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GENERAL: FREQUENTLY ASKED QUESTIONS

General Questions

No, there is no minimum quantity or weight needed before you place an order with GoldSilver Central (GSC).

Yes, there is a maximum amount of both gold and silver that you can order online. For silver, it is 500oz and for gold, it is 200 grams. For orders above these quantities, please contact GSC to speak with one of our staff or purchase it in our office during office hours.

Prices are based on a live market spot price hence there is a possibility that the bullion price has increased. Prices will only be locked in when you confirm your order.

Can I get a GST refund if I am a foreigner and will be taking bullion that is still taxed out of Singapore
There are different ways of getting a refund for your GST depending on how you are leaving Singapore.

By Air
If you are leaving Singapore by air from Changi Airport, you can get your GST Tax Refund via Premier Tax.

You may purchase over the counter from us and collect the tax refund immediately at the airport. However, you will not receive the full 7% refund from them as they will charge a service fee. Most of the time you will be able to receive about 6.2% of the purchased value back.

Can I cancel an order after I have submitted the order?

All sales are final.  They are not cancellable, refundable or returnable. In the rare event that GSC approves the cancellation of the order, the customer will be subjected to our market loss policy which states that:

Once an order is submitted and a confirmation number (invoice number) is given, the transaction is valid and it may not be cancelled unless the individual is willing to bear the difference in the ask price based on our current ask price, if any, and an additional SGD$50.00 cancellation fee which is subjected to GST.

Any market gain in price will not be refunded.

There is a admin fee of SGD$50.

Once an order is submitted and a confirmation number is given, the transaction is valid and it may not be cancelled unless the individual is willing to bear the difference in the ask price based on our current ask price, if any, and an additional SGD$50.00 cancellation fee.

Any market gain in price will not be refunded.

Can you deliver the bullion we ordered to us in Singapore?
At the moment, we do not deliver the bullion to clients. All orders have to be collected at our office. However if you order a huge amount of silver from us and require our assistance, please give us a call and we will see how we can assist you in this.

Can you ship gold or silver to us if we are foreigners and reside overseas?
We are able to ship gold and silver abroad, however at additional shipping and insurance cost. Please note that full payments have to reach us via telegraphic bank transfer within 2 business days before we will ship the bullion out.

Please call us to enquire as we also do have gold and silver stocks in a bonded warehouse. This allows you to purchase gold and silver without the goods and services tax if you reside overseas or have a bonded warehouse in Singapore.

Can I make a purchase and collect it later?
Collection can be made anytime after the order has been paid for. Please inform us at least one business day in advance before collection.

Once the order is made, the full payment has to be wired to us within two days.

REGARDING PAYMENT

GoldSilver Central's accepted payment mode:

1) Cash payment on collection in SGD or USD in equivalent value

2) Cashier's cheque*

3) Personal Cheque deposit in either SGD or USD (Please cross your cheque and write the invoice number on the reverse side, Please also make it payable to GoldSilver Central Pte Ltd)

4 ) Bank Transfer

5) Credit Cards

For Credit Cards, we accept

  • VISA, MASTERCARD (bank surcharge of 2.35%)
  • AMEX (bank surcharge of 2.8%)

6) Alipay

7) FOMO Pay

8) NETS

9) DBS PayLah

Payment must be made within 2 business days after you have received an order confirmation email from GSC. Payment details will be sent to you via email upon order confirmation. Payment not made within 2 business days may be cancelled without notice and the customer will be subjected to our market loss policy including an admin fee of $50.

Note: GSC reserves the right to refuse or cancel any order in the event that GSC is unable for whatsoever reason to procure any or adequate bullion to satisfy your order, or if customer payment is not received within the Payment Timeframe specified, or when the confirmed price is incorrect, whether due to computer-related problems or otherwise, pricing error or sudden movements in the precious metals market or export/import restriction. Furthermore, we reserve the right to refuse or cancel any order deemed questionable, suspicious or of significant risk to GSC regardless of payment method and price confirmation.

GST is included in the final prices only for bullion that is not stated under the exemption list provided by the Singapore government. Most of the bullion GSC carries are GST exempted. Only bullion that has GST pricing on our website still has GST on it. Please visit this link to read more about the circular released by the Singapore government. Guide on Exemption of Investment Precious Metals - IRAS

GSC will need an estimated 30% of the amount of the bullion you are about to order as a deposit before you may place an order online with us for fix a price with us over the phone.

If an order is placed online and you are not a Singaporean and do not have a local address, your order will not be valid and accepted by GSC unless you have placed a deposit with us prior to the order.

Orders placed with a deposit has to be fully paid up and collected within 3 weeks from the time the order is fixed.

CASH TRANSACTIONS ABOVE SGD 20,000

From 15th October 2014 onwards, customer with cash payment of S$20,000 and above (or its equivalent in a foreign currency) regardless of the number of transaction within 24 hrs will be bounded by the act and is required to provide the information and documents required.

  1. full name, including any alias used;
  2. date of birth, for an individual,
  3. address, which shall be ––
    1. for an individual, the address of the individual’s usual place of residence; or
    2. for a body corporate or unincorporated, the address of its principal place of business or office;
  4. contact number(s);
  5. nationality, for an individual, or place of incorporation, for a body corporate or unincorporated;
  6. identification number, which shall be
    1. for an individual, an identity card number, a passport number, a taxpayer identification number, or the number in any other document of identity issued by a government as evidence of the individual’s nationality or residence and bearing a photograph of the individual; or
    2. for a body corporate or unincorporated, a registration number, or the number of any other document issued by any government certifying the incorporation, registration or existence of the body corporate or unincorporated;
  7. the type of identifying document referred to in paragraph (f) and the expiry date, if any, of the identifying document
  8. occupation, for an individual, or business, for a body corporate or unincorporated.
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