Frequently Asked Questions

faq

How? What? Why?

This page provides the questions and answers we are regularly posed. Don’t forget, if you have any questions about our service or how it works, you can get in touch either via our contact page, or via the live support box at the bottom of the screen

General Queries

What is Goldman Bullion

Goldman Bullion are recognised experts in international payment processing. We manage the conversion of your funds to foreign currency, achieving the best rates possible to ensure your payment is as cost effective for you as possible whilst maintaining the safety and security of your funds

Why should I use Goldman Bullion

Many customers assume their bank is the best way of making international payments. What they don’t always realise is that the bank counter rate of exchange is never the most competitive on the market.

Whilst UK payments can be made via the faster payment mechanism which is typically free, the banks have significant costs for international payments, often £25-35.

At Goldman Bullion we offer bank beating rates which become cheaper as the amount increases. Our standard same day international CHAPS fee is only £10 which is significantly cheaper than the bank – and if your payment is significant, this transfer fee is waived.

Which currencies do you support

Goldman Bullion has banking facilities which allow it to trade in over 35 currencies worldwide. Regardless of the currency of your payment, our service will allow you to achieve the best rate possible.

Why do I need to open an account

Goldman Bullion are committed to meeting or exceeding the regulations in effect from the FCA, HMRC and the banks.

To deal with Goldman Bullion we need to pass the initial compliance checks. Whether you are an individual or a company, the principals of the initial compliance checks are the same and involve confirming the identity of the individuals we deal with and the source of funds.

If your circumstances do not change, you will typically only need to go through the initial compliance checks once, though you are required under our terms of service to notify us of any changes in your address or status.

Do you perform credit checks

Goldman Bullion do not perform credit checks, however we will undertake the checks required to ensure we meet our compliance criteria. In addition to obtaining documentation about yourself or your company, we may also undertake electronic anti-money laundering checks on the individuals we deal with.

Is my money safe with Goldman Bullion

Goldman Bullion are fully committed to the safety and security of client funds and this commitment forms the underlying principal upon which we run the company.

Throughout the payment process we ensure that your funds are held in secure accounts. If funds transfer through one of our partner organisations, we ensure that their security and regulation meets or exceeds our strict requirements

Do I need to pay a monthly or annual charge

No, our charges are built into each transaction you execute with us.

Our charges are 100% transparent and the quote you receive will clearly show any charges included within your settlement amount.

How do I open an account with Goldman Bullion

We have a team of friendly dealers waiting at the end of an email or telephone to discuss your requirements.

When you initially approach us we will discuss your business or personal circumstances and determine what initial checks or documentation is required to set you up on our systems.

Is the service open to individuals or businesses

At Goldman Bullion we act for individuals and large companies alike. Whilst the requirements of each may differ, we can tailor a solution to meet your needs.

For example, some companies wish us to undertake the end to end currency conversion and payment to beneficiary. Others wish to execute the payments via their own banks and simply want to use our service for the cost-effective purchase of foreign currency to their own accounts.

Is there a minimum amount per payment

At Goldman Bullion we act for individuals and companies alike. Whilst there is no minimum amount we will process, there are times when our dealers will advise you that it may not be cost effective to process your payment.

For example, if you wish to send £50 worth of Euros to a beneficiary where we levy a £10 charge for the payment, it may not be cost effective for you to use our service.

We always seek to act in the best interests of our customers and if we believe you can achieve a better deal elsewhere, we’re not shy about telling you!

Can I change my order

The simple answer is that it depends.

Once you have agreed a quote we will proceed and start the process on your behalf and as such, it will be too late to change the order.

Having said that, you can get as many quotes as you wish before proceeding. As the rates change all the time, it may be better for you one day rather than another.

What is the interbank rate and can I get it

The interbank rate, otherwise known as the mid-rate is the rate reserved for transfers between banks, often in excess of £5-10 million.

If you wish to execute a payment in this range we will negotiate a deal specific rate on your behalf which will be very close to the interbank rate, though typically for smaller transactions, the rate you will be quoted will be a percentage margin off the interbank rate

Who do you base your quote rate on

At Goldman Bullion we take the rate shown on XE.com as the agreed interbank rate at time of quote.