GoldmoneyReviews 91

I opened an account around 2004 and was very happy with the service. Goldmoney was then bought but a Canadian outfit a few years ago and it's not been the same since. I was locked out of my account 9 months ago with no notification, as I had to provide proof of identity. This happened again very recently. Not sure why, as I'd been a client for nearly 16 years. Whilst I was able to make a withdrawal, that, and the increasing fees, made me decide to close my account and go elsewhere. Being locked out of an account even for a few days made me very distrustful of them, which is a real shame as the service they provide ought to be made widely accessible to all.

I have been customer for many years (at least three) and never had an issue with them. I religiously used their platform to buy my precious metals. When I had a question, I would contact their support team and they would answer usually within 24 hours.

Then something changed.

Starting end of 2019, they updated their price structure, mind you, they were not cheap to begin with! The new prices were actually not the problem but just a herald of something not just quite right... Instantly, they stopped answering support requests. The last time I funded my holding, it took them 2+ months, several unanswered support requests and two phone calls to get the money credited to my account!
This was for me the last straw that broke the camel's back, so I decided to close my holding, sell all my positions and withdraw my money ASAP. I still have 500+ CAD locked on my GM account that I cannot withdraw. Again, they will not answer when contacted, there is no public communication, they are literally ghosting us. (I sat 'us' here because I see plenty of other clients posting on their social media page with complaints)

It's such a shame!

I read the reviews and this initially freaked me out, but it looks to me like those that do have a problem, either have a very small holding and the storage shares become relatively large or they are not keeping all of the details required to "know your client" or anti money laundering up to date and consequently having difficulty withdrawing or adding funds. I know these guys are 1) quoted on the Canadian stock exchange and 2) are approved by the biggest UK pension company Standard Life. So this gives me a great level of comfort. Having said that I have not tried to take possession of physical gold or cash out.

I have maintained a goldmoney account for more than a decade with a six figure balance. I first noticed a flood of poor reviews about a year ago and made a five figure withdrawal. I did have to jump through some KYC hoops at that time which was mildly annoying and took a few days, but - once that process was completed - the withdrawal went smoothly. Upon seeing the latest flood of bad reviews I just made another five figure withdrawal. The money was in my account the next day without any problems at all.

As of today, 20-01-2020, my account page was made un-accesssible.
Although I received part of my credit, there is still an amount due.
From the first amount there was 1. A transfer fee deducted + 2. "a fee by an other bank or financial" (not my bank). So I was heavily charged for leaving this "Pirate ship".
Somehow it reminds me of Barry Dyke's book: Pirates of Manhattan. These ones are from Canada.
Very unsettling. -end of update-

- I opened an account for bullion investment with https://www.goldmoney.com/.
- I wired ~15K CAD last year from my scotiabank account.
- I purchased bullion (which is kept in their vaults)
- Due to changing their storage fees system (they raised the prices) had to sell Gold at a loss and requested my money back.
- They claimed they sent a wire transfer since January 3rd 2020 and "it arrived at my bank on January 15th" as they wrote in an email to me. All banks stated no wire transfer took this long in their history!
- I contacted my bank and launched an investigation and the bank said nothing came in!

They still insist they are tracing the transfer, there is a chance they are honest, although after reading the reviews here, I doubt it. For sure I'll take it to the court soon.

Yes they do reply to your messages and inquiries, but with no value! I'll post an update if things got better or worse.

------------------
Update:
The Transfer arrived at my account finally by the end of January...
I can't say I was scammed, but I can't say it was smooth either. May be the banks/governments are the ones holding the transfer until they verify the money is "Clean", may be not. No one knows.

But through my experience with GM, it wasn't nice to change the storage fees in the middle of my investment, I had to sell at a loss...
Overall, I won't invest in online bullion again,,... unless the bullion/money is not with you, it is not yours...

