Transfer Money from Gift Card to Bank Account

If you have a gift card, you can convert it into cash. Most times, we get gift cards and wonder how we can make use of them. You can easily transfer funds from gift card to bank if you need cash. There are several ways you can transfer gift card money to a bank account.

Did you know?

  • Some online bank accounts allow you to top-up your account with gift cards. Examples of banks where you can transfer money from gift card to bank account include the new online bank Revolut that is also available in the USA. The account is for free and also comes with premium features.
  • Unused gift cards with a total value of over $1 billion go into waste every year. This is because gift cards have become very popular, especially during festivities as a way to give presents to employees, colleagues, friends and family. The average American has $116 in unused gift cards.
  • Most popular categories of gift cards are restaurants, department Stores, prepaid cards (Visa/Master Card/American Express/Discover Gift Card), online stores such as Amazon gift cards, coffee shops and entertainment.

How to Transfer Gift Card to Bank Account

You can sell gift card for cash. You can also exchange gift cards for goods and services or sell gift cards for Bitcoin. Alternatively, you can still send money from a gift card to a bank account. Some of the providers of gift cards include American Express, MasterCard, Discover and Visa. Some gift cards can be reloaded, meaning that you can add funds to the gift card and continue using them. Reloadable gift cards are more like prepaid cards.

However, a gift card is not secure and if you lose it, someone else can collect it and use it. Unlike payment cards such as credit card, debit card, and prepaid cards, you can only use gift cards to shop in specific stores. As such, you cannot use them anywhere else.

What is a Visa Gift Card?

A Visa gift card is a prepaid card that comes loaded with some cash. You can use the cash balance in the gift card for purchases or you can even cash out the gift card balance. You can use the gift card to:

  • Send money to family
  • For shopping
  • Pay for trips
  • Gift your friends

How to Transfer Visa Gift Card to Bank Account

It is not possible to directly transfer a Visa gift card to a bank account. However, there are some ways to transfer a Visa gift card to a bank account. The best way to transfer a Visa gift card to a bank account is through PayPal and Venmo.

Can you Transfer Visa Gift Card to PayPal?

Yes. You can transfer the Visa gift card into your PayPal balance and later into your linked bank account. If you are looking for a way to convert Visa gift cards to cash, you can use the Card Cash website to transfer gift cards to instant PayPal payout. Card Cash only accepts gift cards from specific stores and restaurants. As such, you need to purchase a gift card from merchants accepted by Card Cash.

To transfer money from gift card to bank account PayPal, visit Card Cash website and then click “Sell gift cards.” Enter the name of the merchant and the balance in the gift card. After that, click “Get Offer.” You will see the amount you can exchange the gift card for. If you agree with the offer, click “Get Cash” and then click “PayPal Express.” Enter your gift card number and pin and then click “Connect with PayPal.” You will need to log in to your PayPal account and then enter the required details. Once you receive the PayPal balance, you can then transfer your PayPal balance to your linked bank account.

Transfer Visa Gift Card to Bank Account Venmo

You can also transfer gift cards to a bank account using Venmo. Venmo is an online bank just like PayPal. To transfer a gift card to a bank account using Venmo, follow these simple steps:

  • Download Venmo app
  • Open a Venmo app for yourself
  • Click on Add gift card option
  • Add your payment and bank details and then click send.
  • The transfer will be completed

Sell a Gift Card

The other way to transfer money from a gift card to a bank account is through selling a gift card. Some websites like BuyBackWorld, Gift Card Outlets, EJ Gift Cards, Card Cash and Gift Card Granny help people sell their Visa gift cards or any other gift card. These two websites can help you sell gift cards under special promotions or below the face value of the card. Once you have sold your gift card, you can then deposit the cash into your bank account.

How to Transfer MasterCard Gift Card to Bank Account

You can transfer MasterCard gift cards (if it is set up with a pin) to a bank account easily at an ATM. You can visit an ATM and withdraw the MasterCard gift card balance and then deposit it to your bank account.

How to Transfer Visa Gift Card to Bank Account through MoneyGram

You can easily transfer a Visa Gift card to a bank account through MoneyGram. It is a fast and reliable way to transfer. To do so, you just need to:
Sign up and create an account on MoneyGram. To sign up for an account, you just need to provide your email and password on MoneyGram. After that, you can verify your email.

From the MoneyGram website, click “Send Money” and you will be redirected to a new page where you need to enter the payment details. Enter the amount to transfer, select debit or credit card, and then select the “Account Deposit” option. Your Visa gift card must be linked to the bank you are sending money to.

You then need to fill in bank details once you have entered the payment information. You will be redirected to a page where you are supposed to enter the receiver’s name, address, and card information. Then click next and your request will be processed.

You will be charged a fee based on the amount you are transferring. For transfers below $200, you will be charged $1.99 and for amounts above $200, you will be charged $1.99 and 1% of the amount you are transferring. The maximum amount of money you can transact is $10,000 per transaction.

How to Transfer Money to my Revolut Account from a Gift Card

Revolut is a virtual bank that is available in the US and other parts of the world such as European Economic Area (EEA), Australia, Singapore, Switzerland, Japan, etc. You can easily add money to your Revolut account from a gift card. To do so, you just need to add the correct card details like the card expiry date, CVC code, 16-digit card number, and billing address. Then choose the currency and the amount you would want to add to your account. Once the transaction is successful, it will appear in your Revolut account balance.

Gift Card Bank is a philanthropic initiative started by a team of Stanford students and social entrepreneurs in response to the COVID-19 crisis. The charity collects donations of gift cards for essentials like groceries and clothing, and match them to people who are on the brink of financial duress.

Summary of How to Transfer Money from Gift Card to Bank Account

People use gift cards for different reasons like shopping. You can also opt to cash out the money in the gift card. One of the ways to go about it is by transferring money from gift card to bank. You can use any of the above ways to transfer money from a gift card to a bank account.

Vincent is a writer and researcher with an interest in finance, banking, startups, and remittance. He holds a Bachelors degree in Applied Statistics with computing. He founded Nexin Startups, an online platform offering startup advice to investors and entrepreneurs. Read more about us and our authors.