[BitInstant] Instantly Deposit Cash at 4 Different Banks into MtGox and TradeHil

Stephen Gornick

legendary

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Quote from: VVS dump on March 22, 2012, 05:35:52 PM

you'd be in violation of most exchanges rules.

Looking at Mt. Gox's terms of service, it doesn't say anything about funds deposited must be used for trading purposes.

- http://mtgox.com/terms_of_service

Quote from: VVS dump on March 22, 2012, 05:35:52 PM

it might be arguable whether this already counts as money laundering.

Money laundering is the process of concealing the source of illegally obtained money.
- http://en.wikipedia.org/wiki/Money_laundering

I'm simply trying to get funds into my Dwolla account faster than their normal procedure takes.

VVS dump

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you'd be in violation of most exchanges rules. besides, it might be arguable whether this already counts as money laundering.

Stephen Gornick

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Do the exchanges that accept redeemable codes for adding funds and then allow withdrawal to Dwolla (e.g., Mt. Gox, BitFloor) require that the funds be used for trading?

What if I simply used BitInstant to move cash to an exchange solely for the purpose of getting funds quickly into Dwolla, without any conversion to and from bitcoins first?

sunnankar

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Activity: 1031

Merit: 1000

Quote from: notme on January 02, 2012, 01:47:09 PM

If you could sell bitinstant giftcards at walmart, you would indeed be king.

I think a superior way would be Moneypak codes that can then be used to load an American Express Prepaid Card (no fees, yay!). I suppose BitInstant could carry them as inventory but it would take some working capital. They would have a great service for physical cash into and out of bitcoin. This post describes the entire process.

finway

hero member

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I got to say , nice service!

notme

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If you could sell bitinstant giftcards at walmart, you would indeed be king.

Yankee (BitInstant)

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Charlie 'Van Bitcoin' Shrem

Quote from: notme on January 01, 2012, 01:58:03 AM

Quote from: Yankee (BitInstant) on December 31, 2011, 05:51:32 PM

Quote from: notme on December 31, 2011, 01:10:53 PM

Quote from: Yankee (BitInstant) on December 31, 2011, 12:27:21 PM

Quote from: chungenhung on December 30, 2011, 11:12:01 PM

doesn't work for me, as there are no locations around me.

Sorry mate Sad

There are no Chase's, Citibank, Wells Fargo or Bank's of America near you ?

They don't care much for rural America and rural America doesn't care much for their high fees and risky investments. I'll stick to my free accounts with local banks who only invest in mortgages and local business. Our state hasn't been hit too hard by the economic downturn, and our banks didn't make subprime loans. Last I looked, unemployment here had gone up less than 1% since 2008. But yeah, no big investment firms pretending to be banks around here.

I gotcha. What type of business's or entity like chains are near you?
Basically what Im asking, is if we can sell 'cash deposit' vouchers of something of that sort near you, its something we're working on, just trying to grasp what type of places would be able to sell it.

Krogers (or other regional grocers) and Walmart are probably your best bet. There are also fast food chains, but they seem less likely to be interested in currency exchange. Almost everything else is locally owned.

Wal Mart seems to be the king maker here

notme

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Activity: 1904

Merit: 1002

Quote from: Yankee (BitInstant) on December 31, 2011, 05:51:32 PM

Quote from: notme on December 31, 2011, 01:10:53 PM

Quote from: Yankee (BitInstant) on December 31, 2011, 12:27:21 PM

Quote from: chungenhung on December 30, 2011, 11:12:01 PM

doesn't work for me, as there are no locations around me.

Sorry mate Sad

There are no Chase's, Citibank, Wells Fargo or Bank's of America near you ?

They don't care much for rural America and rural America doesn't care much for their high fees and risky investments. I'll stick to my free accounts with local banks who only invest in mortgages and local business. Our state hasn't been hit too hard by the economic downturn, and our banks didn't make subprime loans. Last I looked, unemployment here had gone up less than 1% since 2008. But yeah, no big investment firms pretending to be banks around here.

