VeraCash envisage de lever jusqu'à 2,5 millions d'euros

VeraCash is committed to fundraising to strengthen its reputation as an atypical neobank.

Don’t pull your hair out! Because we know that our clients come to us mainly from the perspective of “nonbanking”, we would like to reassure you right now: VeraCash will not become a bank that is, by necessity, a “credit institution”, as we would call it!

We will remain an “agent” for a payment institution so that we can:


  1. retain our independence linked to our management of precious metals,
  2. preserve our flexibility by working with one or more strategic partners
  3. develop payment methods but avoid the use of credit, which contributes to the creation of an “infinite economy in a finite world”.


Why “fundraise”?

In order to finance some ambitious developments that are much sought-after by our user community, we need to go through a phase of fundraising to allow us to move quickly whilst retaining the level of profit needed to keep our activity going.

Self-financing is not possible when the investments amount to tens or hundreds of thousands of euros. This is where we are today: in order to accelerate our developments (and not to prop up any losses), we need external capital support! Many businesses with global ambition go through a number of successive funding initiatives: Series A, Series B, etc.

VeraCash completed an initial crowdfunding pool in 2017. At the time, over 200 French clients invested €575,000 to finance the initial development phase.


What will the €2.5 million of funding be used to finance?


  • €150,000 = Strengthening security and putting two-factor authentication in place
  • €250,000 = Adding virtual cards to your VeraCash account
  • €400,000 = Launching a new “small ads” application, exclusive to our VeraCash community
  • €600,000 = Integrating a fifth material: the Gold Euro
  • €1,450,000 = Implementing a personal IBAN to allow direct debits and inbound payments from third party accounts
  • €1,900,000 = Adding wallets for euros and other currencies – USD, GBP, CHF – with associated personal IBANs
  • €2,500,000 = direct or partnership deployment with other European countries


At present, the company has 30,000 European users and stores over 2 tonnes of gold and 19 tonnes of silver in vaults for its customers.

2021 will be a landmark year of transformation for VeraCash, moving towards neobanking services while remaining the agent of a payment institution, guaranteeing its independence at the same time as it reduces its overheads.

With its innovative approach, VeraCash has been at the crossroads of different markets since its creation in 2015: precious metals (the heart of our business), electronic payment methods and neobanking. Today, we totally embrace this hybrid role and we can honestly say that our payment card is more attractive than most of the traditional bank cards, and even that peer-to-peer precious metal trading is as competitive as PayPal and cheaper than Western Union. Yes, VeraCash brings together the best of all of these worlds!


Raising funds is great, being profitable already is even better

The neobanking sector is all too aware of the profitability challenge. In an ultra-competitive sector where the Freemium model is all-powerful – i.e. a model based on offering limited features free of charge with a view to encouraging you to upgrade to a paid subscription – many players find it hard to be profitable. This raises questions about their economic model, the cash burn linked to investments in mass-marketing to acquire new clients and ultimately the long term sustainability of the business.

Revolut is the perfect illustration of these challenges. The British neobank raised 250 million pounds sterling in 2018 and 500 million more recently. However, whilst the turnover trebled from 2017 to 2018, so did the net losses over the same period.

When entrusting our money to a financial institution, we need to have confidence in them. But can we trust a business that is not profitable? Unlike the majority of the neobanks, we don’t envisage that VeraCash will only be used for travel.


VeraCash is continuing its growth

VeraCash financial statements are public and can be accessed on the internet. This has not escaped the notice of certain detractors, who accuse us of not being a profitable company. These people probably don’t understand anything about financing startups, because the quest to break even during the first few years of trading is the main challenge for all innovative companies. Similarly, the losses experienced in the early years of trading disprove the myth claiming that those who trade in precious metals are raking in the profits. Sorry to disappoint you, but we don’t drive around in Porsches!

For all of you who understand how startups work or who have already invested in an SME, we are delighted to tell you that VeraCash has been profitable since 2019. Why does that matter? Simply because it means that our economic business model is viable and ensures the sustainability of the business.

