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Author Topic: [ANN] Withdraw your bitcoins to ANY credit/debit card in the world!  (Read 17070 times)
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April 13, 2012, 03:59:16 AM
 #21

Yay! I can still wait just as long as it takes to send money between Dwolla and my bank and pay more fees!

Sounds like a deal!

LOL

Your sarcastic comment is narrow minded and ignorant. I know this is a concept hard to grasp to certain americans, but financial markets do not end at US borders. Not everybody lives in the US and have a Dwolla account. Not everybody has a bank account in fact. Africa for example is largely underbanked, however, prepaid cards are quite common.

There are countries where bank transfers are highly scrutinized (Brazil and Argentina to name a few) but prepaid cards are not.

I could go on and on.
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April 13, 2012, 04:13:20 AM
 #22

Yay! I can still wait just as long as it takes to send money between Dwolla and my bank and pay more fees!

Sounds like a deal!

LOL

Your sarcastic comment is narrow minded and ignorant. I know this is a concept hard to grasp to certain americans, but financial markets do not end at US borders. Not everybody lives in the US and have a Dwolla account. Not everybody has a bank account in fact. Africa for example is largely underbanked, however, prepaid cards are quite common.

There are countries where bank transfers are highly scrutinized (Brazil and Argentina to name a few) but prepaid cards are not.

I could go on and on.

That’s true. That actually is a narrow minded comment. Your fees are currently too high for me to use the service but with more volume you might be able to work out a deal for lower fees. Best of luck with your new offering!
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April 13, 2012, 05:42:59 AM
 #23

I can only put funds on my card if I have an outstanding balance with them? Or I can put funds on my card up to the level of my spending limit? or each transfer to the card cannot be higher than the card limit?

The 1K ceiling is there to ensure sufficient fees are generated or is this a limit imposed by someone else?
And the Credit Card company doesn't charge for this other than a horrible exchange rate from USD?
Thank you,

Can I get the same attention as sarcastic comments?

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April 13, 2012, 06:18:46 AM
 #24

I can only put funds on my card if I have an outstanding balance with them? Or I can put funds on my card up to the level of my spending limit? or each transfer to the card cannot be higher than the card limit?

The 1K ceiling is there to ensure sufficient fees are generated or is this a limit imposed by someone else?
And the Credit Card company doesn't charge for this other than a horrible exchange rate from USD?
Thank you,

Can I get the same attention as sarcastic comments?

LOL of course, sorry, our server went down for a few minutes and we were working on it.

You don't need to have a balance. You are correct on the other two: up to your spending limit, and not to higher than the card limit, although this is in theory, and we still are conducting some tests on this.

The 1K limit is until we feel more confortable with volume, transit times, etc. We will up the level soon.

The card company does not charge a dime for this since they get the fixed fee on the load.

Thanks!
Roberto

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April 13, 2012, 06:21:47 AM
 #25

Paxum had this feature and then disabled mtgox/bitcoin completely...

They had rules that only ones own card could be funded, is this the case here too? [just re-read and you confirm this in your post....]

"do not attempt to send more than [card limit] to your card"

Sorry for maybe a naive question:

I can only put funds on my card if I have an outstanding balance with them? Or I can put funds on my card up to the level of my spending limit? or each transfer to the card cannot be higher than the card limit?

The 1K ceiling is there to ensure sufficient fees are generated or is this a limit imposed by someone else?
And the Credit Card company doesn't charge for this other than a horrible exchange rate from USD?

I would like an easy way to monthly pay off my CC bill through the sale of Bitcoins.
And to have it automated would rock; through the services of my humble outsourcer for a start Smiley

Thank you,

You are correct that this can be used to pay for your CC bill. Haven't thought it that way actually Smiley. Paxum cited MasterCard asking them to discontinue bitcoin. We are official issuers of MasterCards and have been for years, before Paxum was born, and have never received such request from MC.
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April 13, 2012, 07:37:01 AM
 #26

we still are conducting some tests on this.
nice

Also you haven't answered this valid question :

I work in the same building as some experts in the payment industry, I have asked them this question : "Is it possible to credit a credit/debit card with an arbitrary amount ?"

The answer was clear : "No, unless it is a prepaid credit card. The only way to credit a card is to make a refund of a previous payment that got authorized and then captured"

So my question is : do you have an independent source or reference mentioning this "new feature" ?

... or is it just some sort of hack you're "still testing" ?

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April 13, 2012, 07:51:49 AM
 #27

Fuck visa and mastercard for the banking blockade of wikileaks. It will be a cold day in hell before I support them with any business Smiley


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April 13, 2012, 08:59:31 AM
 #28

Original Credit Transactions with VISA are explained here:
https://developer.visa.com/vpp/docs/methods/OCT

and also see: Requirements for Original Credit Transactions processed as Fast Funds (starts on pg 28):
http://usa.visa.com/download/merchants/visa-international-operating-regulations-summary.pdf


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I also cover the bitcoin economy for Forbes, American Banker, PaymentsSource, and CoinDesk.
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April 13, 2012, 09:42:44 AM
 #29

Original Credit Transactions with VISA are explained here:
https://developer.visa.com/vpp/docs/methods/OCT

and also see: Requirements for Original Credit Transactions processed as Fast Funds (starts on pg 28):
http://usa.visa.com/download/merchants/visa-international-operating-regulations-summary.pdf
Thank you! That's really interesting!

