GoldMoney Review
When reading the information below, please bear in mind that the gold dealer GoldMoney can change its sales conditions at any time. Even though we will make every effort to reflect up-to-date information, we cannot guarantee the accuracy, reliability, completeness or timeliness of the information contained underneath. This website is not responsible or liable in any way for the actions of its readers.
Selling 100 oz - 1,000 oz bullion bars to large-scale investors
GoldMoney is a website that is run by Goldmoney Wealth Limited, a private company that is registered as a Money Services Business in Jersey in the British Channel Islands. The company is regulated by the Jersey Financial Services Commission (JFSC). Goldmoney Wealth Limited is a subsidiary of GoldMoney Inc., a Canadian company that is listed on the Toronto Stock Exchange.
GoldMoney lets investors buy and sell gold, silver, platinum and palladium. All precious metals are sold in the form of large bullion bars. Gold is sold in the form of 100 oz bars and silver as 1,000 oz bars. Smaller bars are not offered and neither are coins or rounds. That clearly shows that GoldMoney caters to large investors only. These investors usually choose to keep their precious metal holdings in secure storage vaults (managed by Loomis International, Brinks, G4S, Malca-Amit, Rhenus Logistics) in Canada, Hong Kong, Singapore, Switzerland and the UK. However, taking physical possession of their precious metal assets can be arranged through delivery or collection.
Pricing
The gold dealer GoldMoney charges Buy and Storage fees. These fees differ for the traded precious metals gold, silver, platinum and palladium. The Buy and Storage fees for gold are substantially lower than for the other traded precious metals.
The buying fee for up to $9,999 of gold is set at 2.49%. When buying between $10,000 and $99,999 of gold, the fee goes down to 2.19%. It goes down even further to 1.39% for a total trade volume of gold between $100,000 and $499,999. You can possibly negotiate an even lower buy fee for gold trades of $500,000 and more by calling GoldMoney directly.
Storage fees are only charged when gold, silver, platinum or palladium are currently owned in the customer's GoldMoney holdings. The actual charged storage fees (that include insurance) depend on the chosen secure storage vault provider and location. So depending on these factors you will have to pay a monthly storage fee somewhere between 0.01% and 0.015% of your currently stored bullion trade value.
Ordering
Signing up for a holding account with GoldMoney is free and takes just a few minutes. Customers can then transfer funds to their holding account. Identity verification is required within 15 days after funding the GoldMoney holding account. For 44 'fast-tracked' countries that simply means sending a scanned copy of the customer's photo ID and bank document. After identity verification has been completed, customers can start buying gold, silver, platinum and palladium with the funds they deposited in their holdings account.
The online purchasing of metal is very simple and straightforward. After logging in to their holding, customers choose the metal they want to buy, the currency they want to pay in and the cash or metal amount they want to purchase.
Payment
Customers transfer funds to their holding account by bank wire. GoldMoney is unable to accept checks, cash or credit/debit card payments.
Shipping/Withdrawing of Bullion Bars
GoldMoney customers can opt to have Good Delivery gold bars delivered to anywhere in the world. Delivery is fully insured and the delivery fees are determined on a case by case basis. Small gold bars and GoldMoney branded bars can only be delivered to certain countries.
Customers also have the option to personally collect their bars from the vault provider upon prior arrangement.