Goldmoney is an investing platform that lets you buy gold & other precious metals and store them in vaults around the world. All of their precious metals are fully allocated in bullion. When you buy 1 gram of gold you own 1 gram of gold bullion.
Over the course of several years, Goldmoney has made several changes to their platform and membership levels. There are 3 types of accounts you can have, and they are personal account, a holding account and a wealth account. This info is not clearly explained on their website and can cause confusion for current customers and potential customers.
A personal account used to be the default level for all users. However, the new default is a holding account, so no new users can have a personal account anymore. Those who have registered early can still use their personal accounts until it is not supported anymore.
The advantage of having a personal account is that you have no storage fees for 1kg of gold. After that the fees kick in for storage. If you had a Goldmoney card with your personal account while it was available, then it will continue to work.
A holding account is the default level for new registrations. There are several advantages a holding account has over a personal account. With holding, you can trade various metals including silver, platinum and palladium. You can do a metal to metal exchange (ie. gold to silver) without having to go through fiat. The exchange fee is a low rate of 0.75%.
Personal
Storage fees: free up to 1kg
Prepaid Card: Yes
Precious Metals: Gold only
Holding
Storage fees: 0.01% to 0.018% depending on which vault
Prepaid Card: Yes
Precious Metals: Gold, Silver, Platinum & Palladium
You have the option of converting from a personal account to a holding account and transferring your metals over. The process is a simple one, as all you do is follow the instructions on the website. After you are verified by the Goldmoney team, you will have a holding account.
How Apply for a Prepaid Card
The prepaid mastercard is one of the most popular features of Goldmoney. The minimum requirement is that you must have $1,000 in your balance - it can be a mixture of cash and precious metals.
All you have to do is log into your Goldmoney account and navigate to the Prepaid Cards section from the main menu. After that, select the currency you want to use. Goldmoney offers prepaid cards in four currencies: USD, GBP, EUR and CHF. Complete the form and wait for approval, then you will receive your card in the mail.
The following documents are required: passport & proof of address (no more than 3 months old).
There are 2 types of cards you can get: the plastic card and the gold-plated card. The metal is plated with gold and it will cost money to get it. Most people will get the plastic one. They both operate the same way, but if you are rich and want to get a good looking card, the gold-plated card is for you.
Plastic Card vs Gold Plated Card
How to Load Your Goldmoney Card
To load cash into your Goldmoney card is a two step process. First you need to sell your bullion and get fiat in your holding account. Once the transaction is settled, you can redeem cash to the mastercard. The fee to sell bullion is 0.5% and the fee to load the card is 1%.
If you have the old personal mastercard - the one you received with your personal account - you can still use it as it is preferred over the new mastercard. You can load the bullion value directly into the mastercard.
1) Once you have logged into your Holding, scroll down to the prepaid card section and select 'Load Card'.
2) Select the card you wish to fund
3) Identify the currency and input the amount you wish to fund your card
4) Enter your transfer pin and confirm your funding request
What is a Wealth Account? Should You Get One?
You might want to open a wealth account if you plan to store a large amount (over 1kg) of gold. Think of Goldmoney Wealth like your private banking or savings account for a variety of metals, whereas Goldmoney Holding operates like your checking or current account where you can send gold transfers. The two services compliment each other. The services offered to Wealth are not available to Holding, the complete list is on Goldmoney's website.
You should consider opening a Wealth account if:
You want to purchase and store more than 1kg of gold.
You want to purchase and store other metals (silver, platinum, paladium).
You want to save in various currencies (USD, EUR, JPY, GBP, HKD, CHF, AUD, NZD, CAD).
Where is Your Gold Stored?
Your gold bullion is stored in one of their many vaults around the world. At the time of purchase, you can choose which vault you want to use. Each one has a different storage fee, so obviously you'd choose the cheapest option, which is London.
Hopefully this post has shed some light on how Goldmoney works. Remember, the demand for gold is always high and the price is slowly increasing, so don't wait and get your gold today. Every day you wait the price of gold will increase and you will lose a little bit of your purchasing power. So don't wait and sign up today and reap the rewards later.
Click the link below to sign up to Goldmoney:
https://goldmoney.com/
Benjamin Louie
Neobux Ultimate Strategy
https://ultimateneobuxstrategy.com/
