GoldMoney Reviews (%countItem)
GoldMoney Rating
Address: 305 - 334 Adelaide St W, Toronto, Ontario, Canada, M5V 1R4
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Goldmoney has always had a very slow response time regarding customer service. I was a happy customer until years into my membership they requested additional documents to comply with the Anti Money Laundering Act. Yet I was still able to deposit money and buy metals in my gold money account. I thought that I had supplied enough documentation as proof of my identity, but then the types of documents they were requesting became absurd. In a last ditch attempt I am submitting my renters insurance and last years W2. Their customer service always gives you a run around and then weeks later when they do respond they never resolve your issue. Then in December of 2019 they announced that they would drastically rate the rates of their membership to $10 a month, which would drastically eat away at my small account. I pulled all of my gold holdings into cash only to discover that they will still charge a $10 fee to hold cash. That is insane. They offered to refund me my initial deposit, which is a cop out for them cause my account made a profit. There is definitely something wrong at Goldmoney ***. I am starting to believe that they don't even hold gold in any vaults.
Goldmoney's metal reserves are verifiable through the live audit section of our website as well as the audit reports accessible to all clients through their online dashboard. All client metal is physically held 1:1 at the specified vaults. Requests for personal information, and supporting documentation, are made in accordance with our legal and regulatory obligations to "know your customer" as part of Anti-Money Laundering guidelines. We ask for the minimum possible information to meet our obligations, and while we understand that the requests can seem excessive, we make every effort to assist in creating convenience with the process wherever possible. While response times are a priority at Goldmoney, increases in incoming requests can have a significant impact on our ability to uphold our own standards in this regard. We offer our apologies for any inconvenience caused by such delays and are constantly improving our issue treatment capacities.
I am having a similar experience to many of the people here. Goldmoney was good for a while, or so it seemed, now they've forced a monthly fee called a storage fee on us that depletes our holdings.
I can understand if they intend to apply this to future holdings but this isn't right for to do it this way.
Their customer service was responsive only to the point where they helped me transfer the funds from my GoldMoney *** that is no longer available to them. But, they are applying the money to back storage fees (that I didn't agree to) and now won't respond to my emails trying to get my funds out and close my account. This is obviously terrible. They won't release my funds. This is unacceptable. ***
I write this to share my experience and to hopefully help prevent others from being treated this way and losing their funds.
Goldmoney announced a new fee structure starting January 2020 which I could not maintain. There was no problem previously with depositing into my account, but when I went on early December to withdraw funds and close my account I had to jump through a few hoops. I complied and started the process of linking my bank account. I was told that I would receive a micro transaction in 2 business days and then I could verify the account.
When nothing happened for about a week I decided to cancel and try again, because I possibly did something wrong the first time. There was still no micro deposit into my account after 2 business days. I then emailed them on December 12th for a status, and received an automatic email saying someone is working on a solution. I emailed again on December 22nd as I still hadn't received a response and it was getting every closer to the start of the new fee structure. Fast forward to today, I have received no response, the bank account linking system is not functioning and therefore I can't retrieve any of my funds, which have already started being removed from my account as new "fees".
Any fees taken out should be reimbursed and access should be given to withdraw any of my account funds immediately.
Goldmoney has been in contact with me. They've reversed the fee and withdrawn all fund into my bank account. I'm waiting for the transaction to go through.
This was the resolution I was hoping for.
I am unable to transfer my funds out of Goldmoney after I notified them of my intention to withdraw my funds and close my account.
After working with their customer service representative (***) and following their instructions to set up proper bank account information by providing the *** and account numbers, I initiated two transfers to my bank account at *** Bank. One was in the amount of $3,236.51 (USD) and the other was in the amount of $5,356.17 (USD). Both times a wire transfer fee of $23.43 (USD) was charged. This happened on 12/4/2019.
