You may have received or earned a Visa gift card and don’t know what to do with it. Perhaps you want to convert the card into cash so you can use it later or for other purchases?According to Blackhawk Network, 42% of consumers use their gift cards right away. If you’re one of the 58% who want to use it for later purchases, this article’s for you.
We’ve found the best ways to transfer money from a Visa gift card to your bank account and listed them in this article.
While you can’t transfer money from a Visa gift card to a debit card directly, there are workarounds using other apps, such as PayPal, Venmo, and Prepaid2Cash.
You can find the most convenient and cheapest way to transfer your vanilla gift card balance to your bank account, so don’t skip this article. This way, you can avoid fees and lengthy processes.
Without further ado, here are 10 ways to transfer money from a Visa gift card to your bank account easily.
Method 1: Transfer Visa gift card balance to bank account via PayPal
You can transfer a Visa gift card balance to a bank account by using PayPal.
By putting your card balance to PayPal wallet, you’ll avoid forgetting your gift cards, especially if you have many of them.
Here's how to link your Visa gift card to your PayPal account:
- Tap “Link a debit or credit card,” then click “Link a card manually.”
- Type your Visa gift card details, then click “Link card.”
After linking your gift card, you can choose it as a payment option. Also, PayPal will not collect any charges for this transaction.
However, be sure to activate your Visa gift card beforehand to avoid experiencing any technical difficulties when you're paying with the card.
To activate it, refer to the back of your card, so you know where to sign in. You can also call your gift card’s provider to activate it. Fortunately, some cards are automatically activated. So, you can use it immediately after receiving it.
How to transfer Visa gift card balance to bank account via Paypal:
- Create a second PayPal account. This step takes less than a minute.
- Link your gift card to your new PayPal account and make it your Preferred Payment Method by selecting “Set as preferred”.
- Click on “Send and Request”.
- Key in the number or email address of your original PayPal account that's linked to your bank in the Send tab.
- Enter the amount in the gift card that you want to send to yourself
Note: Be sure to factor in PayPal's transfer fees when entering the amount. For example, if your gift card has a value of $100, and PayPal charges a fee of $3, adjust the amount you send to $97 so that you'll pay $100 in total.
- Click “Send Payment Now”.
- Sign back into your original PayPal account and ensure you have received the gift card money.
- Now, in your original PayPal account, select “Transfer Funds” and proceed to follow the steps to transfer gift card to bank account.
Note: Money transferred to your bank account via the Instant option incur a 1% fee. There is no charge for the Standard option, but it takes 1 business day to receive.
And voila! You'll successfully transfer your vanilla visa gift card money to your bank account with these steps.
Method 2: Transfer Visa gift card to bank account via Venmo
You can also use Venmo to transfer money from your Visa gift card to your bank account by simply adding your gift card as a payment method through your Venmo app.
This method is free and lets you transfer your vanilla gift card to the bank directly!
Check out the following steps for the linking process to transfer a Visa gift card to your bank account on Venmo:
- Log in using your email, username, or mobile number, then type your password to sign in.
- Go to the Settings, then select “Payment Methods” under the “Preferences” tab.
- Click “Add Bank or Card” to input details, such as the card number and expiration date.
When you've completed these steps, you can now choose it as a payment method when purchasing items.
To deposit the money into your bank account, you need to choose the Standard and not the Instant Transfer options. When you select the Standard method, you can receive the money within three business days.
Some users report that Venmo shows a warning message regarding fraud prevention. Other cards may also request a zip code connected to the gift card.If you experience those issues, you can contact the company at (855) 812-4430. You can also submit a request at Venmo Help Center.
Method 3: Transfer money from a Visa gift card to a bank account via Prepaid2Cash
The most straightforward way to turn your Visa gift card into money would be using Prepaid2Cash, it's literally in their name!
While convenient, do note that Prepaid2Cash has a pretty high transaction fee for visa gift cards which you can find below.
|Instant (within 15 minutes)||15% processing fee + $1.50 for delivery||For a $100 Gift Card, you'll get:$100 – $15 – $1.50 = $83.50|
|Next Business Day (To be submitted by 7:00 pm Central Time to receive the next day)||7.5% processing fee + $1.50 for delivery||For a $100 Gift Card, you'll get:$100 – $7.50 – $1.50 = $91.00|
Prepaid2Cash Prepaid Card Processing Fee as of September 2022
It is, however, one of the more convenient methods on our list. If you'd like to try this method out, here's what you need to do to deposit Visa gift cards to a bank account using Prepaid2Cash.
- Select “Transaction”.
- Choose the “Prepaid Card” option.
- Allow the app to scan your Visa Gift Card to fetch your card details
(If the app is unable to get your card details, you can always enter the card numbers in manually.)
- Enter the amount you want to transfer out of the gift card
- Click “Continue Transaction”
- Choose how fast you want your money to be sent to you.
