Cheapest pre paid debit card for USD? OKPAY too expensive

[barrymac]

I'm going to be travelling to the US soon. I'm hoping I can use bitcoin to make my foreign exchange more efficient and I don't want to use my GBP visa card. I've heard there are a few bitcoin chargeable debit card options available. I see that OKPay do this but they charge 5.5% which is very high, higher than a bank would charge and way higher than a foreign exchange broker.

Any other options?

[1714989190]

1714989190

[1714989190]

1714989190

[Stephen Gornick]

I'm going to be travelling to the US soon. I'm hoping I can use bitcoin to make my foreign exchange more efficient and I don't want to use my GBP visa card. I've heard there are a few bitcoin chargeable debit card options available.

I believe you can pick up a prepaid debit card (e.g., $5) at retail (e.g., convenience stores, drugstores, Walmart, etc) which can be loaded with Moneypak up to $500 USD (without registering it).  So the total for fees then is about $10.  For $500 that's about a 2% fee.  [Edit: But to buy the card, say like a $50 card, initially so you'ld need $55 USDs cash, which doesn't really work for you.]
 - http://bitcointalk.org/index.php?topic=64805.msg1082874#msg1082874

You might also work out an arrangement in advance to pick up USDs cash with someone on LocalBitcoins, or them sell to you the initial prepaid card and you load it from there.
 - http://www.LocalBitcoins.com

[unclemantis]

Prepaid is not the answer. Neither is setting up a local bank account. You could just get cash and stuff it somewhere.

[TangibleCryptography]

I believe you can pick up a prepaid debit card (e.g., $5) at retail (e.g., convenience stores, drugstores, Walmart, etc) which can be loaded with Moneypak up to $500 USD (without registering it).  So the total for fees then is about $10.  For $500 that's about a 2% fee.  

To avoid some confusion there are non-reloadable prepaid cards.  These don't use moneypaks.  You simply buy one for face value plus ~$5.   $505 for $500 card.  You can use it until funds run out and then throw it away.

There are also reloadable cards however you can't add a MP to a reloadable card until it is registered and registration requires KYC information (name, address, SSN, etc) and are only available for US residents.  You load them with an initial load of $500 plus ~$5 card fee at the time of purchase.  In this respect they operate the same as non-reloadable cards.  However if one doesn't intend to register the card they provide no advantage over just using a non-reloadable (essentially they are non-reloadable until registered).   

You can thank KYC, AML, Patriot act for all this nonsense.

[Stephen Gornick]

There are also reloadable cards however you can't add a MP to a reloadable card until it is registered and registration requires KYC information (name, address, SSN, etc) and are only available for US residents. 

They don't check identity when purchasing a reloadable card, and reportedly up to $500 (less the original load amount) can be added on using MoneyPak before registration is required.  After registering, a permanent card with a higher reload limit will be sent.
 - http://bitcointalk.org/index.php?topic=64805.msg1082874#msg1082874

[TangibleCryptography]

They don't check identity when purchasing a reloadable card, and reportedly up to $500 (less the original load amount) can be added on using MoneyPak before registration is required.  After registering, a permanent card with a higher reload limit will be sent.
 - http://bitcointalk.org/index.php?topic=64805.msg1082874#msg1082874

That is incorrect.

First I never said they check ID when purchasing.  When you purchase a reloadable card it acts like a non-reloadable card UNTIL REGISTERED.  You can't reload even a single dollar until registered.  No exceptions.  No reloadable card allows reloading of any amount (even a single dollar) would be a direct violation of FinCEN rules.  To reload requires registering the card.  Anyone claiming anything different is mistaken or confused.  The rules are (surprisingly for FinCEN) clear.

non-reloadable - no ID required limited to max of $1,000 (although most brands limit it to $500)
reloadable - to reload required registration and verification of KYC/AML information HOWEVER the card can still act as a non-reloadable card until registered.



As an example here is green dot cardholder agreement:
https://www.greendot.com/greendot/cardholder-agreement-bank?issuingBank=GreenDotBank

How to Reload Your Card
You can add (“reload”) more money to your Card, once we have successfully verified
your personal information, at any Retailer or by following the directions supplied with the
Card.

Here is Walmart MoneyCard cardholder agreement

5. Using Your Temporary Card. Using Your Temporary Card.If you purchase and receive a Temporary Card in-store, you must load between $20 and $500 onto your Temporary Card (or up to $1,000 if the initial load is with a check cashed at Walmart).

...

You may not load additional funds on a Temporary Card until you activate your Card and we verify your identity.

...

6. Reloading Your Card. After we verify your identity, you may reload your Card at any Walmart store (except in VT and WY) or at any retailer participating in the network of reload locations operated by Green Dot. You also may arrange for direct deposit of your salary, wages or government benefits to your Card by completing and submitting to your employer or the appropriate government agency a form you can obtain by calling 1-877-937-4098 or by going online to walmartmoneycard.com.

Every other reloadable card has similar language.  

For the OP use the Walmart card would be the best card if they allowed the $1,000 initial load to be paid by cash but they don't (>$500 requires a check).   AFAIK all other reloadable cards limit the initial load to $500.