BullionVault – Problem with Funding Process
About half a year ago, I found BullionVault.com and the opportunity offered there just attracted me so well. It is run by Galmarley Limited, a company registered in UK. It gives you the opportunity to buy gold at lower price so easily, as easy as in few clicks.
So I started to play with free $30 fund given in the account. I bought 1 gam of gold from Zurich vault. Then I sold it back. Just to get the feel of buying/selling using BullionVault. I found it is very interesting and convenient.
Later on 11 Mar 2009, I deposited a small amount of money to start with. I was so impressed to know that it was credited to my BullionVault account within the very same day. It was something out ox my expectation.
On 6 April 2009, I deposited another amount of fund. And that’s where my problem started. The fund did not reach my account within the same day. So I chatted to a support staff. He was friendly, but cannot help much. What I remember that he said I just ran into a ‘big problem’ by sending the money not using the correct method.
What was the correct method? He said it should be done via the same account that I registered my BullionVault account with. Well, I have 2 things in my mind here:-
1) I followed through the funding process. The website does mention that I need to print the form which can be obtained at ‘funding’ link. So I did. I bring the form to the bank. But bank has it’s own TT form. I was not allowed to use the BullionVault form, but the bank’s own form. I think I have done things correctly.
2) The best part, my first deposit was successfull. Guess what, I did the exact way as the above.
So I exchanged emails with support, and via chat sessions as well. Still that they don’t see my fund coming in. It’s 17 days, and yet they ddi not receive my fund. It’s ridiculous. Whether the support person not checking it thoroughly, or somebody is trying to play foul with me.
I know the amount was too little for someone to cheat me and run away. It just not worth it. But what else can you say if the bank just confirmed the transfer, while the receiver deny of receiving anything? I choose to believe in the bank, not the receiver.
The bank confirmed my fund transfer was cleared into BullionVault account in UK on the same day which was 6 April 2009. What I don’t understand is that why BullionVault keep denying of receiving my fund? I did upload everything needed, the forms, and also the proof of transfer.
Today I went again to the bank, requesting the confirmation document. So my bank branch provided me with the document on communication with their partner at New York (who transfer the fund on my behalf to UK). I will be sending an email again to BullionVault, hoping that this time things will be solved.
I will put updates here, I have the fund in my account. Man I love this trading opportunity, but I don’t need all these problems. I just need the fund to be there and start buying more gold.
Updates on 28 April 2009
I’m happy to write that my fund finally credited into my account today, immediately after my last email to the support.
Two conclusions that I can see here:
1. Investors, please follow the funding method that BullionVault want it to be.
2. BullionVault, when there is a complaint from investor, please take it seriously and go through your transactions record properly.
Eventhough I lost the opportunity to buy gold when it was down to $27,800 last time, I’m quite happy that finally things got solved. I will still trade with BullionVault and recommend it to my friends.