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FREQUENTLY ASKED QUESTIONS

General

Troygold is a digital gold nonbank, which means it is a digital platform that provides banking, dealing and money lending services to physical gold owners and retail investors.

Troygold provides a digital platform for individuals to purchase or deposit physical gold bullion, and then be able to access instant liquidity tools on the gold’s value: buying and selling, paying with it, or borrowing against the gold’s value.

When you earn an income, you usually save or pay it into a fiat currency-denominated bank account, and then transact from there in your day-to-day finances. However, fiat money in a bank account not only loses value permanently by way of inflation, it also no longer becomes your money once you deposit it with a bank – the bank uses it for their own purposes and owes you your money.

To ‘live in gold’ means to save your salary or wealth rather in physical gold held outside the banking system, but then to also still have access to banking services on that gold value, and to be able to use that in day-to-day finances.

Accounts

Troygold is a digital gold nonbank, so a Troygold account works similar to opening a personal account with a bank. A Troygold account is a free, personal account that gives you access to the Troygold platform, and consists of:

  1. A Gold Wallet: The physical gold wallet showcases your physical gold holdings held with Troygold, which are securely vaulted and fully insured on your behalf. In South Africa, the underlying gold form is 1-ounce Krugerrands held in a partner gold vault.
  2. A Currency Wallet: This showcases your currency held your Troygold account, which is a real bank cheque account issued in your name when opening a Troygold ccount. In South African, these accounts are issued by our issuing bank partner, Access Bank SA.
  • Download the Troygold app by clicking the iOS or Play Store download button in the navigation bar of the Troygold website, or search for Troygold on the respective Apple App or Google Play stores on your mobile phone.
  • Open the app and create your Troygold account in-app by following the easy registration and verification prompts.

Once you’ve downloaded the app and opted to create an account by registering with the in-app prompts, you are requested to submit the following for FICA light verification:

  • Personal details
  • Selfie
  • SA Identity document or card (for SA residents), or Permit (for temporary residents)

In order to apply for a gold-backed loan facility, or increase your currency wallet daily and monthly limits, you will be prompted to submit:

  • Proof of address (utility bill, bank statement, lease agreement etc.)

To view a summary of the FICA thresholds and account limits, click here.

There are no monthly account fees associated with a Troygold account, which means storage and insurance of gold is free of charge.

There are transactional fees associated with the Troygold debit Mastercard, which can be viewed in the Cardholder Transaction Fees document here.

There are interest charges associated with the Troygold loan facility, which can be viewed in the Loan Facility Product Rules document here.

The Gold wallet acts like a bank savings account, but is backed by physical gold that is securely vaulted and fully insured, on your behalf. The wallet allows you to effortlessly save in investment-grade physical gold bullion. In South Africa, the physical gold form is 1-ounce gold Krugerrand coins.

Due to Troygold’s gold digitalisation technology, clients are able to buy and sell any currency amount’s worth of this vaulted gold – thus allowing for both full ownership, or fractional co-ownership of real gold.

The Currency wallet is an actual unique bank cheque account, which showcases your currency held your Troygold account, which is a real bank cheque account issued in your name when opening a Troygold ccount. In South African, these accounts are issued by our issuing bank partner, Access Bank SA.

This account is also linked to an accompanying Troygold debit Mastercard for point-of-sale transactional capabilities.

Any transaction on the Troygold platform which is currency-based, is housed in the Currency wallet – this is any funds paid in, any proceeds from gold sales, and the available loan facility against the gold as collateral.

A Troygold account gives you the ability to easily and safely trade, upload, borrow against and spend, directly allocated, securely vaulted physical gold bullion.

Save – Buy and sell physical gold bullion in any currency amount. In South Africa, the gold form is bullion Krugerrands.

Upload – Upload your existing gold Krugerrands held at home or in safe-storage, into your Troygold gold wallet, by delivering them at one of our Upload Points and into our vault.

Store – The storage of your gold holdings in your Troygold account in our partner vault network .

Insure – Your gold holdings in the vault are fully insured against loss at all times.

