MoneyPak: Difference between revisions
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MoneyPak is a stored-value card ("cash top-up card") 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 Green Dot: Where can I use a MoneyPak?]</ref> | MoneyPak is a stored-value card ("cash top-up card") 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 Green Dot: Where can I use a MoneyPak?]</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 | 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. | ||
MoneyPak is provided by Green Dot Corporation which is a licensed money transmitter. | |||
==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|MoneyPak and PayPal]] below, for example). | |||
==MoneyPak and PayPal== | |||
When MoneyPak funds are added to a PayPal account, they are available immediately and transactions cannot be reversed, according to MoneyPak's website. | |||
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. | |||
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. | |||
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 Special offer from PayPal and Green Dot MoneyPak]</ref> | |||
==Where to exchange Bitcoins and MoneyPaks== | ==Where to exchange Bitcoins and MoneyPaks== | ||
Revision as of 17:41, 28 March 2013
MoneyPak is a stored-value card ("cash top-up card") 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 that are seen as safe for use as a method to receive payment.
MoneyPak is provided by Green Dot Corporation which is a licensed money transmitter.
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
When MoneyPak funds are added to a PayPal account, they are available immediately and transactions cannot be reversed, according to MoneyPak's website.
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.
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.
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.[2]
Where to exchange Bitcoins and MoneyPaks
See Also
External Links
- MoneyPak web site
- MoneyPak store locator