[ANN] 700,000 Cash Deposit Locations in Brazil, Russia, USA - BitInstant

[Yankee (BitInstant)]

So why on Brazil don't you use moneygram instead of  zipzap?

You mean why don't we use Moneygram instead of Boleto?

You can!

[teste]

How?

[teste]

If I select Brazil flag, I don't see moneygram option

[Yankee (BitInstant)]

If I select Brazil flag, I don't see moneygram option

Maybe not then. However the fee's are the same

[boonies4u]

All in all I paid USD 103.95 for USD 96.01 worth of BTC at the current market price.

Will I do it again?
Absolutely
 

When is it ~7%? Is it always ~4% in US?

It's always 3.99% but for some transfers (Moneygram I believe) Zipzap charges an extra $3.95

Does CVS, 7-11, and Walmart all use Moneygram? If I get stuck with a $3.95 fee, it looks like it would actually be cheaper to deposit at a bank, unless I sent a very large amount.

[proudhon]

Maybe tomorrow I'll give it a go with some of the money I'm going to use to buy back what is more and more looking like bitcoins I won't ever be getting back from Bitcoinica or Bitcoinica Consultancy or Amir Taaki or the mysterious Owner.

[dooglus]

Honestly the best way to learn is to do it with $20 and see how easy it is. Go through the process on BitInstant.com, and you'll see all the instructions you need.

I tried it.  I selected 'walmart' and 'to email' options, and tried depositing $20:

It says I'm going to get $19.20 for my $20.  A 4% fee.  Seems good:



It asks me for a 4 digit PIN, then tells me I'm going to receive $18.20 for my $20.  A 9% fee.  What happened there?

Oh, and it also tells me there will be a further 1% fee for the USD to BTC conversion.  So that's a nice round 10% fee in total.



Then when I get the voucher to print, it turns out I have to pay $23.95 (a convenience fee of $3.95 has been added):



That makes a total fee of exactly 25%.  I pay $23.95 to get $18.202 and then have to pay an extra 1% on top of that for the conversion.

I wonder if there's some way of presenting the true cost up front, and making the fees clearer.  It seems, for instance, that I end up getting more money if I deposit $99.99 than if I deposit $100, because the rate goes up 1% at $100.  But the only way of finding that out is by trial and error.  I'd like to see the fee structure spelled out clearly.

[Nunud]

Sooooooo... Europe then?! (and France in particular  )

What's the agenda like?

[dooglus]

--> We're gonna make the "Destination Account" disappear when you choose 'Bitcoin to Email' and notify email will just say 'Email Address or Mobile Number' which should be simple.

Cool?

Cool.

I noticed it disappears if I select 'bitcoin to email' AND THEN edit the 'amount' field.  But the 'destination' field is before the amount field, so it doesn't disappear until after I've become confused by its presence.

Also, it doesn't reappear if I switch back to 'mtgox' or anything else.

[dmatthewstewart]

Thank you. I will be trying this over the weekend. Im excited! I am in the 7-11 at least once per day

[Yankee (BitInstant)]

Honestly the best way to learn is to do it with $20 and see how easy it is. Go through the process on BitInstant.com, and you'll see all the instructions you need.

I tried it.  I selected 'walmart' and 'to email' options, and tried depositing $20:

It says I'm going to get $19.20 for my $20.  A 4% fee.  Seems good:

It asks me for a 4 digit PIN, then tells me I'm going to receive $18.20 for my $20.  A 9% fee.  What happened there?

Oh, and it also tells me there will be a further 1% fee for the USD to BTC conversion.  So that's a nice round 10% fee in total.

Then when I get the voucher to print, it turns out I have to pay $23.95 (a convenience fee of $3.95 has been added):

That makes a total fee of exactly 25%.  I pay $23.95 to get $18.202 and then have to pay an extra 1% on top of that for the conversion.

I wonder if there's some way of presenting the true cost up front, and making the fees clearer.  It seems, for instance, that I end up getting more money if I deposit $99.99 than if I deposit $100, because the rate goes up 1% at $100.  But the only way of finding that out is by trial and error.  I'd like to see the fee structure spelled out clearly.

The rate is a flat 3.99% all around. When you do 'Bitcoin to email' coinapult charges an extra 1% for the conversion and trading fee which we clearly display in orange on the next page.

For some transfers, zipzap adds $3.95 fee on it. So yes, when doing $20 it may seem $5 is too hefty, but on $500 its alot less.

[Nunud]

Why are questions about Europe being systematically ignored? 

[Gareth Nelson]

Why are questions about Europe being systematically ignored? 

Apologies!

I myself live in europe (UK in particular) and we do have plans in this area, but nothing is in place yet. We're looking to get something in the UK over the next few months and wider EU at some point over the next year.

[Yankee (BitInstant)]

Why are questions about Europe being systematically ignored? 

They are not!

I've said it 3-4 times in this thread that Europe, UK and Asia are our #1 priorty.

For licensing issues, Europe was a little harder to crack but we've already set up Bitinstant Europe Ltd and bank accounts for it.

-Charlie

[Nunud]

He he heeeeee! Thanks! 

The sooner the better! Hurry up guys please!

[bitdragon]

Bravo !
Every single day has major developments and this set the bar high for today !

[Nunud]

Bravo !
Every single day has major developments and this set the bar high for today !

Agreed! But if we could benefit from all this great stuff too, it would be even cooler! 

[mtminer]

Great job guys. This will fill one major hurdle in Bitcoin which is the difficulty in actually getting Bitcoins.

Thanks 

Now if we could have the opposite. Go into Walmart with Bitcoins and exchange them for dollars you would have the perfect setup for wire transfers of money that could instantly compete with Western Union.

At least bit-pay can do a direct deposit of cash from BTC...

Should have that launched within 4 weeks or so.

So we would be able to use your service to withdraw from Mt-gox to an US bank account?

Yup, or any bank account in 186 countries in 100 currencies 

Amazing work! Good news for a change!

[dancupid]

What does the 'other locations' option mean from the drop down?
Without knowing what it means why would anyone choose that option?
But very good work - just looking to give you input as a customer.

[Tuxavant]

I would like to see all those location options disappear at that step of the process... just choose "local cash deposit" and then when you get to the map, you'll see everything like walmarts, 7-11, cvs, whatever..