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FREQUENTLY ASKED QUESTIONS

General

Troygold is a gold fintech company that provides liquidity and financial services on physical gold – allowing physical gold owners the ability to save in and spend their vaulted gold holdings.

When you earn an income, you usually save it in a fiat currency-denominated bank account, and spend from it using your bank debit card. Similarly, to ‘live in gold’ means to save in physical gold, and then to be able to spend this gold value using a debit card.

Accounts

A Troygold account consists of:

  1. a bank cheque account (ZAR Wallet) issued on our platform by our sponsoring bank Access Bank, which is a standard transactional South African bank cheque account in Rands. This account is linked to your Troygold debit Mastercard, and
  2. a physical gold savings account (Gold Wallet). The physical gold account is your physical gold holdings held with Troygold, which are securely vaulted and fully insured on your behalf. In South Africa, the gold form is Krugerrands.

The Save (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. In South Africa, the physical gold form is gold Krugerrands coins.

The Spend (ZAR) Wallet is an actual bank cheque account, issued on our platform by our sponsoring bank Access Bank – this is a standard transactional South African bank cheque account in Rands, unique to you with your own account number. This account is also linked to your Troygold debit Mastercard, and allows you to spend your gold holdings’ value.

A Troygold account gives you the ability to:

  • Save – Buy and sell physical gold in any currency amount. In South Africa, the gold form is Krugerrands.
  • Upload – Upload your existing gold Krugerrands at home into your Troygold account and vault.
  • Store – The storage of your gold holdings in your Troygold account at our third-party vaulting custodian, Safegold.
  • Insure – Your gold holdings in the vault are fully insured at all times.
  • Spend – Spend your gold holdings’ value anywhere where Mastercard is accepted as a payment method.
  • 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.

There are no monthly account fees associated with a Troygold account.

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, 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.

Save (Gold) Wallet

The Save (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 account allows you to effortlessly save in investment-grade physical gold. In South Africa, the physical gold form is gold Krugerrands coins.

The Troygold technology allows for Fractional Ownership of physically vaulted gold. The technology digitises any 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. You will receive an ownership certificate, indicating your ownership percentage and in which exact coins or bars your 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 indicated the amount of gold owned, as well as in which specific gold coin or bar in the vault the portion resides, and ownership vests.

Spend (ZAR) Wallet

The SPEND (ZAR) wallet is an actual bank cheque account issued on our platform, to a user, by our sponsoring bank Access Bank South Africa.

This is a standard transactional South African bank cheque account denominated in Rands. This account is linked to the user’s Troygold debit Mastercard, and allows the user to spend the gold holdings’ value held in their SAVE (GOLD) wallet.

To fund your SPEND (ZAR) wallet:

  1. Open your Troygold app and Login.
  2. Tap in Transact, and then on Fund (under ZAR Acc heading).
  3. Type in the amount of ZAR 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 ZAR 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 the payment from your banking institution.
  6. Your funds will be credited to your Troygold SPEND (ZAR) wallet as soon as the funds reflect in your Troygold cheque account.

Currently only EFT’s (Electronic Fund Transfers) can be used to fund a user’s Troygold ZAR cheque account.

Troygold does not charge any fees when funding a ZAR wallet. Please check with your external banking institution if there are any costs levied by them, for making an EFT payment.

To withdraw funds from your SPEND (ZAR) wallet:

  1. Open your Troygold app and Login.
  2. Tap in Transact, and then on Withdraw (under ZAR Acc heading).
  3. Type in the amount of ZAR you want 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 in South Africa, which is linked to your SPEND (ZAR) wallet.

The card allows you to access instant liquidity of your gold holdings, by allowing you to spend your gold holdings’ value anywhere where Mastercard is accepted.

Transfer gold value from your SAVE (gold) wallet into your SPEND (ZAR) wallet by tapping the transact button in-app, and you’re ready to swipe your Mastercard at till points.

The card allows you to access instant liquidity of your gold holdings, by allowing you to spend your gold holdings’ value anywhere where Mastercard is accepted.

Transfer gold value from your SAVE (gold) wallet into your SPEND (ZAR) wallet by tapping the transact button in-app, and you’re ready to swipe your Mastercard at till points.

The Troygold Mastercard is part of a Troygold Account, so you will be sent one when opening a Troygold account (Gold or Gold+).

How to activate your Troygold Mastercard:

  1. Once you’ve created a Troygold account, 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 SPEND (ZAR) wallet tile.
  5. Follow the on-screen prompts to activate your Mastercard.

Please see our cardholder pricing page here for details on fees associated with the Troygold Mastercard.

Buy/Sell Gold

Troygold offers the following gold product:

  1. For South African customers, Troy offers 1oz Krugerrand 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.

A 1oz Krugerrand is the gold bullion coin available to South Africans as the most cost-effective gold asset, and it also has legal tender (money) status within South Africa. 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 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.

The minimum purchase amount is ZAR10.

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

You can buy your gold anytime, anywhere using the Troygold mobile app. Troygold provides live pricing in the app, linked to the live international spot market price.

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.

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

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 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.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 highest.

Troygold offers a buy price and sell price displayed live in the Troygold mobile app – there are no additional transaction fees.

Storing gold

It depends on your region.

All South African clients’ gold Krugerrands are stored in a high-security precious metals vault in Johannesburg with our vaulting partner, SafeGold – a division of Scoin and the South African Gold Coin Exchange.

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

The security of your gold holdings is our top priority. All customer holdings are fully insured against loss or theft by Lloyds of London via Safegold. 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, and this audit report is posted on our website, detailing the number 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. This means that you are the legal owner of the precious metal you buy on the Troygold platform, and we simply store and manage your holding for you. Therefore, if anything were to happen to Troygold, you will retain full ownership and have full access to your holding as it is your property. An appointed liquidator will be tasked to liquidate or redeem 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.

There are no monthly, storage or insurance fees related to a Troygold account, even though these services are included when opening an account.

Withdrawing Gold

You can redeem your holdings any time you wish, simply tap Withdraw Gold in the Troygold mobile app menu and follow the instructions. 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 this denomination

  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 or Collections can take anything from 48 hours to a few days, depending on the location request.

There is a 1% + courier fee charge (if applicable) when redeeming for physical gold.

Withdrawing Funds

You can withdraw funds from your Troygold account at any time by making a withdrawal from your SPEND (ZAR) wallet within your app:

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

This depends on your account type (Gold or Gold+). Please see our Pricing page here for details.

Sending 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.

No, the recipient of the gold will first have to download the Troygold app and register for an account.

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

Sending 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 elect to open a Troygold account and use the Troygold platform, you are agreeing to our Privacy Policy, User Agreement and Cardholder Agreement (based in South African card issuance).

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.