I tried it.  I selected 'walmart' and 'to email' options, and tried depositing $20:

It says I'm going to get $19.20 for my $20.  A 4% fee.  Seems good:



It asks me for a 4 digit PIN, then tells me I'm going to receive $18.20 for my $20.  A 9% fee.  What happened there?

Oh, and it also tells me there will be a further 1% fee for the USD to BTC conversion.  So that's a nice round 10% fee in total.



Then when I get the voucher to print, it turns out I have to pay $23.95 (a convenience fee of $3.95 has been added):



That makes a total fee of exactly 25%.  I pay $23.95 to get $18.202 and then have to pay an extra 1% on top of that for the conversion.

I wonder if there's some way of presenting the true cost up front, and making the fees clearer.  It seems, for instance, that I end up getting more money if I deposit $99.99 than if I deposit $100, because the rate goes up 1% at $100.  But the only way of finding that out is by trial and error.  I'd like to see the fee structure spelled out clearly.