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April 13, 2012, 03:34:31 PM
 #30

we still are conducting some tests on this.
nice

Also you haven't answered this valid question :

I work in the same building as some experts in the payment industry, I have asked them this question : "Is it possible to credit a credit/debit card with an arbitrary amount ?"

The answer was clear : "No, unless it is a prepaid credit card. The only way to credit a card is to make a refund of a previous payment that got authorized and then captured"

So my question is : do you have an independent source or reference mentioning this "new feature" ?

... or is it just some sort of hack you're "still testing" ?

Hey Davout!

No is not a hack. Credit to debit/credit cards are possible though it seems to be something relatively new and not that widespread.
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April 13, 2012, 03:52:03 PM
 #31

Hey Davout!

No is not a hack. Credit to debit/credit cards are possible though it seems to be something relatively new and not that widespread.
matonis already answered with a couple interesting links to the Visa developer site Smiley

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May 02, 2012, 05:11:49 AM
 #32

I used this service earlier last week, funds showed up, but they were $81.30 less than the amount shown after fee's..

The amount I had expected was 940.96, yet only $859.66 showed up...

This was from a beginning amount of $979.24

Why was I shorted $81.3?
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May 02, 2012, 11:38:35 AM
 #33

I used this service earlier last week, funds showed up, but they were $81.30 less than the amount shown after fee's..

The amount I had expected was 940.96, yet only $859.66 showed up...

This was from a beginning amount of $979.24

Why was I shorted $81.3?

Hello Yodog,

I have actually checked your order, and system payment, and we have sent exactly $940.96 to your card. In which country was the card issued, and what is the native currency for the card?

This seems to be some problem with your card issuer possibly doing an unnecessary double forex conversion on their side.
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May 05, 2012, 01:55:13 AM
 #34

Any news yet? Is it safe to use this service?

Edit: Just checked rates. It will actually be more expensive than sending a normal international wire transfer directly from Bitcoinica. So, useless.

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May 05, 2012, 08:09:03 AM
 #35

I used this service earlier last week, funds showed up, but they were $81.30 less than the amount shown after fee's..

The amount I had expected was 940.96, yet only $859.66 showed up...

This was from a beginning amount of $979.24

Why was I shorted $81.3?

Hello Yodog,

I have actually checked your order, and system payment, and we have sent exactly $940.96 to your card. In which country was the card issued, and what is the native currency for the card?

This seems to be some problem with your card issuer possibly doing an unnecessary double forex conversion on their side.

You did not send 940.96 to my card, nor did you send it in USD $, but rather CAD $

either way, I do not want to make this public yet I replied to the ticket on your site.. Not impressed at all....
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May 05, 2012, 10:00:59 AM
 #36

This is damn cool if I understand this right. 2% fee plus $9.

So $1000 to my debit visa will cost me $29 if i pay with a gox code.

Very nice.

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May 05, 2012, 10:47:23 AM
 #37

This is damn cool if I understand this right. 2% fee plus $9.

So $1000 to my debit visa will cost me $29 if i pay with a gox code.

Very nice.

How is that cool if you'd only pay $25 at Bitcoinica? Are wires more expensive at MtGox?

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May 05, 2012, 02:49:25 PM
 #38

This is damn cool if I understand this right. 2% fee plus $9.

So $1000 to my debit visa will cost me $29 if i pay with a gox code.

Very nice.

How is that cool if you'd only pay $25 at Bitcoinica? Are wires more expensive at MtGox?

I have to pay a 2% fee anyway to fund my debit card. Smiley This make the "wire" only cost $9 and if it takes less than 2 weeks its worth it!

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May 05, 2012, 03:54:30 PM
 #39

I used this service earlier last week, funds showed up, but they were $81.30 less than the amount shown after fee's..

The amount I had expected was 940.96, yet only $859.66 showed up...

This was from a beginning amount of $979.24

Why was I shorted $81.3?

Hello Yodog,

I have actually checked your order, and system payment, and we have sent exactly $940.96 to your card. In which country was the card issued, and what is the native currency for the card?

This seems to be some problem with your card issuer possibly doing an unnecessary double forex conversion on their side.

You did not send 940.96 to my card, nor did you send it in USD $, but rather CAD $

either way, I do not want to make this public yet I replied to the ticket on your site.. Not impressed at all....

We are not able to send CAD. We are only able to send USD and EUR as stated on our website. ALL fund are sent in either currency according to the customer's choice at the time of the order.

I have opened an investigation with the disburser and I'll let you know as soon as I hear from them.

In the meantime, here is a screenshot of your transaction from the disburser's side showing the funds were sent in USD (note that the amount shown is more than what we sent because we need to include some of the processor's fee along with your payment):



It seems some issuing banks with very antiquated systems convert the funds to their national currency when they receive it through the card's network, and then convert them back to the actually currency of your card, effectively doing a double forex conversion and on top of that charging a conversion fee every time they do this unnecessary step.

Since your card is a canadian issued card denominated in USD, this is most likely what happened.
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May 05, 2012, 03:56:35 PM
 #40

This is damn cool if I understand this right. 2% fee plus $9.

So $1000 to my debit visa will cost me $29 if i pay with a gox code.

Very nice.

How is that cool if you'd only pay $25 at Bitcoinica? Are wires more expensive at MtGox?

I have to pay a 2% fee anyway to fund my debit card. Smiley This make the "wire" only cost $9 and if it takes less than 2 weeks its worth it!

Hi Goat,

Feel free to try our services. We recommend you try with a small amount first to make sure of transit times, etc. Usually customer's get their fund within 2 to 5 business days.

Cheers,
Roberto
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