Glint Pay

[sixgun]

2 hours ago, mr-dead said:

whenever I do an @  i cant get out of the blue box to type afterwards ?

Was just going to say that your app is currently linked to GBP, if you want to spend gold you need to click the little card to the left of it.

 

Admin feel free to delete my multiple empty posts ?

 

Yes this is a problem so i worked a work around. Use the spacebar - go forwards say a couple of spaces - you have created the buffer. Then use the arrows to go back those spaces - the spaces still exist on the page. Do the @mr-dead  then use the arrows and go forwards into the space you created and you don't get caught up in the username.

[CosmikDebris]

I set up a Glint account a couple of weeks ago. A really simple process without any hassle. I really like the way I can liquidate at any time. And the 0.5% premium is really attractive, I've been put off buying and taking delivery of physical,except for the odd collectable, maybe permanently!? 

[dunmac]

Sorry to resurrect this old topic, but I was just wondering how many people use this. I've had an account for the last few weeks, and so far so good.

I'm treating it as one of my savings accounts and cost averaging by converting a small amount per day into gold. The money I put into it would have just been sitting in an account. I did a test purchase with the card the other day and bought a new pair of hiking shoes that I needed, which cost me 0.9003 of a gram of gold. Based on my cost averaging I paid 67p less that I would have had I just paid on my debit card. Ok, I know it's not a massive saving, but it was a relatively small purchase.

I'm thinking this is a nice way to save and use the funds for the odd purchase that is necessary from time to time. I certainly won't spend on the card when gold is lower than my cost average but when it comes time to buy a replacement laptop or phone, and as long as the gold I have is worth more than what I put in, this may come in very handy. 

I don't see it as a replacement for owning physical gold, but as I have no intention of selling my physical gold until after I retire, I won't see any financial benefit of it until then. I'm seeing this as an interesting means of making some small financial gains from gold in the shorter term. 

Any others using this, and how have you been using it? It would be interesting to know.

[Bumble]

Glint has been taken into administration. Very few details at present.

https://www.fca.org.uk/news/news-stories/information-customers-glint-pay-services-ltd

[Serendipity]

1 hour ago, Bumble said:

Glint has been taken into administration. Very few details at present.

https://www.fca.org.uk/news/news-stories/information-customers-glint-pay-services-ltd

Thanks! Yours was the comment I was looking for. Yes, I was well aware of Glint’s problems long before it went into administration which is why I registered instead with GoldMoney Inc, a gold savings/payments company similar to Glint. However, I haven’t deposited any money with them yet because of my doubts about the scheme’s success. I can see the attraction of gold savings companies for coin collectors who distrust fiat currency but it’s best to be cautious with these startup schemes compared to investing in gold ETFs and coins. Unfortunately, Glint’s safeguarded funds are not protected by the UK Financial Services Compensation Scheme.

Edited September 22, 2019 by Serendipity

[AuricGoldfinger]

I was reading this not realising it was an old thread until the last couple of posts. Was just saying to the mrs about it and that i think its a good idea but don’t trust these independent app companies as if they go bump so does your money. I hope no one looses too much!

@mr-dead did you carry on using glint?

i really like the concept but i think I’d only trust it if it was my actual bank - but can’t see mainstream banks linking money to gold again any time soon. The Royal Mint could surely develop something like this though.

[mr-dead]

47 minutes ago, AuricGoldfinger said:

I was reading this not realising it was an old thread until the last couple of posts. Was just saying to the mrs about it and that i think its a good idea but don’t trust these independent app companies as if they go bump so does your money. I hope no one looses too much!

@mr-dead did you carry on using glint?

i really like the concept but i think I’d only trust it if it was my actual bank - but can’t see mainstream banks linking money to gold again any time soon. The Royal Mint could surely develop something like this though.

At one point I had a few thousand in there, as of today when I read posts about it I only had under a tenner in my account which I spent online this morning

[silvernewbie]

Omg i have 2k on glint invested in gold they say even if they go bust your gold is safe guarded in a vault in switzerland?

