How to Withdraw Your Physical Bullion This document outlines the process and requirements for withdrawal of physical bullion.
OVERVIEW Before proceeding with a request to withdraw physical bullion from the vault, we kindly ask customers to note the following. While you have a right of withdrawal of your gold and silver from our care, BullionVault is not designed primarily as a service for those who wish to take physical possession of bullion and the process will require you to provide certain information and to follow the process outlined in this document. Your right to withdrawal can only be effected through BullionVault (and not from the vault operator or its facilities directly) because only BullionVault has the means and responsibility for identifying you reliably. It is important to note that removing your bullion from market-approved storage will break its chain of integrity - the continuous record of professional custody which guarantees quality to the next by buyer, and which is necessary for retaining Good Delivery status. As a result, you will cause your gold and silver bullion to lose a significant proportion of its resale value against prevailing spot market quotes – perhaps as much as 6% or more for large gold bars, and significantly higher for large silver bars as well as for other, smaller retail units of gold.
FORM & RESTRICTIONS Gold: Your request to withdraw gold bullion will be accommodated only in the form of whole numbers of appropriate bars of varying sizes, and of generally accepted bullion coins to be selected at BullionVault's discretion. Silver: Your request to withdraw silver will be accommodated only in the form of whole numbers of 1,000 troy ounce bars. Please note: BullionVault's fee for arranging withdrawal is charged in bullion. Therefore you will need to own more gold or silver in your account than you intend to withdraw. Your account will also need to hold sufficient cash funds, in advance, to settle any taxes triggered by your withdrawal, notably the UK's 20% VAT on withdrawals of silver from the London vault. 1
Upon withdrawing bullion, you may lose anonymity where such transactions are monitored by appropriate authorities. You undertake to fully comply with whatever notifications, administration and taxes your withdrawal and receipt of bullion may incur. Physical bullion withdrawal can only be made to jurisdictions where bullion importation is allowed. BullionVault reserves the right to refuse delivery to certain jurisdictions where secured delivery cannot be assured.
BULLIONVAULT CHARGES As stated on BullionVault's prevailing Tariff, the withdrawal fee for whole numbers of Good Delivery gold bars (approximately 400 troy ounces or 12.5 kilos each) is 2.5%. The withdrawal fee for smaller quantities of gold is 7.5%. Any transportation fees will also be charged. Silver bullion is only able to be withdrawn in whole numbers of 1000 troy ounce bars (approx. 31 kilos). The withdrawal fee for the equivalent of one metric tonne of silver (approx. 32,000 troy ounces or 1000 kilos) or more, is 2.5%. The withdrawal fee for any smaller quantity is 10%. Any transportation fees will also be charged.
TAX Upon withdrawing bullion from the vault you accept that you may become liable to taxes which you would otherwise not become liable to, and you permit BullionVault to deduct those taxes appropriately. On silver withdrawn from the London vault, VAT sales tax is currently charged under United Kingdom legislation at 20%. Please be aware there may also be import duties levied on gold and silver bullion in the jurisdiction where you wish to take delivery. It will be your responsibility to determine these taxes and you will be solely liable for the charges.
PROCEDURE You must have completed Bullionvault’s account validation process before being able to request physical withdrawal. Step 1: To arrange physical possession of gold through BullionVault, please contact us in the first instance by email to support@bullionvault.com. We will then reply to arrange telephone confirmation during normal UK office hours (09.00 to 19.30 UK time).
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Step 2: You will need to complete and sign the Withdrawal Request Form we send, which must also be notarised by an accepted certifier as described by the form, and accompanied by the Source of Funds Declaration Form and a notarised copy of your identification document. This is part of the enhanced due diligence process which BullionVault will carry out before authorising your physical withdrawal request. Step 3: Release will be made only after the Withdrawal Request Form and Source of Funds Declaration Form have been completed, accompanied by the required certified documentation. Please note: Your BullionVault account must also hold sufficient gold or silver bullion to meet your withdrawal and pay all associated costs in the same metal. Your account will also need to hold sufficient cash to meet any related tax.
ACCOUNTING & PAYMENT The quantity of silver or fine gold requested for withdrawal will be deducted from your vaulted account, in grams of the same metal, rounded up to the nearest gram. The stated withdrawal fee, plus any transportation fee also due, will both be charged at the quoted percentage fee and deducted in grams, again of the same metal and again rounded up.
Payment examples* *Please note: the following examples do not include transportation costs or any import duties.
GOLD holding (kg) 100 10 0.1
Withdrawal Fee
UK Tax Rate
Kilos Deducted
Withdrawal Amount (kg)
2.5% 7.5% 7.5%
0% 0% 0%
2.500 0.750 0.008
97.500 9.250 0.092
2.5% 10% 10%
20% 20% 20%
337.500 300.000 150.000
1,162.500 700.000 350.000
SILVER holding (kg) 1,500 1,000 500
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