How to Transfer Money from Visa Gift Card to Bank Account

in this article I am going to show you how you can transfer money from your Visa Gift card to your Bank Account.
Ketcha Brandon
Transfer Money from Visa Gift Card to Bank Account

Money transfers is fast taking over the world now especially online money transfers and in this article I am going to show you how you can transfer money from your Visa Gift card to your Bank Account. I believe there are numerous individuals that do not know what a Gift card is all about well after going through this article, you will know exactly what it means.

A gift card is a type of payment card that you exchange for a specified amount of money in order to buy goods or services from a specific business. This card is known as a gift card because it is given as gift, you are able to deploy a few techniques and avail money in a gift card to your bank account.

Among the numerous service providers that work hand in hand with businesses to offer gift cards is Visa, American Express, MasterCard, and Discover.

Most often, a gift card is  one time card which when used once, you can not make use of it again for the second time, however, some gift cards are reloadable which means that you can make use of them several times as long as you recharge it when its empty.

One major disadvantage of a gift card is the fact that it is not secure and if you happen to lose your gift card on your way out, someone else can pick it and make use of it at a shop to buy goods.

Also, unlike a credit, debit or prepaid card that you can use anywhere you want, a gift card is usually store specific which means that you can make use of them anywhere else.

Table of Contents

What is a Gift Card?

A gift card is a prepaid debit card that contains a specific amount of money available for use for a variety of purchases. Store gift cards are designed to be used at specific merchants or retailers, while general-use prepaid gift cards are not affiliated with any specific merchant and can also be used to withdraw cash at automated teller machines (ATMs).

A gift card is a prepaid debit card that is loaded with a specific amount, which can then be used to make purchases and other financial transactions.

Where Can I get a Gift Card?

Well as the name of card implies, you might want to offer it to someone special to you as their birthday is upcoming but you might be wondering where you can get one. Well, do not worry as I am about tp show you the various companies that sell gift cards. The various companies that sell gift cards include:

1. Target

Target is an online retail store where individuals are able to purchase goods and services and this is actually one of the best sites where one can think of getting a gift card to offer to your friend or relative. With Target, you are able to buy gift card of various denominations among which is $25, $50, $100 in person or in stores and up to $200 when you decide to buy online.

2. Walmart

This is one of the biggest if not the biggest online and physical stores in the US to purchase various goods. Walmart sells unique gift card which you can offer to your friends or family members to buy what so ever they want from Walmart. The denominations of the card ranges from $25 to $200. You can order this card online or from a physical store.

This company is also provides prepaid debit cards which you can use for various kinds of transactions such as buying goods and services, transferring to a bank or even sending to other cards.

Walmart Money Card is a card that allows you to carryout a lot of transactions of which one of them is ability to transfer money from one Walmart money Card to another.

3. CVS

This is also another company that sells gift card of different denominations that often ranges from $25 to $500 and you are able to buy the cards at any CVS store close to you.

4. Safeway

With Safeway, you can buy cards of various denominations ranging from $25 to $500. These cards are made available in stores and it is left over to you to select the closest store to you and then purchase your gift card.

5. Staples

At Staples you are also able to purchase gift cards online or at a physical store and their gift card denominations ranges from $25 to $300.

Can I Transfer Money From Visa Gift Card to Bank Account?

Yes!

You are able to transfer money from a prepaid card to your bank account indirectly by trying some of the following options: Add the card to your PayPal or Venmo account and transfer the balance to your own account. Get money for a voucher issued by a Gift Card Exchange Kiosk and then deposit it into your account.

How to Transfer Money from Visa Gift Card to Bank Account

Unfortunately, there is no direct way via which you can transfer money from your gift card to your bank account but you can make use of indirect ways which include the following:

1. Sell Your Gift card

There are numerous companies that allow you to sell their gift cards online via their apps. Some of these companies include card cash and Gift card Granny. Once you have already sold the card, you can now deposit the given amount in your bank account as the final destination.

2. Make Use of a Square reader

Square is a payment platform that accepts point-of-sale transactions. In case you  have a Square account that is linked to a bank account, you can quickly swipe your card over the reader and authorize a certain amount of money to be transferred to your Square account. Following that, you can transfer the funds to your bank account. For each swipe, Square deducts 2.75 percent of the transaction amount.

