[BitInstant] Instantly Deposit Cash at 4 Different Banks into MtGox and TradeHil

[Yankee (BitInstant)]

Good Morning!

We've made it super easy to get USD into TradeHill and MtGox using our Instant Bank Deposit!

Instantly deposit cash at Chase, CitiBank, Bank of America and Wells Fargo, thats over 10,000 locations in the USA

You can now create a deposit slip, deposit the funds and be credited within 1 hour at the exchange by following these 5 simple steps.

1- Visit Bitinstant.com and fill out the information in the boxes.



2- Once you hit 'Send Funds' you will be taken to a quote page. Please review all the information and make sure it is accurate.



3- Hit GO and follow the instructions on our partner site TrustCash.com. Select a banking location and complete the reservation. You can print a deposit slip, or have it emailed or texted to your mobile phone.

Please deposit the exact amount listed on the slip. Failure to do so will delay your transaction as we will have to manually approve it.



4- Head over to the bank and hand the teller the deposit slip and cash. The teller will give you a receipt for your records.



5- Every 30 minutes the bank polls our software to let us know once deposits are completed. Our system will automatically verify all the information and transfer the funds to your account!

[Transfer Complete]

Fees are 4.99% of your total amount + between $1.00 - $2.00 added on for security verification.

In addition, our API is super quick and free to us as well as the GoxSH fork available for download.
More info here: https://www.bitinstant.com/api

Thank you for your continued support and patronage.

Gareth, Charlie, Roger and the Team @ Bitinstant.com
T: 1.716.712.4846 | F: 1.347.223.5251 | Support@Bitinstant.com
IRC: irc.bitinstant.com #bitinstant

Come visit us for a coffee or beer!
Brooklyn, New York
North Wales, United Kingdom
Tokyo, Japan

[FreeMoney]

Is this working well? Anyone use it and review?

Am I understanding that you just deposit the cash and 4-60 minutes later you have cash on an exchange?

[Yankee (BitInstant)]

Am I understanding that you just deposit the cash and 4-60 minutes later you have cash on an exchange?

Yes sir, usually between 20-30 minutes actually.

Today was a great cash deposit day, about 27 so far. Feel free to shoot me a PM if you have any questions or need some help

[stabaho]

Not too much activity on the post, more people tried this, everyone liking it so far?

[notme]

Not too much activity on the post, more people tried this, everyone liking it so far?

This would have come in handy recently, but none of those banks have branches in my area.  I don't think they would be successful if they tried to open one either.

[Yankee (BitInstant)]

Not too much activity on the post, more people tried this, everyone liking it so far?

There were two posts I believe on this, the one in General Discussion has some discussion.

Were getting more cash deposits then we expected and no issues thus far!

[sunnankar]

Am I understanding that you just deposit the cash and 4-60 minutes later you have cash on an exchange?

Yes sir, usually between 20-30 minutes actually.

Today was a great cash deposit day, about 27 so far. Feel free to shoot me a PM if you have any questions or need some help

I was expecting some type of hickup or something but my iPhone buzzed with a new email [talking about MtGox even though I used Tradehill; ya'll may want to tighten up the language on the autoresponders] about 15 minutes after I left the deposit counter saying my funds were available. I logged into the exchange and there they were. Very impressed with the BitInstant service and will be using it again. We need an affiliate program for it.

What was kind of annoying was the total 5.49% fee but time (15 minutes), no wire fee and tons of BoA and Chase branches makes this a very compelling value.

Now if the community could automate the Moneypaks and American Express Prepaid Cards as detailed in this BitCoinMoney post. Would make for easy cash in and cash out.

[Yankee (BitInstant)]

Am I understanding that you just deposit the cash and 4-60 minutes later you have cash on an exchange?

Yes sir, usually between 20-30 minutes actually.

Today was a great cash deposit day, about 27 so far. Feel free to shoot me a PM if you have any questions or need some help

I was expecting some type of hickup or something but my iPhone buzzed with a new email [talking about MtGox even though I used Tradehill; ya'll may want to tighten up the language on the autoresponders] about 15 minutes after I left the deposit counter saying my funds were available. I logged into the exchange and there they were. Very impressed with the BitInstant service and will be using it again. We need an affiliate program for it.

What was kind of annoying was the total 5.49% fee but time (15 minutes), no wire fee and tons of BoA and Chase branches makes this a very compelling value.

Now if the community could automate the Moneypaks and American Express Prepaid Cards as detailed in this BitCoinMoney post. Would make for easy cash in and cash out.

Thanks!

1- Yes, we need to fix the emails, were on it!
2- Why 5.49% ? It's only 4.99% when you do under $100 but all others are 4.49% ?

We appreciate the feedback so much!

Charlie

[ezdvd]

When exchangeB closed, I was bummed. Really bummed. BitInstant has brightened my day quite a bit now though. I've used BitInstant twice now. Once with a Dwolla deposit and the next with a cash bank deposit. So far, this service is epic. The longest part of the Dwolla transaction was waiting on Dwolla/my bank. The cash bank deposit was credited to my Tradehill account before I got home from the bank....it's only 3 miles ffs. My only, relatively minor, complaint is the bank deposit fee is a little steep when it's a large deposit. All things considered, *outstanding* job BitInstant. +1

[chungenhung]

doesn't work for me, as there are no locations around me.

