Transfer Money from Gift Card to Bank Account with Ease : Current School News

Transfer Money from Gift Card to Bank Account with Ease

Filed in Articles, Banking by on March 26, 2022

– Transfer Money from Gift Card to Bank Account –

We all love gift cards and probably you have been gifted with one or just got one and you are wondering how to transfer money from gift card to bank account with ease, we have got answers for you in this article.

transfer money from gift card to bank account

Transferring gift cards to banks has proven to be difficult, if not impossible, for most customers.

Because users may load their cards with a specific amount of dollars that can carry their purchases for a lengthy period, gift cards have relieved individuals of the worry of carrying cash in and going over budget with their costs.

If a person has sufficient funds on their gift card but does not have cash on hand, transferring the gift cards to a bank account becomes necessary. This allows them to spend the money whenever they want.

This article will walk you through the steps of transferring visa gift cards to a bank account.

What is a Gift Card

A gift card is a payment card that you can use to purchase goods or services from a certain business for a set amount of money. The card is referred to as a gift card because it is given as a gift. You can use a few strategies to transfer money from a gift card to your bank account.

Visa is one of the many service providers that sell gift cards to businesses. American Express, MasterCard, and Discover are among the others.

A gift card is typically a one-time use card. Once you’ve used it, you’re done. A few are reloadable, which means you can add money to the gift card account and use it again.

Reloadable gift cards are like prepaid cards in that they can be used without a bank account.

A gift card has the disadvantage of being insecure. If you misplace a gift card on your way to the mall, someone else can pick it up and use it for a variety of purchases.

A gift card is not the same as a credit, debit, or prepaid card that may be used everywhere. Most of them are store-specific, which means you can’t use them elsewhere.

A Visa Gift card can be used to:

Send money to family

Shopping spree

Purchase products and services both online and offline

Pay for trips

Control reckless spending

Help spend money on a budget

A perfect gift for friends

Can You Transfer a Visa Gift Card to a Bank Account?

Yes. A visa gift card can be used to transfer funds to your bank account. It’s crucial to know what kind of prepaid card you have before transferring visa gift cards to bank accounts.

Although a visa gift card can be transferred to a bank account, it may not be possible to do so immediately.

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Two Types of Card

Prepaid Debit Card–This is a versatile gift card that may be used anywhere and at any time. It is not limited to a specific location. It is also easily available to Visa and Mastercard users.

It can be linked to a bank account to make transferring visa gift cards to a bank account easier. To keep spending, you must add money to your account. You will not be charged any monthly fees or withdrawal rates. There are none at all.

Prepaid Credit Card–This is a pre-paid plastic card with a spending limit. The credit card has a spending limit, and payments are paid once the limit has been reached. This payment is also made on a set schedule.

Now that you know the differences between the two types of prepaid cards, you can tell whether one permits you to transfer visa gift cards to a bank account.

To properly transfer money from a gift card to a bank account, you must first understand the terms and limitations of each visa gift card.

Terms of a Visa Gift Card for Successful Transfer to Bank account

Expiration Date–It’s critical to double-check that your gift card hasn’t expired. If you don’t know when your card expires, you won’t be able to transfer money.

Not Transferrable–It’s true that some cards aren’t transferable. Others cannot use them. Make sure yours isn’t one of them.

Dormant Card–If your gift card hasn’t been used in a long time, you may be charged an inactivity fee. To prevent charges when transferring gift cards to your bank account, make sure the option is checked.

Adequate Funds–Most people spend more money on fees and charges when transferring money from a gift card to a bank account than the balance on the gift card.

To avoid losing money, make sure there is enough money on your gift cards before transferring.

Transfer Money from Gift Card to Bank Account

Gift cards can be converted to cash in a variety of ways. Some of these methods allow you to receive cash at the end, while others may allow you to pay with cards in the same way that cash may be spent.

If your intent is to transfer money from a gift card to a bank account, try the following ways below:

Transfer Gift Card to Bank Account through MoneyGram

MoneyGram is the second-largest money transfer provider in the United States. They are quick, inexpensive, dependable, and, most importantly, safe.

Visit the MoneyGram website and follow the steps below to transfer money from a Visa gift card to your bank account.

1. Sign up to create an account at MoneyGram

Click the ‘Sign up’ option on the MoneyGram website, enter your email address, create a strong password, and sign up.

Verify that you’ve successfully made an account by checking your email.

2. Click ‘Send Money’ on the MoneyGram website

Click the ‘Send money symbol in the website’s top navigation bar to be sent to a page where you must fill in your payment information. This includes:

Sending a Certain Amount

Choose either a debit or credit card.

Choose between ‘Account Deposit’ and ‘Debit Card Deposit.’

Check to see if your visa gift card is linked to the bank account to which you’re sending money.

3. Fill in Bank Details

You’d be taken to a page where you’d fill in your bank details after sending the payment information. Here you’d enter;

Receiver’s Name

Address

Card information

Click ‘Next’ after providing this information, and your money transfer will be executed. Viola!

You could transfer money from your visa gift card to your bank account in a matter of minutes.

MoneyGram charges a fee based on the amount being sent. And, thankfully, their cost is incredibly little. For amounts under $200, it’s $1.99. It charges $1.99 + 1% of the deposited amount for quantities over $200.

When sending money using MoneyGram, there is also a limit. The maximum amount you can send online is $10,000 per transaction.

If you need to spend extra money, you’ll have to do so in person at a MoneyGram agent store close to your location.

