From the beginning of the year until the end of September, a total of 35,972 golden pounds were liquidated at the Bank of Greece, while 4,662 pieces were purchased.
Last week the price of gold reached a new all-time high as the ounce exceeded $2,700 for the first time. This development is mainly attributed to the escalation of conflicts in the Middle East combined with the upcoming elections in the USA. But regardless of these facts, the trend of the price of gold in recent years has been strongly upward. Since the beginning of the year alone, its price has increased by 30% – among the highest returns among other commodities – and several analysts estimate that in the next 12 months it will have exceeded $2,900 an ounce.
Inevitably, the gold rally drags down the price of the golden pound. On Friday, the official price of the golden pound given by the Bank of Greece had reached 567.98 for buying and 678.02 for selling it. The large discrepancy between the first price, which is the one at which one can liquidate the pounds he has, and the second, which is the price at which he can procure them from the Bank of Greece, is a perennially controversial issue.
Since the beginning of the year, however, the price of the golden pound has increased by approximately 34% (The buying price at the end of 2023 was 425.10 euros and the selling price was 512.25). Therefore, the yield for this particular investment reaches 11%. (i.e. for someone who had then bought gold pounds which he is selling today).
Correspondingly in the two years (22 months) the price of the golden pound has increased by 46.6% (buying price 387.69 and selling price 467.24 euros) Therefore the yield between 2023 – 2024 reaches 21.5%.
In order to better serve the increased demand that exists, the Bank of Greece will accept direct credit transfers for the sale of British pounds to the public. In particular, the public will be able to perform a direct credit transfer from an account held at a Payment Service Provider based in the Single Euro Payments Area (SEPA) for transactions of up to €100,000.
It should be noted that, for the purchase and sale of gold pounds, the use of cash is permitted with a transaction limit of 500 euros, while for the disposal of euro coins, the provisions stated on the website of the Bank of Greece apply.
As regards the customer identification process, the provisions imposed by the legislative framework for the prevention of money laundering and terrorist financing are applied.
How you can get pounds from TtE with the new direct payment system
1. What is instant payment?
Direct payment is a credit transfer that makes the amount of a payment order available, in the beneficiary’s account, within 10 days at any time (The acceptance of direct payments refers to the transfer of money from the payer’s account (IVAN of the sender) to the account of the Bank of Greece ( Beneficiary’s IVAN).
2. What is the role of the Bank of Greece in direct payments?
The Bank of Greece has prioritized the full adoption of direct payments by the Greek market.
In October 2024, the Bank of Greece also leads the way in the transaction banking environment by introducing direct payments for its customers’ transactions. For the first time in Greece, the acceptance of direct payments at the transaction point is offered with a limit of 100,000 euros.
3. Which transactions are covered by the use of direct payments?
The possibility of using direct payments concerns the sale of British gold pounds, collector coins and commemorative coins as well as the disposal of euro coins.
4. How is a direct payment initiated at the Bank of Greece’s coffers?
Initiating a direct credit transfer from the originator is a simple process. It is carried out through the electronic banking applications available from the Payment Service Providers.
5. Where can we find Bank of Greece IBANs and/or QR codes?
The IBANs and the corresponding QR codes will be available in visible places at the cash desks of the Bank of Greece.
6. What changes regarding customer identification?
Regarding the customer identification process, the provisions of the anti-money laundering and terrorist financing legislation continue to apply.
7. What will happen if the wrong amount is sent?
In this case, 2 cases are distinguished:
a. the amount is less than correct
The transaction is considered valid and the customer must top up the balance with a new direct payment (same reasoning is used)
b. the amount is greater than correct
The transaction is considered void and the customer proceeds to a new immediate payment of the full correct amount.
Source: ERT
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