I gotcha. What type of business's or entity like chains are near you?
Basically what Im asking, is if we can sell 'cash deposit' vouchers of something of that sort near you, its something we're working on, just trying to grasp what type of places would be able to sell it.

Krogers (or other regional grocers) and Walmart are probably your best bet. There are also fast food chains, but they seem less likely to be interested in currency exchange. Almost everything else is locally owned.

sunnankar

legendary

Activity: 1031

Merit: 1000

Quote from: Yankee (BitInstant) on December 30, 2011, 10:28:22 AM

Thanks!

1- Yes, we need to fix the emails, were on it!
2- Why 5.49% ? It's only 4.99% when you do under $100 but all others are 4.49% ?

We appreciate the feedback so much!

Charlie

Good work on fixing the emails.

Being the first transaction I did not want to do too much. For the math, the BoA deposit receipt was $101.06 and Deposit of 95.51 USD so the fee was $5.55. 5.55/101/06=5.491%.

The less friction (costs) in time, money and privacy the greater liquidity bitcoins will have. In this case, 15 minutes from deposit to funds in account, 5.49% and image captured on branch's security camera, email addresses and Tradehill account. Not that bad!

Yankee (BitInstant)

legendary

Activity: 1078

Merit: 1000

Charlie 'Van Bitcoin' Shrem

Quote from: notme on December 31, 2011, 01:10:53 PM

Quote from: Yankee (BitInstant) on December 31, 2011, 12:27:21 PM

Quote from: chungenhung on December 30, 2011, 11:12:01 PM

doesn't work for me, as there are no locations around me.

Sorry mate Sad

There are no Chase's, Citibank, Wells Fargo or Bank's of America near you ?

They don't care much for rural America and rural America doesn't care much for their high fees and risky investments. I'll stick to my free accounts with local banks who only invest in mortgages and local business. Our state hasn't been hit too hard by the economic downturn, and our banks didn't make subprime loans. Last I looked, unemployment here had gone up less than 1% since 2008. But yeah, no big investment firms pretending to be banks around here.

I gotcha. What type of business's or entity like chains are near you?
Basically what Im asking, is if we can sell 'cash deposit' vouchers of something of that sort near you, its something we're working on, just trying to grasp what type of places would be able to sell it.

notme

legendary

Activity: 1904

Merit: 1002

Quote from: Yankee (BitInstant) on December 31, 2011, 12:27:21 PM

Quote from: chungenhung on December 30, 2011, 11:12:01 PM

doesn't work for me, as there are no locations around me.

Sorry mate Sad

There are no Chase's, Citibank, Wells Fargo or Bank's of America near you ?

They don't care much for rural America and rural America doesn't care much for their high fees and risky investments. I'll stick to my free accounts with local banks who only invest in mortgages and local business. Our state hasn't been hit too hard by the economic downturn, and our banks didn't make subprime loans. Last I looked, unemployment here had gone up less than 1% since 2008. But yeah, no big investment firms pretending to be banks around here.

Yankee (BitInstant)

legendary

Activity: 1078

Merit: 1000

Charlie 'Van Bitcoin' Shrem

Quote from: chungenhung on December 30, 2011, 11:12:01 PM

doesn't work for me, as there are no locations around me.

Sorry mate Sad

There are no Chase's, Citibank, Wells Fargo or Bank's of America near you ?

chungenhung

legendary

Activity: 1134

Merit: 1005

doesn't work for me, as there are no locations around me.

ezdvd

newbie

Activity: 21

Merit: 0

When exchangeB closed, I was bummed. Really bummed. BitInstant has brightened my day quite a bit now though. I've used BitInstant twice now. Once with a Dwolla deposit and the next with a cash bank deposit. So far, this service is epic. The longest part of the Dwolla transaction was waiting on Dwolla/my bank. The cash bank deposit was credited to my Tradehill account before I got home from the bank....it's only 3 miles ffs. My only, relatively minor, complaint is the bank deposit fee is a little steep when it's a large deposit. All things considered, *outstanding* job BitInstant. +1

Yankee (BitInstant)

legendary

Activity: 1078

Merit: 1000

Charlie 'Van Bitcoin' Shrem

Quote from: sunnankar on December 30, 2011, 12:51:44 AM

Quote from: Yankee (BitInstant) on December 27, 2011, 07:28:39 PM

Quote from: FreeMoney on December 27, 2011, 07:15:57 PM

Am I understanding that you just deposit the cash and 4-60 minutes later you have cash on an exchange?

