Payment for Investment Gold Coins & Bars
We accept payment in cleared funds.
What constitutes cleared funds?
For many customers, a cheque will be the easiest way to pay. There is much understanding about how long it takes to clear cheques. Normally most cheques get debited from a customers bank account two days after being presented (banked). The recipient's bank does not know the cheque has been paid for a few days afterwards. Banks do not normally confirm that a cheque has been payed, they only communicate when one has not been paid. The recipient then needs to informed by his own. This can take several days because of possible postal delays. the entire system is passive rather than active. For this reason, we allow a full week before we consider a cheque as cleared. More about cheque clearance.
- Bank Transfers
There are three main types of bank transfer, domestic same day (CHAPS), domestic normal (BACS), and international. A same day transfer, as its name implies, takes place on a single day, being both debited to the sender's bank account and credited to the recipient's bank account on the same day. The two parts of the transaction are not simultaneous, and can take several hours before the money is credited to the recipient's bank. Sometimes transfers sent late on one day are not notified to the recipient until the next day. Same day transfers are one of the best ways of transferring large amounts securely. They tend to cost upwards of £20.
Standards transfers take about three to four days, but are becoming a popular choice for many customers, particularly those with telephone or internet banking facilities. Unfortunately, the recipient's bank does not always notify the recipient upon receipt, ours certainly does not, and it is best to try to ensure that your payment contains some kind of unique identification. Again our bank does not always pass this on to us.
International transfers take from about 1 day to 1 week, depending also whether they are sent as express or normal. Bank charges for international transfers are higher than for domestic ones, and are levied at both ends. It is important to elect to pay all fees.
This is the most traditional form of payment, and we have always accepted cash, and still do. Cash payments are limited to the equivalent of €15,000, for more information please see our cash page. Because of the identification requirements, we may require more positive identification from customers wishing to pay in cash. For large amounts it would be better to use same-day transfers. Because our bank now charge us 1.0% for paying cash in and out of our account, we may, at our discretion, make a charge for handling large amounts of cash!
- Bank Drafts (Draughts)
Bank draughts and building society cheques are often a convenient way to pay. Please bear in mind that these are not treated by our bank as cleared funds until after they have been though clearing in the normal way. It is also possible for bank drafts to be stolen or forged, so although we are always happy to accept them, we do not treat them as cleared funds.
- Debit Cards
Debit cards are a convenient way of paying, but please note, we do not receive payment for a few days after the transaction is processed and debited to the cardholder's account.
- Foreign Currencies
We are happy to accept payment in any negotiable currency, and will use competitive exchange rates, or will credit the buyer with the nett funds we receive after bank charges.
- Western Union, Moneygrams, etc.
Please avoid paying us by Western Union or similar transfer. These are expensive and inefficient methods of transferring money. It requires the named recipient to journey into the town centre, try to find a parking place, attend the agent's office with passport, and, if the payment was in foreign currency, accept whatever exchange rate is given. As an example, we just received a Western Union payment for which the Spanish sender paid €45 (almost 5%), and the exchange rate charge was over 7%, making the total fee almost 12%. The round trip into town can take up to an hour. We are also paid in cash, and if we wished to bank this, it would incur a further bank charge.
More About International Transfers
Wire Transfers to us from USA
How to send us wire (bank) transfers from the USA, particularly in US Dollars.