Bank Metals

1. What is the difference between bank metals and precious metals?
2. What do assays on bank metals mean?
3. What is the certificate of quality of bank bars?
4. What types of bank metal bars are there?
5. What transactions with bank metals are carried out by cash departments of the Head Office (HO) and outlets?
6. How many grams of bank metal correspond to one troy ounce?
7. Are there deposits in gold available to clients in your Bank?
8. What are the conditions for opening a current account in gold?
9. What documents are attached to a gold bar when purchased in you Bank?
10. Is it possible to buy a 1 kg gold bar in your Bank? Are there any discounts available?
11. Is VAT included in the established price for bank metals?

•What is the difference between bank metals and precious metals?

precious metals — include gold, silver, platinum and metals of the platinum group (palladium, iridium, rhodium, osmium, ruthenium) in any form (including bank metals) and condition (raw materials, alloys, semi-finished products, industrial products, chemical compounds, products, waste products or scrap);

bank metals — include gold, silver, platinum and metals of the platinum group, brought (affined) to the highest assays in accordance with world standards in bars and powders, having a certificate of quality, as well as coins made of precious metals. Only palladium is taken from metals of the platinum group.

•What do assays on bank metals mean?

The value of bank metals is determined by assay. The higher the assay is, the lower amount of impurities the bar contains.

The following assays are established for bank metals pursuant to the applicable laws of Ukraine.

•What is the certificate of quality of bank bars?

The certificate of quality is an official stamp (brand, trade mark) of a recognized manufacturer of bank metals or a written document of the manufacturer, confirming the assay of the bank metal and identifying the manufacturer's name.

•What types of bank metal bars are there?

There are the following types of bank metal bars:

• standard bars — these are bank metal bars meeting world quality standards accepted by the London Bullion Market Association (LBMA) and participants of the London Platinum and Palladium Market (LPPM), or technical specifications of GOST 28058-89, GOST 28595-90, GOST 12341-81, GOST 12340-81, accepted by the Interstate Council for Standardization, Metrology and Certification;
• master bars (mini-bars) — these are bank metal bars up to 1 kg inclusive, whose assay is not les than: 999.9 — for gold, 999 — for silver, 999.5 — for platinum and palladium.

•What transactions with bank metals are carried out by cash departments of the Head Office (HO) and outlets?

Cash departments of the Head Office (HO) and outlets of our Bank carry out the following transactions with bank metals:

• Sale of bank metals to individuals with their physical delivery without opening an account.
• Issuance of bank metals to clients with their physical delivery from a current account in bank metals.
• Purchase of bank metal bars in outlets/directorates of PRAVEX-BANK PJSCCB, where an expert is available.

No commission fee is charged for carrying out cash transactions with bank metals.

•How many grams of bank metal correspond to one troy ounce?

One troy ounce corresponds to 31.1034807 grams of bank metal, regardless of its type (gold, silver, platinum or palladium).

•Are there deposits in gold available to clients in your Bank?

There are no deposits in gold yet in out Bank available to clients.

•What are the conditions for opening a current account in gold?

1. Time required for opening an account — 20 minutes.
2. Commission fee for opening an account — UAH 100.
3. Purchasing and crediting a metal to the account — 0.5% of the transaction amount, but no less than UAH 80.
4. Sale of a metal from the account — 0.5% of the transaction amount, but no less than UAH 80.
5. Transfer of a metal to a client's account:

• if the account is opened with PRAVEX-BANK PJSCCB — without a commission fee;
• if the account is opened with any other bank — 0.5% of the transaction amount, but no less than UAH 200.

When opening current accounts in bank metals, you will have an opportunity to earn money from speculative operations in purchasing/selling bank metals.

•What documents are attached to a gold bar when purchased in you Bank?

When carrying out any currency exchange transaction or that of purchasing/selling a bank metal, the bar will be supported by a receipt specifying the bar weight, price per gram and that for the bar.

•Is it possible to buy a 1 kg gold bar in your Bank? Are there any discounts available?

Yes, of course, provided it is available in the Bank or any outlet/directorate of PRAVEX-BANK PJSCCB. When carrying out the transaction, any individual resident client has to produce his/her passport and identification number certificate, as the transaction amount exceeds UAH 50,000.
There are some discounts available; for such matters, please contact the head of the respective outlet or directorate, or Director of the Bank Metals Department if you want to buy a metal in the Head Office.

•Is VAT included in the established price for bank metals?

Pursuant to clause 3.2.4 of Article 3 of the Law of Ukraine "On Value-Added Tax", any transactions connected with the circulation of bank metals are not subject to value-added tax. Accordingly, VAT is not included in the price for bank metals, and banks sell bank metals to their clients exclusive of VAT.

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