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Author Topic: Reload most prepaid credit cards using the FastCash4Bitcoins service.  (Read 5006 times)
TangibleCryptography
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July 13, 2012, 07:22:51 PM
 #1

FastCash4Bitcoins is off to a great start. ACH is one of the most popular payout options but did you know ACH isn't just for bank accounts? Most prepaid credit cards can be loaded by an ACH transfer.  Login to your prepaid credit card account online and look for ACH or Direct Deposit instructions.

One of clients was nice enough to provide this screenshot of a popular prepaid credit cards website:


If you have used our service before you will recognize that everything we need for an ACH payout is right here.  This is just and example and other prepaid credit cards may display the information differently.  Check with your prepaid credit card provider to find out if they allow you to fund your card by ACH (Direct Deposit). Pro tip:  Many providers will issue you a card for free if you request one online.

We can (indirectly) load this and many other prepaid cards with bitcoins!
Step 1) Create a sales order on our site to sell us your coins.  Select ACH (either normal or overnight) as the payout option.
Step 2) Deposit your coins to the unique single use address we provide.
Step 3) We sends the proceeds of your sale directly to your prepaid card with no fees*
Step 4)  Come on this is FastCash4Bitcoins, we don't need a step 4.

* Tangible Cryptography charges no fee for normal ACH payments.  Overnight ACH payments will have $10 deducted from the proceeds of the sale.  Your prepaid credit card provider may have additional fees, see cardholder agreement for details.  Tangible Cryptography is not affiliated with Walmart, VISA, or any prepaid credit card issuer.  The Walmart logo is a registered trademark of Walmart Stores, Inc.
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acoindr
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July 13, 2012, 07:31:51 PM
 #2

Awesome, thanks! Glad to see things continue to move forward for Bitcoin.

While scams and thefts are unfortunate setbacks one group (and their mistakes) is not equal to the entire Bitcoin community.
Tittiez
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July 13, 2012, 07:56:34 PM
 #3

Indeed, that is the Direct Deposit feature of that prepaid card. I have the same card.

Here is a picture of the standard ACH:
Stephen Gornick
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July 14, 2012, 04:24:33 PM
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Indeed, that is the Direct Deposit feature of that prepaid card.

Yup, "direct deposit" is the phrase to look for.  The term ACH isn't really consumer-friendly.

I don't know the monthly fee for the Walmart Moneycard (serviced by Green Dot, incidentally), but American Express' prepaid card has no monthly fee:

 - https://www.americanexpress.com/us/content/prepaid/american-express-prepaid-card/faqs.html

With so many banks charging for checking accounts now, BTC for savings and spending where bitcoin is accepted + a prepaid debit card and cash for USD spending seems to be a workable solution for those ditching the banks.

unclemantis
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July 14, 2012, 05:04:40 PM
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not supplying you with my SSN thank you very much!

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TangibleCryptography
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July 14, 2012, 05:06:12 PM
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not supplying you with my SSN thank you very much!

Well thanks for not reading. Smiley
Hint: we never asked nor want your SSN.
TangibleCryptography
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July 14, 2012, 05:10:37 PM
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Indeed, that is the Direct Deposit feature of that prepaid card.

Yup, "direct deposit" is the phrase to look for.  The term ACH isn't really consumer-friendly.

I don't know the monthly fee for the Walmart Moneycard (serviced by Green Dot, incidentally), but American Express' prepaid card has no monthly fee:

 - https://www.americanexpress.com/us/content/prepaid/american-express-prepaid-card/faqs.html

With so many banks charging for checking accounts now, BTC for savings and spending where bitcoin is accepted + a prepaid debit card and cash for USD spending seems to be a workable solution for those ditching the banks.


Western Union Prepaid card also has no monthly fee.  The site makes no mention of ACH but under load options > Direct Deposit you can get the routing & deposit account number information.
https://www.wuprepaid.com
Tittiez
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July 15, 2012, 12:40:40 AM
 #8

not supplying you with my SSN thank you very much!

You only need to supply your Routing Number and ACH Number, that's it. Plus, at least with the card I have, you can only be funded with it, not charged. So its completely risk free to my understanding. Your not required to enter an SSN.