Hasheur parle du stablecoin VeraOne et VeraCash

Gold-backed stablecoin: the differences between VeraOne and VeraCash

VeraOne is the gold-backed cryptocurrency created by the Group. The project was officially launched in France thanks to our collaboration with Owen Simonin, aka “Hasheur”, a French YouTuber and recognized expert in cryptocurrencies. This collaboration has allowed us to take advantage of his expertise for the development of VeraOne.


VRO: The ERC20 token backed by physical gold

Since Bitcoin’s price explosion in 2017, it is no secret that many investors have taken an interest in cryptocurrencies. And, in our community of thousands of gold buyers, the question of blockchains was being raised with increasing frequency. Those who are familiar with our history are aware of our love of technology. VeraCash itself falls into the category of “fintech” (financial technology) companies, that contribute innovative solutions to the financial sector.

So, in 2019, our founder launched a project to create an ERC20 token on the Ethereum blockchain, with one clear objective: to offer the best gold-backed stablecoin*, guaranteeing a counterpart of 100%. All you have to do is look at the existing stablecoins of today (such as Tether) to realize that the promise of underlying assets has not been met. Buying a VeraOne token is equivalent to buying 1 gram of gold, whose price strictly adheres to the spot rate of gold and whose deed of ownership is recorded on the Ethereum blockchain.

* According to Forbes , a “stable coin” is a cryptocurrency that is pegged to another stable asset, like gold or the U.S. dollar. It’s a currency that is global, but is not tied to a central bank and has low volatility. This allows for practical usage of using cryptocurrency like paying for things every single day.


What are the differences between VeraCash and VeraOne?

This is the question that you have asked us the most! Quite simply, VeraOne (VRO) is a product designed for cryptocurrency investors, while VeraCash is aimed at a broader public, for everyday use.

VeraCash has been digitizing gold since 2012, with the goal of simplifying the purchase of gold and making it immediately usable to pay a merchant or withdraw money at any time, using the Mastercard payment card. VeraOne also offers tokens that represent 1 gram of physical gold, with the difference that all buying and selling transactions are secured on the blockchain. However, merchants cannot be paid in VRO, at least not for the moment.


  VeraCash VeraOne
Gold purchases / trading platforms
Token value Gold in fractions down to 5 decimal points 1 token = 1 gram of gold
Price of gold GoldSpot: spot rate GoldPremium: spot rate + premium spot rate
Possibility of paying with gold Yes No
Transactions recorded on the blockchain No Yes, Ethereum
Gold storage Free Ports of Geneva, Switzerland Free Ports of Geneva, Switzerland
Gold storage fees After 6 months of account inactivity 1% annually, deducted monthly
Taxation (varies depending on country of residence) Gold ingots / gold tokens and coins as valid legal tender Gold ingots
Company / head offices VeraCash SAS / Bordeaux, France LinGOLD Ltd / London, England

Although VeraCash and VeraOne are closely related, in terms of the buying and selling of the underlying precious metals, a different Group manages the VeraOne business: LinGOLD Ltd. Just a few months ago, this London-based company was still managing the English version of the website. It is now home to the VRO project.


What is the future of VeraOne? can be accessed in beta mode, where it is already possible to buy and sell VRO tokens. Our team is actively looking for trading platforms on which VRO can be listed, so that it can be traded on different marketplaces. Lastly, it is entirely possible that the token could one day be include in the VeraCash portfolio of assets!

The future is wide open…


Illustration procedure KYC

What is KYC - and why is it necessary?

Did a friend recommend VeraCash® to you? Or did you find us on Google? If you’re about to open a VeraCash® account because you find our service original and unique, go for it!

VeraCash is now available in most countries in the European Economic Area (EEA), so we wanted to give you some more information about the different steps involved in opening an account. And for our existing members, this is why we often ask you for information.

