Metal Account Terms

Effective from: 1 May 2025

Why this formation is important:

Please read this Agreement carefully. It sets out the terms of a legally binding agreement between you and Glint Pay Services Ltd (“Glint”).

Glint is a limited company registered in England and Wales. Registered number: 10117131. Registered office: Glint Pay Services Ltd, Kemp House, 124 City Road, London, EC1V 2NX, United Kingdom.

Glint is authorised by the Financial Conduct Authority (FCA) under the Electronic Money Regulations 2011 for the issuing of Electronic Money. FCA Firm Registered Number is 900657.

 Where “Metal” or “Metals” is used in this Agreement it is used to describe Physical Allocated Gold and Silver Bullion purchased and sold via the Glint App.

Please note Metals are not regulated by the FCA. However, Glint Customer Metals are secured in a Brinks Vault in Switzerland. Glint have an independent audit conducted monthly to verify Metal holdings.

Brinks assume the liability for loss, damage or destruction of customer Metal stored up to the maximum liability amount applicable. 

This Agreement sets out the terms and conditions upon which you contract with Glint, and which govern your relationship with Glint and apply when you use the Glint app to: exchange GBP, EUR or USD for Metals (and back again); or send Metals to, or receive Metals from, other Glint customers.

By signing up as a Glint customer, you are agreeing to the terms and conditions of this Agreement. The English language version of the Agreement is the only legally binding version, with any translations in other languages being provided merely for convenience purposes.

These terms and conditions govern the relationship between you as the Customer and Glint. If you do not agree to the terms of this Agreement, you should not sign up to become a customer of Glint or continue to be a Glint customer.

You should not enter into this Agreement unless you understand the nature of this business and the extent of your exposure to risk.

Risk:

The value of Metals can rise or fall when measured against exchange currencies. Price movements of exchange currencies such as GBP, EUR or USD may change quickly. You assume any exchange rate risk. If you have any questions, please contact us.

 This Agreement may change from time to time. We recommend that you revisit this page periodically and print and save the latest copy of this Agreement for your records. We strongly recommend that you read these terms and conditions in their entirety. 

If you do not understand any aspect, you can contact us for further information in the following ways: +44 (0) 203 915 8111 open Mon - Fri 9.30am - 3pm (GMT), via [email protected] or chat on our website Mon – Fri 9.30am – 5.30pm. Please note these times are adjusted during British Summer Time (BST) i.e. advanced one hour forward of GMT.

Definitions:

Interpretation In this Agreement, unless otherwise expressly stated or the content requires otherwise, the following terms shall have the meanings set out below:

“Metal” or “Metals” means Physical Allocated Gold and Silver Bullion.

“Account” means the electronic record kept by Glint of:

(a) the quantity of Metals (other than in Reserved Bars) expressed in grams, kilograms or troy ounces of Metals held by or for you or on your behalf at the Vault;

(b) the quantity of Reserved Bars held by or for you or on your behalf at the Vault, which quantity is expressed in whole bars together with corresponding bar serial numbers;

(c) any money held by us on your behalf;

(d) your transactions with us;

(e) our fees for the services provided to you;

(f) any other account held by you in connection with the services we provide.

“Agreement” means these terms and conditions, any account-opening documentation (including an in-app registration form you complete when applying for an Account) and any other documents, terms and conditions, or policies which are expressly stated by Glint to form part of the agreement between you and us.

“Chain of Integrity Standard” means the minimum standard which Metals must meet before it will be accepted by us, which is currently:

(a) in the case of large bars, the Good Delivery standards established by London Bullion Market Association (LBMA);

(b) in the case of small bars, newly fabricated bars produced by an LBMA refiner and delivered directly by the LBMA refiner to the Brinks Vault in Switzerland.

“Cleared Funds” means cash in your Account which is due from a) a sale of Metals that has settled; or b) the crediting of funds to your Account by debit card/credit cards or bank transfers; and which has cleared the banking process.

“Customer”, “User”, “you” means a person who has registered and has been accepted by us for Glint Services.

“Constructive possession” is a legal principle that means a person who has possession of property is to be presumed to be the owner of it. For a person to have constructive possession of an object (such as Metal), the person must have had knowledge of the object, and as well as the ability to control it. By purchasing Metals on the Glint App, you acquire legal possession of your Metals held in custody by the Brinks vault in Switzerland.

“Gold Account” means your Account for gold (other than in Reserved Bars).

“Silver Account” means your Account for silver (other than in Reserved Bars).

“Glint App” means the Glint Application and any associated Glint systems or mobile applications.

“Glint Platform” means the Glint Website, the Glint Application, Application Programming Interface (“API”) [and any associated Glint systems or mobile applications] (together, the “Glint Platform”).

“Glint Services” means any of the services provided to you by Glint, together with the Glint Platform.

“Glint Website” means the public and private website accessible at www.glintpay.com as amended from time to time.

“Metal” means physical Metal that meets the Chain of Integrity Standard. Glint records the Metal held by or for you or on your behalf in grams, kilograms or troy ounces and Reserved Bars as described above in the definition of the term “Account”.

