MoneyPak

From Bitcoin Wiki
Jump to: navigation, search

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PayPal's terms of service do not allow funds added by MoneyPak to be withdrawn and sent to the account holder's bank account.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