Short answer
GoldPaid pays for posted gold by bank transfer (Faster Payments), arriving in your account typically within minutes of accepting the written offer. UK precious-metal-purchase law prevents cash settlement above the AML threshold, and bank transfer is in any case faster and cleaner than physical cash. Free prepaid Royal Mail Special Delivery label, no shop visit, no minimum order.
Why payment is by bank transfer rather than physical cash
UK precious-metal-purchase regulation under the 2017 Money Laundering Regulations requires precious-metal dealers to identify the seller and to record the transaction for AML/KYC purposes once the value crosses thresholds set by HMRC. Physical cash settlement above those thresholds is heavily restricted and routinely refused by reputable buyers because it conflicts with the regulatory paper trail.
Bank transfer satisfies the legal requirements automatically: the funds move under your name, the transaction is logged, and the bank statement on both sides provides a clean audit trail. There is no cash-handling risk, no need to physically collect the money, and no requirement to deposit large amounts of cash into your bank afterwards (which itself triggers AML reporting at the bank).
How fast bank transfer actually arrives
UK Faster Payments settle in seconds for most transfers, with 99% arriving within two hours and the legal maximum settlement window of one working day for outliers. In practice, when you accept a written offer at 11am on a Tuesday, the bank transfer is initiated within minutes and reaches your account before lunch.
The transfer is sent to the UK bank account you nominate in the acceptance reply. Sort code, account number, name on the account. Joint accounts work; sole accounts work; business accounts work. The reference on the statement can be set to whatever you would like (we default to "GoldPaid" but anything neutral is fine, useful for shared bank accounts where you would rather not advertise the source).
What "cash for gold" usually means in marketing language vs reality
"Cash for gold" is a UK marketing phrase from the early 2000s gold-buying boom and it survives even though the actual payment route has moved fully to bank transfer. When a UK gold buyer today advertises "cash for gold", they mean fast payment for gold, not literal banknotes pushed across a counter.
The honest framing is that bank transfer is faster, safer and cleaner than physical cash. Faster, because Faster Payments arrive in minutes rather than requiring a counter visit. Safer, because there is no cash-handling risk on either side. Cleaner, because the audit trail satisfies AML and HMRC requirements automatically and removes any subsequent question about source-of-funds at your own bank.
Bank transfer on acceptance, in plain terms
The full timeline most parcels follow: parcel posted Day 1, parcel arrives Day 2, written offer issued Day 2 (same working day as arrival), acceptance reply from you within hours, bank transfer sent within minutes of acceptance, funds in your account within hours of the transfer.
Day 2 from post to payment is routine. Day 3 happens when the offer is issued late on a Friday and acceptance reaches us on Monday morning; Faster Payments do operate at weekends but most decisions land on a Monday for paperwork reasons. The longest typical case is Day 4: post Friday, arrive Monday, offer Monday, decide Tuesday, payment Tuesday.
Four moving parts, all visible
- You ask, we steer. WhatsApp us photos of your sell gold for cash uk; you get an honest indicative figure and no pressure to go further.
- We send the label. A free Royal Mail Special Delivery label arrives, tracked and signed for, with a QR-code option if you cannot print.
- You post when ready. No countdown. Use whatever padded packaging you already have.
- We test, you decide. Items are weighed and XRF-assayed, the written offer is sent, and you either accept for a Faster Payments transfer or decline for a free insured return.
How your parcel is protected
Royal Mail Special Delivery cover may be available up to £2,500 depending on the postal method and cover level used. Your items travel on Royal Mail Special Delivery Guaranteed: fully tracked, needs a signature on delivery, arranged with that compensation cover per parcel. Worth more than that? Tell us before you post, and we will either arrange extra cover or suggest splitting the items across separate parcels. See postage and insurance for the full picture.
Changing your mind is free
Declining costs you nothing. If the written offer does not suit you, say so, and your items come straight back by tracked, insured Royal Mail post at our expense. No fee, no questions, no chasing. See what happens if I decline the offer for the step by step.
Being paid
If you accept, payment follows by Faster Payments, transferred directly to your bank account. It is the last step, and a simple one.
Why sellers choose GoldPaid
GoldPaid is a small, owner-run UK business built on one promise: show the working. Every item is XRF-assayed and weighed on calibrated scales, every offer is itemised in writing, postage is free and insured both ways, and there is never a countdown or a hard sell. If something is worth more to a specialist than to us, we say so.
Common questions
How fast does bank transfer arrive?
Within minutes for 99% of transfers under UK Faster Payments. The legal maximum is one working day for outliers.
Can I be paid into someone else's account?
No. The funds go to a UK account in the name of the seller (you) for AML reasons. Joint accounts in your name are fine.
What if I do not have a UK bank account?
A UK building society account is also fine. Foreign accounts require currency conversion which we can arrange with prior notice.
Can the bank reference be discreet?
Yes, tell us the reference you would like and we will set it on the transfer. Many people prefer something neutral on the bank statement.
What happens if I accept the offer but my bank rejects the transfer?
A failed transfer (wrong sort code, closed account etc) is returned to us automatically and we re-send to a corrected account on the same day.