GoldMoney As An Offshore Bank Account

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SteveR's picture
SteveR
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Joined: Dec 4 2008
Posts: 71
GoldMoney As An Offshore Bank Account

GoldMoney, in my opinion, is an excellent way to hold allocated precious metals in an offshore location.  Few people realize that GoldMoney can also function as a limited form of offshore bank.

Essentially, GoldMoney is associated with a bank in the channel island of Jersey (Barclays, I think).  Normally, that bank is used simply as a temporary storage place - i.e. a place to wire your funds before you purchase gold.  But, there's nothing stopping you from using that bank account for long-term money storage.  One drawback is the account pays no interest.

In addition to dollars, that account can hold Canadian dollars, British pounds, euros, Swiss francs, and Japanese yen. You can freely convert money back and forth, for a small exchange fee.

So one could easily set up some simple offshore currency diversification by following these steps:

1. Set up a GoldMoney account.

2. Wire, for example, USD 10K to that account.

3. Convert that $10K into a mixture of CADs, pounds, euros, francs, and yen.

Can anyone see a flaw in my thinking?

SteveR's picture
SteveR
Status: Bronze Member (Offline)
Joined: Dec 4 2008
Posts: 71
Re: GoldMoney As An Offshore Bank Account

Update: I just tried to convert some currency in my GoldMoney account and got this lovely message:

US-resident customers are not able to engage in currency-to-currency exchanges.

The screws are being tightened - the exits are slowly being blocked.

Cloudfire's picture
Cloudfire
Status: Diamond Member (Offline)
Joined: Sep 29 2008
Posts: 1813
Re: GoldMoney As An Offshore Bank Account
SteveR wrote:

Update: I just tried to convert some currency in my GoldMoney account and got this lovely message:

US-resident customers are not able to engage in currency-to-currency exchanges.

The screws are being tightened - the exits are slowly being blocked.

Hmmm . . . . Thanks for the update, Steve.

plantguy90's picture
plantguy90
Status: Gold Member (Offline)
Joined: Jan 27 2009
Posts: 271
Re: GoldMoney As An Offshore Bank Account

I dont know about your last statement that implies Goldmoney is acting shady somehow by not allowing currency-to-currency exchanges. 

Have you (or anyone) tried buying gold, then converting it to the currency of your choice?  I did not, but it seemed like USD-to-PM, then PM-to-currency was allowed.

DrKrbyLuv's picture
DrKrbyLuv
Status: Diamond Member (Offline)
Joined: Aug 10 2008
Posts: 1995
Re: GoldMoney As An Offshore Bank Account

SteveR,

I hold a GoldMoney account (I use the Swiss vault) and I have been wondering if the new U.S. - Swiss agreement would affect my account.  Thanks for the update, evidently it does.  The U.S. bullied Switzerland into opening their bank books so that tax dodgers might be discovered.

The agreement language goes beyond U.S. citizens - if you want more info, you can stop by my post "From Switzerland With No Love - Wegelin Bank Says Goodbye To The U.S.

SteveR wrote:

The screws are being tightened - the exits are slowly being blocked.

Yup, agreed, that is exactly what is happening.  They know the economy is tanking and they will use the event to transform our country to tyrannical fascism, they don't want anyone getting away.  Time to get the pitch forks and torches ready.

Larry 

DrKrbyLuv's picture
DrKrbyLuv
Status: Diamond Member (Offline)
Joined: Aug 10 2008
Posts: 1995
Re: GoldMoney As An Offshore Bank Account

plantguy90 wrote:

Have you (or anyone) tried buying gold, then converting it to the currency of your choice?

I've sold gold three times in the past year and it was nice to be able to sell in the currency of your own choosing.  Then when the price would drop, I would buy gold again, so it worked out well, especially late last year when China started buying Yen which caused it to go up.

One by one...our freedoms and privacy are being removed...

Larry 

SteveR's picture
SteveR
Status: Bronze Member (Offline)
Joined: Dec 4 2008
Posts: 71
Re: GoldMoney As An Offshore Bank Account
plantguy90 wrote:

I dont know about your last statement that implies Goldmoney is acting shady somehow by not allowing currency-to-currency exchanges.

That's not what I meant at all.  GoldMoney is the best.  The screws are being tightened and the exits being blocked by our government - see Dr. KrbyLuv's replies above

nedyne's picture
nedyne
Status: Bronze Member (Offline)
Joined: Jan 14 2012
Posts: 63
BullionVault too

You can do something similar with BullionVault, but BV doesn't have direct currency-to-currency conversions. BV however has much lower commissions for buying and selling PMs.

BV uses Lloyds of London to store customer funds, and it has a small fraction of dollars in Wells Fargo ( https://www.bullionvault.com/audit.do?startsWith=&classNarrative=CURRENCY ).

AStuart's picture
AStuart
Status: Member (Offline)
Joined: Dec 4 2017
Posts: 2
I heard some guy talking on

I heard some guy talking on Joe Rogan about a debit card that sells portions of your stored gold.

It was an instant transaction to the point where no one would know it was anything other than a debit card.

Does anyone know what I am talking about?

He talked a big game, but I don't know if it is legit.

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