While all prepaid debit cards are linked to a bank account funded by local currencies, this premier card is linked to a gold account. The AUX Gold gives holders 24/7 access to their gold stored securely in a vault converted into instant local currency at an ATM, or to purchase goods and services wherever a scheme card is accepted.
The AUX account is maintained externally from the issuing bank by a regulated entity outside the banking system. The banks that issue the cards do not have any leverage or access to the gold which is stored physically in a vault. Banks typically leverage customer deposits and lend to other customers.
When the card holder accesses an ATM or pays from purchases, the customer must always have sufficient gold deposits to cover the cost of the transactions. The card holder is able to see their balance via a secure online account system accessible from computers, mobile phones and tablets.AUX Gold uses gold as a currency, however, the holder may nominate Euros and US dollars as the base currency that will be issued to settle the transactions.