Before we can confirm your registration, we need to be able to trust you as much as you trust us. And this is where KYC (Know Your Customer) and KYB (Know Your Business) come into play. If you are already a customer, you have necessarily gone through the KYC procedure.

What is KYC?

VeraCash® is an official agent of a financial institution called Prepaid Financial Services (PFS), which allows us to issue a Mastercard payment card. As its agent, we need to verify that you are indeed the person you claim to be. Now, we are not insinuating that you have any reason to conceal your identity, but some people do have excuses for doing so. We’ll circle back to that later…

So, VeraCash asks for a legible copy of your official identification, proof of your address and your bank details: this is the part of the iceberg that is hidden under the water. Without going into too much detail, we have algorithms that check each document to ensure it hasn’t been stolen or falsified and that apply a number of fraud prevention rules. And we’re sorry to say that we receive forged documents every week.

Who does KYC concern?

These regulations only concerned banks and insurance companies originally, but the financial sector is continually evolving. European Payment Services Directives PSD1 and PSD2 are allowing a new type of player—fintechs (financial technology companies)—to modernise payment services. Today, fintech companies (like VeraCash®) and many other businesses(1) are considered to be financiers in their own right, so all changes to financial regulations, including AML/CFT (anti-money laundering and combating the financing of terrorism), concern them too.

Why is KYC necessary?

Quite simply because it is a legal obligation. At present, Directive (EU) 2015/849 regulates the European financial system and has done since it came into force in June 2017.

The FCA (Financial Conduct Authority), which regulates financial activities in The United Kingdom, and the ACPR, in France, ensure that these directives are followed by all financial players.

The ACPR recently asked our e-banking partner PFS to conform to certain new developments in AML/CFT legislation. As a result of the domino effect, PFS, in turn, asked us to add some extra verifications to our KYC procedure.

By extension – and most importantly – KYC allows us to offer a safe service to all our users, by excluding fraudsters, money launderers, terrorists and so on. As a customer of our platform, you are also protected against identity theft and attempts to hack into your account. With these goals in mind, we have sometimes had to apply stricter conditions at certain times to improve security for our members’ accounts and to guarantee the integrity of our system as a whole.

If VeraCash were to permit the financing of illegal activities, such as anonymous arms purchases for terrorists and money laundering, with complete impunity, all of our customers would eventually be negatively affected. Yes, we know those cases may seem a little extreme, but they are nonetheless a reality in today’s financial climate. Why do you think hackers demand payment in Bitcoin when they attack companies with ransomware(2)? The answer is simple: because it protects their anonymity.

[Spoiler Alert] The true story of a bank that voluntarily foregoes KYC!

Netflix has a docuseries called Dirty Money. One of its episodes is devoted to HSBC, which became the preferred financial institution of Mexican drug cartels a few years back, simply because there was no KYC process involved in opening an account.

The bank is accused of having laundered hundreds of millions of dollars for the Sinaloa Cartel (USD 800 million in total) and of being indirectly responsible for the deaths of more than 10,000 Mexicans.

The bank avoided prosecution by paying a fine of USD 1.9 billion, negotiated with the US Department of Justice in return for dropping the charges… equivalent to just five weeks of their net profit.

What are the KYC and KYB procedures in effect at VeraCash?

In a perfect world, we’d be delighted to just ask you for an email address when you open an account. Alas, there is no perfect world. Rest assured, we have as little red tape as possible, while still following the law and guaranteeing maximum security for your personal account.

This means that you will need to go through our verification procedures if you want to create a free account:

For a personal account:

  • Provide these three documents:
    1. A copy of your valid official ID;
    2. Proof of your address, dated within the last three months;
    3. Bank details.
  • Complete your profile.

For a youth account:

The same as for a personal account, plus:

  • Proof of parentage;
  • A letter of authorisation signed by your legal guardian.

For a business account (KYB):

The same as for a personal account, plus:

  • The company’s deed of incorporation;
  • The company by-laws.