- Connect your Bank Account
- Enter your address
- Review and Submit your transaction
After that, the money from your visa gift card will be transferred to your linked bank account within the period you opted for!
Method 4: Transfer Visa gift card money to bank account via MoneyGram
You can also use MoneyGram to transfer the gift card balance to your bank account. This process is completely online, so you don’t need to commute to any MoneyGram branch.
- Go to MoneyGram’s website, then tap the “Sign Up” button in the upper right corner.
- Provide your email address and password.
- Wait for MoneyGram’s email to verify your account.
- Select “Send Money” from the top menu bar.
- On another page, the website will ask you to type the payment details, including the amount.
- Type your bank details, such as receiver’s name, address, and card information.
- Click “Next” for MoneyGram to process the fund transfer.
You can expect the money to reflect on your account after a few minutes.
But take note that MoneyGram collects a $1.99 fee if your transfer is less than $200. If you send more than $200, you’ll be charged 1% of the amount on top of the $1.99 fee.
Method 5: Trade gift card for cash using a gift card exchange kiosk
You can also use an exchange kiosk to cash out the gift card, then deposit the money into your bank account.
But first, where can you find these kiosks?
Note, though, that the availability of kiosks varies per location. It’s best to call a nearby store to make sure that they have a gift exchange kiosk.
The kiosk looks like an ATM and is a self-service booth that you can easily operate.
- You need to enter the gift card’s details, sometimes embossed on the card. Some cards have barcodes, which you can swipe or scan using the machine.
- The ATM’s monitor will show the cashback offer and the card information.
|Store: WalmartBalance: $50Card ending in xxxCash offer: $45|
- You can accept the offer if you’re satisfied with it. If not, you can cancel the transaction without any charges.
- If you take it, the kiosk will print a voucher showing the cash offer amount.
- Present the voucher to the cashier to receive the indicated amount.
- You can now deposit the money into your bank account for future use.
Usually, stores charge 15 to 40% of your gift card’s original amount. For example, if you have a $25 card, most retailers will offer a cashback of $21.25 or lower. Fortunately, some kiosks collect only 10%, so you can get $22.5 on a $25 gift card.
But that’s the price of convenience since you can instantly get cash from your card. You don’t need to wait for days until you can deposit it into your bank account.
Method 6: Buy a money order with your Visa gift card
Since a Visa gift card works like a debit card, you can use it to pay for money orders. You can avoid issues like bouncing checks and lost cash with money orders.
Some stores that let you buy a money order with a gift card:
|Walmart||$1 per $1,000 transaction|
|USPS||$0.50 to $1.95|
|Western Union||$0.50 to $1.50|
Take note that only some branches accept this mode of payment, so you need to contact the store first before buying a money order.
You can check out these general steps on how to purchase one.
- Go to your preferred store or establishment that offers money orders.
- Inform the staff that you want to buy a money order.
- Pay using the gift card. After getting the money order, write your name and the recipient.
Remember to keep the purchase receipt, so you can contact the store if you experience any issues.
You can now deposit the money order in your bank account. It’s free of charge since banks treat money orders like checks.
You only need to present the money order, show proof of identity, and provide your account details.
Method 7: Sell your gift card for cash
Selling your gift card is a sure and convenient way to get money off your card. Once you sell your card, you'll get paid to your bank account or PayPal. The only catch is that you'll get a little less than the value of the gift card.
Sell to another person directly
You can offer the card to friends or family members who might need it. There’s no chance of being scammed with this method since you’re directly selling it to another person.
Aside from offering it to friends, you can also use Craigslist and Facebook or any website that allows direct selling.
Here’s how you can sell on Craigslist.
- After selecting “for sale by owner,” choose the category and answer the form.
- Click “publish” when you’re done inputting the details and uploading photos.
- Confirm the listing via email sent by Craigslist.
You can follow these steps when you prefer selling on Facebook.
- Click “Sell,” and under “Create New Listing,” tap “Items.”
- Provide details, upload photos, set the selling price, then tap “Publish.”
After receiving the money from the buyer, you can already deposit it into your account.
Wrapping Up: Fund your bank account by converting Visa gift cards
Receiving a gift card is a pleasant surprise, but you don’t need to spend it right away.
You can save your Visa gift card balance by transferring it to your bank account. Fortunately, there are many ways to do this. You can use different apps to transfer money from a Visa gift card, such as PayPal, Venmo, Prepaid2Cash, MoneyGram, money orders, and exchange kiosks.
You can also sell your gift cards either to a website or to another person. After that, you send the money to your account for later purchases or savings. It’s also easy to buy a money order, then deposit the check into your bank account.
By using third-party apps and processes, you'll be able to transfer money from a prepaid card to another card!
Through these tips and tricks, you can add money to your savings account.