The Banks and Credit Unions have put considerable restrictions on you when trying to purchase Precious Metals. The following is designed to help you understand the hurdles you may run into and how to deal with them.
First of all, let me start out by saying there are substantial savings opportunities when purchasing here rather than the Banks, but there's one fundamental you must understand before moving forward. All Precious Metal prices like Gold and Silver, are based off of the current SPOT PRICE, which changes every minute. The PREMIUM, is the amount above the Spot Price that each company charges for minting the coin, and other operational costs.
Here at SILVERTIP INVESTIN, the Premiums for an ounce of Gold are between $60-$100 LESS than the Banks charge. So you can see, if you're looking to purchase even a single ounce of Gold, there's considerable financial benefits with purchasing from a local dealer like Vintage Gold. And if you're price comparing, please be sure to ask the Bank for the TOTAL price it will cost you to walk out the door with that coin.....all their Taxes, Shipping Fees, etc. included. As most times, they will advertise a price only $20 or $30 more than my price, but that is not including all the extra fees they add on afterwards. The price I will provide you with over the phone, is the Total price to will pay...with no hidden fees. This way you will be comparing apples with apples, and you will clearly see how much you will be saving with going with a real Gold Dealer, as opposed to a Bank that I can assure you, knows very little if any about Gold or Silver. Just for kicks, the next time you're in the bank, just ask the Teller some of your Gold-Related questions, and I guarantee you you'll be shocked at their response.
Please review the payment options listed below to help you decide which one is best for you. And note that unlike the banks, in most cases, you will be taking immediate possession of your physical Gold and Silver when dealing with SILVERTIP INVESTING.
Interac Debit Cards, Cash, and Bank Transfers are all accepted.
Unlike the Banks, SILVERTIP is a true Gold Dealer, and most items are IN-STOCK, and are available for immediate possession !
1. CASH - Canadian or US Currency is accepted
2. DEBIT CARD / INTERAC - up to your daily limit, which for most is $2000/day
3. BANK TRANSFER - accepted
4. CREDIT CARDS are not accepted
5. CHEQUES / BANK DRAFTS are not accepted
Below is some information to help you understand how the Banks put limitations on accessing your money as a way of deterring you from going elsewhere and saving money. If you haven’t tried taking your money out of the bank lately, you will likely be shocked at how difficult it is, and I think it'll be helpful to know what to expect before you arrive. Please call if you have any further questions.
1 - CASH
When paying in cash, because of the varying Spot Price, the exact price will be determined at time of purchase. No ID is required unless you're paying more than $10,000 per day. I maintain most items in-stock in Saskatoon, so in most cases, you'll take immediate possession of your Gold/Silver coins/bars. Now you will likely find this next part hard to believe, but when you go to your bank and try to withdrawal your money from you bank account, most Banks/Credit Unions will only allow you a maximum of $3000 per day! So even if you have let's say, $20,000 in your savings account, they will not let you take out more than their pre-determined amount.... I know this may be hard to believe, but I'm just telling you that most people I deal with are very shocked when they go to get THEIR money out of THEIR bank account, and find out that they can't get to most of it. Trust me, I get to hear all the stories that my customers share with me about how surprised they are when they find this out to be true. But honestly, it's quite good for my business as it reinforces to them why it's good to have some Precious Metals on hand, especially when/if financial crisis hit, as they realise the banking system will not be there to assist them in time of need. So just letting you know, be prepared to do some fighting if you're wanting to withdrawal more than $3000 a day of YOUR money from YOUR bank account.
2 - DEBIT CARD / ELECTRONIC MONEY TRANSFER
I accept Interac Debit Cards, but keep in mind that most cards have a maximum limit of $2000 per day. So if you're wanting to use this option for a purchase over that amount, you simply need to make multiple payments until the full amount is reached, then you can take possession of your purchase.
3 - BANK TRANSFER
With this option, no ID is required and there is no limit to your purchase. You will take immediate possession of your Gold/Silver. Most banks will charge you a minimal fee around $30, and at this end, if your purchase is under $10,000, I will need to pass on a Bank Fee of $25 per transaction. Bank Transfers usually take a day to process, but can take up to 4 days. Once the funds are received at my end, the Price can be determined and Locked In. You then will be able to take possession of your purchase. If you happen to be a RBC client, the transfer is immediate, and you can take immediate possession of your Gold/Silver.
4 - CREDIT CARDS
Seeing as my profit margin is 0.005% and the credit card companies charge 3.25%. So as you can see, this simply is not an option when dealing in Precious Metals.
5 - CHEQUES / BANK DRAFTS
A quick word here on why I can not accept this form of payment. Most banks will tell you that a Certified Cheque/Bank Draft is as good as cash, which simply is not true. If it was, I would take them, but unfortunately these forms of payment are subject to large amounts of fraudulent opportunities, therefore this risk is far to great in falling prey to this form of payment. Yes, if you are a legitimate buyer and purchase a Bank Draft, the funds are withdrawn immediately out of your account, and it is guaranteed payment. But please understand, the honest person like yourself is not the one I must be protected from. Like most things in life, it's the dishonest ones who wreck it for the rest of us. That is why, hopefully you're able to understand my reasoning in having to stick with the most Risk-Free methods of payments.
"LOCKING IN" a Price
Seeing as the world SPOT PRICES change every minute, if you want to "Lock In" your products at the current price, you will need to pay at least a 25% down-payment before it can be locked in. This is done by either by Cash or Electronic Funds. Then in the coming days, once you've arranged full payment, you can then take immediate possession of your Precious Metals purchase.
If you live outside Saskatoon, and are not able to pay and take immediate possession of your items, as soon as the funds are received at this end, your order will be locked-in.
For purchases under $500, a $25 Service Charge will apply.
Seeing as the Spot Price changes constantly, the sale price can not be "Locked in", until full payment is received. If I give you a price of say, $1700 for a Gold Maple Leaf Coin, if the Spot Price has dropped $5 buy the time you make payment, the final sale price will be $5 less.
As SILVERTIP INVESTMENTS is a Customer Direct business only, I understand the credibility and providence is extremely important for you as a potential customer. Please see the below information and also a link to the Royal Canadian Mint sight, at which you can verify of my accreditation as a RCM Bullion DNA Dealer.
I thank-you for taking the time to consider Silvertip as a viable and cost-saving option, and I look forward to answering any questions you may have about my business or Precious Metals in general. Hopefully I can be in integral part of providing you with a cost-saving alternative to the Banks, in your pursuit of obtaining high-grade investment products that will help to secure your family's wealth for whatever the future may bring.