Some of you may be surprised to be asked for supporting documentation when topping up your VeraCash® account. Anti-money laundering rules apply here, so proof of the source of your funds will be required in the following instances:

  • All top-ups of more than EUR 20,000.
  • All top-ups for accounts with a balance of over EUR 20,000.

Is my information secure?

Even before implementation of the GDPR, keeping your information secure was already a priority for us: our servers are encrypted (SSL and TLS 1.2) and are audited on a regular basis by information systems security professionals.

Obviously we do not sell your personal information to any other business organisation. It will remain exclusively in the custody of VeraCash® and our e-banking partner PFS. Only the authorities will be able to access it if it is required for criminal proceedings, which is extremely rare.

Now you know everything!

At this point, we hope we have reassured you that VeraCash is taking every measure to provide a sound, secure environment for all. For the majority of people, who have done nothing wrong—and we have no doubt that you are among them—registration is completely free, with no subscription fees.

But if you still have any questions, we are at your disposal via chat, email, phone or Facebook… In short, wherever you choose to look for us! ?

(1) Many types of businesses are now eligible to AML/CFT efforts, including insurance companies and brokers, provident institutions, supplementary health insurers, insurance, reinsurance and capitalization associations, chartered accountants and employees authorized to exercise the profession of chartered accountant, lawyers, solicitors before courts of appeal, notaries, process servers and more.

(2) According to software vendor Kaspersky, “Ransomware is malicious software that infects your computer and displays messages demanding a fee to be paid in order for your system to work again. This class of malware is a criminal moneymaking scheme that can be installed through deceptive links in an email message, instant message or website. It has the ability to lock a computer screen or encrypt important, predetermined files with a password.”

Comptes jeunes VeraCash

VeraCash Youth Accounts: the stars of the 2nd edition of VeraCash AfterWork ?

On Friday, 30 November 2018, the second edition of the VeraCash AfterWork event took place at the Paris Centre Eiffel Hotel. Attendance was up threefold from the first edition, with members eager to listen to the presentations by Dany Lang and the VeraCash team. Of course, it was also an opportunity for you to share your questions, ideas, suggestions and feedback with us. The discussion was terrific and so, since we’re always thinking about all of you, we decided to report back on the evening for those members who were unable to attend, focusing in particular on one of the key products showcased that night: the VeraCash youth account!

VeraCash youth account? What’s that? ?

As the name suggests, VeraCash is now available to young people aged 13 to 17! We’d been talking about it for a while, many parents having expressed an interest in this type of product to us. We listened, and now it’s a done deal!

Just like our personal accounts, VeraCash youth accounts make it possible to pay for expenses using the VeraCash and build up savings in precious metals. Naturally, some transactions will have limits: VRC cannot be transferred between accounts, and payments by card will be capped at VRC 140 per week. In addition, the card won’t work in certain places, like bars and tobacconists, or on gambling, dating or betting websites.

Why should you open a VeraCash account for your child? ?

Because it isn’t always easy to manage pocket money, VeraCash gives you a better way to keep it under control. Just imagine, your kids go to the cinema after school and need €7 right away to buy a ticket. A free, instant transfer of VRC 7 to their VeraCash account, and they’re good to go! No wait, no fees. In addition, your child will have their own IBAN, allowing you to make one-off or recurring transfers to their account… once again, free of charge! ?
Not to mention the fact that an account backed by precious metals is a truly empowering experience which makes sense of asset management, even for young children. It encourages them to familiarize themselves with gold and silver and to gain a better understanding of their capital.

But also… ?

Aside from announcing the launch of youth accounts, the VeraCash AfterWork event also reviewed the past decade since the financial crisis, as well as the 2018 year now coming to a close – a thrilling year indeed at VeraCash! From AuCOFFRE . VeraCash transfers to ICO projects, our team decided to be transparent and to explain all these changes, plus our new products and services.
In addition, Economics Professor Dany Lang of Paris University 13 joined us to talk about the lessons learned from the Stock Market Crash of 1929, from a financial, banking and monetary perspective.

Coffre - Ports Francs et Entrepôts de Genève

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

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 Europe the 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.

