Transfer Money from Gift Card to Bank Account Easily in 2024

Want to know how to Transfer Money from Gift Card to Bank Account? Your search ends here.

There are many reasons to give gift cards, but what if you don’t want to use them? It may also be a card for an establishment you don’t know about.

The money on a gift card can be transferred to a bank account in several ways. You can link the gift card to a payment service like PayPal, Venmo, or Cash App. Once the card is connected, money will be deposited into your bank account.

These cards can be used to withdraw cash from ATMs or to make purchases anywhere debit cards are accepted. The given guide will help to understand the process of how to Transfer Money from Gift Card to Bank Account?

Let’s dive into it.

What is A Gift Card?

The gift card can be used to make purchases anywhere you can make a credit card purchase, including retail stores, online merchants, and restaurants. In recent years, gift cards have become a popular gift option because they allow recipients to pick the gift that is most appropriate for them.

The purchaser usually preloads the card with a predetermined amount, such as $50. It is then possible for the recipient to make purchases up to that amount. The card can no longer be used once the balance is depleted.

Gift cards are convenient gifts, especially if you don’t know what a recipient wants. Saving money on your shopping can also be possible with them. The distinction between gift cards and cash should be kept in mind. It’s important to read the terms and conditions before buying or using them, as they often have expiration dates and fees.

How To Transfer Money from Gift Card to Bank Account?

The majority of people have gift cards they never use. You might have received a gift card as a gift but have no idea what to do with it. Can you Transfer Money from Gift Card to Bank Account?

Your bank account can receive funds from a gift card in one of the following ways:

PayPal Wallet

Through PayPal Wallet, you can easily Transfer Money from Gift Card to Bank Account. Here are the steps you need to follow:

Go to PayPal and log in.

Go to the top of the page and click ‘Wallet.’
Select ‘Link a card or bank account.’

Enter your Gift Card number, expiration date, and security code.
Go to ‘Link Card’ and click it.
When you have linked your bank account card to your Visa gift card, click ‘Withdraw’ and choose ‘Transfer to a bank account.’
Click ‘Submit’ after entering the amount you wish to transfer.

Venmo

The Venmo is an alternative of PayPal. It offers businesses and individuals, fast and safe money transfer. The Social Connectivity of Venmo offers its users is one of the unique features that differentiate it from its parent company. Venmo is one of the widely payment app used in USA to Transfer Money Online. Venmo. Meanwhile, Venmo doesn’t have the feature for International Money Transfer.

Getting back to the subject matter, you can use your Visa Gift Card to fund your Venmo account as follows:

Get a free Venmo account.
Make sure you are logged in.

Select “Settings,” then “Preferences,” then “Payment Methods.”

Select “Add a Bank or Card” from the drop-down menu.
The “Card” option will appear.
Please enter your gift card’s registered address or zip code. To add your Venmo balance, click the “Add Card” button.

CashApp

The given steps guide you through Transfer Money from Gift Card to Bank Account. The process of opening a CashApp account outside the US can be followed if you do not have a CashApp account due to geolocation restrictions.

You can add money to your Cash account by tapping the “+” sign. From there, select “Add Bank.”

Click “Add Bank” after entering your bank’s information.
Using the “Balance” tab on your

For the Visa gift card, select “Cash Out” and enter the amount to transfer to your bank account.

MoneyGram

The easiest way to Transfer Money from Gift Card to Bank Account is to use the card. MoneyGram can be used as one option.

MoneyGram can help you Transfer Money from Gift Card to Bank Account by following these steps:

Create an account on the MoneyGram website.

Transfer Money from Gift Card to Bank Account using Moneygram Website

Your gift card amount will be entered here.
Choose ‘gift card’ as your payment method.
Provide the recipient’s bank account information.
The recipient will receive the money within a few days.

All you have to do is that! Your gift card money can now be transferred to your bank account through different websites and platforms.

Traditional Methods for Transfer Money from Gift Card to Bank Account

You can choose the transfer method upon confirmation of the balance and understanding the terms. Several traditional methods have been proven to work and are widely accepted.

Direct Deposit

Direct deposit is a method of automatically depositing a paycheck into your bank account through your employment. It is also possible to transfer the balance from a Visa gift card to your bank account using this method.

Your gift card account and routing number will be required to set up direct deposit. It is usually possible to find this information on the website or app associated with the card.

Your bank will be able to set up direct deposit as soon as you have these numbers.

Direct deposits from gift cards are not accepted by all banks, and not all gift cards provide an account number. Make sure this method is possible with your bank and by reading the terms and conditions on your gift card.

Transferring Money

Money transfer platforms such as PayPal or Venmo can be used instead of direct deposits if direct deposits are not possible. The platforms allow you to link your Visa gift card as a payment method, after which the balance can be transferred to your bank account.

If you don’t already have an account with the money transfer platform, you can create one by clicking the payment methods or wallet button.