[Yankee (BitInstant)]

doesn't work for me, as there are no locations around me.

Sorry mate  There are no Chase's, Citibank, Wells Fargo or Bank's of America near you ?

[notme]

doesn't work for me, as there are no locations around me.

Sorry mate  There are no Chase's, Citibank, Wells Fargo or Bank's of America near you ?

They don't care much for rural America and rural America doesn't care much for their high fees and risky investments.  I'll stick to my free accounts with local banks who only invest in mortgages and local business.  Our state hasn't been hit too hard by the economic downturn, and our banks didn't make subprime loans.  Last I looked, unemployment here had gone up less than 1% since 2008.  But yeah, no big investment firms pretending to be banks around here.

[Yankee (BitInstant)]

doesn't work for me, as there are no locations around me.

Sorry mate  There are no Chase's, Citibank, Wells Fargo or Bank's of America near you ?

They don't care much for rural America and rural America doesn't care much for their high fees and risky investments.  I'll stick to my free accounts with local banks who only invest in mortgages and local business.  Our state hasn't been hit too hard by the economic downturn, and our banks didn't make subprime loans.  Last I looked, unemployment here had gone up less than 1% since 2008.  But yeah, no big investment firms pretending to be banks around here.

I gotcha. What type of business's or entity like chains are near you?
Basically what Im asking, is if we can sell 'cash deposit' vouchers of something of that sort near you, its something we're working on, just trying to grasp what type of places would be able to sell it.

[sunnankar]

Thanks!

1- Yes, we need to fix the emails, were on it!
2- Why 5.49% ? It's only 4.99% when you do under $100 but all others are 4.49% ?

We appreciate the feedback so much!

Charlie

Good work on fixing the emails.

Being the first transaction I did not want to do too much. For the math, the BoA deposit receipt was $101.06 and Deposit of 95.51 USD so the fee was $5.55. 5.55/101/06=5.491%.

The less friction (costs) in time, money and privacy the greater liquidity bitcoins will have. In this case, 15 minutes from deposit to funds in account, 5.49% and image captured on branch's security camera, email addresses and Tradehill account. Not that bad!

[notme]

doesn't work for me, as there are no locations around me.

Sorry mate  There are no Chase's, Citibank, Wells Fargo or Bank's of America near you ?

They don't care much for rural America and rural America doesn't care much for their high fees and risky investments.  I'll stick to my free accounts with local banks who only invest in mortgages and local business.  Our state hasn't been hit too hard by the economic downturn, and our banks didn't make subprime loans.  Last I looked, unemployment here had gone up less than 1% since 2008.  But yeah, no big investment firms pretending to be banks around here.

I gotcha. What type of business's or entity like chains are near you?
Basically what Im asking, is if we can sell 'cash deposit' vouchers of something of that sort near you, its something we're working on, just trying to grasp what type of places would be able to sell it.

Krogers (or other regional grocers) and Walmart are probably your best bet.  There are also fast food chains, but they seem less likely to be interested in currency exchange.  Almost everything else is locally owned.

[Yankee (BitInstant)]

doesn't work for me, as there are no locations around me.

Sorry mate  There are no Chase's, Citibank, Wells Fargo or Bank's of America near you ?

They don't care much for rural America and rural America doesn't care much for their high fees and risky investments.  I'll stick to my free accounts with local banks who only invest in mortgages and local business.  Our state hasn't been hit too hard by the economic downturn, and our banks didn't make subprime loans.  Last I looked, unemployment here had gone up less than 1% since 2008.  But yeah, no big investment firms pretending to be banks around here.

I gotcha. What type of business's or entity like chains are near you?
Basically what Im asking, is if we can sell 'cash deposit' vouchers of something of that sort near you, its something we're working on, just trying to grasp what type of places would be able to sell it.

Krogers (or other regional grocers) and Walmart are probably your best bet.  There are also fast food chains, but they seem less likely to be interested in currency exchange.  Almost everything else is locally owned.

Wal Mart seems to be the king maker here

[notme]

If you could sell bitinstant giftcards at walmart, you would indeed be king.

[finway]

I got to say , nice service!

[sunnankar]

If you could sell bitinstant giftcards at walmart, you would indeed be king.

I think a superior way would be Moneypak codes that can then be used to load an American Express Prepaid Card (no fees, yay!). I suppose BitInstant could carry them as inventory but it would take some working capital. They would have a great service for physical cash into and out of bitcoin. This post describes the entire process.

[Stephen Gornick]

Do the exchanges that accept redeemable codes for adding funds and then allow withdrawal to Dwolla (e.g., Mt. Gox, BitFloor) require that the funds be used for trading?

What if I simply used BitInstant to move cash to an exchange solely for the purpose of getting funds quickly into Dwolla, without any conversion to and from bitcoins first?