Now, when I look in my Goldmoney account (see screenshot provided) it says the transactions were completed. However, the funds never reached my account. I have sent numerous emails to customer support in the past week but have not gotten a response. In fact, support stopped responding as soon as I initiated the wire transfer.
I am simply trying to withdraw my funds. These are savings that I have entrusted to Goldmoney for years. The transfers into Goldmoney back in 2016 only took a couple of days. Something is wrong and the total lack of communication from customer service since I initiated the wire transfer now has me extremely worried that this whole enterprise is a ***.
In this case, the bank account information entered for the destination account was found to be incorrect, and for that reason, the recipient bank was not able to process the funds. When this happens, the funds are returned to us and held until correct bank account information can be obtained. This process can take time, and it is understandable that confusion may arise from the client's perspective. Since this complaint was raised, our Relationship Management and Settlements teams have worked together to locate the funds, communicate with the client to confirm the correct bank account details, and re-sent the bank wire to an account we understand to be the correct destination. A new wire has now been processed and, pending delays due to the time of year, is expected to arrive successfully given the updated bank account information. Our Relationship Management team remains available for any questions or to address any further delays that may take place.
(The consumer indicated he/she DID NOT accept the response from the business.)
Unfortunately, the wire transfer still has not deposited my funds from Goldmoney in my bank account. While it was a huge relief to hear something back from the business, I still do not have my savings from Goldmoney. I have been checking with my bank and they say no wires are incoming. I verified multiple times with my bank that I provided the proper *** code, the wire routing number, and account number. It is the holiday season but I provided this verified information back on December 16th and confirmed again it was accurate on December 17th. It doesn't make sense that, even given the time of year, a wire transfer could take so long.
So now it has been more than three weeks since I tried to transfer my savings out of Goldmoney on December 4th, the Christmas holidays have come and gone, and I still do not have the funds. This whole experience is just sad considering how much I believed in the company when I first entrusted them with my savings back in 2016.
This wire transfer was further delayed by unexpectedly high volumes during the holiday season. The wire has been initiated successfully and Goldmoney and we expect it to arrive within one business day. Recipient banks perform due diligence which can take a day or so, but we expect the funds to be remitted into the client's account shortly.
(The consumer indicated he/she ACCEPTED the response from the business.)
After checking my bank account, I can verify that the funds have been wired, minus another $20 USD wire transfer fee charged by Goldmoney or its affiliate bank.
In the time since the wire transfer was initiated on 12/4/2019, I was also charged a storage fee for the month of December despite not holding any funds or assets in my Goldmoney account. Goldmoney customer service assured me this was not a problem and would not result in any overdraft penalties or fees owed.
Given that assurance, I closed my account with Goldmoney. The whole ordeal was extremely upsetting to me as a client, especially considering that the founders of the company promised transparency and built the platform on a foundation of trust. Maybe it was just the holiday season interfering with their normal business operations but not being able to access these funds (and at times not knowing where they were) for more than a month was unacceptable. Hopefully the business learns and grows, but they lost a client here.
On 09/07/2016 I deposited $50.00. At the time they offerd free storage and free bank withdraw transfer via *** Yesterday, 12/13/2019, I got an email that in 2 weeks they are going to start charging me $10.00 minimum monthly storage fee beginning on 01/01/2020. I logged on to my account to withdraw via *** and it is no longer available, the only withdraw option now cost $23.00.
I want to be able to withdraw my funds to my bank via *** as was available when I deposited them. I dont want to lose the bulk of my deposited funds to new fees that didnt exist when I deposited them.
For reasons related to regulation and ensuring the security of client funds, we have had to change or suspend certain functionality that many users have historically preferred. These changes were made in accordance with the terms of our client agreement and, while we continue to review options for re-instating the same or similar functionality, we do not currently have a timeline for doing so. Our Relationship Management team has been in contact with this client and remains available to address any questions related to the current funds management options.
(The consumer indicated he/she DID NOT accept the response from the business.)
