Swiss America Complaints, Reviews & Promos

Swiss America Review

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Swiss America is a precious metals dealer with a long history in the industry. Since they were founded in 1982, they have 40 years of experience. Over that time, they've grown to serve customers throughout the entire US. But how well does this older company compare to modern competitors?

  • Product Type: Precious Metals
  • Owner: Craig R. Smith (CEO)
  • Rating: 3.8/5

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Important Details About This Company:

  • Over 1,000+ 5 star ratings online
  • They protect over $1 BILLION dollars in retirement savings
  • AAA customer rated
  • A+ BBB Rating
  • 5x Inc 500 winner
  • 2021 company of the year

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    Or continue below with this review

    About Swiss America

    Swiss America Complaints, Reviews & Promos

    Swiss America is a US-based company that leverages 40 years of experience in the precious metals industry. The company has a team of professionals whose only job is to help you choose the right precious metals for your needs. No matter whether you're working with a support tech or an account executive, you'll be given the respect you deserve.

    Swiss America believes that it's vital to secure a portion of your wealth in precious metals. Precious metals have had value for thousands of years. They also perform well in response to economic volatility. That means that when the stock market sinks, the value of precious metals soars.

    Swiss America was ahead of the game in telling people to diversify. Buying gold wasn't very popular in 1982. In fact, for many people, precious metals didn't become a viable asset until the 2008 recession. But Swiss America saw that these metals had the potential to offer safety, liquidity, potential for profit, and private ownership.

    Credentials

    Swiss America Complaints, Reviews & Promos

    Swiss America has a huge number of credentials, qualifications, and endorsements.

    For example, they are a member of basically every US coin group possible. They are part of the American Numismatic Association, Industry Council for Tangible Assets, Certified Acceptance Corporation, World Proof Numismatic Association, and Canadian Numismatic Association.

    They are authorized to deal coins that have been graded both by the Numismatic Guaranty Corporation and the Professional Coin Grading Service. On top of this, they are authorized to deal by Coinplex.

    Among the company's celebrity endorsements are the talk show host Michael Savage, the talk show host Mark Levin, and the bestselling author Dr. Jerome Corsi.

    The company has been featured in a huge number of different media outlets and publications. They have been seen on TNT, PBS, CNN, Fox News, ABC News, Fox Business, Bloomberg TV, and more. Articles about or by them have been published in the New York Times, Wall Street Journal, Time magazine, Newsweek, USA Today, and more.

    Community Service

    Swiss America Complaints, Reviews & Promos

    Swiss America is largely led by the CEO Craig Smith. Smith has a lot of closely-held values, and he prefers to give back to the community. He believes that it's important not just to safeguard your own financial future, but also to take care of others as well.

    Craig Smith believes that truly wealthy people should be happy to give. He also states that this gives him more personal satisfaction and fulfillment than any hoarding of wealth.

    Some of the things that Swiss America has done include:

    • Helped veterans in Phoenix secure housing.
    • Made meals for those with terminal illnesses and their families.
    • Supported families of injured and dead first responders.
    • Used the Phoenix Dream Center to make a community impact.
    • Raised money to feed hungry people.
    • Inspired older people to follow their passions in later life.

    The company's Facebook page often has information about local happenings in the community.

    IRA Services

    Swiss America Complaints, Reviews & Promos

    According to the company website, there are some IRA services available. There is some helpful information about the types of retirement account that can hold precious metals. One note is that there's not as much information here as with some other companies, though.

    The FAQ does answer some questions. For example, they say that they will help the client with the application process. This might mean that they walk you through the application for your custodian. According to them, the process takes an average of two weeks, but there's never any guaranteed time frame.

    They also say that it costs about $250 to set up the account. They don't have an exact figure because it varies based on how much you're transferring. Other companies have flat fees instead, which can be less complicated. On top of that, flat fees remain the same no matter how much or how little you transfer.

    It's not clear whether the establishment fees are just the company's fee for setup. If so, that's a fairly steep price. But if it includes the cost of storage and custodian maintenance, then it's about average.

