How To Transfer Money To Your Bank Account From A Visa Gift Card
If you have a nice, shiny Visa gift card burning a hole in your pocket, you might want to transfer the money into your bank account for your own convenience. This way, you won’t have to worry about carrying an extra piece of plastic in your wallet until you’ve gone through its full balance. But shifting the balance to your bank account isn’t as easy as simply moving the funds from one place to another. The good news is that there are several options, some of which will cost nothing more than a few minutes of your time.
One: Find Out If Your Prepaid Card Can Be Used Anywhere Or Is Limited To Participating Merchants Only
Visit your prepaid card companys website and look at the cards features. Can it be used anywhere that regular debit cards are accepted?
For example, certain cards have the following features:
The Card can be used to purchase merchandise and services anywhere Visa debit cards are accepted in the United States.
However, other cards are only limited to participating merchants:
Your Card can be used to purchase merchandise and services at any grocery store, specialty foods store, food truck or online food retailer in the US where Visa debit cards are accepted.
If your card can be used anywhere in the United States , then you can move on to step two. Otherwise, read our section on transferring gift card balances to your bank account.
Choose Wisely If Gifting And Use Quickly When Receiving
When it comes to giving gifts or receiving them, its hard to miss with a gift card. A bit more creative than cashbut not as complex as picking out an on-trend sweatergift cards let the recipient choose something they want at their leisure, or can help offset the cost of an experience theyd enjoy.
But theres a catch. Gift cards are easy to lose or forget about long enough that they can begin to lose value, and some may even expire. One survey found that, in 2018, while 70% of all gift cards are redeemed within 180 days of purchase, about three in 10 go unused.
In total, an estimated $3.5 billion in gift cards goes unredeemed each year, according to recent data from Mercator Advisory Group, Inc.
So how can you be sure that the gift cards you give or receive dont go unused or expire? Learn what the federal government and state rules say about gift card inactivity fees and expiration, and then get some tips on how to squeeze the most value out of gift cards.
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Final Thoughts On Converting Visa Gift Cards To Cash
Visa gift cards are pretty flexible in terms of how you can use them. Given that theyre accepted anywhere that also takes Visa credit cards, you already have a huge array of options on where to spend the balance on your gift card.
But its true that sometimes having cold, hard cash is preferable. Its easier to track as part of your overall net worth, for example, and youre not limited in case you plan to use the money somewhere that a Visa credit card wouldnt work.
In those cases, one of the options on this list will definitely help you out. Just keep an eye on the fees to make sure theres not a more affordable option for what you intend to do with the money.
But once youve decided how to proceed, in only a few clicks, that money will be yours!
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Can I Get Cash From A Visa Gift Card If I Have A Pin
It used to be that gift cards had to be run as credit transactions at the point of sale because they didnt come with the PINs needed for debit transactions. Prepaid cards typically have PINs so they can be run as either. In 2013, the Federal Reserve passed a law requiring that people have the option to get a PIN for a general purpose gift card, so they have to decide which type of transaction to perform. This law, however, led people to believe they could use the PIN to withdraw cash from their Visa gift cards at an ATM or via cash back at a merchant POS. Thats not the case. The PIN simply allows gift cards to be run as debit transactions.
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Getting Cash Back From A Visa Gift Card
Yes, conveniently there are some ways that you can get cash for your Visa gift card and we will go through them today. By now, you probably already know that there are a handful of ways to get your hands on Visa gift cards for basically free:
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Then, you can convert them to cash using the methods below:
Buy A Money Order With Gift Card
One great way to convert a Visa or Mastercard gift card to cash is to buy a money order. Many stores, including major outlets such as Walmart, allow you to purchase money orders. This does vary depending on the area so check with your local store first.
Please note: Not all stores allow money orders to be bought with gift cards. It is best to check before going to save a wasted journey.
Once you have purchased a money order, you can then deposit the order into your bank account. Now that the gift card is cash in your bank account you can use it for anything you like.
If you choose to buy money orders, there is a warning you should heed. Some banks will shut an account down for depositing too many money orders. This could lead to suspicion of committing an offense called Structuring.
Structuring is a serious offense that can lead to a fine or even imprisonment.
