frequent questions, straight answers.
Is Auromoney a bank or a financial institution?
AUROMONEY Ltd is neither a Bank and nor a financial institution. We do not offer services such as financial or investment consulting. The company's activities are solely focused on buying, selling and safe-keeping precious metals in physical form, specifically gold, with a purity equal to or higher than 995/1000, in the form of gold bars which are manufactured by LBMA certified refineries.
Therefore, our business does not fall within the regulatory scope of the financial services sector and it is not governed by the Financial Services Authority. AUROMONEY Ltd is subject to British law and registered in Great Britain under the number 09960243 of the Companies House.
What does Auromoney practically do?
Through its web platform AUROMONEY allows registered users to buy, sell or withdraw the physical gold which is located and safely stored in the vault of an insured secure storage provider in Switzerland. AUROMONEY is a simple and affordable way to buy and hold physical gold in the quantity that you choose.
Through AUROMONEY you can buy shares of LBMA gold bars (starting from 0,001 g), that are kept in high-security vaults, in Switzerland, and you can resell them whenever you want. From the control panel of your AURO account you can directly buy, sell and withdraw your physical gold with a few clicks, as well as monitor your transaction status and your current balance.
Are there any requirements to open an AURO deposit account?
To open an AURO deposit account holders are legally required:
List of Countries adhering to SEPA:
Why is the Euro the only exchange currency?
Presently our service is offered exclusively in Europe and specifically in the countries which are listed at the above point. Furthermore, to minimize the costs to transfer the currency we only accept funds, from and to banks adhering to the SEPA circuit.
This is the reason why the only currency that we accept is the EURO. However, we are working on including other exchange currencies as well.
The service is very interesting, but can I trust it?
We very well know that, to get customers’ trust is a difficult task, above all, when the business is about gold and precious metals. We cannot count on the reputation of a big bank or the history of the major gold refineries. Thus, we have built a protocol of conduct and control, the Proof of Gold, that involves third parties, who are totally independent from Auromoney to guarantee the existence and the property of the gold of the customers. Go to PROOF of GOLD.
Why do I have submit my personal details and IBAN to open an AUROLIGHT account?
This is the minimum requirement, according to the British and EU law, in order for AUROMONEY to be allowed to sell gold to private persons that is valued under € 5000/year in purchases and sales. This is also a way for us to guarantee the ownership of our customer’s gold, as it is physically stored by secure storage partner company, that can also verify the names and identity of the gold owners.
Why do I have submit and upload my proof identity and residence documents to upgrade to the AUROVERIFIED account?
Over certain purchase value British regulations require us to identify the customer and verify their identity and residence, (KYC process).
Is it necessary to have a bank account to open an Auromoney deposit account?
YES. For security reasons, the funds flow from and to AUROMONEY must be carried out through the SEPA bank account of the customer. The holder of the bank account must be the same person as the holder of the Auro account.
May I buy gold and pay with my personal credit card?
NO. The only means of payment that we accept is the SEPA bank transfer, from the customer’s bank account to the Auro account which is linked to it. The use of the credit card carries additional costs and commission which would be charged to the customer making the purchase of small quantities of gold less affordable.
Do you offer an Auro business or corporate account?
NO. AUROMONEY currently offers personal deposit accounts only. However, we will consider the possibility to add AURO business accounts to our service range in the future.
How can I get the Aurocard?
To get the AUROCARD you must have an AUROVERIFIED account and then simply fill in the corresponding application form. You will receive the verification result in a few days and once cleared, you will receive your AUROCARD at your registered address. The AUROCARD is issued and managed by our financial partner : COMING SOON.
What is the LBMA?
The London Bullion Market Association (LBMA) is an international trade association, representing the London market of gold and silver. The London market of gold and silver is the most important in the world and it includes most of the central banks, big private investors, mining companies, gold producers and refiners.
The main role of the LBMA is the management and the publication of the standards of production, refining, storing and delivery of gold and silver. These rules and requirements are recognized as universally accepted quality standards (Good Delivery). The LBMA also publishes a list of companies that officially adhere to the LBMA Good Delivery standards.
What is the Fixing?
The official reference price for gold is set through a daily "bargaining" process among the Market Makers Banks. The fixing of the official price is established by auction, taking place in London, twice a day, at 10.30 GMT (Fixing AM) and at 15.00 GMT (Fixing PM). These reference prices are officially and widely used as the basis of transactions all over the world.
How do you calculate the buy and sell prices for your customers?
