I received an update from GoldMoney about the implementation of an automated system for verification in accordance with their Customer Acceptance Policy. This process is operational for UK and US customers only.
As GoldMoney is a registered and regulated money service business under Jersey law they stringently follow and often exceed the minimum required standards for Know Your Client and Anti-Money Laundering regulations.
The new automated process uses the Equifax system which is what many banks use when opening a new bank account. This will reduce the need for sending paper documents which are required to be notarized. This will make setting up a free GoldMoney holding much more convenient with the entire process taking approximately 15-20 minutes. This is greatly improved from the old process of finding a notary and mailing the documents which could take several weeks.
GoldMoney recently reintroduced a funds collection account with a domestic US bank. This is much more convenient and cheaper than sending an international wire transfer to the Jersey bank. After an account is CAP-verified with the new automated system then you can wire money to the domestic account.
Funds are usually available to purchase metal within 24 hours. While holding national currencies you will earn interest; not that the rates are very high which is probably driving additional gold buying. Why hold national currencies with such low yields when you can just as easily hold a metal that is much harder to produce?
If you wire large amounts, as one of my readers did a couple weeks ago and purchased the bullion around $780, you will most likely be contacted by GoldMoney as they determine the source of funds in accordance with required regulations and law. Removing funds from the holding is equally fast and easy with funds usually arriving in your domestic bank account within 24 hours.
If there are any GoldMoney customers I would greatly appreciate your comments either on this article or, preferably, on the GoldMoney page. While I have only heard of good experiences with them should anyone have a bad experience please let me know and I will see what I can do. With holdings free to set up and get CAP verified what are you waiting for? Click on the banner and you will also receive 6 months of storage fees waived.