M North: 10,400 m2 dedicated to storing art works

Geneva Free Ports today

In order to reduce the spread of this kind of risk, the Geneva Free Ports have implemented a series of new security measures since 2014: in the short-term, a systematic verification of the archaeological objects stored and their owners will be put in place, and access to the premises will be limited. As early as 2005, the Free Ports had an obligation to verify the ownership and provenance of all cultural assets, and since 2009 every owner has had to complete a detailed inventory register (photos, owner’s identity, description, etc).

It also goes without saying that the Free Ports collaborate closely with the political and judicial institutions to prove their transparency; in addition, 87% of the site is owned by the Swiss state.

Finally, the Free Ports offer two types of storage: Swiss (50% of the goods) and free port (the remaining 50%). Free port storage is under the permanent supervision of the Federal Customs Administration, that has a right of access to the premises at any time. This has already occurred with AuCOFFRE’s and VeraCash’s free port storage. The benefit of this type of storage is the temporary suspension of customs duties and taxes.

If VeraCash (and AuCOFFRE since 2012) made the decision to vault precious metals with the Geneva Free Ports, it is because protecting its members from any potential loss in the event of bankruptcy is paramount. Placed outside the banking system thanks to Swiss political and economic neutrality, VeraCash members’ precious metals are therefore immune to that possibility.

Geneva Free Ports in figures

  • Goods are stored on two sites: the vaults in La Praille and the Genève-Cointrin airport
  • Large premises: the Free Ports’ warehouses cover some 150,000 square metres (almost half of which is dedicated to works of art).
  • A history that goes back 128 years: the company operating the Geneva Free Ports was officially founded in 1889.
  • The largest museum in the world: storing over a million works of art.

Tangible gold and silver

Being vaulted in premises in another country in no way alters the fact that the gold and silver are the property of VeraCash members. Under no circumstances can these precious metals be considered the property of VeraCash itself; and this means that even if the worst was to happen, and the company collapses, all the vaulted assets would be redistributed to the members.

You might be interested to know that VeraCash and AuCOFFRE combined would rank 79th in the world as a country, if they were a central bank.

Is it legal to vault precious metals in Switzerland?

It is completely legal to securely store gold and silver in Switzerland, because precious metals are classed as movable assets. Being vaulted in the Geneva Free Ports provides the advantage of VAT exemption for VeraCash members. Therefore, owning gold in a Swiss vault has nothing in common with having a Swiss bank account: especially since an undeclared Swiss bank account can cost you up to € 1,500 per year.

The few square meters of storage used by VeraCash and AuCOFFRE to securely vault your gold are subject to very strict controls by the supervisory authorities. Not only are the vaults audited once a year by an external company on behalf of VeraCash (ALS Global), but they can also be subject to an impromptu inspection by an official auditor or by the French and Swiss customs, to verify that the goods declared by VeraCash indeed match those physically present in the vaults. A duty of transparency which both the company and the Free Ports are more than happy to respect.

Furthermore, buying Vera Valors (the tokens exclusively issued by VeraCash) offers an advantage in terms of taxation: for every transaction below € 5,000, there is nothing to declare. Above that amount, profits are taxed at 34.5%, with a 5% allowance from the second year onwards. Finally, after 22 years of ownership, profits become totally tax exempt. If you are subject to French wealth tax (ISF), certain changes are expected to come into force at the beginning of 2018: in a couple of months, you will no longer be required to declare how much you own in the form of gold, silver or diamonds, following the new law passed by Emmanuel Macron.

Finally, VeraCash is firmly in favour of discretion and keeps all its members’ data and information confidential, only disclosing it to the legal and judicial authorities in the event of an explicit request from the police or tax authorities. Any abuse of the service offered can result in a permanent suspension of the member’s access. For further information, please visit our page dedicated to data protection.

