Is BullionStar safe ?

[DerAufklaerer]

Is BullionStar good to stay online silver storage ?

Deposit mininmum in EUR is 1000 EUR

German Customer

 

[369]

They are very known and popular

 

[JohnDones]

I'd keep my money there rather than in an EU bank, that's all.

 

[bountymounty]

How do you guys leave your money there
https://www.bullionstar.com/
they are a depositor for Gold and other metal?

 

[DerAufklaerer]

Many products have high spread there

 

[bountymounty]

Many products have high spread there

any particular in mind ?

 

[Martin Everson]

I used to use Bullionstar and even went to their shop in Singapore some years back. Stopped using them when they froze my account and asked me for KYC some time back .

 

[JohnDones]

I used to use Bullionstar and even went to their shop in Singapore some years back. Stopped using them when they froze my account and asked me for KYC some time back .

Why was kyc an issue for you in this case?

 

[Martin Everson]

Why was kyc an issue for you in this case?

Was not KYC issue for me. It was fact they froze my empty account and never informed me of this or fact they wanted any KYC. Only by chance I logged in and found password would not work. Contacted them and they said account was frozen and they are now asking everyone for KYC.

P.S When a company behaves like this it is a big red flag of an internal or external pressure on them . Don't ignore the signs.

 

[JohnDones]

Was not KYC issue for me. It was fact they froze my empty account and never informed me of this or fact they wanted any KYC. Only by chance I logged in and found password would not work. Contacted them and they said account was frozen and they are now asking everyone for KYC. Closed account as its was empty.

P.S When a company behaves like this it is a big red flag not to ignore.

Yeah I agree that's crap tbh. Hopefully that wouldn't happen if you had anything on the account.

 

[backpacker]

Yeah I agree that's crap tbh. Hopefully that wouldn't happen if you had anything on the account.

It will for sure happen when you have something on such an "account".
Singapore is last place on Planet Earth were one should expect lenient KYC. Or expect any sort of logical thinking when it comes to the ad hoc implementation of government regulations.

Just look back to 2016 and what they did with Indonesians who participated in the tax amnesty program of Joko Wibodo -> Private banks in Singapore reporting Indonesians embracing tax amnesty to police

 

[JohnDones]

It will for sure happen when you have something on such an "account".
Singapore is last place on Planet Earth were one should expect lenient KYC. Or expect any sort of logical thinking when it comes to the ad hoc implementation of government regulations.

Just look back to 2016 and what they did with Indonesians who participated in the tax amnesty program of Joko Wibodo -> Private banks in Singapore reporting Indonesians embracing tax amnesty to police

I get SG is not far from UAE when it comes to dictatorship, but why do we all prefer to keep money in SG banks of all countries? Also name me one government with logical thinking and good implementation. :/

If you have lenient KYC, off it goes to gray/black list. As far as kyc with bullionstar it was just passport scan afaik but not sure if something changed over the last few years.

 

[backpacker]

I get SG is not far from UAE when it comes to dictatorship, but why do we all prefer to keep money in SG banks of all countries? Also name me one government with logical thinking and good implementation. :/

If you have lenient KYC, off it goes to gray/black list. As far as kyc with bullionstar it was just passport scan afaik but not sure if something changed over the last few years.

SG is hyped. In todays' world there are much better jurisdictions that will never get blacklisted .... .
Think strategic and avoid places that host a large offshore financial industry that contributes significantly to a nations' GDP. That business model belongs to the past.

BullionStar / SilverBullion and similar: KYC is different today. Proof of funds is required if your deposit exceeds a certain threshold (depends a bit on your passport and country of permanent residency, both being considered).

 

[troubled soul]

SG is hyped. In todays' world there are much better jurisdictions that will never get blacklisted .... .

Can you name few???Alternative to SG

 

[JohnDones]

Surely SG GDP doesn't come from offshore industry and its not even considered an offshore place (like UAE or HK I guess).

But I'd love to hear about the alternative jurisdictions you think are better long term

 

[backpacker]

Surely SG GDP doesn't come from offshore industry and its not even considered an offshore place (like UAE or HK I guess).

Extract (source: What makes the Singapore economy tick?):
".... Close behind Singapore’s manufacturing industry is its financial services industry, which has enjoyed stable growth due to Singapore’s pro-business environment and political stability. Home to over 200 banks and a regional hub of choice for many global financial services firms, Singapore’s financial services marketplace facilitates the transfer of knowledge, processes, technology and skills between global, regional and domestic markets. ...."
If you are interested in more -> Singapore: GDP of the finance and insurance industry 2021 | Statista

Hong Kong is different since it mostly lives from mainland China. It does not need to attract people from far away to bank there, as recent events show.

But I'd love to hear about the alternative jurisdictions you think are better long term

It depends on your passport and your permanent residency. Usually you should split your wealth and store it in jurisdictions where you have a certain (personal) connection to.
Offshore banking in the 21. century is banking in the past: It does not really protect you against anything if you are in trouble.

Having said that, if you still believe in the sense of offshore banking, then look for a country outside of the beaten track: E.g. Armenia, Cambodia, Egypt, Philippines, Uzbekistan .... . Pick countries that do not care too much about the West and it's "free-speech-doctrine".

 

[JohnDones]

Extract (source: What makes the Singapore economy tick?):
".... Close behind Singapore’s manufacturing industry is its financial services industry, which has enjoyed stable growth due to Singapore’s pro-business environment and political stability. Home to over 200 banks and a regional hub of choice for many global financial services firms, Singapore’s financial services marketplace facilitates the transfer of knowledge, processes, technology and skills between global, regional and domestic markets. ...."
If you are interested in more -> Singapore: GDP of the finance and insurance industry 2021 | Statista

Hong Kong is different since it mostly lives from mainland China. It does not need to attract people from far away to bank there, as recent events show.

It depends on your passport and your permanent residency. Usually you should split your wealth and store it in jurisdictions where you have a certain (personal) connection to.
Offshore banking in the 21. century is banking in the past: It does not really protect you against anything if you are in trouble.

Having said that, if you still believe in the sense of offshore banking, then look for a country outside of the beaten track: E.g. Armenia, Cambodia, Egypt, Philippines, Uzbekistan .... . Pick countries that do not care too much about the West and it's "free-speech-doctrine".

Cool, appreciate your thoughts. This is getting beyond the topic of bullionstar but if any of you want to make a new topic we can move it there.

 

[RexS9999]

Is there a better gold company (buy and store) in Singapore? Any names? Would it be cheaper to buy gold and store it yourself in a bank deposit box there?

 

[BlueMist]

I get SG is not far from UAE when it comes to dictatorship, but why do we all prefer to keep money in SG banks of all countries? Also name me one government with logical thinking and good implementation. :/

I tell you why: safety, SG has one of the best paid government in the world which results in minimal to no corruption. No bs banking, banking secrecy, high liquidity (SG banks have more than 30% cash reserves), no banking failure ever. Still pretty much lenient KYC in my experience (no questions about incoming €1m transfers), no questions or any sort of utility bill confirmation when I moved and updated my details from SG to UAE. UAE is not there yet banking wise where SG is. Why do the banks in UAE send letters or cheque books disclosing clients wealth is beyond me. SG banks send you super private mails, you don't even know which bank sent you a letter until you open it.

 

[RexS9999]

Forgive me for asking this basic question. Banks in Singapore deal in paper gold through their bank apps. I suspect these would have to comply with CRS. Correct?