Getting started with a Depository Online account
Opening a Depository Online account can be done in three simple steps. To comply with Anti-Money Laundering and Countering Financing of Terrorism laws, you will need to provide documents to prove your identity and agree to the terms and conditions.
When setting up the account you must:
- Choose to trade in either Australian dollars or US dollars (this can’t be changed).
- Ensure your Depository Online account is in the same name as your nominated bank account.
Please read our terms and conditions and documentation requirements first.
Questions about Depository Online
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What are the costs associated with Depository Online?
Costs for Depository Online include what you pay to buy gold, silver and platinum and whether you choose to store it in allocated, unallocated and pool allocated form.
Transaction fees will be charged and when applicable, fabrication fees will apply also. View all fees. Your bank may also charge transfer fees.
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Do I need to provide my tax file number?
No. The Perth Mint is not a bank and we do not pay interest on money or metal balances held with us, so there is no requirement for us to report income to tax authorities.
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Can I give my financial adviser access to my account?
No. At this stage financial advisers cannot access your account. We are working on adding this feature and will email you when it is available.
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Why can’t I add funds to my Depository Online account from any bank account?
If we accepted funds from bank accounts other than one in the name of your Depository Online account, we would be deemed to fall under additional anti-money laundering rules that apply to banks.
As most of our customers prefer the Depository Online is classed as a non-bank facility, we have a policy of not allowing third party deposits.
Your designated bank account is where we will transfer funds when you request a cash withdrawal.
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Why do I need to prove my identity?
Under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, The Perth Mint Depository must know their customers and be satisfied an individual customer is who they claim to be.
Non-individual customers need to prove the entity exists and provided evidence of who the beneficial owner is. For more information visit AUSTRAC.
Identify verification also ensures that if you request physical delivery of your gold, silver or platinum, that you are the recipient.
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How do I validate my account?
Once you have created your Depository Online account, click the ‘Validate my account’ button and complete all the steps to submit your account. Once we’ve confirmed your details, we’ll email you confirmation.
You can track progress of your validation by logging in and viewing the ‘Your account’ page.
As all account validations are reviewed manually, allow three working days. This may take longer during busy periods. If we can’t validate your account, we will contact you for further information.
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My loved one has passed away and had a Depository account, what should I do about the deceased estate?
If you are an authorised representative of the estate of the deceased (for example, an estate executor, next of kin or legal representative), please refer to the steps set out on our deceased estates page for information on how to notify us.
