Difference between revisions of "MoneyPak"

From Bitcoin Wiki
Jump to: navigation, search
(Updated info re. fixed denominations based on recent second-hand experience)
(Rewrote first paragraph)
Line 1: Line 1:
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") 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.  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 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.

Revision as of 17:29, 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. 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.[2]

Where to exchange Bitcoins and MoneyPaks

See Also

External Links

References