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Author Topic: [ANN] Finally, Bitcoin withdrawals to PayPal from BitInstant!  (Read 10687 times)
Yankee (BitInstant)
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Charlie 'Van Bitcoin' Shrem


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June 26, 2012, 10:39:14 PM
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Hello Community,
 
As of today, you can fund your PayPal account with Bitcoins.

This service has been long-needed in Bitcoin World and now anyone holding Bitcoins can immediately get them converted to USD and placed in their PayPal account.


Step 1) Sell your coins at Gox, BitStamp, BTC-E, or Crypto, and withdraw a USD coupon.
 
Step 2) Visit BitInstant.com, select Coupon as the "Pay from" and PayPal as the "Pay to"
 
Step 3)  Fill out the account info, complete the process, and voila!
 
Orders are processed by our partner Virtual World Services GmbH and the Paypal funds will arrive from them. There is a 6% total fee for the service, which includes the PayPal fee.
 
Note: Our system will automatically flag a first-time withdrawal for a quick manual review. We check to see if the PayPal address is blacklisted, fraud, or mistyped. Usually, this can range from a few minutes to 12 hours (possibly longer on weekends). On subsequent withdrawals to PayPal, no manual review is needed and funds will appear within a few minutes.

For most transfers, the fee is 6% including Paypal fees. We've partnered up with Virtual World Services GmbH in order to make this possible, since they have a virtual currency approved account with Paypal. The Paypal and middleman fees we are required to pay per transfer are over 4.5%, for this reason we charge 6%.
 
Fast and easy Bitcoin payments to PayPal! Give it a try!

-The BitInstant Team

Bitcoin pioneer. An apostle of Satoshi Nakamoto. A crusader for a new, better, tech-driven society. A dreamer.

More about me: http://CharlieShrem.com
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kiba
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June 26, 2012, 10:42:18 PM
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Thanks. I don't understand withdrawal process for international transfer and I am afraid. I am still afraid of paypal but thanks for letting me risk my money.

mcorlett
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June 26, 2012, 10:43:12 PM
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Why the multiple threads?

Raoul Duke
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June 26, 2012, 10:46:17 PM
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Why the multiple threads?

People tend to think that by posting on the "Bitcoin Discussion" board will get them more views.

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June 26, 2012, 10:48:24 PM
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A better option has arisen for me in the meantime (lower fees), but still, I am dang glad you are offering this!  It's about time someone did!
Yankee (BitInstant)
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Charlie 'Van Bitcoin' Shrem


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June 26, 2012, 10:51:41 PM
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A better option has arisen for me in the meantime (lower fees), but still, I am dang glad you are offering this!  It's about time someone did!

Yup, we understand this is a more 'premium' service, for those needing to cash out quickly and small amounts.

We're working on much cheaper withdrawal options, however we figured since everyone is having withdrawal issues we'd launch this ASAP

-Charlie

Why the multiple threads?

People tend to think that by posting on the "Bitcoin Discussion" board will get them more views.


Sorry, I didnt realize I made 2 threads. Feel free to delete the other one.

Bitcoin pioneer. An apostle of Satoshi Nakamoto. A crusader for a new, better, tech-driven society. A dreamer.

More about me: http://CharlieShrem.com
Raoul Duke
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June 26, 2012, 11:11:45 PM
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Why the multiple threads?

People tend to think that by posting on the "Bitcoin Discussion" board will get them more views.


Sorry, I didnt realize I made 2 threads. Feel free to delete the other one.

I can't delete it. Also, it's the other one that is posted on the correct board. Smiley

Serge
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June 26, 2012, 11:55:21 PM
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As far as I know Paypal charges fees on receiving end.

You've mentioned that part of 6% is paypal's fee, does that mean paypal's receiving account will not pay any additional paypal fee  on their end?  And if so could you please point to paypal's terms where they explain charging fees on sender's side instead of receiving and who is eligible for it. Thanks.
Raoul Duke
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June 27, 2012, 12:07:18 AM
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As far as I know Paypal charges fees on receiving end.