[sixgun]

7 minutes ago, silvernewbie said:

Omg i have 2k on glint invested in gold they say even if they go bust your gold is safe guarded in a vault in switzerland?

i mentioned this to the guys on the Kinesis Ambassadors' thread on Telegram this morning - one of the chaps said '....Thanks Six-gun. As I recall Glint retain title to the gold.'

You should check this and get your cash out of this outfit asap. If the gold is Glint's it will be used to settle their debts and you could be left with sweet FA.

[silvernewbie]

I just sold and transferred it out online will it go through??

[SILVERFINGER]

If you don't hold it in your hand you don't truly own it, I lost a fortune because of the EU with my military weapon collection/investment, but at least I still own them 

[Bumble]

The administrators will have to assess what assets and liabilities the company has. If possible, they will try to find a way for the business to continue as a going concern, perhaps by finding a buyer for it. If not, the company's assets will be divided up between the various creditors. According to Glint's website, the gold is allocated to its customers, so they will not lose out, though it may take the administrators a few months to sort out. The parties who will lose out are the investors. Most recently, Sprott invested $5 million as part of the expansion of Glint to the USA.

[Martlet]

5 hours ago, silvernewbie said:

I just sold and transferred it out online will it go through??

Seems this occuring over the weekend when banks are closed is working in favour, can transfer/spend before they are suspended from the card payment system.  However, i expect there may be problems with delivery as companies may not be paid.  Its going to be messy and impact other similar payment services. 

[silvernewbie]

1 hour ago, Bumble said:

The administrators will have to assess what assets and liabilities the company has. If possible, they will try to find a way for the business to continue as a going concern, perhaps by finding a buyer for it. If not, the company's assets will be divided up between the various creditors. According to Glint's website, the gold is allocated to its customers, so they will not lose out, though it may take the administrators a few months to sort out. The parties who will lose out are the investors. Most recently, Sprott invested $5 million as part of the expansion of Glint to the USA.

Thanks, my transfer our is stuck at pending, i hope by selling it i havent made things worse in case cash isnt protected

[Ansel]

8 minutes ago, silvernewbie said:

Thanks, my transfer our is stuck at pending, i hope by selling it i havent made things worse in case cash isnt protected

Keeping my fingers crossed for you. Keep us updated. 

[FlorinCollector]

@silvernewbie any luck mate? I went on to check mine and had 27 quid sitting. Still sitting on pending but at least it is only 27 quid 😕

[silvernewbie]

Hey not yet administrators are still doing the recon and update yesterday was no issues found so far with the customer segregation, plus another update due on monday when they are expected to finish

The directors have maintained throughout the fca segregation requirements were fully followed (for cash and gold), plus i did some digging as i work in the industry and found out a few things which have almost assured me 99% they complied with the EMR segregation rules. 

[silvernewbie]

As mentioned the investors will be the ones facing the losses, many who are from crowdfunding.  

However all of this arose from a creditor forcing administration so there is some personal vendetta or plans to takeover the company in some way, as forcing liquidation would mean he/she doesnt get paid at all!

[Mark10110]

can you use the card to buy gold from say Atkinsons? For example I buy 1oz of gold for £1220, in 8 months it grows to £1300, can i use the glint card to buy from a dealer or is it an ATM only card? not saying i would as they are going kaput but could you?

Edited September 27, 2019 by Mark10110

[silvernewbie]

Yes its mastercard you can/could use it anywhere! 

I wouldnt be against using them or similar in future if they come out of it and prove safeguarding works

[Serendipity]

I’m glad you all got out before getting burnt. I’m done with all these fledgling gold savings/payments companies. I’m sticking to physical precious metals from now on which doesn’t involve any third party risks.

[silvernewbie]

Ditto im not 100% out of it yet but will be sticking to physical and etfs in future

[Ansel]

 

Administration and how it impacts you.