    Swiss America does require that you have a minimum transfer of $5,000 to use their IRA services. This isn't as high as with some of the competition, but it might not be accessible to everyone.

    Numismatics

    Swiss America Complaints, Reviews & Promos

    There is a section of the website that's dedicated to providing education about numismatic rarities. Numismatics are priced differently from pure bullion. Much of their value is speculative. This means that you'll often end up paying more than the melt value because of the potential for growth. To get more money in the future, there needs to be a buyer who wants the numismatic rarity.

    Numismatic rarities are priced due to scarcity. They are, by definition, rare. As they get lost or go out of circulation, they become even rarer.

    Pricing is also indicated by the condition of the coin. The better the condition of the coin, the better the pricing. This also goes for basic bullion coins. It's part of why many coins are graded and placed in a protective airtight capsule.

    Supply and demand play big roles. A rare coin can't be acquired from a mint, since it's no longer minted. As time goes on, it becomes rarer. But if you want to get back your investment, there needs to be demand. If no one is interested in buying your rare coin, then you won't be able to get a good price for it.

    Is Swiss America a Scam?

    Swiss America Complaints, Reviews & Promos

    Swiss America is definitely not a scam. The company has been in business for four decades, having gotten its start in 1982. That makes it one of the oldest precious metals bullion dealers in the US. In addition, it has been accredited with the BBB and holds an A rating.

    The reason the company lacks an A+ rating is because of government action that was taken. They allegedly sold bullion in Minnesota without the proper registration. Minnesota requires businesses to register with the Department of Commerce if they are going to sell large amounts of bullion. The company settled the allegations, which is not an admission of guilt.

    It's important to note that nobody was defrauded or victimized with this government action. It was merely a case of not doing the right research for legality in Minnesota.

    Swiss America has largely positive reviews online. There haven't been any complaints filed with the BBB in the past three years. And yet, there are over 140 positive reviews. Overall, the company's customer rating is an average of 4.91 out of 5 stars, indicating universally positive feedback.

    The company's Yelp page is less impressive. But there are only five reviews. There, the rating is 2 out of 5 stars, indicating that some customers have been unhappy with their in-person experience. Since most people are likely to buy online, this isn't necessarily a huge issue.

    Pros & Cons of Swiss America

    PROS

    • Excellent customer reviews with zero BBB complaints.
    • Has been in the precious metals industry for 40 years.
    • Solid transparency regarding management and principles.

    CONS

    • Government action was taken due to dealing in Minnesota without registering first.
    • A few fairly unfavorable reviews on Yelp.
    • Some IRA information online, but very little info about the company's IRA process.

    Final Verdict

    Swiss America is a positively reviewed company that has a very long history in the business. It has only been legal to own gold in the US since the 1970's. Founded in 1982, Swiss America is one of the oldest American bullion dealers. They have expanded to serve clients throughout the US, and they have excellent BBB customer reviews.

    There are a few negative notes, though. One is that government action was taken against the business by the state of Minnesota. The company allegedly sold bullion to Minnesota residents without first registering with the Department of Commerce. Minnesota is the only state that requires this. The company paid several thousand dollars to settle the case.

    That doesn't necessarily mean that there was any mismanagement. But it does show that the company didn't do all the legal research that they should have before expanding into Minnesota.

    Another negative point is the company's Yelp reviews. There are only five yelp reviews, compared to over 140 glowing BBB reviews. But people overall seem unhappy with the brick-and-mortar retail store. So you might have a better experience working with the company online.

    Finally, there's a certain lack of IRA information. The company explains that you can hold gold in an IRA, and they encourage you to call and speak to a representative about doing this. But they don't explain whether they work with a preferred custodian, whether they have a preferred storage depository, or whether they have in-house IRA tax code experts.

    If you're looking to open an IRA, you may have more positive results working with an IRA-focused company. These companies mainly help people open IRAs and offer other services as an afterthought. They tend to be very good at streamlining the paperwork, and they do so for a low fee.

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