Canada. Goldmoney cites 3rd Party risk as the reason. Nobody on this forum understands this reason. And we have all been forced to move to Wire transfers, or credit cards, or other means of transferring money, which is more expensive.
    The fees for loading your prepaid Goldmoney card, and buying and selling metals are reasonably small. That is how Goldmoney makes money for storing and moving metals. So I don't think those small fees will being going away. Though you can minimize or remove your storage fees, if you have a certain amount of metal movement during the month. That is all that I know. Maybe some other community members can also chime in on this topic for a broader perspective.
  • CoppertopCoppertop Posts: 7 Tin ✭
    RocketDog said:

    Hello @Coppertop. Moving money into/out of Goldmoney accounts has become more expensive lately (few months ago). We used to be able to use ACH in USA and/or EFT in other countries to transfer money, quickly, easily and free. Recently the ACH and EFT transfer capability has been cancelled except for within Canada. Goldmoney cites 3rd Party risk as the reason. Nobody on this forum understands this reason. And we have all been forced to move to Wire transfers, or credit cards, or other means of transferring money, which is more expensive.
    The fees for loading your prepaid Goldmoney card, and buying and selling metals are reasonably small. That is how Goldmoney makes money for storing and moving metals. So I don't think those small fees will being going away. Though you can minimize or remove your storage fees, if you have a certain amount of metal movement during the month. That is all that I know. Maybe some other community members can also chime in on this topic for a broader perspective.

    Hello RocketDog and Thank you kindly for your reply and information.
    I think the fee's are manageable and i still very much like GoldMoney but have to admit its slightly dented my ambition with them - mostly because its every step of the way that you incur a fee!
    Owning precious metals seems to come with a varying degree of premiums and so for me at least GoldMoney is still an attractive way of preserving some of my purchasing power for future years...a must-have really.
    If it were ever possible to remove some/one of the fee's - i would invest more rapidly than i am.

    Many Thanks
  • RocketDogRocketDog Posts: 590 Silver ✭✭✭✭
    @Coppertop I agree with your statement that removing some of the fees--particularly the wire transfer fee would help a lot of people invest more money in Goldmoney, and more often. People have a hard time justifying frequent, small purchases without EFT or ACH. Frequent, small purchases and transactions used to be the siren call of BitGold, but not anymore.
  • GoldNRollGoldNRoll Posts: 131 Bronze ✭✭✭
    I observe that the the problem is not with gold and gold-related operations, but with the costs related to fiat currencies and the banking operations that we use to exchange fiat for gold.
  • fraserfraser Posts: 27 Tin ✭
    Don't understand your problem really , you can deposit and withdraw to a UK bank using BACs without paying any fees , why are you sending money to Canada ? . . . there's a fee for buying and selling gold , but not for withdrawing cash .
  • SpontaneousOrderSpontaneousOrder Posts: 268 Bronze ✭✭✭
    Goldmoney buy/sell fees compare very favorably with the premiums that precious metals dealers charge, and the storage fees are negligible - can't beat 1 basis point a month for gold anywhere. Once your money is inside the Goldmoney system, it's by far the least expensive and most convenient way to buy and store precious metals.
  • CoppertopCoppertop Posts: 7 Tin ✭
    fraser said:

    Don't understand your problem really , you can deposit and withdraw to a UK bank using BACs without paying any fees , why are you sending money to Canada ? . . . there's a fee for buying and selling gold , but not for withdrawing cash .

    Fraser: to send money to GoldMoney you have to send it to their bank in Canada!..or are you saying that i can pay currency to my holding via an account int he UK???
  • CoppertopCoppertop Posts: 7 Tin ✭
    Also to Fraser; yes there is a fee to withdraw funds to a UK bank account. Unless you know different?
  • CoppertopCoppertop Posts: 7 Tin ✭
    GoldNRoll said:

    I observe that the the problem is not with gold and gold-related operations, but with the costs related to fiat currencies and the banking operations that we use to exchange fiat for gold.

    Agreed, Thanks for the reply!
  • CoppertopCoppertop Posts: 7 Tin ✭

    Goldmoney buy/sell fees compare very favorably with the premiums that precious metals dealers charge, and the storage fees are negligible - can't beat 1 basis point a month for gold anywhere. Once your money is inside the Goldmoney system, it's by far the least expensive and most convenient way to buy and store precious metals.

    Hi, yes can't argue with that.
    However my slight dissapointment was not being able to do anything without a fee. Wharts-an-all its still a great system

    Thanks
  • Midas65Midas65 Posts: 12 Tin ✭
    Yes, there are always fees, but you have to compare. If I buy Royal Canadian Mint 10 Oz silver bars from my favorite dealer, I am paying 10% over spot price, (and that price is for a reasonably large quantity, fees are higher for smaller quantities)
    1oz gold coins go for 4-6 %over spot...and if you buy 1/4 Oz or 1/2 Oz you are really paying a premium.
    It is best not to do too much trading and just buy some metals at these wonderful prices and hold on. Also, remember, the big Banks will need bail-ins after the next crisis...no taxpayer money will be coming.
  • CoppertopCoppertop Posts: 7 Tin ✭
    Midas65 said:

    Yes, there are always fees, but you have to compare. If I buy Royal Canadian Mint 10 Oz silver bars from my favorite dealer, I am paying 10% over spot price, (and that price is for a reasonably large quantity, fees are higher for smaller quantities)

    1oz gold coins go for 4-6 %over spot...and if you buy 1/4 Oz or 1/2 Oz you are really paying a premium.

    It is best not to do too much trading and just buy some metals at these wonderful prices and hold on. Also, remember, the big Banks will need bail-ins after the next crisis...no taxpayer money will be coming.

    I completely agree and intend on increasing my holding asap as much as possible..Thank you for your post.
    what do you refer to when you say no taxpayer money will be coming?

    Thanks
  • wordword Posts: 9 Tin ✭
    I still haven't come to grips with the cancellation of ACH. Now I have to pay my bank a $30 wire fee or pay 3% to use a credit card. The proposition is not nearly as attractive to me, and I have not made any purchases since they made the change.
  • RocketDogRocketDog Posts: 590 Silver ✭✭✭✭
    @word I feel your pain. But I keep most of my savings in gold / silver. So as I earn spare cash, I save it up and deposit it. Used to be that I could deposit any amount, whenever I had it, through ACH, and cost was not an issue. Now I have to save up the cash until I have enough to justify paying the wire fee before depositing it in my Holding. So I still use do it, but my transactions have slowed way down. It is less useful and less interesting this way.
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