Storage policy

 

Introduction

  • BuySilverMalaysia.com is the entity offering the BSP referred to as "BSM"
  • Silver and Gold Bullion is specific, sealed and uniquely identified in tamper proof bags referred to as "parcel"
  • The BuySilverMalaysia Storage Program, referred to as "BSP", is a program that allows you to purchase precious metals from BuySilverMalaysia and have them stored on a segregated and allocated basis (i.e. where you have title to specific coins/bars) in highly secure storage facilities.

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Opening BuySilverMalaysia Storage Program (BSP) Account

  • To open a BuySilverMalaysia Storage Program (BSP) account, call +603-8080 9388 or email us at admin@buysilvermalaysia.com to ask about the BuySilverMalaysia Storage Program (BSP).
  • Attach the following documents:
    - Photostat of MyKad or passport (front & back).
  • There are no minimum purchases required to join BSP, customer can begin even with 1 oz but the minimum fee applies.

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Storage

  • Precious metals held in BuySilverMalaysia Storage Program are stored in highly secure storage facilities located in Malaysia. All Gold and Silver held in your account remain your property at all times. BuySilverMalaysia will ensure that your Gold and Silver are specifically identified (allocated) and physically separated (segregated) at all times in any form that belong to any other person or entity, including BuySilverMalaysia.
  • Your Gold and Silver are stored in formally recognized bullion storage facilities, managed by specialist vault operators who are leading providers of precious metal vault services and secure transportation.
  • Gold and Silver must be purchased from BSM to be stored in BSP, unless approved by BSM.
  • We provide the necessary measures to prevent tarnishes on Silver but we do not guarantee against them.
  • For security purposes, BSM do not allow anyone to visit any storage facility to view their BSP account holdings. We can arrange for viewing at our office for a fee. We will waive the fee for the first viewing, within the first 30 days.
  • Customer can access to your detailed BSP information once you log into BuySilverMalaysia.com member's area. Customer can view the amount of items and quantity stored in our BSP.

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Fee Structure

  • Fee structure as per below:
    Item 100 days 1 Year 3 Years
    Gold
    (price per gram)
    RM 0.49 RM 1.04 RM 2.29
    Average RM 0.147 / mth Average RM 0.085 / mth Average RM 0.063 / mth
    Silver
    (price per oz)
    RM 0.48 RM 0.88 RM 2.11
    Average RM 0.144 / mth Average RM 0.070 / mth Average RM 0.058 / mth
    Or Minimum Fee RM 53.00
    ^ All price shown above Incl 6% GST
  • Default Standard Fee
    • An administration fee of RM21.20 (Incl 6% GST) will be charged for the first storage program with BSM (One time fee). Subsequent storage program will not be charged this administration fee.
    • Customer can request to view the parcel for free for the first time and within 30 days from BSP account opening. Subsequent viewing or viewing after 30 days from BSP account opening, will be charged RM53 (Incl 6% GST) per viewing.
    • There is a minimum storage fee is RM53 (Incl 6% GST). This means that by the above calculation, if the storage fee amounts to less than RM53 (Incl 6% GST) from the specified storage period, you will still be charged RM53 (Incl 6% GST) in that period.
  • Example BSM Storage Program Fee Calculation:
    Item Weight Duration Storage Fee Total Price
    2 piece of
    PAMP Suisse 100g Gold Bar
    200 gram 100 Days RM 0.49 / gram RM 98.00
    1 piece of
    PAMP Suisse Silver Kilo Bar
    1 kg (32 oz) 1 Year RM 0.88 / oz RM 28.16
    (Min charge: RM53.00)
    5 pieces of
    Scottsdale Silver 10oz Stacker
    50 oz 3 Years RM 2.11 / oz RM 105.50
    ^ All price shown above Incl 6% GST
  • Supplementary Fee
    • Viewing Fee, supplementary holder can request to view the parcel for free for the first time and within 30 days from BSP account opening. Subsequent viewing or viewing after 30 days from BSP account opening, will be charged RM53 (Incl 6% GST) per viewing.
  • BSM will serve a 30 days notice in the event that there is any changes to the Fee Structure

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Parcel Identification

  • Customer have access to the Parcel Photo which contains a page describing each parcel you currently own and a photo that clearly shows the parcel's seal number, content and weight.
  • Customer can request to view the parcel for free for the first time and within 30 days from BSP account opening. Subsequent viewing or viewing after 30 days from BSP account opening, will be charged RM53 (Incl 6% GST) per viewing.
  • Viewing will be conducted in BSM Office during office hours only. A notice of 3 days is required after submitting the BSP Viewing Application Form.

 ^ Example of a Parcel Photo with identification and barcode.


 ^ Example of a Parcel Photo with identification, item serial no and barcode.

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Renewal

  • Sufficient notices will be served to customer prior the end of the BSP contract period. Customer has the option to cease the contract or renew with prevalent contact details.
  • Failure to get a response from customer after the end of the BSP contract period, BSM will then remove the said parcel from BSP service. Customer will have 30 days to claim the parcel or the content of the parcel will be liquidated at prevalent price. Liquidated cash will be used to pay off amount owe to BSM and balance will be donated to charity organizations, at BSM's discretion.

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Withdrawal

  • Customer can withdraw their parcel at any time, provided a 3 days notice.
  • To withdraw or terminate your BSP account, fill in a copy of the BSP Withdrawal Form and send it to us. We will response to you within 1 working day. Customer can expect to receive the parcel withdrawn within 5 working days.
  • Once we receive your Withdrawal Request Form, we will call you to confirm your withdrawal instructions.
  • The BSP contract will be terminated once the parcel is withdrawn.
  • On the stipulated withdrawal date, BSM will dispatch you the Silver and Gold (or release them to your designated carrier if you have opted to arrange for your own transportation).
  • You will be required to sign and acknowledge the written receipt for the Silver and Gold delivered to you.
  • Silver and Gold products cannot be re-deposited into your BSP account once you have withdrawn them.
  • Customer can sell the Silver and Gold to BSM, at a preferred rate, via our Buy Back Program. For more information, please refer to our Buy Back Program's policy.

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