Shipping/Storing Precious Metals Outside of the United States.

What you must know before deciding to ship precious metals outside of the United States.

While some folks prefer storage abroad, there are significant factors to consider and select the best option. For instance, many countries assess a tax or duty on incoming precious metals or bullion products. Also, many common carriers such as FedEx or UPS may have limitation on a per package insurance value, or may have a prohibition against shipping precious metals products. Before you package your assets and drop it in the mail do your due diligence.

Use our dealer or a customs broker to determine the exact limitations and regulations that impact the specific product and the country where you would like your package to be stored. Typically investors and corporations feel comfortable shipping through common carriers such as FedEx or UPS, as long as the packages are fully insured and have tracking information. Being well informed will save you from future financial headaches.

For example, because IDS Group operates depositories in the United States and Canada, we are often asked what is the best method to ship precious metals from the United States to Canada. We recommend the method that is fully insured and trackable, with adult signature required to receive the package. Always inspect the package when you receive it to make sure that no one tempered with it. The general rule for shipping precious metals across the Canadian border duty-free is that gold and silver must meet the following minimum purity requirements; Gold must be 99.9% pure while Silver and Platinum must carry a minimum purity of 99.5%. Metals which are less pure are subject to a 13% GST tax upon entry to Canada. It is important to note that these metals must be in bar, ingot, coin or wafer form. Coins must be issued by a government authority as legal tender. Other countries have different regulatory thresholds for purity and product restriction and if you do not review the requirements first you may find yourself paying too much or having your precious metals held up at customs.