Adding a card should be available there. The balance of your Visa gift card can be transferred to your bank account once you have entered your card’s details.

Transfers may be charged by these platforms, and the transfer may not be instantaneous. To understand any fees and timelines, make sure to read the terms and conditions of the platform.

Tips to Successfully Transfer Money from Gift Card to Bank Account

Transfer Money from Gift Card to Bank Account by following the correct steps. The following tips will help you:

Make sure the gift card is activated and has enough balance to cover the transfer amount.
Follow the instructions on how to set up direct deposit from your gift card to your bank account if the issuer offers it.
Gift cards without direct deposit must be transferred using a third-party service. This can be done by many reputable services, so do your research.
Please be patient while funds are transferred from your gift card to your bank account. Your chosen service will provide instructions.
Once the funds have been transferred, check your bank statement or account balance.

It is possible to successfully Transfer Money from Gift Card to Bank Account if you follow these tips.

Types Of Gift Cards

Gift cards are available in a variety of types today. The following are some of the most popular types:

The Store Gift Card

There are only a few retail stores and chains that accept these cards. In most cases, they can be reloaded, so you can use them repeatedly. It is a great idea to purchase store gift cards if you want the flexibility to shop at multiple stores.

Food Gift Cards

There are certain chains or restaurants that offer these cards. It is easy to load them whenever you want. You can give restaurant gift cards as a gift to someone who enjoys trying new restaurants.

The Cinema Gift Card

Tickets or rentals can be purchased using these cards at a specific theatre or chain of theatres. The gift of a movie card is the perfect gift for anyone who enjoys going to the movies.

The E-Gift Card

Some online retailers accept these cards. If you prefer to shop online from your own home, online shopping gift cards are the ideal choice.

A Travel Gift Card

Travel accommodations and airfare can be booked using these cards. You can explore new places with these cards. Those who commute or travel frequently will appreciate gas gift cards.

The General Purpose Gift Card

These cards can be used anywhere major credit cards are accepted. It is usually not possible to reload them. For those who want flexibility in how their card can be used, general-purpose gift cards are an excellent choice.

Customized Gift Cards

A specific recipient or occasion is the focus of these cards. It’s up to the card issuer what you can do with them. The perfect gift for those who want something truly unique is a custom gift card.

A Virtual Gift Card

The recipient receives the card via email after purchasing it online. When you buy them from the online retailer where they were purchased, you will be able to make purchases on the site. Online shoppers will love virtual gift cards.

How to Convert Your Gift Card to Cash?

Some people wonder whether they can cash out a gift card in addition to adding it to a digital wallet. Gift cards can be converted into cash, but it may require a few extra steps.

Gift Card Sales

It is possible to turn a gift card into cash quickly by selling it. The sale of gift cards can be done on websites and apps. A person would select a merchant and enter the balance on the card through the website or app. After receiving your information, the website will make you an offer. According to supply and demand, the amount offered varies

Directly

It is also possible to sell your Visa gift card directly to another person if you find someone who is interested in buying it. Alternatively, you can search online for potential buyers or ask around your family and friends. Be sure to agree on a price and payment method before completing the sale once you have found a buyer.

There are a few options available if you wish to sell your Visa gift card directly to another person. The item can be listed on a site such as Craigslist or eBay, or someone may be interested in buying it from you. When selling your Visa gift card on Craigslist or eBay, set a reasonable price. There is always the potential for scams when it comes to dealing with buyers.

FAQ

Does Coinstar Buy Gift Cards?

It is not true that Coinstar purchases gift cards. However, Coinstar offers cash back on gift cards. The cash voucher you receive from Coinstar can be redeemed at a retailer participating in Coinstar.
Visit your local Coinstar kiosk if you are interested in transferring money from a Vanilla Gift Card to a bank account like CardCash or working with the company’s customer service team. The transaction will usually be subject to a fee.

Can you use direct deposit to Transfer Money from Gift Card to Bank Account?

The account number and routing number on some gift cards and banks can be used for direct deposit. Make sure you confirm with your bank first.

Does your bank accept Visa Gift Cards?

The answer is yes. Visa Gift Cards can be linked to digital wallets and later “withdrawn” to traditional or neobank accounts by using their details.

Can I add money to my Visa Gift Card?

Visa Gift Cards cannot be reloaded with money. Visa Gift Cards cannot be reloaded since they are prepaid cards. The best Visa prepaid cards, however, can be replenished if you need a card that can be used over and over again.

Conclusion

The procedure of Transfer Money from Gift Card to Bank Account does not need to be complicated or time-consuming. These steps will help you easily and quickly transfer funds without any hassles.

Your finances can be managed in minutes by using this process, which can save you a lot of energy, time, and headaches. Don’t forget to Transfer Money from Gift Card to Bank Account if you ever need cash fast!