On 12/17/2019 I got a email response to my request to close my account and return my funds by reversing the original transfer. Their response stated "Thank you for contacting us. We confirm receipt of your request to close your account. Please allow a few days for processing, and feel free to contact us with any additional questions." Today is 12/30/2019 I just logged on to the account , its still open and nothing has been done. I have been unable to get any information of how to withdraw my funds without losing half to new withdraw fees that I was never given notice of. The only fee notice I was given was for the new storage fees, that was a 2 week notice that included Christmas and New Years holidays so it really wasn't 2 weeks, *** In their Revdex.com response they state *** was suspended for security reasons yet every other investment services offer it, please ask them if it is such a security concern why no one else has any problem with it.
Our head of relationship management has confirmed that the account will be closed and the funds returned in full, as requested. No storage fees will be levied, and we will also cover the standard bank wire fee as a good faith gesture. There may be slight delays due to the internal approvals necessary to cover the fees.
Several years ago I deposited $300.00 with Goldmoney for the equivalent in Gold. I know this is not a lot of money but this was a test. This test has been going on for nearly 20 years and over that time the interest has amounted to about $53.00 - a paltry return over that period of time. When I try to close the account Goldmoney customer service insists that I 'verify' my account and despite giving them the required documentation, they key changing the goalpost for verification. First they required either my passport or my drivers license (I gave them my passport) and verification of my physical address (in the form of my electricity bill). Now they require proof of employment including my salary and the source of the funds for my initial $300.00 investment. Why? This seems overly intrusive and I'm not supplying this information - it's an unreasonable requirement but one they claim they need legally because they are incorporated in Jersey, (Channel Islands)
I know it's almost a lost cause for the $300.00 (plus interest) I supposedly have on account with GoldMoney. But I would like it back.
Our requests to clients for personal information are made in order to satisfy regulatory obligations that govern our ability to operate legally. Our Head of Relationship Management has communicated with the client directly and explained our obligations. Further information about our regulator and our "know your client" (KYC) obligations can be found on our website and is available through our Relationship Management team. We continue to be available for further communication and explanation.
(The consumer indicated he/she DID NOT accept the response from the business.)
Please cite a United States Statute that requires idenentification beyond what I've already provided to Goldmoney to include the specific legal requirement to provide my employment status and my salary. To include the source of my funds for my initial deposit (of $300.00 some 20 years ago) and to include my legal residence beyond the fact that I'm a citizen of the United States (as evidenced by my passport). Their claim to all of this information to 'know their client' (so-called KYC) is a bogus legal claim at best and is really just an invasion of privacy. Furthermore, Goldmoney should disclose to me the information regarding my identity they already possess. They've 'managed' my account for some 20 years and asked for some identification at times over all of those years. What is different now? What do they already possess and why do they want more?
Goldmoney Wealth Limited is incorporated in Jersey, Channel Islands, and regulated by the Jersey Financial Services Commission. As such, requests for client documentation are made pursuant to legal obligations under the Money Laundering (Jersey) Order 2008. Goldmoney has a legal obligation to maintain complete, accurate and up-to-date records on its clients, in the form of verifiable, in-date documents, which is the reason that new documents are requested from time to time. Regarding data disclosure requests; as a compliant business, Goldmoney is prepared to satisfy any legitimate, verifiable requests relating to client data that are received through the proper channels. Those channels can be found in our privacy policy.
. I requested physical delivery three weeks ago and received a confirmation email. Was told I would receive another email with tracking within two days, but it never arrived. Contacted customer service two weeks ago by email and received excuses after excuses why that email was not yet sent. Then I phoned customer service and spoke to Richard who acted surprised that my order had not shipped. He said I would get the tracking within a week but by week end it never came. Then I spoke to Richard again and he said he would contact Dillon G., a large precious metals dealer who he said handled the physical delivery of my redemption order. I phoned back later to speak to Richard again to find out the result of his conversation but this time he would not take my call. Tomorrow starts four weeks since I requested to take posession of my gold.
