1. Why is there a conversion charge for withdrawal from the GSPA in gold wafers?
  2. Will the gold price quoted daily be better than at goldsmith shops?
  3. Why is interest not paid for GSPA?
  4. Is there a minimum balance I need to keep at all times?
  5. When is the right time to purchase gold?
  6. Why can I only exchange the gold wafers at selected branches?
  7. Can I sell back the gold wafers to the bank?
  8. Will the Bank accept deposits in gold e.g. gold jewellery?

1. Why is there a conversion charge for withdrawal from the GSPA in gold wafers?
The conversion charge is actually the cost of minting the gold wafers from Switzerland as well as for transportation and insurance.

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2. Will the gold price quoted daily be better than at goldsmith shops?
The price of gold quoted daily will be pegged to the international gold price and will definitely be better than goldsmith shops without the usual "workmanship" charges.

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3. Why is interest not paid for GSPA?

When you purchases gold through GSPA, this is recorded into a passbook. The Bank actually keeps the gold in safe custody for you, and as such, interest is not paid.

The Bank will usually charge an administrative fee for this service at 0.25% p.a. on the highest gold balance per month. Maybank, however, does not levy this 0.25% administrative charge for the GSPA.



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4. Is there a minimum balance I need to keep at all times?
Yes, you must maintain a minimum balance of 1gm at all times.

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5. When is the right time to purchase gold?
The recommended time would be when the price of gold is low.

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6. Why can I only exchange the gold wafers at selected branches?
Only selected branches carry stock of the gold wafers and hence can meet your withdrawal needs.

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7. Can I sell back the gold wafers to the bank?
Yes, provided the gold wafers have the Maybank logo with the protective seal/cover and are accompanied by the Sales Memo. You have the option to be paid in Ringgit at the prevailing gold buying price, or by credit into the GSPA (at mid-rate), or by credit into a Savings/Current account (at buying rate).

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8. Will the Bank accept deposits in gold e.g. gold jewellery?
No, the Bank will only accept gold wafers purchased from the Bank.

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