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Author Topic: Bitinstant moneygram to bitcoin address conversion rate  (Read 1139 times)
Mark2468
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December 25, 2012, 09:30:23 PM
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Hi everyone. I want to send some money using the bitinstant option to send a moneygram directly to my BTC address. My question is, what is the conversion rate for this. Will it be the mtgoxlive value of BTC
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Yankee (BitInstant)
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December 25, 2012, 11:20:23 PM
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Hi everyone. I want to send some money using the bitinstant option to send a moneygram directly to my BTC address. My question is, what is the conversion rate for this. Will it be the mtgoxlive value of BTC

Hey,

We purchase the BTC from MtGox as soon as your deposit gets made.

The price is locked in as soon as moneygram software tells ours that order is completed, so we lock in the best rate

Thanks

Charlie

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More about me: http://CharlieShrem.com
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December 25, 2012, 11:46:03 PM
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We purchase the BTC from MtGox as soon as your deposit gets made.

The price is locked in as soon as moneygram software tells ours that order is completed, so we lock in the best rate

Just to be clear though, there is a variable fee of 3.99% that is subtracted from the amount of the transaction.  So, for instance, entering an amount of $100 will create a quote stating that you will receive $96.01 ($100 - $3.99 fee).

So that amount after the fee is subtracted is what is used to purchase your coins.

Incidentally, there is a BitInstant support thread here in this forum where this question could be asked:
 - http://bitcointalk.org/index.php?topic=128314.0

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