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.
MoneyPak is popular with traders on the #bitcoin-otc marketplace as a method for sending funds.
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.
PayPal's terms of service do not allow funds added by MoneyPak to be withdrawn and sent to the account holder's bank account.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.
Where to exchange Bitcoins and MoneyPaks
- MoneyPakForBitcoins.com Open and conducting trades (instant for MP -> BTC)
- Sell Bitcoin for Cash.com Site Unavailable, Checked 01/25/2015
- MoneypakTrader.com Open and conducting trades, try the instant MP buy they offer through Torchat.
- BitQuick Temporary Closed, Checked 6/6/2013, appears to ask for codes over unencrypted connection
- BitcoinTalk Forum infested with scammers, be careful
- BTCPak Site Unavailable, Checked 6/6/2013
- FastCash4Bitcoins Indefinitely Closed, Checked 6/6/2013
- MoneyPak official site
- MoneyPak store locator
- MoneyPak Promotions official site
- MoneyPakForBitcoins.com Trade Moneypaks for bitcoins and bitcoins for moneypaks.
- MoneypakTrader.com Site to trade MP <---> BTC