Concerning the VeraCarte Mastercard® payment card, you can find all the information you need in a previous article: notably in the paragraph dedicated to the constraints and regulations that govern our partnership with PFS, the organisation that certifies the legitimacy of VeraCash and VeraCarte vis-à-vis international banking requirements.

Why can’t I store my precious metals bought through VeraCash at home myself?

Normally, when you buy precious metals you might expect to be able to store them at home; but this is hardly the most sensible thing to do with such valuable assets.

Unfortunately, saying too much to friends and family can be risky; envy makes relationships difficult and even, in the worst cases, can result in theft. As statistics all too often prove, this type of theft is frequently committed by “friends” or close family members.

And if you are burgled, few insurance policies cover this sort of loss and rarely reimburse that type of asset (even if it had been declared to the insurer).

For each user of the VeraCash platform and every gold, silver and diamond buyer, our company is committed to securely storing these precious materials in the Geneva Free Ports, free of charge and unlimited in both quantity and time. No fee will be charged for using the vaults, as long as you remain an active member of the community.

Finally, safely behind the shield of Swiss political and economic neutrality, your gold, silver and diamonds are protected from bankruptcy and can never be seized by the state.

VeraCash infographie chaine de valeurs

Payment institution or an agent, VeraCash assumes its choice!

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.

VeraCarte revolutionises payments by gold

What exactly to we expect from a means of payment today? To be able to pay quickly and easily, at any time of the day or night, without losing money and without paying a commission when changing currency… This is exactly what you can do with the VeraCarte, as with many other means of payment today. The account used to fund your card combines the advantages of gold – which backs the card – and those of a payment card that turns your gold into cash.

The VeraCarte removes international borders for transactions. It can be used worldwide wherever Mastercard© is accepted. In other words, you can use it in 35.9 million acceptance points, in over 210 countries and 1.5 million ATMs. Not only that, but because it is outside the financial system, it also allows you to make payments overseas with the lowest possible exchange rate charges, from the cash machine to the payment terminal.

VeraCash now also offers all its customers a virtual IBAN, making it easier to credit their VeraCash account. Just like the VeraCarte, this new product is offered by our partner PFS.

Payment institution or PFS agent?

Only officially recognised payment institutions are authorised to issue a means of payment such as the VeraCarte Mastercard, or to process financial transactions. Since VeraCash is not a payment institution, the company operates as a direct agent for the English company Prepaid Financial Services (PFS). Agent reference number: 6337638.

Why this partnership? The first reason is simply that given our size today we are not currently able to become a payment institution. The procedure would be too expensive and requires considerable means both in terms of staff and technical capacity, notably in order to comply with banking regulations. Our core business is the purchase and sale of gold, not operating a payment card.

The second reason is one of flexibility. Continuing innovation means that VeraCash needs to optimise its costs and its human and technical resources, to ensure the long-term future of its activity. This flexibility is best achieved through strategic partnerships. As a result, we can change our payment institution tomorrow (as we can change any other supplier) or add a new one to extend our means of payment beyond Europe.

Anecdote: our first payment institution was the French company “Aqoba”, unfortunately declared bankrupt in 2014. As soon as this happened, we very rapidly changed to a reliable partner, PFS, meaning that our service continued and remained completely transparent for our customers, for whom this change had very little impact. Gold not being a commodity handled by the payment institution, the capacity to buy or resell gold for their VeraCarte account remained intact even if the VeraCarte itself could not be used for a fortnight. Proof, if any were needed, of our rapidity, flexibility and capacity to adapt, should a problem arise at this level.

Preconceived ideas and false information on the web…

1) Using a payment institution in order to offer a card backed by gold means a return to the banking system.


The Mastercard is purely a means of payment; it is VeraCash that is responsible for the gold transactions and that guarantees the secure storage of the gold in the vaults of the Geneva Free Ports.
The client’s ability to buy or sell gold remains intact even if they are unable to use their VeraCarte for a few days. Moreover, our customers have access to other means to use their gold: the mobile app to exchange grams of gold between individuals (this will soon be possible with professionals as well) and transfers to their bank account if they need liquid assets.

