Goldsilver.be: which is the best payment option?

[Guest]

Hello,

I'm going to make an order around the £5K mark for silver coins from goldsilver.be, which I used in the past for smaller orders.

I made my earlier payments from my account in Euro, which now has run out of cash.

I have three options:

1) Wire a transfer from my sterling account. My bank will charge £11 plus the conversion rate, which is unknown

2) Visa transfer, but there's a 3.5% charge (???)

3) Other options? Maybe using Paypal? Paypal is linked to both my bank account and my visa card (second account). Would I be charged 3.5% even if I use Paypal?

 

Thanks

[Silvergun]

Have a look at transfer wise.

[HelpingHands]

12 minutes ago, Silvergun said:

Have a look at transfer wise.

£5000 will be over the money laundering threshold and there is a chance you may get asked ID questions.

If somebody here has already made a first time transaction this large without problems then maybe they can comment.

I suppose you could pay in smaller amounts.

[BackyardBullion]

Transferwise is the best for me, I didn't do over £5000 though. Western Union is another one but you have a limit of £800 before you need ID checks etc. There are some cashback offers on topcashback.co.uk for both so go check them out!

[RisinSun]

I just recently done 10000 through CurrencyFair to purchase from GoldSilver.Be. Scanned drivers licence and bank statement with my address on it and it went smoothly within minutes. No transfer charge on first exchange, £3 per exchange after. GBP is improving against EUR.

[Guest]

19 hours ago, Silvergun said:

Have a look at transfer wise.

I've never used either Currencyfair or Tranferwise. But how does it work? Do I have to agree the transaction in advance with the dealer?

[BackyardBullion]

Goldsilver.be just say in their checkout they need to receive the funds in their account by 72 hours i think. They give you an IBAN number and you can transfer the funds via transferwise directly to their account. Worked a charm for me.

[Guest]

12 minutes ago, BackyardBullion said:

Goldsilver.be just say in their checkout they need to receive the funds in their account by 72 hours i think. They give you an IBAN number and you can transfer the funds via transferwise directly to their account. Worked a charm for me.

Thanks.

 

Then, sorry for being thick but I thought they also had to have an account on transfer wise/currencyfair.

[BackyardBullion]

Nope! :-)

[Guest]

4 minutes ago, BackyardBullion said:

Nope! :-)

Thanks. I think I get how it works now. I just wonder if my money will be able to hit their account within the 72 hours.

 

I guess it might take some time to verify my account. Then it might take time to transfer the money via bank transfer (currencyfair doesn't accept credit cards).

 

So I guess I have to make sure the money is in currencyfair's account before I start the transaction with gold silver.

[HelpingHands]

If you use transferwise you can use your debit card.  

[jayboat]

Transferwise

Set it up once and your good to go every order quick and easy like

Get one of the mods to send you a referral link and everyones a winner. 

[morezone]

If you plan on using a currency broker (Transferwise, Currency Fair etc), it is wise to set up an account with them first.  Although most accounts can be opened instantaneously there can be issues if one's identity cannot be verified electronically on their system which could cause delays.

With Transferwise there is a £2k limit when using a credit or debit card.  Over 2k and the funds must be transferred in.  During normal banking hours the funds being transferred in usually turn up within a couple of hours.  Credit Card payments incur a small fee but most importantly there could be additional fees from the credit card issuer.  You will need to verify this with the card issuer as some issuers class these types of transactions as a cash advance and interest starts occurring immediately.  It is a similar scenario with betting and the type of transaction it is classed as does vary.  Funds being transferred out usually arrive within 1 working day.  Once a transfer has been setup the exact amount in £ is known and will not change as long as the payment for the transfer is received by Transferwise within 24 hours.

 

With Currency Fair all funds must be transferred in.  Again, during normal banking hours it usually arrives within a couple of hours.  Transfers can only be setup once the funds are available which means that the amount is unknown until the moment of exchange and transfer.  Here, one needs to estimate the amount required to transfer it in and hope that there isn't too much movement in the exchange rate.  I always leave a £20 buffer just in case.  Funds being transferred out usually arrive within 1 working day

 

Transferwise is more user friendly although it does cost slightly more for transfers over 2k at the same moment of transfer.  Since Currency Fair's rate is not determined until the funds are in place for exchange then any upwards movement is a double bonus and any downwards movement probably cancels out the savings over Transferwise.

[BackyardBullion]

When I bought through Goldsilver.be I set up my transferwise account and sent the money with debit card. Goldsilver.be received it the same day. Very good service. I have a review video from them here:-

 

 

[Guest]

2 hours ago, morezone said:

 

Thanks all and morezone, this was an excellent explanation of how it works. If anybody wants to send their referralfor t/w to me, please do so. I count on joining later on in the afternoon. I see there's an official referral for c/f.

[BackyardBullion]

29 minutes ago, savoyard said:

Thanks all and morezone, this was an excellent explanation of how it works. If anybody wants to send their referralfor t/w to me, please do so. I count on joining later on in the afternoon. I see there's an official referral for c/f.

If you want a transferwise account go through topcashback.co.uk 

£10.50 cashback for new users of transferwise

My friend referral link is http://www.topcashback.co.uk/ref/backyardbullion

Thanks

[ApisMellifera]

I also like transfer wise. It's fast and very cost effective . Used it for PM purchases and also sending some cash to friends/family overseas. Will never use overseas banktransfers any more, when possible.

[Guest]

Thank you all. I eventually used transferwise to send money to my other account in Euro and then to goldsilver.be.

 

I have already received the package but not opened yet. Total transaction just below the €3k mark. All in all, compared to Atkinson's I must have saved about £400 or so.

 

[SilverSniper]

I paid them via Direct Bank Transfer, my Business Account has a reasonable flat rate International transfer.