Hi I opened account on october 5th, was using mobile while setting up everything, followed the steps and provided the info, wired 25k dollars, and bough gold, everything seemed ok, like 2 w ago sold a few grams and can't, redeem money back.
I would like to keep the service but if it can't verified be straightforward and common sense about it, either return my funds or verify the thing.
Been going back and forth with cs, this past weeks, but it seems ineffective.
Easy, could you guys finish the verification or at least tell me why its taken so long and what would it take to finish, or if unable return the funds.
Dear ***,
As detailed in our email to you earlier today, we have verified the information on file, completed your application and verified your account. You may now log in and proceed to buy and sell. Let us know if you have any further questions.
(The consumer indicated he/she ACCEPTED the response from the business.)
Yes so I filed the complaint here yesterday, but also yesterday I was given another way to address this issue by the support forum from gold money, I was very surprised it worked, and worked so fast, today before noon it was done, I was very happy with that.
I started a Goldmoney account in July 2018. I deposited *** in exchange for $935.00 of gold. I followed my initial deposit by submitting the documents required in order to be verified.
Since my holding was funded via ***, I needed additional documentation, which I also provided. The additional documentation was an offline application containing somewhat sensitive information regarding myself, as well as my employer.
Over the last four months I have been emailing various "service reps" who ensure me the verification team is hard at work ensuring my verification. They continue to say I'm missing documents, which I have submitted in some cases three separate times.
I have the complete paper trail of the money I deposited, beginning with my *** account.
Since my verification has been on standby for 5 months, my money has also been sitting there. They will not allow me to withdraw MY money. I want all of my money given back to me.
***.
I appreciate the help and look forward to hearing back.
I want to withdraw all of MY money into MY bank and out of THEIR hands.
Dear Mr.,
Apologies for the delay, we are required to extensively review the information you sent to us as per international compliance policy. Our apologies for the confusion but the information we received from you is incomplete and we are unable to finish your application until we have the notarized forms as per our compliance requirements and policy. Please reach out to us and we will sort out this confusion for you.
(The consumer indicated he/she DID NOT accept the response from the business.)
The information I sent them is not incomplete. I have submitted all the required forms and documents. I don't know how many more times I can say this because it seems to not matter? In some cases, I have re submitted one form over 3 times. This is causing me a great deal of frustration and I have no idea how to get my money back. Their answer is obviously unacceptable.
I used goldmoney for a number of years. I had a balance of gold, which I sold and transferred to a prepaid credit card. The card expires Jan 2019. My card is frozen, and so I can not get my money back. There's over 6000 USD of my money on that card.
I want the full balance of the prepaid card mailed to me by cheque, in USD
Dear Mr.,
Apologies for the delay, our card providers at *** require a signed and completed balance reversal form before they can process the refund for you. Thank you for sending back the completed form, we are diligently working on processing your refund and will update you when completed.
Was notified via e-mail on 10/19/18 that my Goldmoney prepaid *** was going to be discontinued on 10/31/18. Did my best to spend the remaining funds on the card but a $750 balance remained. I've been trying to have the money refunded since. Nothing
Refund the balance on the card.
Dear Mr.,
Apologies for the delay, our card providers at *** require a signed and completed balance reversal form before they can process the refund for you. As discussed in our last email, the refund has been processed and wired back to your bank account on file, let us know if you have any additional questions.
(The consumer indicated he/she ACCEPTED the response from the business.)
Took some time but finally resolved.
I deposited $500 CAD into my account last week and transferred 180 onto an associated credit card. I have not been able to access either. I gave the company 5 business days to respond. The 5 days have expired and I have receives no response.
I want access to my gold.