Transfer Visa Gift Card to Bank Account through PayPal

Because Paypal allows you to add prepaid cards, including Visa gift cards, to your PayPal wallet, moving the amount to your own account is simple.

You have the option of transferring the funds to your own linked account by doing so. Just keep the cost in mind.

Easy right?

Here is a step-by-step guide on how to achieve that:

Create a PayPal account or connect to your existing account if you already have one.

At the top of the page, select the ‘wallet’ option.

On the left side, you’ll notice a ‘Link a Card or Bank’ option. Continue by clicking it.

When PayPal prompts you for the information, enter the details for your Visa gift card. Then select ‘Link Card’ from the drop-down menu.

If you still get an error after doing this, double-check that your visa gift card is registered and linked to an address. Once you’ve done that, PayPal should be able to take your card without issue.

transfer money from gift card to bank account

Transfer Money from Visa Gift Card to Bank Account through Venmo

Venmo allows you to transfer Visa gift cards to a bank account. Venmo is similar to PayPal in that it allows you to deposit your card amount into your account.

The best aspect about transferring money using Venmo is that there are no fees when transferring money from your Venmo account to your bank account. Isn’t it cool?

Unless you choose the “Instant transfer” option. Otherwise, the money should arrive in your account within three working days.

Get started by;

Downloading the Venmo app

Open a Venmo account for yourself

You’d see the ‘Add gift card’ option. Click on it.

Put in your payment and bank details and send. And your transfer would be done.

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Buy Other Merchant Visa Gift Cards with your Visa Gift Card

Try this simple technique if you’re still puzzled about how to transfer visa gift cards to your bank account.

Use your Visa gift card to purchase other gift cards in stores that don’t accept it. This way, you’ll be able to spend your money in this store.

This strategy is ideal for people who want to convert Visa gift cards to cash in order to gain a coffee fix. Amazon, Walmart, and even Starbucks are popular places to exchange gift cards for cash.

Another alternative for transferring a Visa gift card balance to a bank account is Square. It does, however, require you to pay a percentage of the money you wish to transfer.

Follow the step-by-step instructions below to get started with this method:

Transfer a Visa Gift Card balance to your Bank Account with Square

Another alternative for transferring a Visa gift card balance to a bank account is Square. It does, however, require you to pay a percentage of the money you wish to transfer.

Follow the step-by-step instructions below to get started with this method:

Activate your Visa Gift Card Online

There is a website on your Visa gift card. To activate your visa gift card, you must first log into the website. Your Visa gift card may come pre-activated in most cases. Please step two in this scenario.

Confirm your Visa Gift Card Balance

You can do so by visiting the website or calling the phone number on the card. Visa gift card issuers are likely to charge a fee to check the balance.

Memorize the balance on your Visa Gift card before transferring it to your bank account.

Spend the Money Quickly

If you want to transfer the balance of your gift card to a bank account, you should do so right away.

This is to avoid being charged monthly fees on your Visa card if you have a debt.

Sign up on Square

To sign up on the square, you’ll need your name and email address. Basically, you may accomplish this through the app or the website.

You’ll be prompted to fill in the following information: your business type, how you want to use square, and your projected yearly income. Last but not least, you must confirm your email address.

Link your Bank Account to Square

It can take up to two days to link your bank account. Square will now deposit the balance of your Visa gift card into your bank account if it was successful.

This technique may not be ideal if you need to transfer visa gift card balances to bank accounts right away. Read up on the subject and figure out which strategy is best for you.

Frequently Asked Questions (FAQs)

1. How to Credit an Amazon Gift Card Balance to my Bank Account?

You can do the transfer by doing:
 
‣ Go to Amazon Pay.
 
‣ Tap Shoppers, and sign in using your Amazon details.
 
‣ Click Withdraw Funds.
 
‣ Select a bank account.
 
‣ Enter the amount to move to your bank account.
 
‣ Tap Continue to complete the process.

2. How to Cash out a Virtual Prepaid Visa or MasterCard?

If that’s the case, you’ll need to move the funds from your virtual card to a local bank account you own before withdrawing them.
 
If you want to withdraw money from an ATM, you can request a physical card from your virtual bank.

3. How Can I Deposit a Prepaid Gift Card into my Bank?

Yes, you may use Raise to transfer money from most prepaid gift cards to your bank account. Gift cards, unlike other prepaid cards, have a limited number of uses.
 
You can’t transmit money to other people with it, and you can only use it in certain stores.

4. How Do you Add Money to a Vanilla Visa Gift Card?

Bring your cash to a nearby location to buy a Vanilla Reload* from the Reloadable Prepaid Card part of the display.
 
Call 1-877-429-8140 or go to VanillaReload.com to load your prepaid card or online account using the secure PIN on the back of the Vanilla Reload.

5. Can We Transfer Money from an Amazon Gift Card to our Debit Card?

Log in with your Amazon credentials by going to Amazon Pay, clicking Buyers, and then logging in with your Amazon credentials.
 
To withdraw money, click Withdraw Money. Decide on a bank account. Enter the amount you’d like to deposit into your bank account.

6. Does Square accept Gift Cards?

Yes, for orders placed through your Square Online site or with specified Square Partners, you can take gift cards.
 
During checkout, your customers will have the option of entering the gift card number.

7. How Can I transfer MTurk earnings to my Bank Account?

Manage Payment Preferences on the Account Settings page and choose a transfer schedule for your profits.
 
You can choose to make payments every 3, 7, 14, or 30 days.

I hope you enjoyed this article on how to transfer money from a gift card to a bank account. Please share with your friends on Facebook, Twitter. Thanks for reading!

CSN Team.

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