How To Save On The Transfer Fee
If you are going to use this service regularly, you can save on fees by enrolling in the MoneyGram Plus Rewards.
With this program, you will save 20% on fees on your second transfer and 40% OFF on fees every fifth transfer.
If youre transferring a large amount, then taking advantage of the MoneyGram Plus Rewards program will save you lots of money!
Can You Exchange Visa Cards For Cash
Wondering, can you trade visa gift cards for cash? Getting cash from your gift card is possible through apps and websites. The easiest way, however, is to sell your card in person!
This involves selling your gift card to other people or converting your visa card at a gift card exchange kiosk into money. Also, adding money to either your PayPal account or bank account is close to having money in cash by simply adding the extra step of withdrawing it.
So, how can you get cash for your Visa Gift Card fast? Here is how:
How To Transfer A Visa Gift Card To A Bank Account
You can transfer money from a prepaid card to your bank account indirectly by trying some of the following options, which we go into more detail about above:
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Three: Register Or Log
After finding out whether your prepaid card provider allows such a transaction, you can sign-up for an account or log in if you already have an account.
If you need to do registration, then you will need your prepaid card with you. After signing-up, you can use the log-in details for future transactions.
Add Your Visa Gift Card To Venmo
Venmo is a PayPal owned mobilepayment service that allows you to transfer money with friends using a mobilephone.
This app allows users to add Visa gift card balances.
Unfortunately, sometimes the app may block your attempt to add a visa gift card as a fraud prevention measure.
But if it lets you do it then youcan transfer the fund to your bank account.
To do this you need to use theTransfer to Bank on the menu.
As is the case with PayPal, thistransaction can take a few working days before it hits your bank account.
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Should You Convert Visa Gift Cards To Cash
You should ask yourself whether you should even convert your Visa gift card to cash or not.
In many cases, Visa gift cards are just as good as cash because any store that accepts debit or credit cards most likely accepts Visa gift cards as well.
So it might not be worth it to convert Visa gift cards to cash because most of the time when you convert the gift card, you will get less in cash than the gift card is worth.
A few reasons why you would exchange a Visa gift card for cash is if the gift card is expiring or if you want to save the money instead of spending it, and if you desperately need hard cash.
With that said, lets check out the best ways you can convert your Visa gift cards to cash.
Sell Gift Card To A Friend
An easy and quick way to convert a prepaid card to cash is to sell the gift card to a friend. If you have gift cards you want to liquidate into cash, ask your friend groups if they want to buy it.
The benefit of selling a gift card this way is that you can avoid paying any commissions or fees that are normally charged when selling a gift card online.
To make it worthwhile for the buyer It would usually be a simple case of offering the gift card for a little less than the value on the card. For example, the gift card has a $20 balance, you could ask for $15 cash for it.
Pro Tip Hit up your Facebook friends for a fast turnaround time on converting your gift cards into cash. You would be surprised how many people will reply when you offer a small discount!
Using this method to convert a visa gift card to cash is quick and easy. You will have the cash straight away to use for your own needs.
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How To Get Money Off Your Gift Card
Here is how to get money off a gift card.
The process is easier than you think. First, you have to check the balance on the card. This is so that you can determine if this is worth it or not.
Next, you are going to want to take your card to a gift card exchange kiosk. Follow the directions on the screen. Check over everything before you hit accept.
Take the receipt to the cashier and get your cash. It’s like going to the CoinStar.
Alternatively, to get money from your gift card you can do the following:
- Sell your gift card.
- Use the gift card to buy an in-demand product and then sell the product.
- Buy money orders directly to pay yourself.
- Trade your gift card for something else. This is similar to selling but you can get a different product for it in exchange.
Sell Your Visa Card Through A Website
If you have a digital card, then the whole process can be instant. However, if you have is a physical card, some of these websites will send you prepaid postage that you can use to send in your card. This means that you wont end up spending any money on mailing.
And if you are wondering how you can email a gift card to a friend for free, sites like Gift Card Granny makes it easy for you.
When it comes to selling though, just like the apps, websites too cut a fee. So before agreeing to sell, make sure you not only know how much percentage they will take but also go through their user reviews for the best deals.
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Sell Your Visa Gift Card Through An App
Another option is to sell your Visa gift card on various apps that will buy it from you in order to resell it.
While this can be a quick way to convert your Visa gift cards to cash, the fees are really steep so this should probably only be your last option if the others arent possible for some reason.
For example, Raise has an app that does this for both iOS and Android, although theyll take 15% commission for doing this. Ouch.
A similar one is Prepaid2Cash, another site that has an app for iOS and Android in order to trade in your Visa gift cards for cash. This one works slightly differently, in that:
- First you tell them the brand of the gift card
- They then send you an offer through the app for the card
- You have no obligation to accept this offer but once you do, theyll deposit it into your account in up to five business days
This means that the fees they charge are incorporated into the offer, so its not entirely transparent. They state, however, that the offer will be up to 92% of the card balance, meaning the fees are at least 8%.
Give Them Out To Friends Instead Of Cash Or Gifts
If you get a Visa gift card there is nothing to prevent you from passing it on to others too. After all it is not in anybodys name so legally anyone can use it.
For example, if one of your friends is celebrating a birthday you can give them your Visa gift card as a birthday gift. IIn this way you will avoid the hassle of going to shops trying to look for things to buy. This is especially cool for a person like me who hates shopping.
I like giving people Visa gift cards rather than actual gifts as they allow the receiver to buy the things they really want. During birthdays people end up receiving gifts of things they already have. I remember during my wedding we received all sorts of things such as plates that we really did not need. I wish people had given me Visa gift cards instead.
