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Redeeming to the UK

AurumvoraxAurumvorax Posts: 3 Tin ✭
in About Goldmoney Products
Hi. I've just set up an account and deposited some money. I was very excited and enthusiastic about potentially owning some precious metals soon (the silver bars look great). But whilst talking through the system with my son tonight (he was about to set up an account too), I noticed some disturbing information about the extra costs of shipping gold/silver. I was under the impression (incorrectly) that purchasing gold in the London vault would mean local shipping :-(
Can anyone point me to the information I need to work out exactly how much it would cost to redeem some gold/silver to the UK and what liabilities I've lumbered myself with.
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Answers

  • ShannaShanna Posts: 28 Copper ✭✭
    I've run into this problem too, but have yet to hear back from support about it. Although Goldmoney is based in Canada, for me to redeem into physical gold that is shipped to a Canadian address, the gold would be shipped from the US and would cost over CDN$100 for shipping, plus the redemption fee of half a gram of gold. For small redemptions this is completely unworkable. When i buy gold coins from a Canadian supplier it costs me under CDN$20 for fees, shipping and insurance combined - compared to around $130 to do the same thing through a Goldmoney redemption. Really, that's a bit excessive, and for me it's a barrier to using Goldmoney, since having the banking system as the only practical redemption option defeats a large part of my reason for wanting to use an alternative currency and payment system.

    Goldmoney is so excellent in so many ways, but for me this is a showstopper. It's also a problem that the selection of coins for redemption is very limited. Why would i want to redeem into something as little known and poorly recognized as a gold cube?

    For me the bottom line is that i need the ability to redeem into something other banking system credits. I am all over the physical redemption problem now after discovering, much to my disappointment, that the Goldmoney i bought with Bitcoin cannot be redeemed back into Bitcoin.
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  • GoldIsCurrencyGoldIsCurrency Posts: 1,794 Gold ✭✭✭✭✭
    @Shanna Not long ago Goldmoney did a trial on Ebay with a range of different coins and bars in order to gauge what other redemption options would be popular. I would presume we will be seeing some of those added in the near future. Goldmoney is also opening various brick and mortar locations with educational material. The first location expected to be opened is in Toronto on Avenue Road just north of Bloor Street. There has been some curiosity if by chance they may also ship coins, bars and cubes from that location. I am not sure if that is in their plans but it would make sense if orders were shipped from Texas to Toronto in a bulk shipment which could then be dispersed from Toronto. That could reduce the shipping costs at least for Canadian customers.

    Keep in mind Goldmoney is a Payments and Savings platform which can be extremely useful and cost efficient to utilize the longer term benefits of saving in gold while also having the liquidity of being able to transact your gold when required. The Goldmoney card is also handy being accepted at any merchant that accepts Mastercard. It is also safer to save some money here with fully allocated and insured gold versus a bank account. However I understand wanting to own physical in your hands too, I own both.

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  • paddy10tellyspaddy10tellys Posts: 249 Bronze ✭✭✭
    edited December 2016
    @Aurumvorax - tell us *why* you think that redeeming your gold from the London vault would not be a local redemption process with local fees, if you are in the UK?
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  • AurumvoraxAurumvorax Posts: 3 Tin ✭
    @paddy10tellys The problem is that although my gold is currently stored in the London vault, it won't be shipped from there if I redeem it. All physical redemptions come from Texas. This means that I would have to pay the international shipping fees and any other associated taxes.

    I didn't realise this until I started looking into how much it would actually cost to get some precious metal delivered.

    @Shanna Thanks for the reply :-) Hopefully, at some point, Goldmoney will see enough people wanting redemptions in other localities that it becomes a reasonable option for them to do that. I would be very interested to hear from Goldmoney themselves to explain why they can't do that already. I'm sure it will be a reasonable explanation, but it's a bit frustrating to be in a situation like this and simply not know why the London storage can't supply my gold.

    @GoldIsCurrency That's quite interesting and it seems to indicate that Goldmoney really does want to expand its services, but sadly it looks like it might be a long time before local redemption will be considered. As a member with 5 star status :-D, do you have any insight or knowledge as to why this isn't already done?
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  • paddy10tellyspaddy10tellys Posts: 249 Bronze ✭✭✭
    Goldmoney kept that bit under the radar @Aurumvorax @Shanna - well done for pointing that out. However, it seems to me to be a non-issue. Why does it matter? The Golmoney premise is a savings product with liquidity via a card, isn't it? What am I missing here?
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  • GoldIsCurrencyGoldIsCurrency Posts: 1,794 Gold ✭✭✭✭✭
    edited December 2016
    @Aurumvorax Goldmoney is still a relatively new Payments and Savings platform. Rome wasn't built in a day and Goldmoney keeps rolling out new developments as they move forward. It is my understanding 4 retail locations will be opened for starters. One in Toronto, New York, England and I can't remember the 4th location at the moment it slips my mind. I am not sure what functions all these retail locations will have. If they decide to also ship bars, coins and cubes from those locations then I would expect shipping costs to be reduced on Physical deliveries. Goldmoney also acquired "Schiff Gold" in an acquisition so possibly when that gets amalgamated there will be additional functionality or reduced shipping costs from that acquisition. The London Vault location can provide your gold for pickup as there is a process for that, however it is in the form of a 1kg bar. For most users that is not a feasible option, hence the smaller coin and bar redemption options which unfortunately only get shipped from Texas at this point...

