Australian Coin and Bullion Exchange

Discussion in 'General Precious Metals Discussion' started by goldpelican, Dec 8, 2010.

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  1. bron suchecki

    bron suchecki Active Member Silver Stacker

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    No ID at all for sub $10k transactions? If so I think that may attract the attention of AUSTRAC.
     
    bron suchecki, Dec 10, 2010
    #21
  2. projack

    projack Well-Known Member Silver Stacker

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    I am not sure what you mean here because I read the AUSTRAC website yesterday and the 10,000 limit for bullion dealers still valid.
     
    projack, Dec 10, 2010
    #22
  3. mistered

    mistered Member

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    I got a quote on a bullion sov which was very competitive against the other nearby dealers (which if you're a Melbourne local are very well known).

    Didn't get a silver price.
     
    mistered, Dec 10, 2010
    #23
  4. spannermonkey

    spannermonkey Well-Known Member Silver Stacker

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    Well I walked in there this morning & nearly bought a half sovereign
    Just under $200 ,& than the young cute girl asked for my license.
    I walked.And I'm never going back.
    The bloke in front of me bought all the gold coins they had,but the cute girl said they had plenty of bullion ,plenty of 1kg & 5kg silver bars.I didn't get a price.They have some silver coins/rounds but they haven't been sorted yet ,Samaon 1oz coins.
     
    spannermonkey, Dec 10, 2010
    #24
  5. predecimal

    predecimal Guest

    I have never pruchased anything from these retail outlets, but surely one must always assume that whilst the quality of the product might be guarenteed and product availability might be greater, the outlet is selling alot of products that are freely available from many online outlets. And the shop front retailers carry much larger overheads, and these would be priced into the products.

    And as for the cute girl side of things, there websites that provide that too (free of charge)
     
    predecimal, Dec 10, 2010
    #25
  6. spannermonkey

    spannermonkey Well-Known Member Silver Stacker

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    There's nothing better than a cute girl fondling gold/silver.I just went to another dealer who has a cute girl receptionist,she tested my Andean cats for me.
    :D
     
    spannermonkey, Dec 10, 2010
    #26
  7. THUCYDIDES79

    THUCYDIDES79 New Member Silver Stacker

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    Cute girls on websites is like Paper silver contracts.
    physical is physical. :p
     
    THUCYDIDES79, Dec 10, 2010
    #27
  8. spannermonkey

    spannermonkey Well-Known Member Silver Stacker

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    NO website involved,the cute girls were behind the counter:rolleyes:
     
    spannermonkey, Dec 10, 2010
    #28
  9. W Davis & Son

    W Davis & Son New Member

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    Australian Coin & Bullion Exchange Pty Ltd
    Level 9, 101 Loftus St, Sydney NSW 2000 ph: 1300 212 343
     
    W Davis & Son, Dec 11, 2010
    #29
  10. W Davis & Son

    W Davis & Son New Member

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    Australian Coin & Bullion Exchange Pty Ltd
    Shop 23, Ground Floor, Brisbane Arcade, 160 Queen Street Mall, Brisbane QLD 4000
    ph: 1300 212 343
     
    W Davis & Son, Dec 11, 2010
    #30
  11. dccpa

    dccpa Active Member

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    What were the results of the tests?
     
    dccpa, Dec 11, 2010
    #31
  12. goldpelican

    goldpelican Administrator Staff Member

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    Unfortunately I didn't find that to be the case today. I was asked for 100 points of ID (licence & credit card) for a cash purchase. I declined and explained that on principle I won't hand over 100 points of ID for purchases under $5000. I then enquired as to a smaller $110 purchase, and was told the 100 points were still required.

    Interestingly AUSTRAC no longer require 100 points of ID with the current recommended customer identification procedures, and as most forum members know, application of customer identification procedures for purchases under $5000 is at the dealers discretion, NOT a requirement.

    Sigh. Hopefully dealers start noticing that there's a demand for anonymous purchases as permitted by law that doesn't involve handing over material that creates a risk of identity theft should it be mismanaged or fall into the wrong hands.
     
    goldpelican, Jan 21, 2011
    #32
  13. spannermonkey

    spannermonkey Well-Known Member Silver Stacker

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    .999 there machine only does 3 decimal points - no inpurities at all
     
    spannermonkey, Jan 21, 2011
    #33
  14. Dynoman

    Dynoman Active Member

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    Why don't you start with a bullion website?, beats paying the landlord rent !
     
