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BullionStar Account - FAQ

Q: Are there any costs when opening a BullionStar account or any costs to add, maintain or withdraw funds to/from a BullionStar account?

A: No, there are no costs whatsoever when opening and funding an account with BullionStar. Bank fees for transferring funds to and from a BullionStar account, if applicable, are borne by the customer though.

Q: Are the funds on a BullionStar account interest bearing?

A: No interest is paid for funds held on a BullionStar account.

Q: For how long can I hold funds on my BullionStar account?

A: Funds can be held indefinitely, i.e. for as long as you like, on your BullionStar account.

Q: Which currencies can I hold funds in?

A: Singapore Dollars, US Dollar and Euro.

Q: What’s the minimum top-up/funding amount?

A: The minimum top-up amount is SGD/USD/EUR 1,000.

Q: What’s the maximum top-up/funding amount?

A: There's no maximum amount.

Q: Can I use the funds on my BullionStar account for partial payments, such as settling a part of an order with funds from my BullionStar account and part of my order with another payment method?

A: No, for administration reasons, we do not allow partial payments with your BullionStar account. For cases like this, please either top-up your BullionStar account before placing the order or place two separate orders.

Q: How long does it take before my BullionStar account is credited after funds have been transferred?

A: BullionStar strives to process all transfers within one business day of receiving the funds. 

Q: How long does a BullionStar account withdrawal take? 

A: BullionStar strives to process all payments within one business day. It may take up to an additional three bank days for you to receive your funds in the case of a bank transfer as different banks have different processing times.  

Q: Does the BullionStar account function like a bank account?

A: The BullionStar account is not a bank account. A BullionStar account is defined as a single purpose Stored Value Facility under Singaporean law. Funds on your BullionStar account can only be used towards future purchases of products and services from BullionStar or be withdrawn at your convenience anytime. Funds cannot be transferred to any third party or used for any other purpose.

Q: Can funds be used interchangeably or exchanged between different currencies?

A: No. For example, a Singapore Dollar order can only be funded with funds from your Singapore Dollar account.

Q: Is a funding notification binding?

A: No, in the case where we do not receive the funds as notified in a funding notification, we will cancel your funding transaction after seven days. 

Q: Can I undo a withdrawal request?

A: This depends on whether we have sent your funds or not. Please contact us to inquire.

Q: Is BullionStar approved by any regulatory authority to offer this service

A: BullionStar Lte. Pte., the holder of BullionStar’s stored value facility, does not require the approval of the Monetary Authority of Singapore (MAS).

Q: Are there any documentation requirements for using this service?

A: Yes. Upon your decision to use your BullionStar account for holding funds, we will send you an e-mail with a link where you will have to upload the following documents. The upload is a one time procedure and the documentation you provide will be stored securely and confidentially to the fullest extent permitted by law. 

Personal Accounts:

- A picture or scanned copy of a valid photo identification such as a passport, a national identity card or a driver's license in gif, jpg, jpeg, png or pdf format for the account holder and joint account holder if any.

- A picture or scanned copy of a utility bill (such as e.g. an electricity, gas, phone, TV, cable or water bill) or bank statement displaying your residential address. The bill must be no older than 6 months. The address must match the address on your account. If your residential address is stated on the submitted scanned copy of your identification, such as on a Singaporean identity card, you do not need to submit a utility bill. A utility bill or bank statement also needs to be uploaded for the joint account holder if any.

Business Accounts:

- A scanned copy (or scanned copies) of documentation evidencing the name, registered address, legal form, incorporation/registration date, owners and beneficial owners (if different from owners) of the business.

- A picture or scanned copy of a valid photo identification such as a passport, a national identity card or a driver's license in gif, jpg, jpeg, png or pdf format for each natural person appointed to act on behalf of the business.

- A picture or scanned copy of a utility bill (such as e.g. an electricity, gas, phone, TV, cable or water bill) or bank statement displaying the residential address for each person appointed to act on behalf of the company. The bill must be no older than 6 months. If the residential address is stated on the submitted scanned copy of an identification, such as on a Singaporean identity card, there is no need to submit a utility bill for that person.

- The below is only applicable to additional owners (including beneficial owners) who control 25% or more of the business' shares, and who are different to the person/s appointed to the BullionStar account: A picture or scanned copy of each owner's, and beneficial owner's (if applicable), valid photo identification such as a passport, a national identity card or a driver's license in gif, jpg, jpeg, png or pdf format for each owner/beneficial owner.

- The below is only applicable to additional owners (including beneficial owners) who control 25% or more of the business' shares, and who are different to the person/s appointed to the BullionStar account: A picture or scanned copy of each owner's, and beneficial owner's (if applicable), utility bill (such as e.g. an electricity, gas, phone, TV, cable or water bill) or bank statement displaying the residential address of that owner/beneficial owner. If the residential address is stated on the submitted scanned copy of an identification, such as on a Singaporean identity card, there is no need to submit a utility bill for that person.

Trust/Foundation/IRA Accounts:

- A scanned copy (or scanned copies) of documentation evidencing the name, registered address, legal form and nature of the trust or legal arrangement.

- A scanned copy (or scanned copies) of documentation evidencing the names of the settlors, trustees, beneficiaries, custodians or any other person(s) who has power over the disposition of any property that is subject to the trust or legal arrangement.

- Where applicable, a scanned copy (or scanned copies) of the trust deed, declaration of trust, deed of retirement and appointment of trustees or any other documentation reasonably relevant for BullionStar to achieve KYC knowledge.

- A picture or scanned copy of a valid photo identification such as a passport, a national identity card or a driver's license in gif, jpg, jpeg, png or pdf format for each owner, beneficial owner, beneficiary or any other person with ultimate control over the trust or legal arrangement.

- A picture or scanned copy of a utility bill (such as e.g. an electricity, gas, phone, TV, cable or water bill) or bank statement displaying the residential address for each owner, beneficial owner, beneficiary or any other person with ultimate control over the trust or legal arrangement. The bill must not be older than 6 months.

Related Topics

Keeping Funds on Your BullionStar Account

How to Fund Your BullionStar Account

How to Withdraw Funds from Your BullionStar Account

How to Sell Bullion with the Proceeds Paid to Your BullionStar Account

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