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New member - Investing - Cash buying


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New to preciuos metals investing, thanks for adding me to the silver forum.  I look forward to learning more from this forum.

I am a private investor, and my interest is investment and not collecting.  Stupid question, but does anyone ever buy for cash anymore rather than electronicly or transfers? I would much rather drive a reasonable distance to collect and buy in physical fiat.  I know there are risks in this kind of dealing like everything else but I would prefer to buy and sell this way.  Thanks

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Welcome to The Silver Forum :) 

If you are looking to buy something in particular please feel free to put up a wanted listing in the trade section. You may find a buyer willing to sell in cash, however I would presume that most sellers would not wish to do so due to additional security risks. 

Please make sure you have read the applicable Quickstart guide to trading as it contains useful and important information. 

UK QuickStart Guide
EU QuickStart Guide
USA & Canada QuickStart Guide

My posts are my personal opinions, they do not constitute advice or financial advice.

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I am always willing to trade in person. I work in London and am easily able to meet for coffee and to discuss things more generally. Always good to meet new people. I did a cash trade last year with a member on here (it was not thousands but hundreds) and that was easy and smooth (in part because the buyer is brilliant).

I will keep my eyes open for your wanted posts and let you know if I can help.

Welcome to the forum!

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I have dealt in cash before. Was pretty smooth and painless obviously electronic transfers are prefered as dealing in cash adds another step in the chain i.e paying cash into bank etc

Edited by Fadeingstar
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3 hours ago, Tedski said:

New to preciuos metals investing, thanks for adding me to the silver forum.  I look forward to learning more from this forum.

I am a private investor, and my interest is investment and not collecting.  Stupid question, but does anyone ever buy for cash anymore rather than electronicly or transfers? I would much rather drive a reasonable distance to collect and buy in physical fiat.  I know there are risks in this kind of dealing like everything else but I would prefer to buy and sell this way.  Thanks

Some answere here:

https://www.chards.co.uk/blog/how-can-i-pay-for-gold-and-silver-bullion/223

Cash 
You may pay by cash up to the equivalent of €10,000 over a rolling 5 year period. This includes anybody connected to you such as a friend, spouse or other relation.  

Cash can be paid at our showroom or into our bank account at any Royal Bank of Scotland or National Westminster Bank. Unfortunately, there are no discounts for cash payments.  

If paying by cash, you may be asked to supply two forms of identification; a passport and a photo driving licence OR one of these in addition to a recent utility bill with your current name and address, dated within the last three months.  

We would not recommend sending cash through the post. 

There is no charge for this payment method. 

The above needs an update, @ChardsCoinandBullionDealer, mainly in regard to cash payments exceeding €10,000 which will generally require the dealer to be registered as a High Value Dealer, and also require extra AML compliance checks from the customer, in addition to the standard ID checks. which not everybody is keen to provide. 🙂

 

Edited by LawrenceChard

Chards

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