“LBMA” means the London Bullion Market Association.

“LBMA Good Delivery List” means the list maintained by the LBMA of accredited refiners. Further information can be obtained at http://www.lbma.org.uk/;

“LBMA Refiner” means a refiner accredited by the LBMA as specified on the LBMA Good Delivery List

“Peer to Peer” (P2P) means a transaction sent to another Glint customer of your choosing. Glint’s P2P offering is restricted to sending from Glint customer to Glint customer.

“Pending Transactions” means that when you instruct Glint to execute a sale of Metal, Glint enters into a Spot contract on your behalf with our Metal liquidity provider. Under a spot contract, settlement for Metal is two business days after the day of our entering into the contract (the day you requested to sell). During that period, the price you agreed to in the app when committing to a sale is protected. The proceeds of your Metal sale will be available as electronic money (e-money) in the currency of your choice upon settlement of these funds, usually two business days. Once received proceeds from the Metal sale will be considered e-money and therefore treated as “relevant customer funds” i.e. safeguarded and held in a customer segregated account with a tier 1 bank who are a credit institution who have no interest in, recourse against or right over the relevant funds held on your behalf. The e-money is made available for immediate use (you will see the balance as no longer pending in your account in the Glint app).

“Reserved Bar” means a whole bar of Metal, and not a fraction of a bar of Metal, which is recorded in the Account as your exclusive property and in which no other person has any share.

“Metal Savings Account” means your Account for Metal in Reserved Bars only.

“Security Information” means a user identification name, code, personal identification number, password or such other security information as we may determine for use in connection with the Glint Services.

“Vault” means the service provider appointed by us in accordance with Clause 2.0 to store Metal for or on behalf of all Customers.

Operating Provisions:

1. Your Metal Accounts

1.1 All Metal Accounts (operated by Glint are allocated Metal accounts. This means that the Metal is stored under a safekeeping or custody arrangement at the Vault by or for you or on your behalf. The Vault does not retain a proprietary interest in Metal.

1.2 For your Metal Account:

(a) each unit on your Account represents a gram or ounce (or a part thereof) of the Metal constituting varieties of sizes of bars held in a designated precious metals storage facility at a Vault;

(b) units recorded in your Account represent and are evidence of your proportionate share in the Metal. The number of units represented by the credit balance in your Account quantifies the total of all your interests in the Metal at the relevant the Vault;

(c) the number of units held by all Customers which is recorded in the Accounts always represents an identical amount of Metal held in the Vaults;

(d) the Metal held in each Vault is owned in common in proportion to the credit balance of relevant units as recorded on the relevant Account by all the relevant Customers.

1.3 You can obtain units where your Account allows you to make or receive Metal Transfers, receiving units from another User. When you obtain units, you acquire or increase your undivided interest in the relevant Metal (in your Metal Current Account) by an amount equal to the value of the money paid for the purchase.

1.4 Reserved Bar(s) in your Metal Savings Account will be reserved exclusively to you as your property. Your ownership of the Reserved Bar will be evidenced by the record in your Account which will record the quantity of Reserved Bars held by you or for you or on your behalf at the Vault, which quantity is expressed in whole bars together with corresponding serial numbers. No fraction of a bar may be held as a Reserved Bar.

2. Storage and Insurance

2.1 You authorise us to arrange for the storage, transportation, and insurance of your Metal. This authority shall be deemed to include an authority to enter into contracts on your behalf as your agent in respect of the storage, transportation, or insurance of your Metal but shall not be construed as an obligation to enter into any such contracts.

2.2 Subject to Clause 3 (Reserved Bars), title to the Metal in allocated storage at the Vault shall at all times vest in all owners in common of that Metal. If and to the extent that Glint has a residual interest in the Metal so held, including any rights against third parties, this will be held on behalf of the owners in common. Glint arranges storage of all such Metal for and on behalf of all owners in common (for these purposes, in respect of your share, we act as your agent).

2.3 Glint only has a proprietary interest in Metal in storage to the extent that it is entitled to deduct from the proceeds of sale payment for fees owing to us and/or the Vault.

2.4 You agree to keep your Metal (and any interest in it) acquired and held under and in accordance with this Agreement free from any liens, encumbrances, charges, or claims.

2.5 Each Vault is obliged to maintain insurance at least equal to one hundred per cent (100%) of the value of Metal held for Glint and all its Customers.

3. Reserved Bars

This clause applies only where you elect obtain and hold individual Reserved Bars.

3.1 You may elect to hold individual Reserved Bar(s) reserved exclusively to you as your property provided that you hold within one Vault sufficient Metal that matches or exceeds the smallest available bar (which meets the Chain of Integrity Standard) in that Vault. All Reserved Bars that you own will be segregated from other Metal held in the relevant Vault.

3.2 A Reserved Bar may not be sold while it is reserved to you until it has been released by you in accordance with your instructions. Where you hold Metal in Reserved Bars only, by giving an instruction to Glint to make a payment or a Metal Transfer, you authorise Glint to de-register as many Reserved Bars in your Account as is required to make the payment and release them.