To my relief the support team responded yesterday 13. January 2020 immediately when I requested to close my account. With no hesitation it was deleted! I started this account in September 2015. Everything went well. They even compensated me then with 10 Euros because I complained about unforeseen wire costs.
But since gold was going nowhere, I decided not to invest in gold anymore and transferred the value back to my bank-account, mid 2018. Then I got disappointed in Goldmoney for their wire redemption fee of Euro 16.86 (0,5 Gau at the time. A Gau is a Goldgram) + a transferprovision of Euro 5.00. Plus it was not possible to retrieve all the value on my account, because of the amount requested was "too close to your total vault balance". To me this felt like trickery.
The Euro 28.13 that was still on the account I could not retrieve. No words about that rest-value in the email I received yesterday about closing the account. I take this loss. For me it was more important to step out. But imagine the profit of the management team when they do this to thousands of former customers. No bad word from me though about the support team. They seem to be genuinely kind and hard working.

Funny was that Goldmoney opened an extra vault in Toronto for me (while I had my goldvalue chosen to save in Zürich; I did not ask for that Toronto vault to be opened) to wire me some Euros worth of GAUs for my birthdays. That seemed a kind gesture, 0.156 GAU in total. BUT: now in january '20 they simply charged me a fee for this vault. This was simply taken from the rest-value on the account. The fee was more than I received previously. Felt like trickery again. To my taste, this is not the right way to treat customers.
Max Keiser previously invested in this business and trusted them. I am curious to find out what he now thinks of them. I had no time to watch the Keiser report lately. Did anybody hear him talking about Goldmoney recently?

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 M/C that is no longer available to them. But, they are applying the money to back storage fees and now won't respond to my emails trying to get my funds out and close my account. This is obviously terrible.

I write this to share my experience and to hopefully help prevent others from being treated this way and losing their funds.

I had a large sum of fiat stored for several years at GM... loved the concept. They had several very good, flexible services when they started:
1. Foreign exchange currencies
2. Debit card (for US citizens) tied to your holdings
3. Delivery of your holding, via schiff gold (I actually used it once and it worked in 2019, as a test)
4. Good customer service: when you emailed them, response same day. If you called, someone picked up the phone.

NONE OF THE ABOVE IS AVAILABLE ANY LONGER!
I HAVE BEEN TRYING TO TAKE DELIVERY OF MY REGISTERED BARS FOR 2 WEEKS AND THEY WILL NOT RESPOND! I actually got to talk to the customer rep and told him of my frustration. He said they have been busy and the delivery quotes were taking longer than expected... that was 2 weeks ago.

I'm selling it all and exiting the entire scam... I was burned w/the Tulving scam already... GoldMoney is acting EXACTLY the same way as Tulving right before Tulving went under.

GET. OUT. NOW.

Try to withdraw fund and see what happen... every reply is 2 days late very little incentives to keep the existing client. Story is I open a account to buy gold and at the time it was very convenient. I withdraw some to fund my home purchase and have not touch the remainder about $50 CAD. I thought I could come back in the future, now they are charging me $10 storage fee and making the withdraw impossible and they just don't care. They effectively default on my deposit.

They are inaccessible. They only respond with pre-printed emails. Their support is awful. So far, I have not been able to get my money back and liquidate my account. They don't answer the phone. You can only leave a message. I have been trying to liquidate my account for 3 weeks, (filled in all the forms online. I even got a response that they got the message and to give them a few days). Now I get a new email saying I didn't request redemption, and to read their FAQ. What a CROCK!

Started out well enough a couple of years ago. Now there is a $10 monthly charge for storage fees. Plus, they won't allow you to take your money out. They recently introduced extra KYC features and asked me to unload documents to 'verify my holding' again. They are doing some sort of forced migration in order to get everybody to a new vault, so you can pay more money for a lesser quality of service. They have a new KYC service that is set up to be IMPOSSIBLE to comply with. It is the most counterintuitive process I have ever experienced. It has to be deliberate. There is no reason they could not have done a manual transition instead of negating existing accounts and forcing them to do a SECOND KYC process to migrate to a vault they would never have agreed to in the first place. Avoid like the plague, it has been corrupted. BTW, owned by George Sorus.