Here you will find answers to the following questions:
1. Is bank account verification mandatory?
2. Can money from gold sales be transferred to an unverified account?
3. Can I have more than one verified account?
4. How do I verify my bank account?
5. Why does my bank account need to be verified when I resell my gold?
At a glance
- Bank account verification is not mandatory. A verified bank account is necessary if you want to sell gold before collecting 31.1 grams, or 1 ounce bars.
- It’s a good idea to verify your bank account right away, just in case, even if you don’t currently plan to sell your gold. This will speed up the selling process should we need to urgently cash in the gold we bought in the future.
- The account verification procedure is simple, but the account verification process can take up to several hours on the bank’s side.
Do I need to verify my bank account?
It is not mandatory to have a verified bank account, as long as you do not intend to sell gold before collecting a full bar.
When, for some reason, we wish to sell our gold before accumulating an ounce and collecting it as an ingot bar, we will need a verified account to transfer the funds from the gold sale to.
The account verification process, although automated, can take several to several hours. In a time-sensitive situation, account verification can prolong the gold selling process. Therefore, it’s better to verify your bank account beforehand, just in case.
Czarek Jóźwik
“Sklep Goldsaver to wygodne rozwiązanie dla osób jak ja, które do tej pory nie miały zbyt wiele do czynienia ze złotem. Można ustawić stałe zlecenie i przypomnieć sobie o złocie jak kurier przyniesie już całą uncjową sztabkę. Nie trzeba śledzić notowań i zastanawiać się, czy teraz jest dobry moment na zakup czy nie. Spoko wygodny sposób na budowanie kapitału na przyszłość, bez konieczności zagłębiania się w niuanse rynku”
Why can money only be transferred to a verified account?
Why is it not possible to enter a bank account number when selling gold? It is a security issue. This way no unauthorized person will be able to impersonate us and seize our money.
How to verify a bank account?
This can be done in three ways:
- By making a quick e-transfer (transfers24) for the amount of PLN 1, which we will then reimburse you,
- via traditional bank transfer, also for the amount of PLN 1, which will also be refunded,
It is important that the name and surname you provided when setting up an account in the Goldsaver store match those assigned to the bank account (you cannot plug in an account that belongs to another person). You can have several bank accounts verified on your Goldsaver.co.uk account.
Summary
Bank account verification is designed to increase security. It is a simple process, but can sometimes take up to several hours. Adding a verified bank account is not necessary if you do not plan to sell gold before collecting the bar.
In a situation where we will want to cash in the gold quickly and receive the funds in our account, having a pre-verified bank account will greatly speed up the whole process.
