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.
How to Transfer Gift Card to Bank Account
Connect Gift Card to Money Apps
If you have an unused gift card, you can link it to money apps such as Cash App, PayPal, and Venmo. Once linked, you can transfer the balance from the gift card to your bank account. Make sure that you know the fees associated with this method.
Prepaid Debit Card
If your gift card is a prepaid debit card, you can connect it to your bank account. This allows you to transfer the gift card balance to your bank account. Keep in mind that activating the prepaid card might require a fee, but the transfer itself is usually free.
Sell Gifts Card Online
If you want to transfer your gift card balance to your bank account, you can explore selling the gift card on peer-to-peer platforms that facilitate gift card exchanges for cash online. After successfully selling your gift card, you can then deposit the cash into your bank account or specify that your preferred payment method is a bank deposit. This way, you can easily access the funds in your bank account.
Gift Card Exchange Kiosk
To transfer your gift card balance to your bank account, you can find a gift card exchange kiosk in malls or retail locations. These kiosks enable you to trade your gift card for cash or exchange it for a different retailer’s gift card. While this method provides a convenient and speedy way to acquire cash, it’s important to note that the payout may be lower compared to selling the gift card online. Once you have the cash, you can deposit it into your bank account.
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.
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 PayPal account, 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 Venmo
You can’t directly transfer a gift card balance to Venmo. Venmo primarily functions as a peer-to-peer payment service for sending and receiving money between individuals. However, you have the option to add the gift card to your Venmo account. Once added, you can utilize the gift card balance to send money to others or make purchases.
How to Transfer MasterCard Gift Card to Bank Account
There is no direct or official way to transfer the balance of a MasterCard gift card to a bank account. MasterCard gift cards are typically designed for purchases and cannot be directly linked or transferred to a bank account. However, you can use a third-party service such as PayPal or sell the gift card in order to transfer the balance to your bank account.
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
In conclusion, transferring gift card balances to a bank account may not always be a straightforward process, as gift cards are typically designed for purchases rather than direct cash transfers. However, various alternative methods exist to convert gift card balances into funds that can be deposited into a bank account, as discussed earlier in this article.
Can you transfer gift cards to a bank account?
It is generally not possible to directly transfer the balance of a gift card to a bank account. Although you can't directly transfer the money from a gift card to your bank account, there are ways to indirectly convert its value into cash. One option is to sell the gift card through a website or app that buys them. They will pay you a percentage of the gift card's value and send the money to your bank account.
Can you cash a Mastercard gift card?
Yes, you can cash a Mastercard gift card. Here are a few options:
- Sell it online through a website or app.
- Use payment services like PayPal or Venmo.
- Visit a gift card exchange kiosk.
Can you put a visa gift card in your bank account ?
No, you cannot directly transfer Visa gift card into your bank account. However, you can sell the gift card on reputable websites or apps like Gift Card Granny, Cardpool, Raise, or CardCash. They will buy your Visa gift card and transfer the money to your bank account.
What gift cards can be transferred to bank account?
There are several types of gift cards that allow transfer to a bank account, including Visa, MasterCard, and American Express gift cards. Additionally, certain store gift cards from popular retailers like Amazon, Target, and Walmart can be used to obtain a prepaid debit card. This prepaid debit card can be used to withdraw cash from ATMs or deposit funds directly into your bank account. Certain gift cards, particularly reloadable ones or those with activation fees, may not be eligible for this transfer option.