MoneyPak: Difference between revisions

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a "cash top-up card". Once you purchase it at a participating retailer with cash, you can use it to reload prepaid cards, add money to a [[PayPal]] or [[Serve]] account without using a bank account, or make same-day payments to major companies.
MoneyPak is a stored-value card ("cash top-up card") provided by Green Dot Corporation. It's typically purchased with cash at a retailer, then used to fund prepaid debit cards or on-line wallet services like [[PayPal]] or [[Serve]]. A handful of MoneyPak partners also accept MoneyPak funds as same-day payments for their services; these include credit cards, bank accounts, digital wallets, online wagering accounts, online games, digital content accounts, prepaid phone services, and satellite TV services.<ref>[https://www.moneypak.com/WhoAccepts.aspx "Where can I use a MoneyPak?" Green Dot MoneyPak (accessed 2013-03-28)]</ref>


MoneyPak is popular with traders on the [[Bitcoin-otc|#bitcoin-otc]] marketplace as a method for sending funds that are seen as safe for use as a method to receive payment.  When added to a PayPal account, the funds are available immediately and the MoneyPak website claims that transactions cannot be reversed.
MoneyPak is popular with traders on the [[Bitcoin-otc|#bitcoin-otc]] marketplace as a method for sending funds.


PayPal allows up to $250 per year for funding a PayPal account.  The limit can be raised to $2,000 per-month by providing additional information regarding your identity and successful review by PayPal.
==Purchasing MoneyPaks==


PayPal's terms of service do not allow funds added by MoneyPak to be withdrawn and sent to the account holder's bank account.  PayPal's intention is that those funds added will be used for sending money to a merchant or to another PayPal member.
Most MoneyPak retailers will allow you to fund a card with any amount from $20 to $500. Some may restrict amounts to fixed denominations—$20, $50, $100, etc.  At Walmart, up to $1,100 may be purchased.  The funds are often available immediately, but at some retailers there is a delay; these include Walgreens (60 minutes), Radio Shack (30 minutes), Longs Drugs and 7-Eleven (15 minutes).


A MoneyPak in an amount from $20 to $500 may be purchased at most retailers. At Walmart, up to $1,100 may be purchased.  The money is usually immediately available on your MoneyPak. The exceptions include: Walgreens (60 minute funding delay), Radio Shack (30 minute funding delay) and Longs Drugs (15 minute funding delay).
A MoneyPak typically carries a flat $4.95 service fee, which is charged at point of sale along with the value stored on the card. There are sometimes promotions where MoneyPak will refund the service fee under certain terms (see section [[#MoneyPak and PayPal|MoneyPak and PayPal]] below, for example).


MoneyPak is provided by Green Dot Corporation which is a licensed money transmitter.
==MoneyPak and PayPal==


==Fees==
MoneyPak funds may be added to a PayPal account, subject to verification of personal information (name, address, date of birth and Social Security Number) by Green Dot on behalf of PayPal. Up to $4,000 may be added to a PayPal account in a single month, and funds are available immediately in PayPal.<ref>[https://www.moneypak.com/PaypalFAQ.aspx "PayPal FAQs." Green Dot MoneyPak (accessed 2013-03-28)]</ref>


A MoneyPak costs $4.95 (or less) at retailers.  The card is not "reloadable".
PayPal's terms of service do not allow funds added by MoneyPak to be withdrawn and sent to the account holder's bank account.  PayPal's intention is that those funds added will be used for sending money to a merchant or to another PayPal member.{{cite}}
 
Through the end of 2013, a special promotion allows PayPal users to fund their accounts one time with a MoneyPak card and have the MoneyPak service fee refunded; special terms and conditions apply.<ref>[http://www.moneypakpromotion.com/PayPalGetFive "Your first MoneyPak fee (up to $4.95) is on us!" moneypakpromotion.com (accessed 2013-03-28)]</ref>
 