Another advantage of sending Visa gift cards is the cost of sending them is much less than sending a shoe for instance.
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Go To A Gift Card Exchange Kiosk To Trade It In
One super easy way to convert Visa gift cards to cash is to find a Gift Card Exchange Kiosk. Theyre usually yellow and you can often find them in shopping malls and supermarkets.
All you have to do is enter your gift cards information into the kiosk, which will include things like the set of numbers on the front of the card.
Youll then be presented with a range of offers for you to decide which one you want. Once youve made your selection, youll be issued a voucher to take to the cashier to get your money.
How Much Does It Cost
Youll pay a fee based on the amount you are sending. For amounts less than $200, MoneyGram charges you a base fee of $1.99. For amounts above $200, it charges $1.99 + 1% of the transferred amount.
For example, if youre going to send $500, the fee will be $1.99 + $5, for a total of $6.99.
You can estimate the fee before you send the money by using the fee calculator on the MoneyGram homepage.
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Add It To Your Paypal Account
If you have a PayPal account , you can add prepaid cards, including Visa gift cards, to whats known as your PayPal Wallet. When you add the funds from your PayPal prepaid card, you can shop at any retailer that accepts PayPal, or in your case, you can transfer the funds to your bank account and then cash out.
To send money from your Visa gift card to your PayPal, heres how you can do it:
- After you log into your PayPal account, look for the Wallet link, which is located at the top of your page
- When PayPal asks for your credit card details, add your Visa gift card as you would your everyday credit card and click on Link Card
Keep in mind that this only works for a personal account. If youre using a business account, you will not see the wallet option.
And, if you do have a personal account and are getting denied, then this means you will have to register your prepaid credit card so that the address on file matches your PayPal one. To do this, you can search for the issuer and type in register to see how to do it. Its not that hard, I promise.
Can I Use My Navy Federal Visa Gift Card At Hotels Or Car Rental Companies
Yes. You can use your Navy Federal Visa Gift Card for the final payment for both hotels and car rentals. Some car rental companies and hotels may require a credit card to make a reservation. At check-in, hotels will put a hold on the estimated amount of your stay, making those funds unavailable for a period of time. Avoid a hold on your gift card by checking in with a credit card, then using your Navy Federal Visa Gift Card for final payment.
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Buy Other Gift Cards Using Your Visa Card
If a particular store prohibits you from buying items using your visa card, you can use your card to buy the stores gift card and now use it to pay for items in that store. This method is as good as getting liquid cash for in-store use.
Moreso, if you search the web keenly, you will find some store gift cards that are 20% off meaning you will get 20% more value from your Visa Card balance on popular stores like Walmart and Amazon.
Apart from the discounts, you can reap other benefits such as getting free Amazon credit for exchanging Visa for Amazon Gift cards.
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Can Gift Cards Be Used To Launder Money
Yes, both store gift cards and prepaid cards have been used by criminals to launder money for the simple fact that they allow anonymity. Generally, these cards can be used to avoid causing laundering alerts.
For example, one can pre-load large amounts of money into a prepaid card and transfer small amounts into bank accounts a process known as smurfing. This is very common with drug traffickers and is obviously illegal.
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How Do I Transfer Money From A Gift Card To My Bank Account
Pay Your Bills With Your Gift Card
Here is an interesting method you can try. While you arent necessarily exchanging the card for stacks of dollar bills, you are still using it the same way. As long as there is money on the card, you can use Visa gift cards to pay for your bills.
Visa gift cards are usually set up like a debit card with a card number, expiration date, and security code number on the back. The main difference is that the cards have a set amount of money programmed onto them instead of being linked to a bank account.
This makes it easy to pay your bills directly with a Visa gift card that you cant with pretty much any other gift card. So if you have a water bill or phone bill coming up, pay it with your Visa gift card instead.
Most people dont think of using their gift cards for bill payment, but it has multiple benefits. For starters, you can make quick use of your gift card.
If youre running low on credit, you can also use the gift card instead. Its a convenient way to use these gift cards in the same vein as cash.
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Add Your Visa Gift Card To Paypal Wallet
PayPal Wallet is a phone app thatallows you to pay with a PayPal account.
It is called a wallet because youcan add your cards to this app and use them when making payments through thisapp.
One way to get cash from a visa gift card is to add the visa gift card to your PayPal wallet.
Once added then you can send itthat another PayPal account that you are holding.
Afterward, you can use a PayPaldebit card to withdraw the cash.
In case you dont have anotherPayPal account you can send the money to a colleague who can withdrawal it foryou.
The only drawback with thismethod is that PayPal will charge a processing fee of 1.4%
If your PayPal wallet isconnected to your bank account then that is much better as you can thentransfer the money to your bank account.
Unfortunately, sometimes it maytake up to five business days to reach your bank account.
Can I Use My Navy Federal Visa Gift Card For Online Or Phone Purchases
Yes. To make an online or phone purchase, youll need to register your card. After signing in to navyfederal.org/mygiftcard, select My Profile under My Settings and enter your name, address and phone number.
When you make an online or phone purchase, the name, address and phone number you use must be exactly the same as the information you provided when registering your card. If the information is different, the transaction may be declined.
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How To Use A Visa Gift Card At An Atm
Visa gift cards are like prepaid credit cards. You can purchase one for yourself or, as the name suggests, for a gift. These cards come preloaded with an amount of money and usually can be refilled, too. These cards can be used at all retailers that accept credit cards with the Visa logo. However, only some gift cards can be used to withdraw cash from ATMs.
Although Visa gift cards are universally accepted at retailers who accept Visa credit cards, there are very few gift cards which can be accepted by ATMs for cash withdrawal. You should review the terms of your gift card in order to determine whether or not this action is possible.