Updated on November 10, 2014

Payments and cancellations

Payments and fees

How can I pay for my purchase?

How you may pay for a Kitco purchase depends both on your country of residence (or the country in which your principal place of business is located) and the value of your purchase, as follows:

International customers

International customers can pay for their Kitco purchases by any of the following methods:

U.S. and Canadian customers

Purchases worth up to $10,000 paid for in U.S. or Canadian dollars

U.S. and Canadian customers can pay for purchases worth up to $10,000 in U.S. or Canadian dollars by any of the following methods:

Purchases worth over $10,000 paid for in U.S. or Canadian dollars

U.S. and Canadian customers can pay for purchases worth over $10,000 in U.S. or Canadian dollars by any of the following methods:

Purchase in Euros or pounds sterling

U.S. and Canadian customers can pay for purchases in Euros or pounds sterling by any of the following methods:

*Funds on account are considered cleared when there are no holds placed on the funds.

Personal and business checks are subject to a holding period of 10 business days from the date of receipt to ensure clearance.

All other types of checks, bank drafts and money orders are subject to a holding period of three business days from the date of receipt to ensure clearance.

§Only money orders issued by banks are acceptable. Kitco does not accept postal money orders.

Checks will be returned to you by Kitco if they are incorrectly written (with an incorrect or missing date, dollar amount discrepancies, incorrect spelling, missing signature, etc.). Your bank will return your check if there are insufficient funds in your bank account or if your bank account is closed or not traceable. Should this happen, you will be charged an administrative fee of $35 (USD for U.S. dollar amounts and CAD for Canadian dollar amounts). Checks returned by Kitco will be sent to you by regular mail. At your request, we can return your check by courier for a fee of $30 (USD for U.S. dollar amounts and CAD for Canadian dollar amounts).

Note

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Can I pay in multiple currencies?

If you pay in a different currency from the one you purchased in, your payment currency will be converted into the purchase currency at Kitco’s daily currency exchange rate.

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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. However, you may need to provide us with a valid Visa or MasterCard credit card number. We may ask for your credit card number to confirm your price.

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Can I pay for my purchase in cash?

Yes, you can pay for your purchase with cash, but the following limitations apply:

Purchases of all sizes, including those made online or over the phone can be paid for with cash as long as the purchase is being picked up at our Montreal retail store. Purchases being delivered to you cannot be paid for in cash. Euro and pound sterling payments cannot be made in cash.

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

Yes, it is mandatory for you to provide your credit card number when asked to do so. We may need a valid Visa or MasterCard credit card number to confirm your price or charge certain fees (such as shipping and insurance fees) if you opt to pay them by credit card. 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. However, we may charge your card if market loss repayments or other fees become payable.

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 1 877 775-4826 or 514 313-9999 from 8:30 a.m. to 10:00 p.m. ET, Monday to Friday.

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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 levied 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. Usually, an additional U.S. $25 should be enough to cover these 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, the beneficiary should be Kitco Metals Inc. Detailed bank wire instructions (address, account number, etc.) will be available on the Transaction Processing page during the checkout process and in the confirmation email that you will receive.

If you are paying us by bank wire via Western Union, payment instructions will be sent to your e-mail address after you have requested a quote from Western Union. You must GO TO YOUR BANK when paying with a bank wire via Western Union. This service is NOT the same as a MoneyGram from Western Union.

NOTE: To speed up your purchase, please carefully follow our bank wire instructions. In the reference line of your bank wire, please put the Kitco account holder’s name, followed by the Kitco account number in parentheses [e.g. John Smith (0123456)].

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What happens if a package shipped by Kitco is undeliverable?

If Kitco ships you precious metal bullion products that you have purchased and if you refuse to take delivery of the package or if the courier company returns the package to us as being undeliverable for any reason:

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Can I return or exchange products that I have bought from Kitco?