    Dynoman, Jan 21, 2011
    #34
  15. bungo

    bungo Member

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    Good on you for walking away. Well done. Once that starts being accepted, we're on a slippery slope.
     
    bungo, Jan 21, 2011
    #35
  16. goldpelican

    goldpelican Administrator Staff Member

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    Was a hard call - they actually had the best prices on in-stock bullion that I could find in Melbourne today - however I am NOT going to hand over copies of my credit card details to someone for their own internal records, and I choose to exercise my right to purchase metal anonymously when under $5000.

    Will certainly consider them for $5k+ purchases in future though (if my needs can't be met by a forum advertiser first! :) )
     
    goldpelican, Jan 21, 2011
    #36
  17. Slam

    Slam Well-Known Member Silver Stacker

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    I'm working on that, I can get one up in a short time. Just as a side thing for me.

    But I won't have alot of time to put into the job, I am a software engineer by nature and have already deployed the software into a VMware shell that represents my site. I'm still deciding if I want to go ahead.

    Slam
     
    Slam, Jan 21, 2011
    #37
  18. Welcome_Stranger

    Welcome_Stranger New Member

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    +1 to GP

    I also do this.... there is one particular dealer that demands ID for >2k, I no longer buy from them - Why would they do that?

    It varies from state to state but in many cases providing your drivers license is also an offence!

    Check the back of your DL - it will say something along the lines of "....use other than for policing road traffic is NOT INTENDED OR AUTHORISED"

    This is the reason that banks etc will never ask for your DL - they ask for photo ID OR they ask for 100 points and then list a DL as 70 points - the point is that YOU provided, they did not ask.

    I have purchased concert tickets recently and they asked for my DL!!! unbelievable!!! I asked the lady @ the counter if I could see some photo ID so that I know who I am handing my money to. She refused. After some discussion with her manager I established that the company collect the drivers license data - possibly to sell and/or get customer metrics. I got my tickets after 1/2 an hour without providing photo ID. I am very dissapointed that I had to go through this ordeal - it felt like I was being accused of a crime - they come out with rubbish like "if youve got nothing to hide then why dont you show your ID". It is a shame that the greater community accept being treated as criminals.... next it will be "veer arre yoor papers?"

    If someone asks you for photo ID - ask them if it is a lawful/legal request - this should take up 1/2 an hour of their time - if everyone did this it would make the request too time consuming to be economic.

    Anyway - I just wanted to make that point that one does not need to provide any ID for purchases of Bullion under market value 5k and;

    the ONLY time you HAVE TO provide your DL is if you are DRIVING and a Police Officer requests it. ALL OTHER TIMES ARE VOLUNTARY.

    for the benefit of all.

    Sorry for the rant but this is a sensitive point for me.

    ws
     
    Welcome_Stranger, Jan 21, 2011
    #38
  19. goldpelican

    goldpelican Administrator Staff Member

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    The kicker is that AUSTRAC requires identification for purchases of $5000 or more, but allows identification to be collected for smaller purchases if the dealer decides to implement it as a policy. So not required by AUSTRAC, but an operating decision by the business.

    The wording I've seen from some dealers implies that they are required to collect it for all purchases, and I'm yet to see the legislation stating this. For less than $5000, it's a business decision, not a legislative requirement, but some dealers will tell you otherwise.

    I've spoken to AUSTRAC in December 2010 - they confirmed that 100 point ID checks are not required, merely photo identification, or non-photo identification and a secondary document. Credit cards do not appear on the list of accepted documents.

    AUSTRAC actually provide an example of a "Customer identification procedure form" for use, and the document is available at http://www.austrac.gov.au/files/cip_form_ind_mar08.pdf. I've just read through this document, and all that is required is that the information (customers full name, and date of birth OR residential address) is verified by the sighting of an "original or certified copy".

    I read this as a dealer could simply complete the form, recording your full name and residential address, sight your drivers licence and be done. No need to record DOB or take a copy of the original document. This would go a long way to alleviating identity theft concerns, as you could limit your recorded identity to your name, and either of your DOB or residential address, and not leave certified copies of documents stored in unknown conditions beyond your control. Harder to commit identity theft with just someone's name and DOB than it is with a certified copy of documentation.
     
    goldpelican, Jan 21, 2011
    #39
  20. boston

    boston Well-Known Member Silver Stacker

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    +1
     
    boston, Jan 21, 2011
    #40
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