3.3 Any tax or duty liabilities or obligations attaching to a Reserved Bar held in your name will be yours, as Customer and owner of the Reserved Bar. Glint shall bear no responsibility for any tax or duty payable in respect of the Reserved Bar.

4. Sale, purchase and transfer of Metal

4.1 You may purchase or sell Metal through the Glint App in accordance with this Agreement.

4.2 We may transact in Metal acting as principal or as agent following receipt of your order. We shall transfer ownership of the Metal so obtained to you. Upon depositing the Metal purchased with a Vault, delivery shall occur by way of “constructive possession” which means that you will have ownership of the Metal stored in the Vault.

4.3 You agree that Glint shall have full authority as your agent and in your name to buy, sell, exchange, redeem, hold, convert or otherwise deal with Metal for your Account.

4.4 If you initiate a Metal sale within the Glint App you are instructing Glint to sell your Metal on your behalf. Glint will sell your Metal using a spot contract entered into on your behalf at the agreed rates as stated in our terms and conditions. Please note that your balance in the Glint App will show as Pending for up to two days. Upon settlement you will cease to have constructive possession over the amount of Metal you requested to be sold.

4.5 When we accept your order, we will use all reasonable endeavors to carry it out. However, we will not be liable to you for any loss or expense you suffer if we are unable to carry out an order for whatever reason (other than as a result of our negligence, fraud or willful default) or due to a breakdown or failure of transmission or communication systems or where there is a delay or change in Metal market conditions before the transaction is completed.

4.6 No orders can be placed until an Account has been opened and Cleared Funds received. By placing an order for the purchase of Metal, you agree that you will have sufficient Cleared Funds in your Account required to make the payment including fees to settle the trade.

4.7 You agree that the price for any purchase or sale of Metal for any transaction within your Metal Accounts will be based on the prices available in the Glint App.

4.8 You authorise Glint to act upon instructions given securely via your Account. You agree that we are entitled to accept all instructions received by Glint without any further enquiry or verification provided that they are, or appear to be, given using your Security Information.

5. Fees and Charges

5.1 We will charge fees in respect of the products and services provided to you under this Agreement as specified in our Fee section (as amended from time to time) which is available on the Glint Website.

5.2 Unless otherwise agreed by us in writing, all amounts (including, without limitation, all fees and charges) payable by you shall be due on demand without set-off, counterclaim or deduction.

5.3 All payments due from you to us under this Agreement shall be made by you in cleared funds unless otherwise agreed by us in writing.

5.4 We reserve the right to collect fees due under this Agreement in Metal (other than Reserved Bars) or the national currency of any territory which is accepted by us in exchange for Metal. You hereby authorise us to deduct from such Metal or currency in your Account any amounts in respect of fees or charges that you may incur by using the services and all other fees, charges, costs and expenses that we may incur in connection with the services we provide to you or pursuant to our relationship with you.

5.5 You agree that we may, at our sole discretion and without notice to you, appropriate the whole or any part of the Metal or Cleared Funds in your Account or, in the case of Metal, sell or convert the same into money and use the Metal so appropriated or the proceeds of that sale or conversion to set-off any of your liabilities or obligations to us whether in respect of fees and charges or any other monies due to us.

 6. Peer to Peer

6.1 When sending Gold via P2P you are responsible for entering the correct details for the Glint account who is to be recipient. You should check your Account balance and transaction history regularly and report any irregularities such as missing Gold or P2P transactions you did not make as soon as possible by contacting Glint’s Customer Support Team. We currently do not offer Silver via P2P.

6.2 Once a Gold P2P trade or transaction has been submitted it cannot be altered, cancelled or rescinded.

6.3 If you are unable to conduct a transaction it may be because the Glint customer you are sending to is inactive, has a closed account or is resident in a country that is not currently enabled for P2P. Please check with the recipient before entering into a P2P transaction to ensure they are able to accept P2P.

6.4 You may be presented with an error or error code, in which case please contact Customer services. An example of an error could be insufficient funds. Please ensure you have enough Gold in your Glint account before sending a P2P payment.

6.5 We may, at our discretion, impose limits on the amount of Gold you can send via P2P.

6.6 We reserve the right to amend the list of countries accepting P2P.

6.7 We offer our P2P product at our sole discretion and may at any time withdraw the functionality from your Glint Account and Glint app should we have concerns around the way the product is being used or if we detect financial crime.

6.8 P2P functionality to access your phone / device contact list can be toggled on should you choose to.

6.9 P2P is currently restricted to sending Gold, you cannot request Gold from another Glint customer via P2P.

6.10 You must ensure that the details you enter are correct when sending Gold via P2P. By sending Gold via P2P you accept full liability.

7. Set-off:

7.1 Glint may, without limiting its other rights or remedies, set-off any amount owing to it (or to any of its affiliates) by the Customer against any amount payable by Glint (or its affiliates) to the Customer.