No exchange fees for USD credit cards again?

PEZPEZ Posts: 4 Tin ✭
edited February 2016 in Tips from Goldmoney Members
I logged in today looking to deposit, only to discover that the bank account I had linked via ACH is no longer available to me because I have no been "personally verified." Never mind that I was before, having both the pre-paid card and the formerly linked account to prove it...

So I see now that as of Feb 5th the fee schedule states that for credit cards, "If using a non CAD or non-USD credit card..." This seems to imply that we are back to not being charge an FX fee for using a card issued on a USD basis, but the deposit screen itself is vague on this point at this time.

I'm more than a bit tired of these kinds of surprises from Bitgold, so I'm hoping someone has already taken the plunge with a USD credit card and knows, or perhaps Bitgold staff can provide some very much needed clarification.

Comments

  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @PEZ

    BitGold has changed ACH providers in the US. You will have to resubmit your drivers license. Annoying, but not really a big deal. ACH is faster. I have been testing it for @Melanie. It is a day faster.
  • SpontaneousOrderSpontaneousOrder Posts: 302 Bronze ✭✭✭
    ACH seems to have disappeared on our accounts as well. Would have been nice to get an email or something about this.
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @SpontaneousOrder

    I only found out about it via a different discussion with support. A notification was supposed to be forthcoming. @Melanie ???
  • PEZPEZ Posts: 4 Tin ✭
    Similar to how they handled the change from USD credit cards to CAD cards. No notice, just a nasty surprise if you didn't read the fine, subdued-color print on the deposit screen. Days after I called them out on it on Facebook, an email arrived explaining the change. Seems they're handling this change in a similar, disappointing fashion. This kind of stuff really does hurt my confidence in this product and company.
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @PEZ

    I understand your point of view. I tend to be more forgiving.

    BitGold has been on the scene less than a year (six months in the US). Shoestring staff. Strong linear growth. It is what it is. I can cut them some slack - they are not my only "store of value". I urge patience and tolerance.
  • nigelmarkdiasnigelmarkdias Posts: 1,323 Silver ✭✭✭✭
    What's your experience, now? @PEZ
  • ithcoinsithcoins Posts: 4 Tin ✭
    So , when depositing say $100 usd from a US credit card what would the fee be?
  • nigelmarkdiasnigelmarkdias Posts: 1,323 Silver ✭✭✭✭
  • MelanieMelanie Posts: 1,045 Gold ✭✭✭✭✭
    @ithcoins the standard 1% fee would apply. As we now offer credit card purchase processing in USD, no foreign exchange fees would apply. Do note that a few cards have an "international purchase" charge for purchases made from a company that is not geographically located in the same country as you are (because card companies don't charge you enough fees already I suppose, but I digress), but it is thankfully not too common. We are unfortunately unable to help that one at the moment, but no FX fees are charged.
  • ithcoinsithcoins Posts: 4 Tin ✭
    Melanie said:

    @ithcoins the standard 1% fee would apply. As we now offer credit card purchase processing in USD, no foreign exchange fees would apply. Do note that a few cards have an "international purchase" charge for purchases made from a company that is not geographically located in the same country as you are (because card companies don't charge you enough fees already I suppose, but I digress), but it is thankfully not too common. We are unfortunately unable to help that one at the moment, but no FX fees are charged.

    Thank you very much for your help. I have been depositing all my gold to the New York vault and have not had any problems. However , I made a deposit to a different vault for the first time and it has been 5 days and it is still pending. Would that have anything to do with me using a new vault?

    Since Gold prices do not fluctuate that much , one way to try and beat the market is to frequently purchase more gold , and redeem depending on whether you think the price will go up or down. @Melanie , is there a limit to how often you can purchase or redeem in say any given month?
  • MelanieMelanie Posts: 1,045 Gold ✭✭✭✭✭
    @ithcoins No, though there is a limit on daily prepaid card usage. Our operations team would probably prefer if you weren't trading in and out every day, but you can deposit and redeem when you like!
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @Melanie
    Melanie said:

    @ithcoins No, though there is a limit on daily prepaid card usage. Our operations team would probably prefer if you weren't trading in and out every day, but you can deposit and redeem when you like!

    But the accounting team would probably love it … 1% + 1% + 1% + 1% + 1% + 1% + 1% + 1% + etc. B)
  • Tahir_12Tahir_12 Posts: 1 Tin ✭
    If I chose to have a BitGold prepaid MC in USD and load it using my account, I understand I will be getting charged a 1% fee everytime. will I be getting charge any FX or other fees if I use the card in US? I see they are charging 2.5% FX fee, technically I should not be getting charged any fee in US if I chose to have a USD card. If so, then I dont see the point of having a MC.
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    edited August 2016
    @Tahir_12 1% every time you LOAD it, but not when you use it.

    if you use it in the US for purchases no additional fees. Some ATM can charge $3 for cash withdrawal.
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