Rush Gold app review (prev. SendGold)

Rush Gold (previously called SendGold) is a gold money app founded in 2016 with offices headquartered in Australia. The digital platform allows users to quickly buy and sell high-grade physical gold bullion using their desktop or mobile.

When you buy gold through the app, you automatically become the owner of physical gold held in a vault in Sydney. You can then track the performance of your gold over time and either keep it as a long-term investment or sell it or pass it on to someone else as a gift or payment.

What can I buy on Rush Gold?

Rush Gold sells investment-grade 0.9999 gold bullion that has been sourced from LBMA accredited refiners. This means that all the gold is at least 99.5% pure and comes from trusted sources. When you buy through the app, you have full legal ownership of the gold, protected by Australian consumer and property laws.

Rush Gold does not offer other precious metals, coins or jewellery.

How do I buy and sell gold with Rush Gold?

It only takes a couple of minutes to sign up to Rush Gold and just a few seconds to buy or sell gold on the app. You can get the app on Android and iOS mobile phones or on your desktop and can open an account as an individual, an SME or a trust/SMSF.

To sign up, you’ll need to provide your name, address and bank account details. Then simply connect your payment method of choice through the app and your funds will be transferred for any purchases you make.

When you enter a “buy” order, you have the option of entering your value by gold weight or dollar value. Once submitted, it takes just 10 seconds to process buy, sell or send orders and around 3 business days for any funds to reach your account.

To pay or gift gold to another person, simply enter their mobile number or email address and the amount you wish to send. You can then write a personalised message and you have the option of choosing from a number of decorated gift cards. To accept ownership of the gold, the other person will need to sign up to Rush Gold. This means it's possible to send gold to a person overseas, so long as the app is available in their country. If they don’t accept it within 15 days, the gold comes back to you.

Payment options

• PayPal (2.6% + $0.5 transaction fee)
• BPAY ($1.05 transaction fee)
• POLi (0.1%, capped at $3 transaction fee)

What are the fees?

There's a 1% trading fee (capped at $10) charged by Rush Gold for any buy or sell orders. Depending on the payment option you select, there's also a processing fee that ranges from 0.1-2.6% (see above). There is no fee for sending or gifting gold.

All insurance and storage costs are included and there are no account opening fees or minimum transaction spends.

Rush Gold Mastercard

Rush Gold offers a digital Mastercard debit card, which means that you can now make purchases by tapping into your gold balance.

One of the benefits of this is you can store your savings in gold and spend it as you like.

Like any other debit card, there are spending limits:

• $5,000 per transaction
• $20,000 in transactions per day
• 25 transactions per day

There is also a $10 sign-up fee and a 1% transaction fee on all purchases:

• $10 card issue fee
• 1% transaction fee
• 2.99% currency exchange fee (on purchases outside Australia)

Is Rush Gold safe?

Rush Gold is regulated under the Australian Securities & Investments Commission (ASIC) and administered by the Australian Competition and Consumer Commission (ACCC).

Rush Gold has also formally signed the London Bullion Market Association’s (LBMA) new Global Precious Metals Code of Conduct. This means that all gold traded through the app is sourced exclusively from LBMA-certified refiners, which are the global industry standard for precious metals wholesale trading.

LBMA members must abide by strict codes of conduct, from the mining of gold to the refining and selling. This also assures buyers that their gold is the weight and purity that is stated.

All gold is stored in a high-security vault located in Sydney and managed by Brink’s Australia, and is insured against damage and theft by Lloyd's of London. If Rush Gold were to cease trading, you would still maintain ownership of the gold.

Accreditation:

• London Bullion Market Association’s new Global Precious Metals Code of Conduct
• Gold sourced exclusively from refiners certified by LBMA
• Australian Financial Services Licence CAR (No. 296877)
• AUSTRAC Designated Service (No. 100529055)

Customer reviews and complaints

Rush Gold has few user reviews on Google and the App Store because it is still relatively new. However, it has a high average rating and few complaints to date.

How do I contact Rush Gold?

You can get in touch via email at customerteam@rush.gold or phone Rush Gold on 1800 183 424.

Bottom line

Rush Gold is a simple app that focuses on one key service – dealing high-quality gold bullion quickly and efficiently. While you can’t buy other precious metals or physically hold your gold, you get instant transactional capability, keeping your gold liquid at all times.

The app is easy to use and its fees are transparent. For anyone looking to try their hand at investing in gold bullion from a trusted dealer without all the background noise, Rush Gold may be a good choice.