Payment Services

How To Transfer Money From Visa Gift Card To Bank Account In Different Ways

Gift cards might help you avoid the hassle of carrying a cash.Therefore, schemes like buy now pay later gift cards, or buying gift cards at self checkout have become so famous. However, gift card balance may only be spent at specific stores. If you want to utilize those funds elsewhere, that would require you to transfer money from visa gift card to bank account and it’s easier than you thought!

What Will We Talk About Here?
  • 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

You can easily transfer money from a prepaid gift card to your bank account indirectly by using one of the ways listed below.

  1. Transfer the balance to your own account by adding the card to your PayPal, Venmo or Money Gram account.
  2. Purchase a voucher from a Gift Card Exchange Kiosk and transfer the money into your account.
  3. Choose a gift card selling app that pays you via direct deposit. Once you have the funds with you, it is quite easy to transfer them to your bank account.
  4. 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 on Sign-up. Here’s what you need to do next.

  1. Enter your email address, create a strong password, and complete sign up.
  2. Verify that you’ve successfully made an account by checking your email.
  3. Then open MoneyGram account and click Send Money. Determine the amount of money you wish to send.
  4. Choose either a debit or credit card. Then choose between Account Deposit and Debit Card Deposit.
  5. Check to see if your visa gift card is linked to the bank account to which you’re sending the money. If not, provide bank details.
  6. Provide name and address of the cardholder.
  7. After you’ve entered these details, click Next and your money transfer will be completed.

Viola! You’ll have money transferred from your visa gift card to your bank account in a matter of minutes.

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 a Visa gift card money to a bank account, you can acquire cash by transferring it to your PayPal balance instead. Then you can move the funds from PayPal to bank account if need be.

  1. Create a PayPal account, or connect to your existing account if you already have one.
  2. At the top of the page, select the Wallet option.
  3. On the left side, you’ll notice a Link a Card or Bank option. Continue by clicking it.
  4. When PayPal prompts you for the appropriate information, enter the details for your Visa gift card.
  5. Then select Link Card from the drop-down menu.

You might be interested in reading: Quickly Buy Visa Gift Card With PayPal.

Venmo

It is a service that allows you to transfer money from a Visa gift card to a bank account. It functions much like PayPal in a way that you can transfer funds to it and then send them to bank account easily.

Note! There is no fee when transferring money from your Venmo account to your bank account unless you choose Instant Transfer option.
  1.  Download the Venmo app.
  2. Sign up for a Venmo account.
  3. Select Add gift card from the drop-down menu.
  4. Enter your payment information and bank account information.
  5. Then click Send.

The money should reach your account within 3 days. However, if you choose instant transfer, you should get the funds within minutes.

Invest in a Square Reader

Square is a point-of-sale (POS) payment platform that you can link to your bank account. Once the two platforms are connected, you will be authorized to simply swipe you card over 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 to 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

There are merchants who can aid you in getting money into your bank account. You simply need to walk in with your Visa gift card and pay at the POS or any other appropriate terminal.

Following that, you can 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 found 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 in order to receive your funds.

Sell Visa Gift Card to a Website For Cash

There are numerous websites that can exchange your Visa gift card for cash. Also, there apps for this, such as Gift Card Granny, CardCash, and others.

  • If your gift card is digital, the transaction can be completed in a matter of seconds.

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 exactly how much this cost 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 as a second-hand use, you may not get as much as 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.

The Bottom Line

Because of how versatile and accessible gift cards are, more individuals are using them for a variety of reasons. However, the money in the gift cards frequently needs to 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 be able to aid you.

Frequently Asked Questions

Is it possible to send funds from gift card to bank account?

Yes. You can transfer money from gift cards to bank account by using various services. You can utilize CardCash or visit the nearest gift card exchange kiosk as per your ease.

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, there are specific cards that do not allow this type of transaction.

Can you send money from gift card to Cash App?

You can’t add gift card to your Cash App account therefore, you will not be able to send your money from the card to Cash App.