Please add methods that you use.
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Depositing funds from EU
- Thread starter Uchiki
- Start date
CrypticMystic
Well-known member
I think I use crypto to deposit to Kinesis mostly.
I don't think I have used Wise or Revolut before.
I did use XRP once and I used ETH and BTC.
I think I was able to send money from my Rabobank account to mint KAG when I minted back in the day.
So I guess I used SEPA transfers to get my money in and then crypto after I had made the account.
I don't think I have used Wise or Revolut before.
I did use XRP once and I used ETH and BTC.
I think I was able to send money from my Rabobank account to mint KAG when I minted back in the day.
So I guess I used SEPA transfers to get my money in and then crypto after I had made the account.
Troglodytes
Well-known member
- Location
- U.K.
Although I'm UK based, most of my fiat lives in The Netherlands and all of my funding into Kinesis has come from there too. I have always used Wise to deposit to the Australian Mint account (4 times in 2021). If I transferred the money late afternoon (say 17:00 UK time), it would be in my Mint account the next morning just after 9:00 am UK time.
I have always transferred the funds to my Wise account first, before sending it to Australia. But I don't think it would be slower to send directly from my Dutch banks (ING and Rabobank) via Wise. My direct transfers from The Netherlands to the UK via Wise (including the EUR to GBP conversion) usually take just a few minutes with either ING or Rabobank.
I have always transferred the funds to my Wise account first, before sending it to Australia. But I don't think it would be slower to send directly from my Dutch banks (ING and Rabobank) via Wise. My direct transfers from The Netherlands to the UK via Wise (including the EUR to GBP conversion) usually take just a few minutes with either ING or Rabobank.
SilverFox22
Active member
Out of Belgium, I have used Wise, Currencyfair and direct EUR transfers from local bank to Australian Kinesis account. Also used crypto funding (ETH).
InGoldITrust
Member
- Location
- Netherlands
Hi all,
I'm planning to fund my mint account from my Rabobank account. (from the Netherlands)
I did this before about 2 years ago if i remember correctly, however back then the funds went to my KMS account in euro's instead of dollars to my mint account.
It does say that the mint account can only receive dollars, what is the best way to add funds straight to my mint account so i can directly buy KAG and KAU?
thanks!
I'm planning to fund my mint account from my Rabobank account. (from the Netherlands)
I did this before about 2 years ago if i remember correctly, however back then the funds went to my KMS account in euro's instead of dollars to my mint account.
It does say that the mint account can only receive dollars, what is the best way to add funds straight to my mint account so i can directly buy KAG and KAU?
thanks!
CrypticMystic
Well-known member
I would send Euro to KMS account. Convert EURO to USD and sent that to the mint.
Seems to be the easiest way to me.
I use Rabobank myself - you'll have spread and fees from the KMS so you would be able to know cost upfront, instead of having to deal with the banks conversion rate.
I think that this should be possible.
I didn't do that myself.
The last time I minted is a long time ago.
InGoldITrust
Member
- Location
- Netherlands
thanks CM, That was something i wanted to do last time also.. well not initially but when the funds were transfered to my KMS account i thought that would be the best solution.
Only i can´t find where i can convert euro´s to dollars. Or i can buy KAU in euro´s and sell them again in dollars but i don´t think that´s the way to get dollars...
InGoldITrust
Member
- Location
- Netherlands
oke thanks, then that is what i shall do.
@ Kinesis
why isn't there an option to directly fund your mint account with currencies other than dollars?
Will this be a possibility in the future?
And is it an idea to create a thread "deposit funds to your mint account"?
Thanks.
It would be worth asking Support or your Account Exec about this.oke thanks, then that is what i shall do.
@ Kinesis
why isn't there an option to directly fund your mint account with currencies other than dollars?
Will this be a possibility in the future?
And is it an idea to create a thread "deposit funds to your mint account"?
Thanks.
CrypticMystic
Well-known member
Yeah I just checked in app and it's strange it's not an option to sell against other fiat and that you have to use a 'go-between'.
May relate to the long term vision of gold as money and to not have direct swaps between currencies but rather use gold, but I get the inconvenience factor here.
I think I did do a gold in-between as I wanted to have dollar exposure, because I have had USD in my account.
And I remember it wasn't a direct conversion.
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InGoldITrust
Member
- Location
- Netherlands
Good to know!
Yes that would make sense, to use gold as money. And this way it will benefit to the volume on the exchange.
I think i`ll make a suggestion to vote for if it is possible to make funding your mint account more practical and that way easier to add KAU and KAG in the system.
I think it's a historical artifact as precious metals are still valued and traded in US dollars so the cost to ABX is based on dollars. ABX is institutional whereas Kinesis is retail and is facilitating funding with several currencies.
The problem then is how to get US dollars.
It's good to know Revolut is still available for sending USD. I should open an account since my recent wire in CAD would have been expensive, had my bank manager not reversed the fees after I went back the following day to assert that ABX was not a scam. The teller said there were several red flags and read it was a scam on Google and the manager gave me a pamphlet on scams, that I refused, saying many clients had lost their money on gold and cryptos. Friday was busy whereas Saturday was quiet and we could sit down. I also returned with copies of wires from 2019.
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CrypticMystic
Well-known member
Also possible.
It's weird though since I did buy non-USD priced metals a decade ago.
Could relate to the international nature of ABX, however, and that in combination with international gold pricing leads to this artifact / intentional design.
I can see possibilities for the friction being lower, even if as seems likely, minting still requires USD, but that's dependent on future implementations.
However, as Hans suggested, Revolut is probably worth a try for an immediate low cost solution.
It's also possible that your AE might be able to suggest something.
Yes, likely to continue to be the case for the KMS. I don't expect fiat to fiat pairs on the Kinesis Exchange.
InGoldITrust
Member
- Location
- Netherlands
I made the transfer via Rabobank.
Apparently i could convert EUR to USD before making the transfer to my mint account.
This had a 0.1% fee.
So that is good to know that there is no need to go on the exchange and convert through trading KAU etc.
Apparently i could convert EUR to USD before making the transfer to my mint account.
This had a 0.1% fee.
So that is good to know that there is no need to go on the exchange and convert through trading KAU etc.
