MoneyPak: Difference between revisions
→Fees: Reworded to more accurately describe the MoneyPak/PayPal promotion |
Updated info re. fixed denominations based on recent second-hand experience |
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PayPal's terms of service do not allow funds added by MoneyPak to be withdrawn and sent to the account holder's bank account.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. | PayPal's terms of service do not allow funds added by MoneyPak to be withdrawn and sent to the account holder's bank account.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 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). | |||
MoneyPak is provided by Green Dot Corporation which is a licensed money transmitter. | MoneyPak is provided by Green Dot Corporation which is a licensed money transmitter. | ||
Revision as of 03:52, 28 March 2013
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 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. When added to a PayPal account, the funds are available immediately and the MoneyPak website claims that transactions cannot be reversed.
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PayPal's terms of service do not allow funds added by MoneyPak to be withdrawn and sent to the account holder's bank account.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.
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 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).
MoneyPak is provided by Green Dot Corporation which is a licensed money transmitter.
Fees
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. 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.[1]
Where to exchange Bitcoins and MoneyPaks
See Also
External Links
- MoneyPak web site
- MoneyPak store locator