Borrow – Access instant cash liquidity by way of a loan facility against your gold holdings as collateral.

Spend – Spend your currency and facility funds anywhere where Mastercard is accepted as a payment method, or transfer out the funds to an external bank account.

PayGold –  Troygold’s peer-to-peer gold transfer network. By using the Pay function, you can do a gold transfer by sending gold to anyone with a mobile number.

The Troygold platform is a regional platform as a result of requisite licensing and regulatory environments. Troygold is currently available to residents of South Africa only, with international expansion planned for the near future.

Click on Settings in the bottom menu in the app home screen to access your account settings.

  • Tap the Details icon.
  • Tap the relevant icon.
  • Enter your new details.
  • Tap DONE.
  • To close your account, firstly sell all your holdings present in your savings account and withdraw the Rands from your ZAR account.

Once the above transaction has been completed, please contact us on [email protected], or click on Help in-app, to formally close your account.

Gold Wallet

The Gold wallet represents your physical gold holdings you own with Troygold, and which are stored in the secure vaulting facility, on your behalf. The wallet is denominated in ounces, and is the result of your buying and selling trades in gold on the app.

Due to Troygold’s gold digitalisation technology, clients are able to buy and sell any currency amount’s worth of this vaulted gold – thus allowing for both full ownership, or fractional co-ownership of gold.

The Troygold technology allows for Fractional Ownership of physically vaulted gold. Our technology digitises any bullion gold coin or bar that is added to the vault storage, after giving it a unique identity number, and then making it available for sale on the platform.

When you save in gold with your Troygold account using the app, you enjoy direct legal ownership of the exact amount of the physical gold that you have purchased in specific coins or bars (depending on your region). In South Africa, the only gold form held in the vault is 1 ounce gold Krugerrands.

All our customers’ gold holdings are fully allocated, meaning these are specific coins or bars are given a unique ID number before they are securely stored and fully insured in a high-security precious metals vault.

Even if you purchase less than a full 1oz coin or 1kg bar, you are allocated as a co-owner of that specific coin or bar. This co-ownership model is similar to the concept of undivided shares in a property’s title deed.

Administration of the Troygold ownership register is managed by Troygold’s proprietary technology. A user receives an ownership certificate, indicating the ownership percentage and in which exact coins or bars the user’s ownership vests.

The legal principle allowing direct ownership in owning any fraction of this digitised gold is one of co-ownership – this allows the user to enjoy full legal title of a portion (or full), of a unique gold coin or bar in the vault. In South Africa, the only gold form held in the vault is 1 ounce gold Krugerrands.

The user therefore has no counterparty risk, as the user is the legal owner of the gold – regardless of the size of the fraction or portion owned.

Whenever a user buys or sells gold on the Troygold platform, a Gold Ownership Certificate is generated and sent to the user via e-mail.

The Gold Ownership Certificate indicates the amount of gold owned, as well as in which specific gold Krugerrand coin in the vault the portion resides, and in which ownership vests.

Currency Wallet

The Currency wallet is an actual unique bank cheque account, which showcases your currency held your Troygold account, which is a real bank cheque account issued in your name when opening a Troygold ccount. In South African, these accounts are issued by our issuing bank partner, Access Bank SA.

This account is also linked to an accompanying Troygold debit Mastercard for point-of-sale transactional capabilities.

Any transaction on the Troygold platform which is currency-based, is housed in the Currency wallet – this is any funds paid in, any proceeds from gold sales, and the available loan facility against the gold as collateral.

To fund your Currency wallet:

  1. Open your Troygold app and Login.
  2. Tap in Transact, and then on Fund (under Currency heading).
  3. Type in the amount of currency you want to fund the wallet with and tap next.
  4. Follow the instructions on-screen or on the ‘Fund your Account’ e-mail sent to you, in order to make an EFT (bank transfer) into your Troygold Currency wallet.
  5. Note that you will need to make an EFT from your existing bank account outside of the Troygold platform. Troygold does NOT automatically request or debit the payment from your banking institution.
  6. Your funds will be credited to your Currency wallet as soon as the funds reflect in your Troygold cheque account.

