Online Store Home > Frequently asked questions > Payment & Fees

Payment & Fees

Various fees may be involved in testing the precious metal scrap you plan on selling to Kitco. We have outlined potential fees that may apply to the type of scrap you are selling.

Kitco offers several payment options for you to choose from when selling your scrap. below you'll find the different options to help you decide which you prefer. 

  1. How much will Kitco pay me for my scrap metal?

    Kitco's buying prices (see refining and scrap) are constantly updated in accordance with prevailing market prices. These are the prices you will be paid at the time of settlement, unless you have previously confirmed your prices.

    What will it cost to have my scrap metals tested by Kitco?

    If Kitco can verify your material with a scratch test, there will be no processing fee. However, if we determine that a melt and/or assay are required, we will contact you before proceeding. Following your approval, Kitco will melt and/ or sample your material before forwarding a sample to an independent lab for analysis. A breakdown of the material, fees, processing times and sample sizes is given below.

    MaterialCharges per MeltCharges per AssayMinimum Lab TimeMinimum Sample Size * (grams)
    Gold$30$302 Business Days1
    SilverN/A$302 Business Days1
    PlatinumN/A$375 Business Days1
    PalladiumN/A$375 Business Days1
    RhodiumN/A$25015 Business DaysN/A
    PolishingsN/A$50 Minimum10 Business Days20
    Dental GoldN/A$50 Minimum2 Business Days1

    *Sample sizes may change depending on the amount and type of material to be tested.

    Can I confirm a price shown online?

    Yes. You can eliminate the uncertainty of the market by confirming current prices for a specific quantity of precious metal. For more details on how to confirm a price, as well as all of our policies and procedures please see our Confirming a price FAQs.

    What are my settlement options? How will I be paid by Kitco?

    Depending on your country of residence (or the location of your principal place of business), you may choose any of the following settlement options:

    Method of PaymentU.S & Canadian CustomersInternational CustomersService Fee
    Check sent by regular mail*XNone
    Check sent by courier*X$30
    USD or CAD bank wire sent to a bank in the USA or Canada†$40
    USD or CAD bank wire sent to a bank outside the USA and Canada†‡$60
    GBP or EUR bank wire‡§£50/ €60
    Bullion products normally carried by KitcoNone
    Credit to the funds on your accountNone
    Credit to your Kitco Pool accountNone

    *Checks can only be sent for USD or CAD payments to US/Canadian residents.

    †If this is the first time that you are receiving a bank wire payment from Kitco, please fill in and submit a Bank Wire Information form.

    ‡For USD or CAD bank wires sent to banks outside the USA and Canada, Kitco will pay all intermediary bank fees.

    §Payments in GBP or EUR can only be made by bank wire or credited to funds on account.

    Can I have the payment for my sale sent to a third party?

    No, Kitco cannot send the payment for your sale any individual or entity who is not a designated account owner due to anti-money laundering legislation. Payments for sales from a Business Account can be made in the business name only. For Sole Proprietorships, payment can be made in the business name or the sole proprietor’s name, provided proper authorization documentation has been received by Kitco. For further information about nominating other persons to your Kitco account, call 1 877 775-4826 or 514 313-9999.

    Can I exchange my scrap metal for precious metal bullion products?

    Yes. Kitco is pleased to offer you precious metal bullion products as a settlement option for your scrap metal. For details, call 1 877 775-4826 (Monday to Friday, 8:30 a.m. to 10:00 p.m. ET).

    How long will it take for me to receive my payment?

    It usually takes two to 10 business days to assay your products and verify their purity. Once your product is so verified, Kitco will send you your payment within two business days. Depending on the method by which you choose to be paid, it can take up to 10 business days for you to actually receive your payment. Exceptionally, in the case of U.S or Canadian statutory holidays, extraordinarily high market activity, very high-value sales and other unforeseeable circumstances (such as transport strikes or natural disasters), the processing of your sale and the sending of your payment may be delayed.

    Can I choose to settle my material at a later date once your representative calls me?

    You can send your material without confirming a price. If you do not confirm a price beforehand, you have two choices once we finish processing your package. You can:

    • Accept the market price that is prevalent when Kitco contacts you and you confirm over the phone or by email that you agree with this price
    • Opt to receive a credit for the relevant amount of pure metal to your Kitco Pool account

    Please ensure that all your contact information on file with Kitco is accurate and updated to prevent delays in processing and payments.

    Will Kitco pay taxes associated with the scrap metal sale?

    Upon request, Kitco will pay taxes to customers selling precious metal scrap through their refining business account. Taxes are paid to businesses registered in Canada and are calculated and paid out according to the province where the business is registered. A company invoice must be provided to Kitco indicating the items sold along with the tax registration number in order to be paid taxes for their sale.

More
  • | call now! 1 877 775-4826

WHAT'S NEW?

VAULTCHAIN™

TRADE GOLD & SILVER
DIGITALLY

WE NOW ACCEPT

PayPal logo
Bitcoin logo

GET DEALS
IN YOUR INBOX

Be the FIRST to get the best deals on Gold & Silver.
You can withdraw your consent at any time
THANK YOU FOR SUBSCRIBING!