Redeeming gold via Bank Transfer

Last Updated:
Redeeming gold via a Bank Transfer is quick and easy using the Goldmoney Personal & Business platform. Follow the simple steps below to initiate this type of transaction. Please note that the fee for redemption may vary depending on the type of Bank Transfer redemption you are initiating. If additional fees apply, they will be indicated during the redemption process.

Once you are logged into your Goldmoney Personal or Business account, click the ‘Redeem’ button on the homepage.
Screen_Shot_2016-02-29_at_3.52.35_PM.png


Note: The minimum redemption amount for a bank wire transfer is 1 GAU (gold gram). 

Select the ‘Bank Transfer’ option and click ‘Next’.
 
Screenshot_2016-08-15_11.47.34.png


If you do not have bank accounts linked to your Goldmoney Personal & Business account you will be prompted to add a new bank account by clicking Manage Accounts. Click here to learn more about adding a bank account! You can directly link to a Canadian or US bank account using EFT, or add the wiring instructions for your bank account if your bank is not listed under either of the direct banking options. 
Screenshot_2015-07-21_08.50.15.png

 
When you have added your bank account(s), select the bank account you would like your redemption to be made to and click 'Next'. You can add more bank accounts by selecting the 'Manage Bank Accounts' link in the upper right corner.


The fee for a direct bank redemption (EFT) is simply 0.5%. For wire transfer or global bank transfer redemptions, an additional 0.5 GAU fee will apply. Please consult your bank if you're unsure whether your bank account can receive funds via a bank wire.

Screenshot_2016-08-15_11.49.14.png


Select the vault location you wish to redeem from from by clicking on arrows left and right. Enter the amount you wish to redeem and click 'Process'. The default currency for your redemption is linked to the currency you selected when adding your Bank Account. Click 'Manage Bank Accounts' if you wish to add another bank account in another currency. If you wish to redeem your full vault balance, we recommend selecting the 'GAU' currency and entering the gram amount of your balance.
 Screenshot_2016-08-15_11.54.30.png


Please note that this is the screen you will see for EFT bank transfers and bank wire redemptions, however the 0.5 GAU Wire Redemption Fee will only be displayed if you are redeeming by wire.

Once you have submitted your redemption, a confirmation message will display on screen. Your redemption will be noted as pending in your activity until the redemption has been approved. A confirmation email will also be sent to your inbox.
Screenshot_2016-08-15_11.54.38.png


Note: Occasionally intermediary or receiving financial institutions may charge a processing fee for Wire Transfers. Goldmoney is not liable for any additional fees or deductions incurred. 
Was this article helpful?
4 out of 11 found this helpful Have more questions? Submit a request
Have more questions? Submit a request