Updated on 27 September 2016

 

Payments and cancellations

 

          Payments and fees

  How can I pay for my purchase?

  Can I pay in multiple currencies?

  Can I pay for my purchase with a credit card?

  Do I have to give you my credit card number online?

  What are intermediary bank fees? How much should I send to cover these costs?

  Where and in what name should I send my payment?

          Cancellations

o    Cancelling a purchase of precious metal products

  What is your cancellation policy with respect to the purchase of precious metal products?

  How do you calculate market loss repayments for the purchase of precious metal products?

  What happens if my payment does not reach Kitco by the stipulated deadline?

o    Cancelling a sale of precious metal products

  What is your cancellation policy with respect to the sale of precious metal products?

  How do you calculate market loss repayments for the sale of precious metal products?

 

Payments and fees

 

How can I pay for my purchase?

 

For all purchases, payments can only be made by bank wire or by cleared funds on your Kitco account*. For instructions on how to fund your Kitco account, click here.

 

Payments made by bank wire must be initiated within one business day of the booking of a purchase and must be received by Kitco no later than three business days from the date on which an order is booked.

 

*  Funds on account are considered cleared when there are no holds placed on the funds. If you have made a payment into your account by cheque and the cheque is still being held for clearance, the amount paid will not show up in your cleared funds on account.

 

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Can I pay in multiple currencies?

 

         If your entire payment is by bank wire, you cannot pay in multiple currencies but must pay in your transacting currency only

         If a part of your payment is by bank wire, the bank wire component of your payment must be in your transacting currency only

         If part of your payment is by funds held on your Kitco account, you may pay in any of the following currencies:

o    U.S. dollars

o    Hong Kong dollars

 

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Can I pay for my purchase with a credit card?

 

No, a credit card cannot be used to pay for a purchase. Credit cards can only be used to lock in your prices, make market loss repayments and pay other fees and charges.

 

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Do I have to give you my credit card number online?

 

We may need a valid Visa or MasterCard credit card number to lock in your prices. Your credit card will not be charged for the amount of your purchase. Instead, you will be required to remit your payment to us within one business day.

 

Kitco has put in place several advanced technological security measures to protect your personal data. Only select employees (all of whom have undergone rigorous background checks) are granted access to customer information for the sole purpose of processing purchases and sales.

 

If you are uncomfortable with giving us your credit card information online, you can buy or sell over the telephone by calling (852) 2827-7800 from 9:00 a.m. to 5:30 p.m. HKT, Monday to Friday (except Hong Kong public holidays).

 

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What are intermediary bank fees? How much should I send to cover these costs?

 

Most international wire transfers pass through at least one intermediary bank. Intermediary bank fees are charged by these intermediary banks and not by the sender or recipient bank. If you specify the exact amount that should reach Kitco, your bank could advise you on how much more money you need to send to cover the intermediary bank fees.

 

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Where and in what name should I send my payment?

 

If you are paying us from the funds on your account, you do not need to send us any money. We will deduct the sum you owe us from the funds on your Kitco account.

 

If you are paying us by bank wire, send your payment to:

 

Bank of China (Hong Kong)

 

 

USD payments

HKD payments

Beneficiary

Kitco (Asia) Limited

Kitco (Asia) Limited

Bank name

Bank of China (Hong Kong) Limited

Bank of China (Hong Kong) Limited

Address

Bank of China Tower, 1 Garden Road, Central, Hong Kong

Bank of China Tower, 1 Garden Road, Central, Hong Kong

Account number

012-819-0-800553-5

012-819-0-002656-5

SWIFT code

BKCHHKHH

BKCHHKHH

 

OR

The Bank of East Asia

 

USD and HKD payments

Beneficiary

Kitco (Asia) Limited

Bank name

The Bank of East Asia, Limited

Address

10 Des Voeux Road Central, Hong Kong

Account number

015-521-68-009222

SWIFT code

BEASHKHH

 

OR

China CITIC Bank International

 

USD payments

HKD payments

Beneficiary

Kitco (Asia) Limited

Kitco (Asia) Limited

Bank name

China CITIC Bank International Limited

China CITIC Bank International Limited

Address

61-65 Des Voeux Road, Central, Hong Kong

61-65 Des Voeux Road, Central, Hong Kong

Account number

018-735-2-16232-101

018-735-2-16232-100

SWIFT code

KWHKHKHH

KWHKHKHH

NOTE: Please put your Kitco account number in the reference line of your bank wire payment.

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Cancellations

 

Cancelling a purchase of precious metal products

 

What is your cancellation policy with respect to the purchase of precious metal products?

 

 

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How do you calculate market loss repayments for the purchase of precious metal products?

 

When you cancel a purchase, you will be charged an administrative fee of U.S. $50 (or the equivalent amount in HKD). In addition to this, you may be charged market loss repayment if the price of the precious metals you were purchasing falls below the price at which you agreed to purchase them. The charges for cancelling a purchase are illustrated by the following examples:

 

Price movement

Quantity

Unit purchase price (USD)

Unit price upon cancellation (USD)

Market loss (USD)

Admin. Fee (USD)

Total payable
(Admin. fee + Market loss in USD)

No change

10 oz

$1,000

$1,000

No market loss

$50

$50

Price rises

10 oz

$1,000

$1,010

Market gain (no charge)

$50

$50

Price falls

10 oz

$1,000

$980

($980 - $1000) x 10 = -$200

$50

$250

 

If your purchase is cancelled at your request, the market loss will be calculated using the relevant Kitco live spot price that prevails when you request the cancellation.

 

Kitco will issue multiple payment reminders before cancelling your order. If your purchase is cancelled due to non-payment, the market loss will be calculated using the last available price fixing published by the London Bullion Market Association (the London PM Fix) on the day that the payment deadline expires.

 

Any market loss repayment and administrative fees that you owe may be charged to your credit card.

 

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What happens if my payment does not reach Kitco by the stipulated deadline?

 

Your payment must be received by Kitco no later than three business days from the date on which a purchase is booked.

 

If we do not receive your payment by this deadline, Kitco may deem your purchase to be cancelled and you may be liable for market loss repayments and other fees, as described in our Terms and Conditions.

 

If you expect your payment to be delayed, please call (852) 2827 7800 to have this fact noted on your account.

 

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Cancelling a sale of precious metal products

 

What is your cancellation policy with respect to the sale of precious metal products?

 

Transactions wherein you undertake to sell physical product to Kitco can be cancelled upon your request.

 

 

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How do you calculate market loss repayments for the sale of precious metal products?

 

When you cancel a sale, you will be charged an administrative fee of U.S. $50 (or the equivalent amount in HKD). In addition to this, you may be charged market loss repayment if the price of the precious metals you were selling rises above the price at which you agreed to sell them. The charges for cancelling a sale are illustrated by the following examples:

 

Price movement

Quantity

Unit sale price (USD)

Unit price upon cancellation (USD)

Market loss (USD)

Admin. Fee (USD)

Total payable
(Admin. fee + Market loss in USD)

No change

10 oz

$1,000

$1,000

No market loss

$50

$50

Price falls

10 oz

$1,000

$980

Market gain (no charge)

$50

$50

Price rises

10 oz

$1,000

$1,020

($1,020 - $1,000) x 10 = $200

$50

$250

 

If your sale is cancelled at your request, the market loss will be calculated using the relevant Kitco live spot price that prevails at the time when you request the cancellation.

Any market loss repayment and administrative fees that you owe may be charged to your credit card.

 

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