Most of our customers are very satisfied with the products that they receive. Sometimes, however, you may find that the products that you receive are circulated (previously owned) or seem to have some reddish or whitish spots on them. Most of these spots and marks are just residues of chemicals used in the manufacturing process. Often, they can be polished off with a soft cloth. Even if they are hard to clean off, they do not impact the value of the coin/bar because they are not impurities but just superficial marks.

Your coins/bars are no less valuable because they have these marks. The value of precious metal bullion coins and bars depends primarily on their metal content and not on their appearance. Minor blemishes and regular wear and tear do not deplete the value of precious metal bullion coins and bars. Your coin/bar will fetch its full market price whenever you resell it.

Despite this, if you are still unsatisfied with your products and would like to have them exchanged, please call 1 877 775-4826 or 514 313-9999 within three business days of receiving the products. Our customer service representative will be happy to process your exchange. Please note, however, that:

Products once sold, cannot be returned under any circumstances. Kitco can only offer to exchange your products. We do not offer refunds, but we can buy back your products from you at the prevailing market price at any time. For information on selling products back to Kitco, see our “Selling precious metal bullion products FAQs”.

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Cancellations

Cancelling a purchase of precious metal bullion products

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

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

When you cancel a purchase, in addition to paying a $50 administrative fee, you may have to reimburse Kitco for any market loss we sustain as a result of the cancellation of your purchase. If there is no change or an increase in price from the time you make your purchase to the time it is cancelled, you will be charged only the $50 administrative fee. However, if we do sustain a market loss (i.e. if the price of the precious metals you were purchasing falls below the price at which you agreed to purchase them), you will be charged as illustrated by the following examples.

Unit price of your transaction Unit price at the time of cancellation Quantity Loss or gain (unit price difference multiplied by quantity) Market loss repayment
Example 1 $1000.00 $980.00 10 oz ($980 - $1000) x 10 = -$200 $200.00
Example 2 $1000.00 $1050.00 10 oz ($1050 - $1000) x 10 = +$500 $0.00

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

Kitco will issue multiple payment reminders before cancelling your purchase. 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. We will send you an email to notify you of the charge.

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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 price is confirmed for your purchase.

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 1 877 775-4826 or 514 313-9999 to have this fact noted on your account.

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Cancelling a sale of precious metal bullion products

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

Transactions wherein you undertake to sell physical product to Kitco will be cancelled after 10 business days of their price being confirmed if we do not receive the product that you undertake to sell to us.

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

When you cancel a sale, in addition to paying a $50 administrative fee, you may have to reimburse Kitco for any market loss we sustain as a result of the cancellation of your sale. If there is no change or a decrease in price from the time you make your sale to the time it is cancelled, you will be charged only the $50 administrative fee. However, if we do sustain a market loss (i.e. if the price of the precious metals you were selling rises above the price at which you agreed to sell them), you will be charged as illustrated by the following examples.

Unit price of your transaction Unit price at the time of cancellation Quantity Loss or gain (unit price difference multiplied by quantity) Market loss repayment
Example 1 $1000.00 $950.00 10 oz ($1000 - $950) x 10 = +$500 $0.00
Example 2 $1000.00 $1020.00 10 oz ($1000 - $1020) x 10 = -$200 $200.00

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

Kitco will issue multiple shipment reminders before cancelling your sale. If your sale is cancelled by Kitco, 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 deadline for receiving your precious metals expires.

Any market loss repayment and administrative fees that you owe may be charged to your credit card. We will send you an email to notify you of the charge.

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Cancelling a sale of scrap metal

Can a sale of scrap metal be cancelled once a price has been confirmed for it?

Yes, you can cancel a sale of scrap metal after confirming a price for it. However it will be subject to cancellation charges. For more information, see “How do you calculate market loss repayments for the sale of scrap metal?

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What is your cancellation policy with respect to the sale of scrap metal? How do you calculate market loss repayments for the sale of scrap metal?

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At what point will market loss repayment fees be applied?

Market loss repayments and administrative fees are applied under the following conditions:

Kitco will attempt to contact you three times by phone and at least once by email (if we have your email address on file) to inform you of the fees before you are charged.

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