You've mentioned that part of 6% is paypal's fee, does that mean paypal's receiving account will not pay any additional paypal fee  on their end?  And if so could you please point to paypal's terms where they explain charging fees on sender's side instead of receiving and who is eligible for it. Thanks.

I know of a case where the sender pays the fees. It's called "Mass Pay". Maybe that's what they're using.

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June 27, 2012, 12:13:52 AM
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oh yeah, i forgot about mass pay function. hopefully Virtual World Services GmbH won't be sending single transactions through mass pay feature - else that would be quickly limited by paypal, i know it from first hand experience ))  on the other hand it looks like transactions will be processed almost instantly, which i'm not sure how they could utilize mass pay in this case unless they have multiple transactions going at any given moment in time - even then, paypal could potentially limit it to once a day  if they feel mass pay is being abused
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June 27, 2012, 12:21:41 AM
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This new service is a welcome addition to the community.

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June 27, 2012, 12:26:09 AM
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You guys are on fire with what you are doing for btc, I doubt if I will need this service but I bet there are many who will. The more options the better methinks, I hope you can get some services in Australia sometime too.
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June 27, 2012, 12:29:58 AM
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another question
what will receiving account in paypal be seeing on transaction's label/description? will there be any mention of word 'bitcoin'?
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June 27, 2012, 12:30:55 AM
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Sounds like a good service.  Good luck!
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June 27, 2012, 12:31:54 AM
 #15

Step 1) Sell your coins at Gox, BitStamp, BTC-E, or Crypto, and withdraw a USD coupon.
Are there any plans to automate this step in the future and just let people give you the Bitcoins directly?
TheKoziTwo
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June 27, 2012, 12:56:46 AM
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Wow!! Congratulations and good job finding an approved partner! Would it be allowed to use this service to say, pay other people? Or only to fund ones own paypal account?

I think this service will be useful for many, especially if you can lower that fee.

Yankee (BitInstant)
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Charlie 'Van Bitcoin' Shrem


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June 27, 2012, 01:27:59 AM
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Good questions all around!

As far as I know Paypal charges fees on receiving end.

You've mentioned that part of 6% is paypal's fee, does that mean paypal's receiving account will not pay any additional paypal fee  on their end?  And if so could you please point to paypal's terms where they explain charging fees on sender's side instead of receiving and who is eligible for it. Thanks.

Sure, we are using Mass Pay, however since the Paypal account is a European one Paypal charges 2% on this transaction

Step 1) Sell your coins at Gox, BitStamp, BTC-E, or Crypto, and withdraw a USD coupon.
Are there any plans to automate this step in the future and just let people give you the Bitcoins directly?

Yes, we're planning on integrating with Paysius so we can accept Bitcoin directly.

another question
what will receiving account in paypal be seeing on transaction's label/description? will there be any mention of word 'bitcoin'?

The funds will come from 'Virtual World Services GmbH'.
They have been using Paypal for withdrawals for over 5 years, and they are (as far as our research tells us) the only approved virtual currency account.

Bitcoin pioneer. An apostle of Satoshi Nakamoto. A crusader for a new, better, tech-driven society. A dreamer.

More about me: http://CharlieShrem.com
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June 27, 2012, 01:51:46 AM
 #18

So the 6% is all inclusive of fees? Just want to be sure, I give a BTC-E USD code
for $100 and I will receive net $96.00 in my PayPal account?

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1ngldh


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June 27, 2012, 01:54:45 AM
 #19

"Virtual World Services GmbH" is going to be rich as fuck pretty soon, if they aren't already. At least until PayPal boots them out.

Let's bet: How long until they are forced to cease operations that are even slightly Bitcoin related? I give them 4 months, tops.

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June 27, 2012, 01:58:57 AM
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So the 6% is all inclusive of fees? Just want to be sure, I give a BTC-E USD code
for $100 and I will receive net $96.00 in my PayPal account?

Last I checked 6% of $100 was $6, so I'd expect $94.

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