Gift cards help you avoid the hassle of carrying cash. Therefore, schemes like buy now pay later gift cards or buying gift cards at self-checkout have become famous. However, gift card balances may only be spent at specific stores. If you want to utilize those funds elsewhere, that would require you to transfer money from a Visa gift card to a bank account, and it’s easier than you thought!
- Easiest way to transfer money from gift card to bank account is the use of money order, gift card exchange kiosk or selling the card.
- Some apps for this purpose include Square Reader and Ibotta.
- You can also sell the gift card to a friend or family member.
…and Much More!
Transfer Money From Gift Card to Bank Account – Complete Guide
It is straightforward to indirectly transfer money from a prepaid gift card to your bank account using one of the ways listed below.
- Transfer the balance to your account by adding the card to your PayPal, Venmo, or MoneyGram account.
- Purchase a voucher from a Gift Card Exchange Kiosk and transfer the money into your account.
- Choose a gift card-selling app that pays you via direct deposit. Once you have the funds, transferring them to your bank account is pretty straightforward.
- Use the card to purchase a money order, which will be deposited into your account.
MoneyGram
MoneyGram is the second-largest money-transfer corporation in the United States that allows for quick and safe money transfers. To begin the process, you should visit MoneyGram.com and tap on Signup. Here’s what you need to do next.
- Enter your email address, create a strong password, and complete signup.
- Verify that you’ve successfully made an account by checking your email.
- Then open a MoneyGram account and click Send Money. Determine the amount of money you wish to send.
- Choose either a debit or credit card. Then, choose between an Account Deposit and a Debit Card Deposit.
- Check to see if your Visa gift card is linked to the bank account you’re sending the money to. If not, provide bank details.
- Provide the name and address of the cardholder.
- After you’ve entered these details, click Next, and your money transfer will be completed.
Viola! In minutes, you’ll have money transferred from your Visa gift card to your bank account.
Attention! For amounts under $200, MoneyGram charges $1.99 and for the amount over it, the platform has fee with 1% of the amount added to $1.99.
PayPal
While you can’t immediately transfer money from Visa gift card money to a bank account through PayPal, it can help you acquire cash by transferring it to your PayPal balance instead. Then, you can move the funds from PayPal to your bank account.
- 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.
- You’ll notice a Link a Card or Bank option on the left side. Continue by clicking it.
- When PayPal prompts you for the appropriate information, enter your Visa gift card details.
- Then select Link Card from the drop-down menu.
You might be interested in reading: Quickly Buy Visa Gift Card With PayPal.
Venmo
You can transfer money from a Visa gift card to a bank account through Venmo. It functions much like PayPal so that you can quickly transfer funds to it and then send them to your bank account.
Note! There is no fee when transferring money from your Venmo account to your bank account unless you choose Instant Transfer option.
- Download the Venmo app.
- Sign up for a Venmo account.
- Select Add gift card from the drop-down menu.
- Enter your payment information and bank account information.
- Then click Send.
The money should reach your account within three days. However, you should get the funds within minutes if you choose instant transfer.
Invest in a Square Reader
Square is a point-of-sale (POS) payment platform you can link to your bank account. Once the two platforms are connected, you can swipe your card over the reader and transfer the specific amount.
The funds can then be transferred to your bank account. Each swipe costs 2.75% of the total transaction value.
Ibotta
One of our favorite cash-back applications is Ibotta. You can input your receipts from your shopping trip into this app and get your money back. You can payout for a PayPal gift card after you reach $25.
Use Your Visa Gift Card For Payments
Some merchants can aid you in getting money into your bank account. You must walk in with your Visa gift card and pay at the POS or other appropriate terminal.
Provide them with your bank account information so they can transfer money to your account for a fee.
You might be interested in reading: Buy Visa Gift Card Online PickUp In Store.
Use Gift Exchange Kiosk To Trade In For Cash
You may swap your gift card for cash at several gift card exchange booths in supermarkets and large shopping malls. The cash can then be deposited in your bank account at the local branch.
- Finding a Gift Card Exchange Kiosk is a quick and easy way to convert Visa gift cards to cash.