Yes sir, usually between 20-30 minutes actually.

Today was a great cash deposit day, about 27 so far. Feel free to shoot me a PM if you have any questions or need some help

I was expecting some type of hickup or something but my iPhone buzzed with a new email [talking about MtGox even though I used Tradehill; ya'll may want to tighten up the language on the autoresponders] about 15 minutes after I left the deposit counter saying my funds were available. I logged into the exchange and there they were. Very impressed with the BitInstant service and will be using it again. We need an affiliate program for it.

What was kind of annoying was the total 5.49% fee but time (15 minutes), no wire fee and tons of BoA and Chase branches makes this a very compelling value.

Now if the community could automate the Moneypaks and American Express Prepaid Cards as detailed in this BitCoinMoney post. Would make for easy cash in and cash out.

Thanks!

1- Yes, we need to fix the emails, were on it!
2- Why 5.49% ? It's only 4.99% when you do under $100 but all others are 4.49% ?

We appreciate the feedback so much!

Charlie

sunnankar

legendary

Activity: 1031

Merit: 1000

Quote from: Yankee (BitInstant) on December 27, 2011, 07:28:39 PM

Quote from: FreeMoney on December 27, 2011, 07:15:57 PM

Am I understanding that you just deposit the cash and 4-60 minutes later you have cash on an exchange?

Yes sir, usually between 20-30 minutes actually.

Today was a great cash deposit day, about 27 so far. Feel free to shoot me a PM if you have any questions or need some help

I was expecting some type of hickup or something but my iPhone buzzed with a new email [talking about MtGox even though I used Tradehill; ya'll may want to tighten up the language on the autoresponders] about 15 minutes after I left the deposit counter saying my funds were available. I logged into the exchange and there they were. Very impressed with the BitInstant service and will be using it again. We need an affiliate program for it.

What was kind of annoying was the total 5.49% fee but time (15 minutes), no wire fee and tons of BoA and Chase branches makes this a very compelling value.

Now if the community could automate the Moneypaks and American Express Prepaid Cards as detailed in this BitCoinMoney post. Would make for easy cash in and cash out.

Yankee (BitInstant)

legendary

Activity: 1078

Merit: 1000

Charlie 'Van Bitcoin' Shrem

Quote from: stabaho on December 29, 2011, 10:22:17 PM

Not too much activity on the post, more people tried this, everyone liking it so far?

There were two posts I believe on this, the one in General Discussion has some discussion.

Were getting more cash deposits then we expected and no issues thus far!

notme

legendary

Activity: 1904

Merit: 1002

Quote from: stabaho on December 29, 2011, 10:22:17 PM

Not too much activity on the post, more people tried this, everyone liking it so far?

This would have come in handy recently, but none of those banks have branches in my area. I don't think they would be successful if they tried to open one either.

stabaho

newbie

Activity: 13

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Not too much activity on the post, more people tried this, everyone liking it so far?

Yankee (BitInstant)

legendary

Activity: 1078

Merit: 1000

Charlie 'Van Bitcoin' Shrem

Quote from: FreeMoney on December 27, 2011, 07:15:57 PM

Am I understanding that you just deposit the cash and 4-60 minutes later you have cash on an exchange?

Yes sir, usually between 20-30 minutes actually.

Today was a great cash deposit day, about 27 so far. Feel free to shoot me a PM if you have any questions or need some help

Topic: [BitInstant] Instantly Deposit Cash at 4 Different Banks into MtGox and TradeHil (Read 4945 times)