Yankee (BitInstant)



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Charlie 'Van Bitcoin' Shrem







LegendaryActivity: 1078Merit: 1000Charlie 'Van Bitcoin' Shrem [ANN] Finally, Bitcoin withdrawals to PayPal from BitInstant! June 26, 2012, 10:39:14 PM #1



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 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.Sell your coins at Gox, BitStamp, BTC-E, or Crypto, and withdraw a USD coupon.Visit BitInstant.com, select Coupon as the "Pay from" and PayPal as the "Pay to"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.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



More about me: 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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Serge



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LegendaryActivity: 1050Merit: 1000 Re: [ANN] Finally, Bitcoin withdrawals to PayPal from BitInstant! June 26, 2012, 11:55:21 PM #8 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.

Serge



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LegendaryActivity: 1050Merit: 1000 Re: [ANN] Finally, Bitcoin withdrawals to PayPal from BitInstant! June 27, 2012, 12:13:52 AM #10 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

justusranvier



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LegendaryActivity: 1400Merit: 1006 Re: [ANN] Finally, Bitcoin withdrawals to PayPal from BitInstant! June 27, 2012, 02:14:27 AM #25 The best measure of end-to-end fees would be to start with $100 cash and an empty PayPal account, convert the cash to bitcoins, sell the bitcoins, deposit the result in a PayPal account, use a PayPal debit card to withdraw the money from an ATM and see how much cash you end up with at the end. (assume a theoretical ATM that could produce exact change)

SimonL



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MemberActivity: 113Merit: 10 Re: [ANN] Finally, Bitcoin withdrawals to PayPal from BitInstant! June 27, 2012, 11:13:54 AM #29 Quote from: Jointops420 on June 27, 2012, 12:26:09 AM 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.



I for one second this. Spendbitcoins.com is good but their 10% fee almost kills any incentive to buy Bitcoins in the first place. A 4-6% fee would be far more attractive, and if there were a variety of services competing in AU, I'd be practically throwing money at them to get Bitcoins to buy stuff . I for one second this. Spendbitcoins.com is good but their 10% fee almost kills any incentive to buy Bitcoins in the first place. A 4-6% fee would be far more attractive, and if there were a variety of services competing in AU, I'd be practically throwing money at them to get Bitcoins to buy stuff

556j



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Sr. MemberActivity: 252Merit: 250 Re: [ANN] Finally, Bitcoin withdrawals to PayPal from BitInstant! June 27, 2012, 05:59:17 PM

Last edit: June 27, 2012, 06:11:46 PM by 556j #33 I was using bitinstant to fund paypal months ago. For a lower fee as well. You transfer from your exchange to virwox (0.89% fee from bit instant. 1% btc deposit fee from virwox) Then just withdrawl from virwox to paypal (2% fee+ 1 USD) for a total of 4.89% in fees on $100. If you withdrawl more than $100 the fee is less because the dollar is fixed. Why would anyone do it this way for 6%? I guess it could be handy for really small deposits. Maybe there is an amount that will work out to have greater than 6% fee if the withdrawl is small enough. You should add a volume discount. The 6% is just insulting to those who use the same service from the same company for an average of 2% less.

evoorhees



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Democracy is the original 51% attack







LegendaryActivity: 1008Merit: 1005Democracy is the original 51% attack Re: [ANN] Finally, Bitcoin withdrawals to PayPal from BitInstant! June 27, 2012, 06:42:02 PM #35



If BitInstant's not the only ones offering it, then fine, though I do believe BitInstant is still offering something unique here, for you can send to Paypal from any of BitInstants source methods (MtGox/Btc-E/Crypto/BitStamp codes, Liberty Reserve, Dwolla, etc), and the other services do not permit this.



In any case, surely its better for more services to offer more options, no? And to calm your antagonism a bit, I promise the next major announcement BitInstant makes has not been replicated by anyone else Psy - TBH, I didn't even know there was a way to withdraw to Paypal prior, and I try to know everything in Bitcoinland.If BitInstant's not the only ones offering it, then fine, though I do believe BitInstant is still offering something unique here, for you can send to Paypal from any of BitInstants source methods (MtGox/Btc-E/Crypto/BitStamp codes, Liberty Reserve, Dwolla, etc), and the other services do not permit this.In any case, surely its better for more services to offer more options, no? And to calm your antagonism a bit, I promise the next major announcement BitInstant makes has not been replicated by anyone else

Elwar



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Viva Ut Vivas







LegendaryActivity: 3206Merit: 1736Viva Ut Vivas Re: [ANN] Finally, Bitcoin withdrawals to PayPal from BitInstant! June 28, 2012, 09:53:23 PM #39 With the PayPal credit card this is close to the point of being able to keep all of your money in Bitcoins then transfer it to the card when needed.



A good step, but the fees will keep it in the realm of a niche market.



I understand that PayPal fees suck, which is why Bitcoin is necessary. Hopefully the time will come when transfers will be cheap and quick. First seastead company actually selling sea homes: Ocean Builders https://ocean.builders Of course we accept bitcoin.