GoldMoney Announces New Client Services
May 17, 2007 by Mark
Filed under Personal Finance
GoldMoney can now handle your banking and bullion transactions in house and offshore.
Customer Segregated Funds
In addition to a GoldMoney digital bullion accounts, they are now offering clients a segregated national currency ‘connecting account’ with their local Jersey bank. Customers can now deposit funds directly into their segregated accounts using any of 4 different currencies: US dollars, British pounds, euros or Canadian dollars. These funds can immediately be use to purchase digital gold and silver from GoldMoney. If you decide to sell your digital bullion, any or all of the proceeds can be deposited instantly and directly into your non US segregated account. Additionally, interest will be paid on the currency deposits at very competitive rates, and account holders will have 24/7 access to the value by visiting the ‘Balances’ page in the GoldMoney Holding account.
How It Works
GoldMoney will accept incoming funds from US account holders by electronic check or bank wire. Once the funds are received they roll into your segregated account at the foreign bank. They sit there earning interest until you either buy some digital metal or request the funds be returned. There is no minimum or maximum deposit for the proper operation of the new account service. Interest based on your average monthly balance will be paid monthly, regardless of the size of your deposit.
The fee GoldMoney charges for this new service will reduce the interest income you receive by 1/4th of 1% per annum. Thus if the interest rate paid by their bank is 5%, the interest income you earn on your deposit is 4.75% after deducting the administrative fee. Interest rates are of course subject to change, but the present interest rates per annum after deducting the administrative fee are:
- US dollar 4.18%
- British pound 5.00%
- euro 3.14%
- Canadian dollar 2.75%
As of May 20th these new services will be live. James Turk revealed some of this information back in early March during his interview with us here at DigitalMoneyWorld 
GoldMoney 
webmoney
Mark,
I can’t seem to find the announcement (yet) on their site. This is quite interesting especially if you can transfer the “cash value” instead of the “gold value” between users…similar to webmoney wallets.
Anyway, do you know anything about http://www.paybycash.com? Is it new? Any feedback would be most appreciated by everyone.
Steve
http://home.businesswire.com/portal/site/google/index.jsp?ndmViewId=news_view&newsId=20070521006165&newsLang=en
Today is the 21st and it just hit the wire, Paybycash has been around a long time and they work with gaming (virtual world stuff) mostly. I never heard a bad thing about them.
A new one just out is http://www.paidbycash.com/pbc/
This start up is gaining popularity because of its major ‘convenience factor’ for cash users. Its a US product but could be compared to Ukash in Europe. I like it and hope it will quickly gain merchants.
Thanks for your comments Steve.
Mark