Currently only EFT’s (Electronic Fund Transfers) or bank transfers can be used to fund a user’s Troygold Currency wallet.

Troygold does not charge any fees when funding a currency wallet. Please check with your external banking institution if there are any costs levied by them, for making an EFT payment (bank transfer) into your Troygold account.

To withdraw funds from your Currency wallet:

  1. Open your Troygold app and Login.
  2. Tap in Transact, and then on Withdraw (under Currency heading).
  3. Type in the amount of ZAR you wish to withdraw from the wallet and tap next.
  4. Your funds will be electronically transferred via EFT to the bank account stipulated in your User Profile (under Details in Settings > Banking).

Depending on your external banking institution, funds take on average 2-3 business days to reflect in your external account.

CARD

The Troygold gold-backed Mastercard is a debit Mastercard issued to you when opening and funding your Troygold account. The card is linked to a real, unique South African bank cheque account created and issued to you as a Troygold client.

Inside the Troygold app, the card is linked to your Currency wallet – which is comprised of your loan facility funds available, as well as any other deposits the client has made into the account, and any proceeds from gold sales.

The card allows you to access instant liquidity of your gold value by allowing you to spend your loan facility currency funds, or any of the sale proceeds from gold sold in your Gold wallet – which are instantly available.

In South Africa, the card is powered by and issued by our sponsoring bank, Access Bank SA.

Access Bank is South Africa’s latest retail bank, and is a subsidiary of the Pan African bank, Access Bank plc. Access Bank operates across 10 African countries with over 40 million customers.

For more information, click here to view the Access Bank website.

Transfer gold value from your Gold wallet into your Currency wallet by tapping the transact button in-app and then Tapping Sell, or use your loan facility funds available in your Currency wallet and Mastercard displayed on the Currency tile in-app.

The card allows you to access instant liquidity of your gold value, by allowing you to spend sold gold proceeds, as well as your gold-backed loan facility funds – anywhere where Mastercard is accepted.

Upon opening a Troygold account, your Troygold Mastercard will be delivered via courier withint 2-3 business days. Once received, open your Troygold app and click on activate card, after which you will receive an sms with your card pin.

Once you’ve opened a Troygold account by downloading the app and following the in-app registration prompts, you will be asked to order your Mastercard by providing a delivery address.

Once you’re inside the app on the home screen, Fund your account via EFT transfer.

Once your account funds reflect, Troygold will send out your Mastercard via courier delivery the next day, and you will receive the card within 2-3 business days.

Once ordered, your card will be sent out via courier to your delivery address – and should arrive within 2 to 3 business days.

  1. Once you’ve created a Troygold account and funded your currency wallet, your Troygold Mastercard will be packed and couriered to you.
  2. Once received, open the packaging and remove the card.
  3. Open your Troygold app and Login.
  4. Tap on the Activate button in the app home page.
  5. Follow the on-screen prompts to activate your Mastercard.

Please refer to our cardholder card fees schedule here for details on transactional fees associated with the Troygold Mastercard.

Buy/Sell Gold

Troygold offers the following gold product:

  1. For South African customers, Troy offers 1oz Krugerrand bullion coins (refined by Rand Refinery).
  2. For International customers, Troy offers 1 kilogram 99.99% refined gold bullion bars (refined by LBMA-approved refiners like metalor and Argor Heraeus).

Investment grade gold bullion refers to either a gold bar or coin, where the value is determined by the weight of the fine gold content in the item – having no collectible or numismatic value.

A 1oz Krugerrand is the premier gold bullion coin available to South Africans as the most cost-effective physical gold investment asset, and it also has legal tender (money) status within South Africa – so it is zero-rated for VAT tax. It is produced by the Rand Refinery and SA Mint in South Africa.

When you save in gold with your Troygold account using the app, you enjoy direct legal ownership of the exact amount of the physical gold that you have purchased in specific coins or bars (depending on your region).