All you have to do is enter the information from your gift card into the kiosk, including the set of digits on the front of the card. After that, you’ll be given a voucher to present to the cashier to receive your funds.
- Target
You will likely find the kiosk near the service desk at Target. Insert your gift card here and follow the on-screen instructions. Insert the card when the machine asks you to, and it will share the cash or Target gift card you can get in exchange.
- Walgreens
Find the kiosk within the store and insert your gift card. Enter the amount of cash you are likely to receive. The machine will provide you with the money immediately.
- Walmart
Find the store kiosk and provide your gift card. Then, enter the amount that you will receive. Walmart gift card exchange kiosk will only provide you with a fraction of the gift card’s original value.
- CVS
Find the red CVS machine labeled “Gift Card Exchange.” Insert your gift card here and choose how to accept the cash value it offers. You can get paper money or receive a gift card from a CVS store.
- Kroger
Tap on the Gift Cards option on the main screen of the Kiosk at Kroger. Then, insert your gift card and wait for the kiosk to provide you with a quote. Accept the cash value, and you will immediately receive the money.
Sell Visa Gift Card to a Website For Cash
Numerous websites can exchange your Visa gift card for cash. Also, there are apps for this, such as Gift Card Granny, CardCash, and others.
- The transaction can be completed in seconds if your gift card is digital.
Even if you have a card, some of these services will cover the cost of postage to mail the card to them. The sites will charge a fee based on a percentage of the card’s balance, so be sure you understand precisely how much this costs before consenting to the transaction.
Sell Visa Gift Card To Somebody Else
Selling your Visa gift card to others is another option you could opt for, and it is as easy as buying gift cards online.
However, since you are selling an item for second-hand use, you may get less than you originally paid for the gift card.
- For this kind of transaction, sites like eBay or Craigslist are ideal.
You might be interested in reading: Can You Add Gift Card to Cash App.
Extra Reading
Is It Safe To Transfer Money From Gift Card To Bank Account?
Online transactions are labeled safe because most platforms have now integrated security measures. However, you must remember specific details to protect yourself against fraud.
- You must always check for the padlock symbol in your browser’s address bar, indicating the encrypted connection.
It provides the first line of defense against online hackers who may misuse your financial information.
Moreover, it is essential to confirm the platform’s reputation you wish to use for the transfer. Bank account transfers are generally safer than using peer-to-peer money transfer apps.
Gift Card To Bank Account Money Transfer Fees
The fee associated with the transfer depends on the method you use. Furthermore, an approximate amount can be quoted here for any platform.
Generally speaking, apps such as PayPal and Venmo charge higher transaction fees, and direct deposits do not have any additional charges. Money orders come with a nominal fee, depending on where you purchase them.
The Bottom Line
Because of how versatile and accessible gift cards are, more individuals use them for various reasons. However, the money in the gift cards must frequently be transferred to the bank for cold cash.
In that scenario, the choices for transferring money from a Visa gift card to a bank account described above should aid you.
Frequently Asked Questions
Can funds be sent from a gift card to a bank account?
Yes. You can transfer money from gift cards to bank accounts using various services. You can efficiently utilize CardCash or visit the nearest gift card exchange kiosk.
Can I take money out of a gift card at an ATM?
You can withdraw money from a prepaid gift card at an ATM. However, some specific cards do not allow this type of transaction.
How to transfer money from visa gift card to Cash App?
You can’t add a gift card to your Cash App account; therefore, you cannot send your money from the card to Cash App.
How does Vanilla Visa gift card transfer to bank account works?
You can transfer money from Vanilla Visa to bank account via PayPal or Venmo. Then you will need to withdraw them as cash, if needed.
Jamie Johnson is very enthusiastic Kansas City – based freelance writer, and her core expertise are finance and insurance. She has been endorsed on several personal finance, insurance & business website to share her thoughts. Her publications can be found on famous sites like Bankrate, The Balance, Business Insider, Chamber of Commerce and many others.
From many years, she served more than 10,000 hours of research and writing to more than 2000 articles related to personal finance, credit building, mortgages, and personal and student loans.
