Gift cards are a useful tool for making payments, but you can’t always use them to freely browse a store or shop online. As a result, a lot of cardholders are interested in discovering additional ways to increase the accessibility of gift card funds. Transferring funds from a gift card to a bank account is a typical strategy, but you must know how to do it properly.
You can pick between fee-based and fee-free methods when transferring money from a gift card to a bank account. The most trustworthy methods involve accepting money from the card and transferring it to the bank using a PayPal account, Venmo, or Moneygram. As an alternative, you can use the Visa gift card to purchase other gift cards that will be more beneficial to you.
You will be able to spend the money as you like once it is in your bank account. Gift cards might not be accepted everywhere, but cash is the best form of payment, therefore this is a significant advantage!
Can Money From Gift Card Be Transferred To Bank Account?
To rapidly answer your issue, I’ll just say that it is absolutely possible to transfer money from a gift card to a bank account via a variety of third-party services.
You must, however, decide if you prefer a transfer that is fee-free or if you are content with paying the fees.
For instance, the Square app’s money transfer fees range from 2.75 percent to 3.75 percent. In addition, you can sell the present to a retailer, but doing so would obviously mean deducting some value from the card because nobody would likely buy it for the full price you paid for it.
There are always fee-free alternatives available, such as using third-party applications like Venmo or PayPal. On the majority of these services, there are no fees associated with money transfers unless you wish to send money right away.
Although there are no fees, keep in mind that this approach can sometimes take longer, up to 5 days.
What Should You Take Into Account Before Sending Money From a Gift Card to a Bank Account?
As previously indicated, you can transfer money from a Visa gift card to your bank account, but there are a few requirements. A majority of these are:
- Verify if the card’s balance is transferrable. There are cards that do not support transfer to any other accounts, which you may not like to hear.
- Verify that you have the desired transfer amount on your card in addition to money to cover any additional fees and charges that may apply to certain transactions.
- then verify the card’s expiration date. Sadly, if the card has expired, there are no other ways to transfer money to your bank account.
Another significant point deserves attention, particularly for owners of gift cards who haven’t used them in a while. Gift card becomes dormant after inactivity. This means that the firm would deactivate the card if you haven’t used it because you wanted to transfer money somewhere else and it’s been sitting in your closet for more than a month.
Gift cards that are dormant can still be used for quick money transfers, but doing so requires paying an activation charge.
PayPal to Visa Gift Card to Bank Account
You can send money from a gift card to PayPal and subsequently to a bank using this platform because PayPal transfers are simple and easy, in addition to gift card purchases.
- Obtain a PayPal account if you don’t already have one.
- Register an account.
- Click “Wallet” at the top of the page to open it.
- Next, select “Link a Card or Bank” from the menu.
- On “Link Card,” click.
- Money is transferred from the card to the PayPal account.
The money you receive via PayPal must then be transferred to your bank account. This could be completed within five days and wouldn’t cost extra.
Bank to Card using Venmo
Another choice is Venmo, which facilitates the transfer of money from your visa gift card to a bank account by serving as a middleman. On the other hand, you can use your bank account to Venmo yourself.
- Get the Venmo application.
- Register for a Venmo account and log in.
- Look for the “Add Gift Card” option when you log into your account.
- Give the information about your bank account.
- Press the switch for transfer.
Unless you want to send the money instantaneously, in which case you may pay a transfer fee of 1.5 percent of the amount, there are no fees when using Venmo for this kind of transfer.
Bank With A Visa Gift Card Using The Square App
The Square app can also be utilized if you don’t mind paying a small fee when transferring money from a gift card to a bank.
- To activate your Visa gift card, go to its official website.
- Once you’ve logged in, follow the on-screen directions to finish the activation procedure.
- Verify the remaining balance on your Visa card.
- Choose how much money you want to transfer.
- Next, launch the Square app.
- If you haven’t already, you must establish an account here.
- Connecting your Square app profile to your bank account after logging in may take up to two days.
- Now utilize the app to quickly transfer funds from the card to a bank account.
Moneygram From Visa Card To Bank Account
Moneygram is the best option if you want to transfer money from your gift card quickly and securely.
- Open a Moneygram account.
- Before moving on, please confirm your email address.
- Then select “Send Money” after logging into your account.
- Put in your desired transfer amount, the source of the funds, etc.
- Describe your bank account in detail.
- To begin the transfer, select “Next”.
For transfers under $200, Moneygram charges $1.99; for transfers over $200, it charges $1.99 plus a one percent fee.
The maximum amount you can send with Moneygram is also limited. The cap is set at $10,000 per deal. You can send more, but doing so would need you to personally visit their store and ask an agent there for help.
If funds are not sent to a bank, are there any other indirect ways to use your Visa gift card?
Still, having trouble locating a solution that meets your needs?
Fortunately, there is a workaround you may try that doesn’t involve any sort of money-transfer technique.
Your Visa gift card can be used to buy other gift cards at retailers like Amazon or Walmart. This would enable you to utilize the newly acquired card to make purchases for the things you require, making it a suitable substitute for cash.
Before You Leave!
Gift cards no longer relate to purchasing goods from a single retailer. Visa gift cards are quite versatile and consequently well-liked for money transfers, and in-person and online buying. But because most people don’t feel comfortable carrying an extra card in their wallet, they usually transfer the money to a bank account instead for security and convenience.
You can accomplish this by using any of the methods mentioned above. If you’re lucky, the transaction ought go go smoothly and quickly. If you run into any difficulties, we advise you to contact the Visa gift card support service for assistance.