@Stephen Gornick

I'll look into that.

And there is a monthly $3 service charge, and adding funds to the account at one of the machines at Walmart cost you $3 (Depositing $50 cost you $53). ACH Transfer is fee free though.

Edit:

Wow thanks Stephen this card even has free ATM withdraws once a month, I'll just run up to Get-Go (Gas Chain) because they have an ATM with free withdraws.
Stephen Gornick
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August 23, 2012, 04:20:10 PM
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All that buzz about the BitInstant Paycard, and they are overlooking that a method to do nearly the same thing is already available:

Quote
For those in the U.S., there is a close variation already possible.

Western Union has a prepaid debit card as does American Express:

- https://www.wuprepaid.com
- https://www.americanexpress.com/us/content/prepaid/american-express-prepaid-card/faqs.html

Both of these have no monthly fee and accept Direct Deposit (ACH).

So you simply exchange your bitcoins for USDs at an exchange that offers ACH withdrawals (such as FastCash4Bitcoins.com or from others).

The account you withdraw (ACH) to is the direct deposit account for the prepaid card. The problem is the funds aren’t available for spending on the card for at least a day or three.

That costs less than the BitInstant Paycard even. The Paycard is more convenient, sure, but that’s months off.

This alternative is possible today.

 - http://www.theverge.com/2012/8/22/3260059/mastercard-denies-bitcoin-debit-card-rumors?login=1345738312#112332758

BkkCoins
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August 23, 2012, 05:13:48 PM
 #10

It seems the WU card has fine print stating only one "employer" can direct deposit to your card. I don't know if that is enforced or not but potentially you would only be able to accept reloads via one service. Also they state that cash access is only available upon identification verification.

TangibleCryptography
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August 23, 2012, 05:20:45 PM
 #11

Thanks Stephen.  We have some customers using that option everyday.  I recognize banks like NetBank, MetaBank, American Express,  Bancorp.  I doubt anyone has a checking account with them. 

The advantage of a "PayCard" is the nearly instant transfer.  So it is a big win for Bitcoin if BitInstant can open that door.   Hell maybe we can even walk through that open door.  The industry term is a "white label" debit card.  We have been looking into white label solution providers, but the ones we have talked to are reluctant to be affiliated with Bitcoin even indirectly.  I am curious what bank BitInstant's cards will be issued from.  I was hoping they might have accidentally left that on the mockups but no such luck.

We may be offering something similar at some point in the future but it may involve acquiring a subsidiary incorporated in some offshore locations.  I hear the British Virgin Islands are really nice this time of year. Wink
TangibleCryptography
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August 23, 2012, 05:23:42 PM
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It seems the WU card has fine print stating only one "employer" can direct deposit to your card. I don't know if that is enforced or not but potentially you would only be able to accept reloads via one service. Also they state that cash access is only available upon identification verification.

The verification before ATM access is standard KYC/AML junk.  Pretty much any bank is going to require it. 

None of our clients have reported any issue with WU cards.  One thing you can't do is try and send a bank wire using the ACH information as one of our customers found out.  We got it resolved but it took some time.

WU isn't the only provider for these types of cards.  There are at least a couple dozen and most have an option for ACH or Direct Deposit.
Stephen Gornick
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August 23, 2012, 05:30:07 PM
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WU isn't the only provider for these types of cards.  There are at least a couple dozen and most have an option for ACH or Direct Deposit.

Right.  The reason these two (Western Union prepaid, American Express Prepaid) stand out is because they have no monthly fee.  And reasonable (e.g. one free per month) costs for withdrawal at ATMs.

Dalkore
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August 23, 2012, 06:18:28 PM
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Nice news but this is not the forum for this.  I believe "Services" in the Marketplace is the proper place for this commercial discussion.  Thanks.    

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HeavyMetal
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August 23, 2012, 06:21:18 PM
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Can anyone say which cards can be used for this in Canada?

