Holdings Bank Wire

CampeadorCampeador Posts: 221 Bronze ✭✭✭
edited March 1 in About Goldmoney Products
Why is taking so long.... made a Bank Wire on the 22nd and still pending? Come on, seriously?

I cannot do business that way. What if I want to buy some metal at certain price and missed the chance because it takes a Snail pace to make a deposit.

Also, what is the quickest way? PayPal charge a hefty fee, so is out of the question.

Answers

  • kboxkbox Posts: 30 Copper ✭✭
    Bank wires in my experience are sometimes delayed. It's usually not the fault of Goldmoney.

    I now have a reliable bank wire process using Citibank (which does not charge any fees for wire transfers) to Goldmoney's RBC.

    I was always hesitant to use bank wire transfers, and would prefer Credit Card/Paypal. But I then thought let me give it a shot. My objective was to find a fee free bank wire provider or at least a low fee bank wire transfer method. I tried using Transferwise and Citibank. Both worked, but Citibank was free so that's the one I am going with.

    You then have to fund your holding account in advance, to take advantage of gold price advantages. This is the smart thing to do, rather than initiate the bank wire when the gold price is right.

    Hope that helps a little.
  • CampeadorCampeador Posts: 221 Bronze ✭✭✭
    Well, make sense if I have "dead cash" laying around.
  • Midas65Midas65 Posts: 47 Copper ✭✭
    Hello. I am from Canada and use Alberta Treasury Branch.
    I went in the Bank to do a wire transfer to Goldmoney and the teller said I could do a Global Transfer online from my home using my laptop.
    I just need the business name, bank name sort code and account number.
    Does anyone else use a method like this without going directly to their bank to do the wire?
  • RocketDogRocketDog Posts: 793 Silver ✭✭✭✭
    edited September 20
    @Midas65 Sure. I have initiated Wire Transfers online from several banks. Bank of America for one. Other banks can't do it. It just depends on the bank and their software. Usually the larger, national banks can do it but the smaller local banks and credit unions cannot.

    If you go into your Holding and initiate a Wire Transfer INTO your Goldmoney account, they don't actually pull the money in, but they will give you a printable set of instructions telling you the bank name and SWIFT number that you need to tell your bank to initiate their transfer. It also sets a marker in your account that you are expecting to receive a wire transfer from your bank.
  • GoldmattersGoldmatters Posts: 4,035 Admin
    edited September 20
    Awesome @RocketDog :) thanks for your continued input here

    Your efforts are known by many
  • Midas65Midas65 Posts: 47 Copper ✭✭
    Thanks for your input @RocketDog . I have all the info that Goldmoney gave me, but my bank's online instructions only ask for the recipient, the recipient bank and address, the sort code, and the recipient bank account number. No SWIFT code or IBAN.
    The swift code can be deducted if you know the bank name and address, so I guess that is how they do it. Anyway, I sent the money this morning so I will see how long it takes.
  • Midas65Midas65 Posts: 47 Copper ✭✭
    So I tried an online transfer from my bank on Sept 20 and the money is lost. Goldmoney has not received it. I called my bank and asked them to do a wire trace...they said it takes 1-20 days.
    I entered all the info correctly. Go the the site below and enter Goldmoney sort code 204505 and acct # 73680333 and you get the right location.
    Somebody screwed up.

    https://www.sortcodes.co.uk

  • nienie Posts: 139 Bronze ✭✭✭
    I would guess that you will get your money in a few days. International wire transfers need some time and GM can be slow. I usually get my money after 10-12 working days.
  • Midas65Midas65 Posts: 47 Copper ✭✭
    I hope you are right nie.
    We are still in the stone age of global banking. So many things can be improved and I hope a company like GM can be a part of it.
  • Midas65Midas65 Posts: 47 Copper ✭✭
    Got a message from my bank this morning.
    I got a refund of $2360 out of the $2500.
    Transfer was rejected
    $30 charge+ money exchange fees= $140
  • nienie Posts: 139 Bronze ✭✭✭
    So it does not seem to be a failure of Goldmoney? Are there any reasons for the rejection?
  • Midas65Midas65 Posts: 47 Copper ✭✭
    Date: Sep 20, 2019 8:03 AM
    Status: Failed
    Recipient's bank can't receive transfer.
    The transfer has been refunded after deducting any charges incurred from your recipient’s bank.
    -----------------------------------------------------------------------------------------------
    When making the transfer, I chose Barclays Bank. The sort code gives me the address in Jersey (as in my previous posts). Maybe I should have chosen the Jersey location as the destination bank.
    Anyway, I had Barclays bank acct # so it still should have went.
    Which bank do you guys use, it gives 2 choices. It always went through when I went to my branch and they did it there.
    I like using Paypal.
  • nienie Posts: 139 Bronze ✭✭✭
    I am using Transferwise as an alternative to my local bank (local bank --EUR-> Transferwise --USD-> Goldmoney):
    ---
    Recipient details
    Name: GOLDMONEY VAULT INC
    Recipient Type: BUSINESS
    Institution No.: 003
    Transit and Account No.: 00002 - 101XXXX
    Account Type: Checking
  • Midas65Midas65 Posts: 47 Copper ✭✭
    So I did another online fund transfer, this time to the RBSI Jersey address, and the funds were credited in my Goldmoney account in less than 24 hours.
    In the funds transfer menu Goldmoney gives you 2 choices, RBSI Jersey or Barclays. The problem with Barclays is the address says London but the sort code is in Jersey. This must have confused my bank, that is why my original transfer was rejected.
  • RocketDogRocketDog Posts: 793 Silver ✭✭✭✭
    I am glad you found a good solution @midas65.