    Goldmoney keeps advising new developments as they keep developing and advancing the platform. I am just a user, not an employee so I can only offer so much insight. I think patience is key as there is no service on planet earth that remotely offers what they are doing here. Payments and Savings in the worlds best performing currency over time, fully allocated gold. Doing it within 1/2 percent of spot, free storage and insurance up to 1000grams and a free Goldmoney prepaid card to have the convenience of spending gold as money. Revolutionary. Give it time and the services will keep expanding. I was one of the 1st 25,000 users to sign onto this platform so I can say it is a constant development in process from a top notch, very busy management team with the best intentions for all at hand. Kindest regards.
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  • AurumvoraxAurumvorax Posts: 3 Tin ✭
    @paddy10tellys :-) One of the services I was particularly interested in was the ability to actually get the real precious metals. That's in addition to using the service for the savings/investment facility it provides.

    @GoldIsCurrency Thanks for the info. You've certainly made me feel better about things.

    Thanks to all for your input. I'd like to flag the question as answered, but to do that, it would be good if someone could provide a link to a site that explains the rules and regulations (and costs) of importing gold/silver into the UK. I'm likely to just hold on to see what happens if and when an outlet is opened in the UK, but if anyone else finds this question, it would be good to have a link like that for them.
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  • GoldIsCurrencyGoldIsCurrency Posts: 1,794 Gold ✭✭✭✭✭
    @Aurumvorax I am glad to hear that. Thanks. Keep in mind PayPal one of the world's leading fintech companies took 2 years to obtain it's first million users, Goldmoney only took 1 year to do the same. This is a growth story with lots of development in new features going forward. I do hope Goldmoney seeks more shipping locations/options to make the delivery of physical gold more feasible in the near future. I do know it is a Payments and Savings platform however I do hope and expect catering to the "hold it yourself" physical precious metals market. Hang tight for future advancements and developments.

    In regards to duties and tax's / rules and regulations to the UK, I wish I were able to answer unfortunately I don't have that information. I am a Canadian user and all I can say is I have redeemed some of my gold holdings into physical silver bars. They shipped from Texas and I didn't incur any duties or tax's, just the cost of shipping which I recall being about $60. Considering the extremely competitive price on the physical compared to other sources I came out a winner. My shipping costs were covered in savings on the precious metal. Cheers.
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  • jonbokajonboka Posts: 3 Tin ✭
    I don't believe the original posters questions were answered here. This is a question I also have due to reading 'horror stories' in respect of additional costs involved in redeeming physical gold/silver. I would like to redeem some silver and would like to establish the full extent of the costs involved in receiving that silver (to the UK) over and above the shipping/redemption fee stated by GoldMoney. Without meaning to be controversial one would imagine these possible additional costs would be referenced by GoldMoney for the purposes of transparency.
    Thanks.
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  • MelanieMelanie Posts: 1,045 Gold ✭✭✭✭✭
    @jonboka We cannot cite specific costs for every country we serve, but we absolutely advise users to consult their local regulations before ordering metal for delivery. The following text is on every step of the physical redemption checkout process:

    Orders for physical delivery of metals are shipped from the USA. Please note different countries can experience different tariffs or charges on international precious metals orders. We recommend that you seek confirmation of charges, fees, or taxes prior to making your order. Tariffs for silver products differ by country, so please ensure that you have ascertained your liability before you place your order. Please note that, by placing an order for physical redemption, you agree that you will be fully responsible for paying any additional taxes or fees that apply. Subject to applicable law and the Goldmoney Terms of Service, Goldmoney does not accept returns.

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  • GGslv58GGslv58 Posts: 9 Tin ✭
    Aurumvorax said:

    Hi. I've just set up an account and deposited some money. I was very excited and enthusiastic about potentially owning some precious metals soon (the silver bars look great). But whilst talking through the system with my son tonight (he was about to set up an account too), I noticed some disturbing information about the extra costs of shipping gold/silver. I was under the impression (incorrectly) that purchasing gold in the London vault would mean local shipping :-(
    Can anyone point me to the information I need to work out exactly how much it would cost to redeem some gold/silver to the UK and what liabilities I've lumbered myself with.

    Shanna said:

    I've run into this problem too, but have yet to hear back from support about it. Although Goldmoney is based in Canada, for me to redeem into physical gold that is shipped to a Canadian address, the gold would be shipped from the US and would cost over CDN$100 for shipping, plus the redemption fee of half a gram of gold. For small redemptions this is completely unworkable. When i buy gold coins from a Canadian supplier it costs me under CDN$20 for fees, shipping and insurance combined - compared to around $130 to do the same thing through a Goldmoney redemption. Really, that's a bit excessive, and for me it's a barrier to using Goldmoney, since having the banking system as the only practical redemption option defeats a large part of my reason for wanting to use an alternative currency and payment system.

    Goldmoney is so excellent in so many ways, but for me this is a showstopper. It's also a problem that the selection of coins for redemption is very limited. Why would i want to redeem into something as little known and poorly recognized as a gold cube?

    For me the bottom line is that i need the ability to redeem into something other banking system credits. I am all over the physical redemption problem now after discovering, much to my disappointment, that the Goldmoney i bought with Bitcoin cannot be redeemed back into Bitcoin.

    i too am yet to hear a valid reason from support for the very high shipping fees to Australia $288 Aud for 10 grams ( over half its value)
    IS it a case that Only Texas HAS the Gold ? or is it so high to discourage redemption ?
    untill i see the shipping fee drop i will hold these thoughts
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