All our customers’ gold holdings are fully allocated, meaning these are specific coins or bars are given a unique ID number before they are securely stored and fully insured in a high-security precious metals vault.

Even if you purchase less than a full 1oz coin or 1kg bar, you are allocated as a co-owner of that specific coin or bar. This co-ownership model is similar to the concept of undivided shares in a property’s title deed.

Administration of the Troygold ownership register is managed by Troygold’s proprietary technology. You will receive an ownership certificate, indicating your ownership percentage and in which exact coins or bars your ownership vests.

You can either buy a full or a portion of a coin or bar using the Troygold app, depending on the nominal value of your purchase. When purchasing less than a full coin or bar, you are buying co-ownership in a specific coin with a unique ID number. Our proprietary ledger technology allocates multiple owners to a specific coin, which means you still enjoy direct legal ownership of your physical gold with full ownership rights.

    • Download the Troygold app by clicking the iOS or Play Store download button in the navigation bar of the Troygold website, or search for Troygold on the respective Apple App or Google Play stores on your mobile phone.
    • Open the app and create your Troygold account in-app by following the easy registration, KYC and billing prompts.
    • Tap the Transact button on the home page screen within the app, and fund your ZAR Account via EFT transfer.
    • Once your funds are credited in your SPEND (ZAR) account, Tap the Transact button and then Buy under the Gold Account tab. Follow the prompts to purchase gold by transferring value from your SPEND account to your SAVE (GOLD) account.
    • If you want to sell some of your gold holdings, Tap the Transact button and then Sell under the Gold Account tab. Follow the prompts to sell gold by transferring value from your SAVE (Gold) account to your SPEND (ZAR) account.

There is no maximum or minimum on how much you can purchase. In the extremely rare cases, however, we may place a limit on purchases based on our stock of gold available for sale.

In the case of large suspicious transactions, the purchase may be paused in order to conduct an enhanced customer due diligence investigation.

You can buy your gold anytime, anywhere using the Troygold mobile app. Troygold provides continuous pricing in-app.

You can buy and sell at the prevailing price displayed in the Troygold mobile app, which is linked to the global spot gold price. In South Africa, you are transacting in gold Krugerrand pricing, which trades at a premium to spot gold of 8%.

The displayed prices are linked to live gold spot market prices, and update in-app when your app refreshes.

The spot price for a precious metal is the current market price for that precious metal traded in the wholesale market for immediate delivery. Spot prices are price quotations for trading large standard quantities of a precious metal in the wholesale market, not individual bullion bars or coins like the Krugerrand.

The spot price is usually quoted in US dollars per troy ounce and refers to a quotation for a standard, but large quantity. The spot price is also known as the international ‘paper price’.

Physical gold bars and coins are priced using the spot price as a benchmark, either trading above or below the spot price, depending on the supply and demand at the time of that particular bar or coin. Most of the time, because of fabrication costs, physical gold will trade at a premium to the paper gold price (spot).

Because precious metals are traded 24 hours a day around the world during the week, there will always be a live and changing spot price that feeds in from around the world wherever trading activity is live.

Troygold offers a live per ounce buy price and sell price (a buy-sell spread) displayed  in the Troygold mobile app when tapping Buy or Sell – there are no additional transaction fees.

For fractional amounts bought and sold, the confirmation screen in-app will show a pro-rata price based on the transaction oz versus the 1oz price displayed as above.

Uploading Gold

A gold upload is the process of digitising your existing gold held outside the Troygold platform, in order to make it instantly liquid, and access it’s value using your Troygold app and Mastercard.

More practically, a gold upload is when you deliver and deposit gold coins (Krugerrands or other) into your Troygold account, and have the ounces credited to your Gold Wallet of your account.

Gold coins held at home, or in private or bank safety deposit facilities, are idle capital, lliquid and unsafe. By uploading them into your Troygold account, and thereby digitising the ounces, you can access the gold’s value instantly, and have it stored and insured for FREE.

Troygold is a bullion gold nonbank, which means that the gold holdings held in the vault are exclusively bullion Krugerrands.  This means that you can directly upload any gold bullion Krugerrand denominations into your Troygold account.