3. Pay it Yourself Using your Gift card

There are merchants who will help you transfer money to your bank account. You only need to walk in with your Visa gift card and pay at the POS or any other relevant machine.

After that, you can give them your bank account information so that they can transfer money to your bank account for a fee. They may have a debit card account through which they can transfer funds from the debit card to a bank account, in this case, your bank account.

4. Link the Gift card to PayPal

With PayPal, you are able to add your gift card details to your PayPal account, from where you can now move the funds to your bank account. PayPal features among the most popular online money transfer platforms around the world and this platform allows you transfer money to a bank account in the following manner.

  • Log into your PayPal account
  • Navigate to My wallet
  • Tap the transfer button
  • Then choose transfer to your bank
  • Select the bank account to deposit the amount withdrawn
  • Click continue
  • Put in the amount to transfer and then press next
  • Review your details again and then if everything is ok, click transfer now

5. Trade for Cash Using a Gift Exchange Kiosk

Different gift card exchange kiosk can be found in supermarket and big shopping malls that allow you to exchange your gift card for cash. You can now deposit the given cash in your bank account at the nearest branch.

6. Pay Bills with your Gift Card

Well one of the ways through which you can transfer money from your gift card to you bank account is by paying bills with your Visa gift card. Once you the pay the bill using your visa gift card, you can now take the physical cash that you kept to pay the bill and deposit it into your bank account as required.

How Do Gift Cards Work?

In the same way you can make use of a debit card at a store, so too can you use a gift card . All you have to do is to swipe over the POS machine or use it with the traditional credit card terminals and you are ready to go. You are simply going to deduct the amount that you spend from your overall balance to pay for purchasing a good or service.

The main purpose of gift cards is for the purchase of good and services and so can be challenging to make use of them as a way for transferring money making it different from debit and prepaid card which you can use to transfer money from one card to the other.

The gift card becomes useless once the card balance is over and you can then dispose of it or even destroy it.

However, there are some few gift cards that are reloadable and you can use them over and over again as long as you recharge it back before use. Incase you want to redeem a gift card, the steps below can be helpful to you:

  1. You show up with the gift cards for payments of goods and services
  2. The Merchant selects a program on a terminal or POS system
  3. Then from here, the merchant then inputs the clerk ID an swipes the gift card via the terminal
  4. The merchants then types in the amount to redeem your card
  5. The terminal then processes the transaction from the card balance
  6. With the help of a printer, the cashier prints a receipt to show the customer the balance
  7. Once the transaction is complete, the cashier hands the card back to the customer

Do Gift Cards have Routing and Account numbers?

Gift cards are not issued with routing or account numbers. As a result, you cannot load money onto the card unless you recharge it at a merchant location. Other cards, such as debit and credit cards, contain the numbers.

You can transfer funds from your card account to another card issued by a different issuer by using the routing and account numbers. Even transferring funds from one bank to another necessitates the use of the banking institution's routing number as well as the recipient's account number.

Final Thoughts on How to Transfer Money from Visa Gift Card to Bank Account

Transferring money is fast taking over the world now especially online money transfers and in this article , I have outlined all what it takes to transfer money from Visa Gift Card to Bank account.

I believe there are numerous individuals that do not know what a Gift card is all about well after going through this article, you will know exactly what it means.

A gift card is a type of payment card that you exchange for a specified amount of money in order to buy goods or services from a specific business. This card is known as a gift card because it is given as gift, you are able to deploy a few techniques and avail money in a gift card to your bank account.

Frequently Asked Questions on How to Transfer Money From Visa Gift Card to Bank Account

Can we transfer money from gift card to bank account?

Yes, you can transfer money from most prepaid gift cards to your bank account using a service called Raise. Unlike most prepaid cards, gift cards are limited. You can't send money to another person and you can only use them at specific stores.

Can I transfer Visa gift card to PayPal?

You can send money from one person to another via the platform known as PayPal. Additionally, you can add a Visa Gift Card's balance to your PayPal account and utilize it for a variety of transactions.

How do I convert gift cards to cash?

Go to a Gift Card Exchange kiosk to trade your card for cash. A Gift Card Exchange kiosk is usually bright yellow and located in a grocery store. Insert the card information into the kiosk and then choose to accept or reject the offer the kiosk gives you.

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