2) Only a payment institution is able to buy/sell gold as proposed by VeraCash.


Gold is not classified as a financial product. It can be freely bought, sold and stored in France. We rely on the Customs to keep the “Police register” and the Autorité des Marchés Financiers (AMF – Financial Market Authority) because we operate as an intermediary in various commodities.

3) A payment card backed by gold is extremely costly for the customer.


Although VeraCash pays a commission to its partner PFS for each transaction made with the card, the company does not pass this cost on to its customers, which makes it a particularly inexpensive prepaid card to use. Even better, it is more competitive than a traditional bank card when used abroad! Finally, there is no subscription charge to obtain the card, this is now totally free.

4) The payment institution manages the physical inventory.


Our payment institution has no access to our physical stocks of precious materials. This is simply because the core business for VeraCash is managing physical stocks of gold, silver and diamonds on behalf of its customers. The payment institution only communicates with the VeraCash server to ensure that the balance available on the customer’s account is sufficient to cover the requested card payment.

100% compliant with banking regulations

Strict regulations apply in each country, at European and international level, whenever a financial transaction is carried out.

PFS is an English payment institution and is therefore subject to the English financial payments authority: the FCA (Financial Conduct Authority) registered under the number 900036.

In France, the banking sector is regulated by the ACPR (Autorité de Contrôle Prudentiel et de Résolution – Prudential Supervision and Resolution Authority). PFS benefits from the European passport, which means it is allowed to operate in all the European SEPA zone countries, including France, and is therefore recognized as such by the ACPR. VeraCash thus operates its “VeraCarte payment card” activities totally legally.

Finally, PFS is accredited by both Mastercard and VISA to issue payment cards within the SEPA zone.

And the future?

VeraCash does not exclude the possibility of becoming a payment institution itself, once the company becomes large enough and has a sufficiently high volume of transactions.

VeraCash card - cheaper than a bank card abroad...

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


Commission 1 + exchange rate + commission 2…

Do you really know the commission rates applied by your bank for your currency transactions outside the euro zone?

The amount of the commission varies from one bank to another, but can have a serious impact on your purchasing power when you travel abroad.

These commissions are in addition to the currency exchange rate chosen by the bank and that is rarely clearly explained to the customer. The further the exchange rate used is from the official “spot” exchange rate the more unfavourable it is, meaning that in reality an additional commission has been applied.

Not only does VeraCash take no commission on transactions in non-euro currencies but in addition, the euro to foreign currency conversion rate is very close to the “spot” conversion rate.

11% difference on a bill in Switzerland!

Conversion fees with VeraCashConversion fees with Banque Courtois

Here is a comparison of the costs:

Date Card Type of card Amount requested Currency debited Exchange rate shown on the receipt Surcharge indicated Spot rate Amount debited in the indicated currency Final amount debited from the bank Final CHF/EUR exchange rate value CHF/EUR exchange rate surcharge
24/04/2017 Banque Courtois VISA 50 CHF EUR 1.028556852 4% 1.08206 €48.61 €54.22 0.92216894 14.78%
24/04/2017 VeraCash MasterCard 50 CHF EUR 1.028556852 0% 1.08206 €48.61 €48.62 1.02859494 4.94%

Travelling outside the euro zone? Join our study

Planning to travel outside the European single currency area?

Take part in our large-scale study set up to assess the cost of using the VeraCash card abroad compared to using classic bank cards: we need as much data as possible! We will be offering 5 VRC to all participants and will share the results with our members.

  1. Pay 50% of the bill with your VeraCash card.
  2. Pay the other 50% of the bill with a standard bank card.
  3. Go to to calculate the “spot” conversion rate for the currency of the
  4. country at the time of the transaction.
  5. Take a screenshot as shown below.
  6. Email us the amounts of the receipts charged to your accounts, the screenshot of the conversion rate and your username.

Conversion from CHF to EURWe will credit your 5 VeraCash in the days that follow receipt of the complete information. 

Over to you!