Dear Mr.,
Apologies for the delay, bank withdrawals typically take 3-5 business days to process through the international bank wire system. Your withdrawal has been processed and the funds have landed in your linked bank account. Let us know if you have any additional questions.
(The consumer indicated he/she DID NOT accept the response from the business.)
I am still have been barred from full access to my account.
I initiated a sale of gold and a wire transfer of $19,516.07 on Aug 17, 2018. My Goldmoney personal account shows that the funds were wire transferred to my checking account on Aug 17th, but as of Aug 28th the funds have not arrived into my checking account. I have made numerous calls to the customer support people in Toronto and the UK, and they all assure me it will be resolved. However, the funds still have not arrived.
I am seeking to receive the wire transfer of $19,516.07 into my checking account. GoldMoney online records how that the transaction was completed Aug 17, 2018 and as of Aug 28 no funds have been received.
Goldmoney has resolved this complaint to my satisfaction. Funds have been received. No further action required. This case can be closed.
Getting money out is very hard unless you use an account they approve they charge way to high of fees, I still haven't been able to cash out, its a rip off for the most part I would avoid this company for sure, my bank rejected the transfer from them, I asked them why and they said they where not trusted. Basically there are better places to invest or put your money with less fees and easier to get your money out. They won't write you a check or use *** etc...
Everything good about Goldmoney is slowly fading away. One of the most important aspects of Goldmoney, or any true "money," is that ALL of the funds are backed by gold. Goldmoney has gone off of the gold standard.
Initially, at anytime, you could take physical delivery of your gold stored at Goldmoney. Sadly, that is no longer the case. This tells me they have opened too many new accounts and their account holdings have surpassed their available gold stores. This is a big red flag!
Most of the people who are looking into opening a Goldmoney account do so because they are losing confidence in fiat money like U.S. Dollars or Euros, etc. The main reason they are losing confidence in fiat money is because fiat money isn't backed by anything! Goldmoney has reached the point where it is becoming, at least partially, a fiat currency...it is no longer backed 100% by gold. This alone makes the whole company pretty pointless.
...and, to top it all off, you can no longer get the solid gold debit cards anymore. That was one of the main selling points for me.
I would like to share my genuine experience with this company. I've read tons of negative reviews online, and it's no surprise for me because happy users don't often share their experiences. I assume GoldMoney has been experiencing an oversubscription period, and yes I can admit that their customer support is sometimes slow. At first, it bothered me too to be honest. But they've always eventually replied to my requests with apologies about late response. Other than that, I NEVER felt that they purposefully tried to ignore me or impede the resolution of my requests. They are always polite and helpful.
Yes, certain processes are not well organized as of today, and the team needs some expansion/training/attention, etc. which is the case for ANY company. Have anyone ever tried to contact their bank's customer support with non-trivial questions? It's normal that non-trivial questions sometimes hit a snag. Again, the majority of users have little to no issues and thus don't feel the need to complain.
Yes, at the moment, it's obvious that the representatives don't dig deep into the matter of a conversation as there is no guarantee that the same representative will reply to the request in the future, and the next one most certainly will loose the essence of the topic which will eventually lead to redundant questions. But again, I don't view this as something terribly inappropriate or wrong at the present moment. Personally, I gained my own deal of patience and understanding for them which always leads to successful resolution of all matters.
Yes, I've experienced technical glitches myself as, for example, not being able to login for a day or two with an "internal error occurred" message. But being an IT guy myself, I know how these things happen and that they are logged and fixed as (relatively) quickly as possible. And as far as I can see, their infrastructure is maintained in-house that is it's not being outsourced from an external developer. I can really understand the pain of how it can easily go out of whack under high load or with the team lagging behind on fixes and new features. Haven't had any other technical issues since then.
The above issues are temporary and non essential. I truly hope my review is objective and helpful for both parties. Personally, I would like to wish the GoldMoney team all the best in the future. I hope our relationship will continue to be successful, aligned with the same common goal and mutually productive. Thank you!