However, you can also convert other types of gold coins and collectible gold coins into bullion Krugerrands via a Trade Exchange for Gold Upload. This means that  Troygold will provide you an exchange value of a certain amount of bullion Krugerrand ounces, for every ounce of gold of other coin you upload.

Gold coin types you can upload include: Bullion krugerran, Proof krugerrand, Big 5 series, Mandela series, SA 25 years Democracy series, Natura, Protea, Medallions.

The value of bullion krugerrands are determined as: the number of ounces times by the rand gold price at a time, plus a premium depending on whether you’re buying or selling.

Other gold coin types are no bullion coins, and are known as either collectibles or medallions. These are sold initially with a numismatic, or additional premium, which is not linked to the weight of gold in the coin.

As a result, when you upload other types of gold coins onto your Troygold account, Troygold has to translate their specific value in the second hand market, into ounces of bullion Krugerrands.

This translation or conversion rate is known as the Trade Exchange Rate.

For example, a gold Mandela coin with 1 ounce of gold in it, could be uploaded for 0.8oz of bullion Krugerrands. So, the trade exchange rate will be 0.8.

Once you’ve logged a gold upload within the app, a representative from Troygold will reach out with an offer for a trade exchange rate, which you can accept or decline.

To upload gold to your Troygold account – and have your gold wallet credited with the gold ounces uploaded:

  1. Open your Troygold app and Login.
  2. Tap on Transact, and then on Upload (under Gold heading).
  3. Tap the dropdown on the Gold coin type and choose the type of gold coin to upload.
  4. Type in the number of such coins you’ll be uploading under Number of coins, and tap Next.
  5. Select your desired city, location and date where you will be physically delivering the coins for upload, then tap Next.
  6. Review the upload details on the confirmation screen and tap Confirm if you’re happy to proceed.
  7. Proceed to deliver the coins for upload at the stipulated location on the date selected.
  8. Your coins will be accepted, authenticated, and the offered amount of gold ounces will be credited to your Troygold gold wallet.

There are no fees to upload gold.

For uploads of more than 20oz, Troygold will arrange an insured courier service to pick up your coins from your desired address, at no charge.

For uploads of less than 20oz, you can make use of a courier service yourself (note that these services are usually uninsured against theft, and we do not recommend this).

Alternatively, we can arrange for Troygold’s insured logistics partner to collect the parcel, but the cost will be for your account.

Storing gold

All South African clients’ gold Krugerrands are stored in Brink’s South Africa’s high-security vault in Johannesburg – at the OR Tambo Special Economic Zone.

All international clients’ gold bullion bars are stored in Brinks’ precious metals vault in Singapore. 

Brink’s is the world’s leading precious metals vault – see website here.

The security of your gold holdings is our top priority:

Insurance:
All customer holdings are fully insured against loss or theft by Lloyds of London – the world’s leading specialist insurance provider and market.

Vaulting custodian:
Brink’s Global, Troygold’s vaulting provider, is the world’s premier provider of precious metals logistics and storage solutions.

As part of our commitment to safety, only the vaulting custodian has physical access to the vault holdings. Thus, no Troygold employee can enter the vault or access the holdings.

User holdings are audited monthly with the vaulting custodian. The inspections involve counting the ID’ed coins or bars held with the vaulting custodian, which relates to the specific coin or bar ID on the client’s Ownership Certificate.

Troygold simply acts as bailee for your holdings, as evidenced by your Gold Ownership Certificate issued to you per e-mail after a transaction.

This means that you are the legal owner of the gold you buy on the Troygold platform, and we simply store and manage your holding for you. Legally, you enjoy full, direct ownership of your gold – it’s your property, and does not form part of Troygold’s balance sheet assets.

Therefore, if anything were to happen to Troygold, you will retain full ownership of your gold holdings as it is your property.

An appointed liquidator will be tasked to redeem or liquidate the precious metals according to the Troygold ownership register, which provides the relevant user metal holdings and links the client to his specific coin or bar ID’s.

