Obopay requires a small fee when sending or adding cash to your account via a debit card or credit card. There's also a limit on the amount of money you can transfer.
Obopay claims to be the future of wallets. A sort of Paypal for cell phones, this relatively new Web service lets you send and receive money via your mobile phone. First, you sign up online, and then choose your Obopay access method: through text messaging, the WAP interface on your mobile browser, or the Obopay mobile application available only on certain phones and through certain providers. Since the majority of cell phones offer text messaging, Obopay can effectively work on all cell phones. Obopay also offers an optional prepaid Mastercard that is then tied to your account--a clever method of money management for teens (or even for yourself!) The service is free, not including a few service-related fees (that we'll address later). When you sign up, Obopay gives you a $5 bonus that's immediately accessible.
There are other ways to add money to your Obopay account. You can add money via a debit or credit card, but you'll be charged a 1.5% fee (based on the total amount of your transfer), or transfer money from a bank account, which is free. You can even arrange for your employer to deposit your paycheck directly into your Obopay account. Combined with the prepaid Mastercard option, this is an easy way to manage your finances. Obopay funds can also be transfered to a bank account, or withdrawn via ATM by using the prepaid Mastercard. There are, however, quite a number of restrictions on the amount of money you can move back and forth. If you use a debit or credit card to add money to your account, you can only transfer once a day, up to $300 per week. There's a $200-per-week transfer limit from your Obopay account balance to a bank account, and there's a $200 daily limit on ATM withdrawals. Also, you can spend at most $300 a day using the prepaid Mastercard.
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