Updated on 1 February 2019

Payments and cancellations

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?

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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 send us a proof of payment via email or fax after your bankwire is submitted.
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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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