1AuAgBTU8FJ2oHM4iwRRa5SJVTbuKV8htr - Bitcoins to this address go to the purchase of Silver.
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August 23, 2012, 06:56:25 PM
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Close, but the BitInstant will allow BTC to cash at the swipe of the card. Not a few days before.

http://www.bitpools.com
Pool your bitcoins with others. Vote on solutions using the Bitcoin blockchain. Keep your bitcoins in your cold storage until you find a solution you like.
Links and Reviews of useful every day places to spend bitcoins: https://bitcointalk.org/index.php?topic=943143.0
blueberry
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August 23, 2012, 06:59:15 PM
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All that buzz about the BitInstant Paycard, and they are overlooking that a method to do nearly the same thing is already available:

Quote
For those in the U.S., there is a close variation already possible.

Western Unioni has a prepaid debit card as does American Express:

- https://www.wuprepaid.com
- https://www.americanexpress.com/us/content/prepaid/american-express-prepaid-card/faqs.html

Both of these have no monthly fee and accept Direct Deposit (ACH).

So you simply exchange your bitcoins for USDs at an exchange that offers ACH withdrawals (such as FastCash4Bitcoins.com or from others).

The account you withdraw (ACH) to is the direct deposit account for the prepaid card. The problem is the funds aren’t available for spending on the card for at least a day or three.

That costs less than the BitInstant Paycard even. The Paycard is more convenient, sure, but that’s months off.

This alternative is possible today.

 - http://www.theverge.com/2012/8/22/3260059/mastercard-denies-bitcoin-debit-card-rumors?login=1345738312#112332758


Those cards are only available for US residents denominated in USD though. EU people will be able to avail of a BitInstant Paycard in Euro and British people in Pounds. And then you have other markets for a BitInstant Paycard in the future China, Russia, Brazil etc
HeavyMetal
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August 23, 2012, 07:37:41 PM
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It looks like non of the prepaid reloadable cards I can find in Canada allow direct deposit. The Canada Post visa allows "bill payment" reloads, but I don't think it is the same thing.

What is involved in getting one of these cards in the states? Would I be able to go to Seattle for the day and buy one and get it activated? Is it possible for someone in the US to send one to Canada without opening the package and getting the numbers?

1AuAgBTU8FJ2oHM4iwRRa5SJVTbuKV8htr - Bitcoins to this address go to the purchase of Silver.
HeavyMetal
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August 23, 2012, 08:29:49 PM
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It looks like non of the prepaid reloadable cards I can find in Canada allow direct deposit. The Canada Post visa allows "bill payment" reloads, but I don't think it is the same thing.

What is involved in getting one of these cards in the states? Would I be able to go to Seattle for the day and buy one and get it activated? Is it possible for someone in the US to send one to Canada without opening the package and getting the numbers?

I stand corrected. Canadian MoneyMart's "Titanium+ Visa Prepaid Card" says in its FAQ: "Your employer or other payment sources can send direct credit loads to your card. You can get the information you need to set this up by calling customer service"

I think this is the same thing as direct deposit.

I will buy one and try a transfer and let people know.

1AuAgBTU8FJ2oHM4iwRRa5SJVTbuKV8htr - Bitcoins to this address go to the purchase of Silver.
Stephen Gornick
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August 23, 2012, 08:37:46 PM
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I think this is the same thing as direct deposit.

I will buy one and try a transfer and let people know.

Ah .. not so fast.

It looks like non of the prepaid reloadable cards I can find in Canada allow direct deposit.

The direct deposit that FastCash4Bitcoins.com and others offers uses ACH, which is (mostly) for domestic U.S. bank transfer.  Canada has their own (EFT).  

Would I be able to go to Seattle for the day and buy one and get it activated? Is it possible for someone in the US to send one to Canada without opening the package and getting the numbers?

They require you to register the card before it can be loaded with additional funds (reloaded).  I don't think you'ld be able to buy a card in the U.S. and then register a Canadian address for it -- even if the card is one that can be used internationally.  I'm not sure though.

The Canada Post visa allows "bill payment" reloads, but I don't think it is the same thing.

I believe the Canadian bitcoin exchange CA VirtEx offers bill payment as a withdawal method, perhaps that will work to reload the card.

 - https://www.cavirtex.com/methods
 - http://en.bitcoin.it/wiki/VirtEx

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