Please note that Jason Baker and Geoffrey Rowley of FRP Advisory LLP, were appointed Joint Administrators of Glint Pay Ltd, Glint Pay UK Ltd and Glint Pay Services Ltd (the “Companies”) on 18th September 2019.

The Companies are under the supervision of the Joint Administrators and all client monies and currencies (“Customer Funds”) continue to be held in segregated and safeguarded accounts.

Withdrawal requests were suspended last week (including payments on your debit card, ATM withdrawals or FX transactions) whilst the Administrators review Customer Funds balances and reconciliations.

This review was finalised this afternoon (30^thSeptember 2019) and we are pleased to update that the Administrators have not identified any reason to believe there are any deficiencies or inaccuracies in the Customer Funds held.  

Regrettably however it is not possible at this time to reinstate payments or process withdrawal requests (including payments on your debit card, ATM withdrawals or FX transactions) as the bank operating the safeguarded accounts has frozen these accounts as of Friday 27 September 2019. The operating bank has taken these steps in accordance with their standard procedures relating to insolvency events, such as the administrations.

The Glint app is still functioning, so you can continue to view your account balances, but no further receipts or payments will be processed whilst the safeguarded accounts are frozen.

The Administrators are liaising with their legal advisors, the operating bank and the team at the Companies to try and identify a solution to this. A further update will follow as soon as any material progress is made in this regard.

Any Gold that has been purchased remains the property of the client and is held in a secure, insured and independent vault in Switzerland.  An independent statement from both the Gold Liquidity provider and the vault (Brinks) has been requested to ensure this matches to Glint’s records.

Whilst the safeguarded accounts are frozen, the Companies are unable to settle any gold trades, so these have been suspended in the interim also. The Administrators are liaising with the relevant parties with a view to implementing a work around which will allow sales of gold held to recommence this week. A further update on this will be provided on Wednesday 2 October 2019.     

Please note that any monies resulting from the sale of Gold since the date of administration have been paid into the safeguarded accounts, which have been frozen.

Our priorities:

The priorities for the Joint Administrators and their staff are now to:

1. complete a review of the safeguarding arrangements; and

2. assist the directors in seeking investment to rescue the Companies on a solvent basis and exit Administration, or if not possible, then to achieve a transfer of the business and assets to another regulated entity.

In the interim: 

Please see our FAQ sheet for additional information and continue to direct any specific account queries to the Glint customer services team at support@glintpay.com or call at 0203 915 8111 (Lines are open 9am to 6pm on Monday to Friday, and 9am to 1pm on Saturday).  

Should you have any queries related to the Administration, please contact glintpay@frpadvisory.com or 020 3005 4000.

The Joint Administrators and their staff appreciate that this a difficult and frustrating time for you.  Please rest assured that everyone is working tirelessly to ensure that the security of Customer Funds remains of paramount importance.

We thank you for your continued patience with this matter and a further update will be provided by close of business on Wednesday 2 October.

Yours sincerely,

For and on behalf of Glint Pay Services Limited, Glint Pay Limited and Glint Pay UK Limited

Jason Daniel Baker - Joint Administrator

Licensed in the United Kingdom by the Institute of Chartered Accountants in England & Wales and bound by the Insolvency Code of Ethics.

The Joint Administrators act as agents of the Companies and without personal liability.

The affairs, business and property of the Companies are being managed by Jason Daniel Baker and Geoffrey Paul Rowley who were appointed Joint Administrators on 18 September 2019.

The office holder(s) will be the data controller in respect of the personal data collected for the purpose of administering this matter.  Further information in relation to how we may use, store and share the information is set out in our privacy notice at https://www.frpadvisory.com/privacy/.

Edited September 30, 2019 by Ansel
Tidying up

[silvernewbie]

Yep good news, confirmed everything reconciles and protected!!

annoying cant withdraw yet, but dont think it’l be long. 

Edited September 30, 2019 by silvernewbie

[tallyhojim]

Let this be a lesson to all - always take possession - no matter what.