If you’re thinking about buying precious metals online and are wondering about GoldMoney payment options, read on. When the markets quake and the dollar plummets, financial safety can be hard to find. Many people find stability and security by investing in gold and other precious metals, which tend to hold their value well despite economic woes. Placing your trust in fiat currencies that are backed by nothing tangible can be dangerous, since their worth fluctuates day-to-day, and placing those currencies in banks can be riskier than you may think.
Banks often practice something called fractional reserve banking, where the bank only has to store some of your money, allowing it to invest and loan the rest. Customers may wish to withdraw their money, but if too many people have already taken back their investments, the bank cannot meet the demand, and you’ll have to wait for the bank to get more money. While this occurrence is rare, it’s not unheard of, and such “runs on the bank” have cause serious economic problems in the past.
GoldMoney is a precious metals investment company that won’t mess around with your investments. Every gold bar you buy from them sits in a secure vault, and there’s no virtual ownership of the metal; it’s entirely yours. In fact, clients may have their metals delivered to them so that they can store it, sell it, or trade it themselves.
Relying on GoldMoney to manage the storage and movement of your investments may be the better option, since their infrastructure allows fast transfers and quick transactions, things that would be fairly difficult if dealing with the metals yourself. Additionally, their vaults are protected by VIA MAT and Q4S, depending on the location, which are companies that are well-known for their level of professionalism and competence.
How to Open a GoldMoney.com Account
Buying precious metals from GoldMoney.com starts with opening an account, called a Holding. Doing so is free, and can be relatively easy and quick, depending on where you live. GoldMoney operates in many countries, 44 of which allow “fast-track” registrations which can be completed quite swiftly. Residence and identity authentication is an important part of the process, ensuring that only legitimate clients can open Holdings. Residents of three nations (the US, the UK, and Canada) must have their identities confirmed by Equifax, a consumer report company. Potential clients must meet the requirements of the Customer Acceptance Policy before they can begin using Gold Money.
There are three levels of Holdings, based on the level of authentication the client has undergone. A Limited Holding is extremely restricted, and serves mostly as a placeholder. Basic Holdings are only available to clients from fast-track nations, and allow them to buy, sell, and trade metals. For complete functionality, a client will need to be entirely verified, which provides them with a Full Holding. This most advanced account lets the client use his or her money to make purchases or payments, using the stored gold and other metals.
GoldMoney Payment Options
After you’ve opened an account, you can start adding funds so that you can develop your Holding. GoldMoney accepts bank wire transfers, and provides a simple system to allow such transfers. A client enters the amount and type of currency he or she wants to transfer into the online form. The site will provide an appropriate wire request form to be printed out; a bank will complete the wire transfer when provided with the request form.
In order to provide an easy way to transfer your money back to your bank, you’ll want to add the details of your bank account to your GoldMoney account. Money is sent to your bank the same way it’s sent to your Holding: through a wire transfer. Again, there’s an online form that has to be filled out, outlining how much of what currency is to be sent. GoldMoney will send you a PIN by email or phone that you will need in order to send the funds; that number is entered into another online form. An email will confirm that the money is being sent.
Wire transfers are used due to the international nature of GoldMoney, the expediency of such a transfer, and the unparalleled security they provide. Since GoldMoney is extremely aware of the importance of the safety of clients’ funds, and there are few decent alternatives to wiring money, it’s the only way to add funds to a Holding.
GoldMoney Payments – Using Metals as Currency
As discussed in our in-depth GoldMoney review, Gold Money allows their clients the unusual but very convenient option to make online payments with their precious metals. While it may seem unreasonable to use such valuable materials to complete transactions, as little as one-thousandth of a gram can be used. Using your precious metals in this way reduces the amount of time you need to spend handling national currencies, and is a great way to maintain large amounts of wealth in gold, silver, platinum and palladium without worrying too much about the availability of that money.
For an easy-to-use, convenient, and stable way to invest your money, you may want to consider GoldMoney. By taking your money out of unpredictable national currencies and placing it in reliable precious metals, you can remain safe against economic crises that may otherwise sap your wealth. Through both the security of their vaults and their business methods, Gold Money provides a welcoming environment for anyone who wants to manage their investments and even send a GoldMoney payment online.