Hello,
The T and CS state:
5.17. Customers may also request that the Tally in their TallyAccount be sold and the corresponding gold be delivered to them (‘ Gold Delivery Request ’’). Details of how to make a Gold Delivery Request are contained within the TallyMoney FAQ section. TallyMoney, subject to clause 5.18, will execute such Gold Delivery Request’ within seven days.
I cannot see in the FAQ section how I make this request ? Can you please provide details
on the fees?
kris has been on here today since you asked this again Paul but obviously has choose not to comment.
Hi @Carolwhiteshusband we need to update this section of our T&Cs.
You can walk into any gold seller and storage facility, and pay for physical gold to be handed to you (or rent a gold storage draw with them) using your Tally. For example, Sharps Pixley in St James’ St, London.
You could of course do the same thing using a GBP denominated account too.
The gold seller will usually charge 1% - 2% for doing this. And once you have physical gold in your possession you no longer have Tally (which is physical gold represented digitally in an individual’s banking account so it can be used like any other mainstream money). The gold seller will then charge you storage on an ongoing basis if you choose that option (i.e. unless you take your gold home with you).
We need to re-write that part of the T&C’s around delivery, because Tally doesn’t send physical gold from the bullion held in Zurich (its not a retail outlet and it’d be inefficient cost-wise). Regards, Cameron
I think the simple answer is…
It’s generally not cost effective to request delivery of physical gold held in your tally account, unless you want something like a 100 oz bar. Not many places would accept private gold deposits as it would also attract too many costs due to delivery and testing of the gold to prove its purity before they would vault it and credit your account, far too labour intensive for small amounts from too many potential customers.
Far easier to pay for the gold (preferably Britannia or sovereigns as CGT free) coins somewhere like bullion by post with your tally card, they will also accept them back easier if you wanted to sell them. (Assuming BBP we able to deposit back to your Tally account)