    I am having trouble using Transferwise to put funds in my Wealth Holding. I opened a Transferwise account in late August to give it a try. I moved money from a bank to Transferwise then initiated a transfer to Goldmoney on 3 September. The funds got to Goldmoney about 4 days later for a very low cost, which is cool. But Goldmoney still has not credited the funds to my account. First they asked for a bank statement showing the money going from my bank account to my Transferwise account. (I believe this falls under Enhanced Due Diligence in the anti-money laundering rules.) Unfortunately, I had to wait until the beginning of October to get my statement and send it in. After I did that, I got another message from a Relationship Manager at Goldmoney saying they needed a statement from Transferwise showing the money going from Transferwise to Goldmoney. Now this request frustrated me a little. After all, Goldmoney has a record of receipt from Transferwise, since they received the money from them. Further, I don't know if Transferwise prepares statements. So I sent a screen shot of my account activity yesterday. I am still waiting for the funds to be credited to my account. It has been 35 days.

    I could reduce the time required by sending by funds at the end of the month, and therefore not have to wait very long for my bank statement. We'll see how this resolves. I always send a small amount of money as a test, so I am not upset about this. I am amused, and a little dismayed. I keep looking for affordable and workable ways to get funds into and out of my Goldmoney account and keep hitting complications.

    Over a year ago I signed up on the Revolut USA waiting list and was just selected to be a Beta tester for Revolut USA, but now we can't use Revolut with Goldmoney anymore. I am still testing Revolut to see what I can do with it.
  • Midas65Midas65 Posts: 47 Copper ✭✭
    edited October 8
    I did another funds transfer this morning at 8:00 Edmonton time. I sent a larger amount since my fund transfer worked yesterday. My funds have been credited to my Goldmoney account in 4.5 hours (12:30 Edmonton time) Amazing. Using the Jersey address and sort code makes a huge difference.
    But, if you are sending smaller amounts, say less than $10000 US and you are not from UK( ie, you have to exchange your currency to UK pounds from another currency) Paypal is not too bad, because the banks always screw you on currency conversion 2.5-3%. I may have been just as well doing a Paypal deposit, as I paid $170 CAD in currency conversion ripoff from my bank on a $5700 deposit, pretty much the same as just using Paypal with a $30/$1000 deposit.
    Banks are highway robbers when it comes to currency exchange.
  • Midas65Midas65 Posts: 47 Copper ✭✭
    The sort code for Jersey is 16-10-28 or can be written as 161028.
    You can get the sort code from the IBAN
    GB19 RB0S,1610 2850 5513 64 You notice the first 6 numbers after the comma ( sort codes do not have commas, I put that in), that is the sort code for any UK bank.
  • Midas65Midas65 Posts: 47 Copper ✭✭
    edited October 8
    When I go to my bank in-branch to do a wire transfer, I do not get ripped off with the currency conversion, they just charge a $30 flat fee. ($5000 sent, $5000 received plus $30 charge to my account) When I do it online from my computer, the conversion is around 2.5%. I will definitely not be doing any more online. My account is pretty much fully funded for now.
    TransferWise offered 1.61 CAD- GBP exchange rate, my online bank was 1.68.
  • RocketDogRocketDog Posts: 793 Silver ✭✭✭✭
    I finally got my Transferwise deposit into my Wealth Holding today. It took from Sept 3 until Oct 9. Next time I will send my transfer at the end of the month so I don't have to wait so long to get a statement to send in to verify the transfer from my bank account to Transferwise. Imagine the size of this paper trail that Goldmoney is required to keep on our transactions. Even in digital format that is a lot of storage and a lot of admin work to collect, label and store this information. Not to mention an invasion of privacy. We need to unravel the USA PATRIOT Act and some AML and BSA regulations. Notice that the bank deregulation that has happened so far has benefitted the bankers, not the customers.
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