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.
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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.
Types of Gift Cards
Nowadays, there exist many types of gift cards on the market, Below are some of the most popular types of gift cards:
1. Store Gift Cards:
Here are Gift cards which you can use only at specific retail store or chain of stores. They are often reloadable, which implies that they can be used several times unlike some others which can be used only once. Store gift cards are actually an outstanding choice for those that want to flexibility to shop at different locations.
2. Restaurants Gift Cards:
As the name implies, these cards are specific to some restaurants or chains of restaurants. You can easily load them whenever you want. Restaurant gift cards are perfect for individuals who love trying out new meals outside.
3. Virtual Gift Cards:
These are cards purchased online and then sent to the recipient via text or email. You can make use of them to make purchases at the online retailer where they were bought. Virtual gift cards are good for individuals that love to shop online.
4. Custom Gift Cards:
These are gift cards which are designed specifically for a specific recipient or occasion. You can use them for any purpose the card issuer decides. If you want a really unique gift card, then custom gift card should be a good option to consider.
5. Gas Gift Cards:
You can obtain benefits from these cards to purchase gas at a select stations or chains of stations.
6. General Purpose Gift cards:
You can use these cards anywhere major credit cards are accepted. The set back here is that they are not often reloadable but if you want to enjoy the flexibility of being able to use your gift card everywhere, then this should be a nice option for you.
7. E- Gift Cards:
This type of gift card is functional for shopping at some online retailers. For those that like shopping from home, then E-gift cards should be the best option for them.
8. Travel Gift Cards:
As the name implies, you can use these cards to book travel accommodations or Airfaire. With this card, you will be able to explore new places.
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.
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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.
How to Transfer Money From Visa Gift Card to Bank Account?
Just like many other individuals, you surely have a few gift cards you never use or may be you have received a gift card as a present but do not know what to do with it or how to use it. Well the good news for you is that you can transfer money from Gift card to bank account.
Below are the few various ways which you can use to transfer money from Gift card to bank account:
Via PayPal Wallet
If you have a gift card and would like to transfer the money to your bank account, you can do so easily via PayPal wallet by following the steps below:
- Log in to your PayPal account.
- Click ‘Wallet’ at the top of the page.
- Click ‘Link a card or bank account.’
- Enter your Gift Card number, expiry date, and security code.
- Click ‘Link Card.’
- After linked bank account card, you can transfer visa gift card funds to your bank account by clicking ‘Withdraw’ and select ‘Transfer to a bank account.’
- Enter the amount you wish to transfer and click ‘Submit.’
Once you follow these steps properly, your money will be transferred from gift card to bank account.
Via Venmo
Below are the steps to follow to transfer money from Gift card to bank account via Venmo:- Go to the Venmo website and sign up for an account.
- Once you’re logged in, click on the “Payments” tab.
- Click on the “Add Payment Method” button.
- Select “Gift Card” as your payment method.
- Enter the amount of money you want to transfer from your gift card to your bank account.
- Enter your gift card number and PIN.
- Click on the “Confirm” button.
- Your money will be transferred from your gift card to your bank account within a few minutes!
Via Cash App
You can also use Cash App to transfer money from your gift card to bank account.
- Open up the Cash App and tap on the ‘+’ sign. From there, select ‘Add Bank.’
- Enter your bank information and then hit ‘Add Bank.’
- You can tap on the visa gift card ‘Balance’ tab and select Cash Out. From there, you can enter the amount of money you want to transfer from your Gift Card to your bank account.
Via Square
Square is a well known payment processing service that lets you accept and process credit and debit card payments. Also, you can use Square on its own to send and receive money.
In order to use Square to transfer money from your gift card to bank account, you first of have to sign up for a free account and once you have and account, you can now link your credit or debit card to it.
- Log in to your Square account.
- Click on the “Cash” tab.
- Click on the “Withdraw” button.
- Select “Gift Card” as the withdrawal method.
- Enter the amount you wish to withdraw from your gift card.
- Click on the “Withdraw” button.
- Your withdrawal will be processed, and the funds will be in your bank account within 1-2 business days.
How to Convert Your Gift Card to Cash
There are several ways which you can use in order to convert your gift card balance to cash, and some of these methods are listed below.
1. Sell Your Gift card
One of the best options when it comes to converting gift card to cash is selling the gift card to a gift card exchange service. These services let you sell your Gift card for cash and typically offer you a slightly higher rate than the card's face value.
2. Pay Bills with your Gift Card
You can make use of gift card to pay your bills. This can actually be a great way for you to avoid late fees or interest charges. All you have to do is to just enter the gift card number and expiration date when you are ask during bill payment. You can also use gift cards to pay for other subscriptions such as online subscriptions or memberships.
Paying bills with gift card can come as a great way to stay on top of your finances and alongside some planning, you can use gift cards to save money and keep your budget on track.
3. Use A Gift Exchange Kiosk
You can know how frustrating it is if you have once received a gift card that you cannot use. But I guess you did know that there are kiosks where you can convert your unwanted gift cards to cash. These kiosks include;
- Target
- Walmart
- Walgreen
- Krogers
- CVS
4. Buy a Money Order
If you have a gift card that you would like to convert to Cash, another option is to buy a money order. You can purchase money orders at most post offices, grocery stores, and banks. You must pay with Cash or a debit card when buying a money order. They will deduct the money order amount from the balance of your gift card.
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:
- You show up with the gift cards for payments of goods and services
- The Merchant selects a program on a terminal or POS system
- Then from here, the merchant then inputs the clerk ID an swipes the gift card via the terminal
- The merchants then types in the amount to redeem your card
- The terminal then processes the transaction from the card balance
- With the help of a printer, the cashier prints a receipt to show the customer the balance
- 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
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.