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navaman (OP)
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February 07, 2013, 11:41:22 PM |
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I don't think I have seen anybody mention this before on this website but it's possible to use Netspend to buy Bitcoins online. Here's how:
1. Load money on Netspend Card. This can be done the following ways:
A. Go into a retail establishment that allows you to directly load or purchase a reload pak. This costs anywhere from $2 to $4.95.
B. You can transfer using bank ACH or Pyapal. This is free.
C. Use a bank debit card and it must be a bank debit card to instantly load money. This instantaneous, costs $2 but a catch is the max at a time $100.
2. Go to Bitinstant website and set up a payment to purchase using Moneygram. Get the Receiver code and the account number. The receiver code last I looked is 9611 for Zipzap. The account number is different each time.
3. Go to Netspend website, log in and go to PayBills tab and click on ExpressPayment. This allows you to send MoneyGram ExpressPayment Service online.
4. Where it asks for Receive code just punch in 9611 for zipzap or whomever you want to pay. Hit enter and takes you to the next page where you enter the account number and amount to pay. Hit calculate fee and it should come up with a zero to pay extra. The ExpressPayment costs 3.95 extra but its added by bitinstant when the payment is set up.
5. Click the box to agree to terms, hit enter, save the page just in case something blows up. Click confirm.
6. Bit coins are sent within 15 minutes and will take normal amount of time for comfirms.
I tried this a couple of times initially but it didn't work as Netspend wouldn't send it to that receiver code . However, it did work last week. So, hopefully this will be easier for some. There are limitations and it does add even more fees on top of Bitinstant but it should make it a little easier.
Anyways, I highly recommend Netspend card as it has functionality that is useful to keep away from your normal finances. Can't be too careful out there. One note is that the instant bank transfer can take a bit to set up the first time. You'll probably have to call to get verified where they will ask some questions.
Anyways, thought I would make this helpful post after my first was a problem with Bitinstant. I like the service and have been very satisfied with previous transactions.
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"I'm sure that in 20 years there will either be very large transaction volume or no volume." -- Satoshi
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b!z
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Activity: 1582
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February 08, 2013, 08:00:33 AM |
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How much fees do you encounter with this method?
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Stephen Gornick
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February 08, 2013, 02:09:12 PM |
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3. Go to Netspend website, log in and go to PayBills tab and click on ExpressPayment. This allows you to send MoneyGram ExpressPayment Service online.
4. Where it asks for Receive code just punch in 9611 for zipzap or whomever you want to pay.
That's pretty awesome. Where do you acquire a NetSpend card / account? |
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navaman (OP)
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February 08, 2013, 05:07:16 PM |
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How much fees do you encounter with this method?
The fees for moneygram are 3.95 which includes what zipzap charges. Bitinstant charges their cut. Netspend will cost anywhere from $2 to 4.95 if you walk into a store and load the card. Using a bank debit card costs $2 but you can only load $100 with this method. You can load an ach transfer from your bank for free which has a higher limit than than the debit card transaction. The fees can add up on top of each other but if you want some bitcoins in less than an hour without getting up this is one way. |
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navaman (OP)
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February 08, 2013, 05:12:35 PM |
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3. Go to Netspend website, log in and go to PayBills tab and click on ExpressPayment. This allows you to send MoneyGram ExpressPayment Service online.
4. Where it asks for Receive code just punch in 9611 for zipzap or whomever you want to pay.
That's pretty awesome. Where do you acquire a NetSpend card / account? Just go here and they'll ship it: https://www.netspend.com/prepaid-debit-card/applyNow.m?AID=ggl&SITEID=Brand---Existing-Customer-Exclusion&SUB=[Debit-Card+netspend%20card]&gclid=CLfSv8eZp7UCFe5xQgod6TIAzg Many stores also carry a temporary reloadable card and they'll ship a permanent one in a few weeks. Just search this for a location near you: https://www.netspend.com/account/distributors.mThere are pretty good for using online outside the U.S. There is even option to generate a virtual visa number to use online and then close the number down after use. |
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navaman (OP)
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February 08, 2013, 09:38:02 PM |
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Just did another 1 and the Bitcoins popped into my wallet in seconds.
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tastyratz
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February 26, 2013, 04:22:35 PM
Last edit: February 27, 2013, 04:41:06 PM by tastyratz |
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I just wanted to clarify a few things from this post because I found it in a search and hope this could help.
Find a referral code online when you sign up, I wish I did. You get $20 and the other person gets $20 - win win. I won't beg and say use mine but there are some out there.
Also It isn't as instant as it comes off as in all instances.
PayPal will only let you transfer funds if you have them existing in your PayPal account, using PayPal is said to take 2-3 days to clear. If you don't have money in the account you can have a friend send you a gift payment, or you can add funds to your account (which will take another 2-3 days on top of the transfer out time).
You can fund the account instantly with a debit card... but you can't do that if you just sign up online - they won't let you until you activate the card in the mail. strikeout I just tried
You can fund the account with a bank transfer (i.e. a wire) but those generally cost money from your bank, a couple dollars to more than a couple. I have seen it from 2 to $20. fast transfers generally have a higher fee.
I recently tried using dwolla but learned how it takes 2-3 days to confirm account... then 2-3 days to get money in it - then surprise 30 more days before you can use it with bitinstant.
It looks like for this to move fast or instant you need to actually go to a store and get a card/top off there - but then that defeats the purpose of using this card when you could just moneygram from wal mart, etc.
At least that is my take on it so far.
I have not been able to find any single service anywhere that allows me to just... sign up and buy bitcoins online right away through any chain of events.
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smith88
Member
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Activity: 81
Merit: 10
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March 19, 2013, 04:13:12 AM |
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Hi there,
I am very grateful for this tutorial. However after getting my netspend account setup- and I go to --Pay Bills -- Express Payment... And then enter the Receive Code (9611 for zipzap), I receive the following error (anyone else?):
"You have encountered the following error(s):
-Could not find any billers with the specified receive code. Please try again."
So I said to myself, hmm, maybe they have disconnected this relationship online? I'm not really sure at this point. I also tried to do a search under: "Company Name"- also to no avail. I hope that maybe it is due to my account literally being set up within the last few hours. Possibly I'll let it percolate over night and revisit in the morning.
cheers.
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