Perth mint and funding from an account that is soon to close

[Marie Manila]

Hello,

I currently have an account in Africa, which I am considering to close soon. With this money I would like to buy gold at Perth Mint. Therefore, I have registered for the "Perth Mint Depository Online account".
I now have to specify my reference account there:

The bank account details you provide below must be in the same name as your depository online account. This must be the bank account from which you will send funds to make a purchase and the bank account to which we will remit funds when you request it. Funds sent from a bank account different to the bank account you nominate against your depository online account will be rejected and due to bank processing times may take up to six weeks to be returned to you.

If I now specify my account from Africa there, I can transfer money from Africa to Perth Mint, but since the account in Africa is expected to be closed, the money will be trapped at Perth Mint?
Is it possible to change the reference account at Perth Mint afterwards? I could not find anything in the FAQ or on Google.

Has anyone tried depositing money from an account other than the one specified?

 

[tolstoy]

Buy Crypto immediately .Later you can buy your Gold at the right price.

 

[Marie Manila]

Crypto is not an option. I already have enough crypto and now I want to invest more in gold.

 

[tolstoy]

Crypto is not an option. I already have enough crypto and now I want to invest more in gold.

1.Why is crypto not an option when you know anytime you could lose access to the money?
2.Why not work with a third party for buying the gold if you have issues buying it yourself?

 

[JohnnyDoe]

If you want to buy gold on paper, use futures or an ETF. If you want the real thing, buy in person or have it delivered to you.

 

[Martin Everson]

Is it possible to change the reference account at Perth Mint afterwards?

You should be allowed to later update to a new bank account in same name as on Perth Mint account at a later date. This would just be common sense for them to allow this.

 

[Marie Manila]

1.Why is crypto not an option when you know anytime you could lose access to the money?
2.Why not work with a third party for buying the gold if you have issues buying it yourself?

I do not have any problems buying gold by myself.
But I do not want to store more gold in my country of residency.
If owning gold gets illegal in my country, I would face some problems to sell my gold.

If you want to buy gold on paper, use futures or an ETF. If you want the real thing, buy in person or have it delivered to you.

In my country gold on paper and ETFs are taxed differently than physical gold. It is better to own real gold.

You should be allowed to later update to a new bank account in same name as on Perth Mint account at a later date. This would just be common sense for them to allow this.

Yes, you are right. I have now found out that the reference account can be changed manually via customer support. But this will require verification again.

 

[tolstoy]

I do not have any problems buying gold by myself.
But I do not want to store more gold in my country of residency.
If owning gold gets illegal in my country, I would face some problems to sell my gold.

Exactly for this reason advised to work with a third party.

 

[EliasIT]

Crypto is not an option. I already have enough crypto and now I want to invest more in gold.

I invested in real Gold bars 4 years ago, has been a good investment so far. It's stable and low risk.

 

[koohl]

Yes, you are right. I have now found out that the reference account can be changed manually via customer support. But this will require verification again.

They accept foreign accounts or only African accounts?

 

[Marie Manila]

They accept foreign accounts or only African accounts?

As far as I can see, they can manually change the reference account to any account.
However, it has to be in your name. They don't accept 3rd party payments.

 

[fc70]

As far as I can see, they can manually change the reference account to any account.
However, it has to be in your name. They don't accept 3rd party payments.

And don't forget you can always collect your metal in person at the Perth Mint or have it shipped to you.