==Where to exchange Bitcoins and MoneyPaks==
* [http://moneypakforbitcoins.com MoneyPakForBitcoins.com] Open and conducting trades (instant for MP -> BTC)
* [https://www.sellbitcoinforcash.com Sell Bitcoin for Cash.com] Site Unavailable, Checked 01/25/2015
* [https://moneypaktrader.com MoneypakTrader.com]<ref>[[MoneypakTrader.com]]</ref> Open and conducting trades, try the instant MP buy they offer through Torchat.
* [http://bitquick.net BitQuick] Temporary Closed, Checked 6/6/2013, appears to ask for codes over unencrypted connection
* [http://www.bitcointalk.org BitcoinTalk Forum] infested with scammers, be careful
* [https://www.btcpak.com/ BTCPak] Site Unavailable, Checked 6/6/2013
* [http://www.coindesk.com/virginia-compliance-issue-leads-fastcash4bitcoins-to-suspend-service/ FastCash4Bitcoins] Indefinitely Closed, Checked 6/6/2013


==See Also==
==See Also==
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==External Links==
==External Links==
* [http://www.moneypak.com MoneyPak] web site
* [http://www.moneypak.com MoneyPak] official site
* [http://www.moneypak.com/StoreLocator.aspx MoneyPak store locator]
* [http://www.moneypak.com/StoreLocator.aspx MoneyPak store locator]
* [http://www.moneypakpromotion.com/ MoneyPak Promotions] official site
* [http://www.moneypakforbitcoins.com MoneyPakForBitcoins.com] Trade Moneypaks for bitcoins and bitcoins for moneypaks.
* [http://www.moneypaktrader.com MoneypakTrader.com] Site to trade MP <---> BTC
==References==
<references />


[[Category:Money transmitters]]
[[Category:Money transmitters]]

Latest revision as of 04:33, 26 January 2015

MoneyPak is a stored-value card ("cash top-up card") provided by Green Dot Corporation. It's typically purchased with cash at a retailer, then used to fund prepaid debit cards or on-line wallet services like PayPal or Serve. A handful of MoneyPak partners also accept MoneyPak funds as same-day payments for their services; these include credit cards, bank accounts, digital wallets, online wagering accounts, online games, digital content accounts, prepaid phone services, and satellite TV services.[1]

MoneyPak is popular with traders on the #bitcoin-otc marketplace as a method for sending funds.

Purchasing MoneyPaks

Most MoneyPak retailers will allow you to fund a card with any amount from $20 to $500. Some may restrict amounts to fixed denominations—$20, $50, $100, etc. At Walmart, up to $1,100 may be purchased. The funds are often available immediately, but at some retailers there is a delay; these include Walgreens (60 minutes), Radio Shack (30 minutes), Longs Drugs and 7-Eleven (15 minutes).

A MoneyPak typically carries a flat $4.95 service fee, which is charged at point of sale along with the value stored on the card. There are sometimes promotions where MoneyPak will refund the service fee under certain terms (see section MoneyPak and PayPal below, for example).

MoneyPak and PayPal

MoneyPak funds may be added to a PayPal account, subject to verification of personal information (name, address, date of birth and Social Security Number) by Green Dot on behalf of PayPal. Up to $4,000 may be added to a PayPal account in a single month, and funds are available immediately in PayPal.[2]

PayPal's terms of service do not allow funds added by MoneyPak to be withdrawn and sent to the account holder's bank account. PayPal's intention is that those funds added will be used for sending money to a merchant or to another PayPal member.[citation needed]

Through the end of 2013, a special promotion allows PayPal users to fund their accounts one time with a MoneyPak card and have the MoneyPak service fee refunded; special terms and conditions apply.[3]

Where to exchange Bitcoins and MoneyPaks

See Also

External Links

References

  1. ↑ "Where can I use a MoneyPak?" Green Dot MoneyPak (accessed 2013-03-28)
  2. ↑ "PayPal FAQs." Green Dot MoneyPak (accessed 2013-03-28)
  3. ↑ "Your first MoneyPak fee (up to $4.95) is on us!" moneypakpromotion.com (accessed 2013-03-28)
  4. ↑ MoneypakTrader.com
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