The effective trading price that Auromoney applies, namely the price of execution of the order, is called AUROPRICE. The reference price is the value of the LBMA Gold Fixing pm, announced every day at 15.00 GMT.
Purchase orders are executed at the value of the AUROPRICE BUY (Fixing pm + Fees) of the first working day after the customer's bank transfer is completed and received by Auromoney.
The sales order, if placed before the 12.00 GMT, will be executed at the AUROPRICE SELL (Fixing pm - Fees) of the same day, or the next working day, if placed after 12.00 GMT or on an official holiday of the LBMA.
Why do you use the Fixing PM as reference price, instead of the spot price?
Auromoney considers gold to be a store of value for the long haul and an insurance against the paper money. Our platform is built on these principles and thus was never intended to serve as a speculative vehicle, let alone an intraday trading platform. There are other financial services and instruments fit to this purpose which can be used without the need to buy or hold physical gold. This is the reason why Auromoney chose to use the official and internationallly accepted LBMA FIXING as reference price, specifically the FIXING PM update every day at 15.00 London time.
Operatively, it will be enough to take into consideration that:
All PURCHASE orders will be executed at the value of the LBMA Fixing pm of the first working day after the receipt of the money in the Auromoney bank account.
All SALES orders placed before the 12.00 London time, will be executed at the value of the LBMA Fixing pm on the same day if this is a working day, or the first working day thereafter if the order is placed after the 12.00 GMT or if on holiday for the LBMA. The fee for the transaction of Auromoney is added or deducted to/from the reference Fixing PM price (depending on whether it is a purchase or a sale), thus getting the Auroprice, that is the price of the execution of the order.
How long does it take to get the gold credited on my Auro account?
The day of settlement (delivery), for purchases at the Fixing price, as defined by market rules is usually two days after the transaction. AUROMONEY clears and registers the transaction on the day of settlement or as soon as possible after this date. We could also settle the transaction, in a shorter time, at our discretion. After the settlement, the gold is physically present in the vault of our secure storage partner and credited on the customer’s deposit account.
Does the gold that I purchase physically exist, or is it a credit certificate?
The gold, that is sold by Auromoney exists in physical form and is usually owned by the company itself and already in storage in the vault of our secure storage partner, in gold bars of 1000 grams, manufactured by LBMA certified refineries. Our customers can buy shares (from 0,001 g) of these LBMA gold bars. In rare case that the available gold quantities in custody do not allow for the immediate settlement of an order, Auromoney will purchase the necessary quantity of gold, in the shortest time at the transaction Fixing PM price, and make it available in the vault, for the delivery to the customer . As for the guarantee of existence and ownership see also the PROOF of GOLD.
Who is responsible for the storage and security of the gold?
AUROMONEY does not directly store the gold that is sold to their customers, but uses a secure storage and logistics partner. The storage partner is a private company with a long-established reputation in the international market providing vaults with high security standards, according to the laws and regulation of the countries they operate in.
The gold presently is stored in Switzerland, in the vaults of our storage partner company Loomis International AG (CH).
When I sell the gold how long does it take to receive the equivalent value?
The day of Settlement (delivery) for gold sold at the Fixing price, as defined by market rules, is usually two days after the transaction. AUROMONEY clears and registers transactions on the day of settlement or as soon as possible after this date. After the Settlement, Auromoney will transfer the corresponding amount to the customer’s bank account, or credit it on their AUROCARD if they so choose. Thereafter the time of the bank transfer is independent from Auromoney, and would usually take 1-2 working days (after settlement).
How do I prove my ownership of the purchased gold?
In addition to the traditional documentation, provided regularly by AUROMONEY proving the purchase or the sale of the gold (receipts of executed order, records of the transaction on the Auro account, invoices, monthly account statements, and the list of customers and balances delivered to our secure storage partner) we also provide further verification possibilities and added operational transparency, by using blockchain technology to publish and certify the daily balances of our customers. See Proof of Gold section.
Can I withdraw my physical gold?
Certainly. Through our REDEEM function you can request the delivery of your gold directly to your address. The available bar sizes are LBMA gold bars of 10 – 100 – 1000 grams. As the gold is already your property, you will only be charged the cost of production and transport. See AUROPRICE for more details on cost of production and shipping.
Can I cancel an entered order?
An entered order can be cancelled, but only before it is approved by Auromoney. Just go to your Dashboard and click the “X” button next to any order you wish to cancel, as long as it is still in "Pending" status (not approved yet).