Have anyone sell back Maple or Kijang back to UOB/MBB ?
How is it the process ?

Does bank "verify" the coin ? How ?

In my experience with sellin kijang to Maybank, some branches actually weigh the coins.

Some branches just accept them at face value, no checks at all.

Just take at face value , or just weight ===> not enough verification
Smart counterfeiter is able to produce fake coins with equal weight



this imply , the gold coins buy from bank is at risk too .

Maybe Kijang is not so popular to counterfeit.

Very easy to sell back to UOB if u buy it from them and have receipt just show it done easy process but it will be very hard to sell if u buy from ali ,ahseng or gold bulion to sell it at UOB many step will be given and banyak songeh .

As someone who is planning to start buying physical gold and silver, but is always relocating between different countries

I know there is a limit of $10,000 worth of asset (cash, gold, check) that you can take with you when you leave a country.

I am thinking if buying physical gold and silver is a good idea?

Taxes work differently for different countries.
For example Malaysia, there are import and SST charges for importing silver and platinum coins.
When you export, silver bars are taxable while silver coins are not.

It also depends on the receiving country such as India, there is a threshold before you get taxed :

A married woman can have up to 500g of gold.
An unmarried woman can have up to 250g of gold.
A man can have up to 100g of gold.

Source : https://cleartax.in/s/gold-jewellery-holdings-limit-taxation

So my suggestion is if you are someone who relocates often, perhaps consider having it stored in a vault/storage facility if physical is what you want.
If you just want paper exposure, CFDs or paper gold/silver saving account would do the trick.

Suggest that you consider buying Bitcoin instead. They call it Digital Gold...

Apart of taking it out occasionally to caress and admire its glittering,
why want to go through the hassle of buying physical gold, when you can own liquid asset tied to gold like GOLDETF ??

Actually, if above usd10k, must declare. Doesnt mean cannot take out of country.
No issue with cash, why carry so much, bank account need not declare.
Just declare in-out, n show proof of local purchase, u shud be ok.

Most of my net worth are in Bitcoin and is planning to diversify into physical gold and silver that's why I ask.

I still believe Bitcoin is the better asset, but I want something that is shiny and I can touch that has lasted 4000 + years. Physical Gold and silver are not going away.

I am interested in the shiny bar and coins and with paper ETF I don't actually own it, as in I can’t take physical possession of it, unlike physical gold.

Yeah. That's what I thought. As long as I declare and say they are my coins. It should be fine.

Just have to be careful when having PM on me during travelling in airport as not to get stolen

It is called emotional possession

Get a gold alarm then

Good to have some fears n scenario planning (what u doing now) vs a green horn.
My worry has always been the destination airport customs. ( i mean the corrupted ones).
Personally, i hand carried some large amounts of cash back to MY to make purchases, the biggest was SGD450K.
The MY Customs officer wanted to see the stack.

This post has been edited by Unkerpanjang: Mar 14 2021, 07:45 AM

Bro, u seem like a well balannced guy, (head screwed correctly), most others are a like owning one or the other.
Good to diversify, u r doing right!

Wow SGD450k in cash? That is more than a million Ringgit.

Did they ask if you work in SG and what is the money used for?
Why didn't you use SWIFT bank transfer or something like Transferswise back then?

I was 100% Bitcoin believer and PM hater last time to be honest. Now that I am open to diversifying into Gold and Silver PM. The reason being that I relocate around a lot and the Custom officers can confiscate your PM but not your Bitcoin. This is the only thing that holds me back from buying huge amount of PM. Now that I first hand listen to your experience of carrying SGD450k cash without any issue, then I am open to the idea of carrying PM around.

SG, CBNI form; MY, Borang 22 form, ..take look n familiarize with the forms. Or, such forms other countries u relocating to.
No lah, i very stingy one, i get better rates with my 'friend' money changers....i dislike big banks/institutions earning my $ thru transactions.
Hence, never bothered abt premium/privilege accts, etc.
All the best, to your new journey n frontiers. Congrats!

Anybody here owning Bitcoin? It's good to diversify your portfolio.

I think you can see many of us owns Bitcoins... BTC