Herewith a letter from Troygold’s accountants confirming the above – click here to view.

Gold storage and Insurance costs are FREE. 

In rare cases, when the amount of gold bought or uploaded exceeds certain storage limits, Troygold will quote a separate charge for its safekeeping.

Withdrawing Gold

You can redeem your holdings any time you wish, simply tap Transact, then Redeem under the Gold tab in the Troygold mobile app, and follow the on-screen instructions to confirm your gold withdrawal. Our team will be in contact with you to verify your particulars and make the necessary arrangements for delivery or collection.

Troygold only deals in and vaults 1oz gold Krugerrands in South Africa and 1kg bullion bars internationally. As such, gold withdrawals are in 1oz Krugerrand coins or 1oz kg bars. Gold Withdrawals can therefore only take place in these denominations.

  1. Open your Troygold app and Login.
  2. Tap Transact, and Redeem under the Gold account tab.
  3. Follow the on-screen prompts to submit a withdrawal request.

Once your request is submitted via the Troygold app, a member of our team will contact you to verify your particulars and make the necessary arrangements for delivery or collection.

Deliveries can take anything from 48 hours to a few days, depending on the location of your request.

1% + a courier specific fee depending on the location for delivery (South Africa only).

Withdrawing Funds

You can withdraw funds from your Troygold account at any time by making a withdrawal from your Currency wallet within your app:

  1. Open your Troygold app and Login.
  2. Tap Transact and Withdraw under the Currency tab.
  3. Insert the amount you wish to withdraw and follow the prompts to submit a cash withdrawal.

PAYING IN Gold

Sendgold is Troygold’s peer-to-peer gold transfer network.

By using the send function, you can do a gold transfer by sending gold to anyone on the Troygold platform i.e any other person with a Troygold registered account. Simply use the beneficiary’s mobile number to transfer your ownership of your gold to the party you would like to send it to.

You can do a gold transfer by sending gold to anyone with a mobile number. Simply use the beneficiary’s mobile number to transfer your ownership of your gold to the party you would like to send it to.

To accept the gold, the recipient must have a Troygold account – if they do, it will be automatically credited to their account, and if not, the recipient should Download the Troygold app and Open an Account.

No. Send is only a gold-to-gold transfer mechanism and therefore you can only send/pay in gold.

Paying is limited by the amount of gold you own in your Troygold account.

Technical

Troygold is available on both the Android and iOS platforms. You can either click on the specific store button in the page footer below, or search for the app in the respective store as follows:

For iOS:

  • Open the App Store.
  • Search Troygold.
  • Tap get.

For Android:

  • Open the Google Play Store.
  • Search Troygold.
  • Tap install.

Troygold is available on both Android and iOS platforms.

For iOS:

Any iOS device running on iOS 10.0 or later with a minimum 150MB of storage, is required.

For Android:

Any Android device running on Android 5.0 or later with a minimum 150MB of storage, is required.

Due to new secure upgrades in the app, the below needs to be in order for the app to function properly:

  • Your lock screen or some other biometrics need to be enabled.
  • All permissions need to be given to Troygold.
  • The clock on your device’s time needs to be set to internet/automatic, and can never be off by more than 5 minutes.

Please contact our support team via the live chat Help function in the app menu, or email us on [email protected]

Please contact us via email at [email protected], or tap Help in the Troygold mobile app.

When you open a Troygold account and use the Troygold platform, you are agreeing to our Privacy Policy, User Agreement and Cardholder Agreement (if based in South African for the Troygold Mastercard issuance).

When applying for and opening a loan facility, you are agreeing to the Loan Facility Agreement.

Please click here to view Troygold’s Privacy Policy.

In South Africa, Troygold is a registered Krugerrand dealer with the South African Financial Intelligence Centre (FIC) of the South African Reserve Bank (SARB) and a Registered Credit Provider with the National Credit Regulator.

In Singapore, Troygold is a Registered Dealer under the Precious Stones and Precious Metals (PSPM) Act with the Singapore Ministry of Law.