VeraCash blog

Why does VeraCash vault your gold with the Geneva Free Ports?

Posted by Jade @VeraCash on Dec 11, 2017 1:15:00 PM

Episode 2. Where are your gold, silver and diamonds vaulted? What are the Geneva Free Ports & Warehouses and why has the company VeraCash decided to use them for the secure storage of your gold, silver and diamonds?

This article sets out to provide the answers to these questions and clear up some of the popular misconceptions about the Geneva Free Ports. In short, to help you understand why we decided they were the best possible place to vault your precious metals.

The story behind the Geneva Free Ports

Even today, there are still plenty of misconceptions about the Geneva Free Ports. For some people it retains the dubious reputation gained due to a number of tabloid headlines and scandals in the past.

The truth is somewhat more mundane. They were originally built for the sole purpose of storing a wide range of goods prior to export. Tax-exempt and located in the centre of Europethe Free Ports rapidly became a trusted partner for exporters and, over time, began to store even the most valuable and precious goods.

As a result, the Free Ports progressively improved their security arrangements to justify the confidence they were given; buildings with optimal earthquake resistance, tamper proof locks, steel reinforced doors - every care was taken to ensure they offered the most secure storage possible. Ironically, it was these very precautions that encouraged criminal activities, totally contrary to the values of the Free Ports, such as tax evasion and the storage of stolen art. Discretion is not the same as secrecy: it was never intended that the premises should be used in this way. But certain unscrupulous owners took advantage of the tax free zone for illegal business.

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Topics: Insider, Editorial

What the professionals who accept VeraCash have to say

Posted by Jade @VeraCash on Nov 20, 2017 2:30:00 PM

Although business accounts have only recently been introduced with the version 1.5 of the app(available soon on the website), professionals have been working with the company VeraCash for some years now and accept payment in precious metals. Who are they and what changed with the introduction of gold into their cash flow?

Gold as a safe haven for ABW traductions

ABW traductions, a quick overview

With some 15 years experience as a translation agency, ABW traductions offers its services in more than 50 languages for all types of documents: medical, commercial, official, etc. With a constant concern for the subtleties of each language and culture, the ABW traductions team is made up of experienced translators who only work in their native language to avoid clumsy phrasing or any inaccuracy in interpretation.

ABW traductions stands out from other translation agencies through the quality of its work and its exclusivity. When any language request is launched, the customer's work is handled by a single translator thus ensuring the consistency of language and style throughout the project. From initial contact to final delivery, including any page layout required, the documents to be translated remain in the same hands for constancy and discretion.

ABW traductions and the arrival of gold in its cash flow

In 2007, the manager of ABW foresaw the arrival of the economic crisis and, concerned about the effect this could have on his business, invested in a small quantity of gold in the form of coins, in order to ensure a rapid conversion to cash if necessary. His concern was indeed justified since, a few months later, the 2008 financial crisis had dramatic repercussions around the globe. Companies that rely on equity financing are the first affected when a crisis such as this occurs: the budgets allocated to translation, advertising, international development and communication are dramatically reduced or simply stopped, until the situation improves.

This was the case for ABW traductions that lost three major customers with whom they were working on export development projects for new cars. The company suffered collateral damage as translation work ceased but fixed costs still had to be paid. Being able to resell the gold purchased a year earlier enabled the company to survive this particularly difficult period, notably thanks to the increased value of the coins. Four months later, business returned to normal.

What were the advantages of gold?

Gold strengthened the resilience of ABW traductions' cash flow, since in times of crisis (notably when currencies - and especially the dollar - lose value) the price of gold tends to rise exponentially. As a result, should an urgent need for cash arise, the precious metals can be sold in the currency required. In other words, they represent a secure financial safe haven, should a recession arrive.

A word of advice from ABW

Invest a small percentage of your liquid assets in gold to strengthen resilience: but gold should never become your core business, only a sideline!

If you would like to work with ABW traductions simply send VRC to the username OMOWADOH to pay your invoice.

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Payment institution or an agent, VeraCash assumes its choice!

Posted by Nicolas @VeraCash on Nov 6, 2017 10:05:00 AM

Episode 1. How does VeraCash work? Why are you an Agent for a payment institution? Is a payment institution a bank? The same questions come up over and again. So we decided it was time to explain the how, why and wherefore of our links with our partner and our Mastercard payment card.

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Topics: payment card

Spotlight on business accounts with the app version 1.5

Posted by Jade @VeraCash on Oct 13, 2017 4:00:00 PM

We have been talking about them since early summer, VeraCash business accounts are finally a reality. Professionals can now create their account via the version 1.5 of the application. Here is a quick summary of the many new features included in this update.

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Version 1.3 of the app brings our referral program

Posted by Jade @VeraCash on Jul 13, 2017 8:45:00 AM

The VeraCash app offers more and more features, and amongst them, the referral program. 

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VeraCarte - cheaper than a bank card abroad...

Posted by Jade @VeraCash on Jul 3, 2017 8:10:00 AM

VeraCash has carried out an initial comparison between the VeraCarte and a payment card. Conclusion: the VeraCarte is approximately 3% cheaper than a conventional bank card. 

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