Structuring, also known as surfing in banking industry jargon, is the practice of executing financial transactions in a specific pattern calculated to avoid the creation of certain records and reports required by law.
This means you need to think carefully about using this method to convert gift cards to cash. If you use it occasionally, then its likely fine. However, extensively using this method could lead to the closure of your bank account and possibly criminal charges.
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Bank Of America Edd Card
If you have the Bank of America EDD Prepaid Debit Card or the EDD Prepaid Digital Card, you can transfer money to your checking or savings account. You can also choose to perform a one-time transfer or a recurring direct deposit transfer to your bank account.
The EDD Digital Card is actually designed for people who prefer to directly transfer the funds to their personal bank account.
Many Ways To Sell Gift Cards For Cash
There are many ways to sell gift cards for cash. The most common way is to sell a gift card online to a gift card reseller that buys the unwanted gift card, sends payment to the seller and then resells the gift card to another customer. In addition to true resellers, there are also online sites that match gift card sellers up with gift card buyers, facilitating transactions without actually touching the cards.
One of the benefits of selling your gift card to an online reseller is that the cash back offer will generally be higher than any other method. The one drawback to using these sites, however, is that youll generally have to wait for payment to arrive. Depending on the reseller and payment method selected, you might wait a couple of days for a PayPal deposit or a few days for a check to arrive in the mail. Because the cashback offer is so good, however, I think online resellers are the best choice when you dont mind waiting to get your money.
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Do You Have A Visa Gift Card And Wish You Could Have The Cash Instead Lets Convert That Visa Gift Card To Cash
Gift cards are a godsent to those of us that lack basic skills when it comes to selecting gifts, or those who just dont have the time to go shopping. Lets admitwe all love gift cards, but how good would it be to get cash from a Visa gift card?
You are smart with your money and youve just gotten a brand new Visa gift card. Now its time to just transfer Visa gift card to bank account. Can you?
You surely can!
This post may contain affiliate links. You can read our full disclosure for more info.
Weve all wondered how to get cash from a Visa gift card or any gift card as a matter of fact. When it comes to personalized presents, gift cards are practically as good as cash but still gives a slither of a personal touch to show that some degree of thought went into it.
All kidding aside, a gift has two functions:
To show some degree of care or personal consideration
To offer a practical or tangible function to enhance someones life
How good would it be if you could transfer your Visa gift card or vanilla gift card balance to the bank? That would essentially render gift cards as the perfect gift.
Trade For Cash Using A Gift Card Exchange Kiosk
Gift card exchange kiosks are located in supermarkets and shopping malls and are typically bright yellow in color. They can be easily located by doing a quick search engine look up. These can be easily used to get cash from a Visa gift card.
Once you have identified a kiosk, you can follow the prompts on the screen to enter your gift cards information. Eventually you would receive a series of offers as a trade for your card.
If you wish you can select the cash offer, if one is presented and to your liking. A voucher would then be issued to you to take to the cashier to redeem for cash.
Though you would not be capitalizing on the full cash value of the gift card, the bottom line is you can get money off a Visa gift card by using a Gift Card Exchange Kiosk.
We have made it even easier to find a Gift Card Exchange kiosk to convert your Visa gift card to cash. Just use our Gift Card Exchange Kiosk Zip Code Search below!
All you need to do is enter your zip code in the search box and hit the button to find the Gift Card Exchange Kiosk nearest to you, ranked by real Google Reviews.
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How Long Do Gift Cards Last
Gift cards last at least five years from their issue date, thanks the Credit Card Accountability Responsibility and Disclosure , better known as the 2009 CARD Act. And in some states, you may actually have longer than that, or expiration may not be permitted at all. As part of the law, the ruling on gift cards states that retailers cant deactivate a card thats less than five years old, and there are limitations on how inactivity fees may be applied. What that means to you as a gift card user is that if a business tries to say that a card is expired because its a couple of years old, you have some recourse to push back.
Donate Your Gift Card
If youd rather keep another service from profiting off your gift card or dont find the exchange worthwhileor if you’d feel less Scroogelike by giving your unwanted card awaycontact your favorite charitable nonprofit and ask if they accept donated gift cards. Giving the card away could even lower your tax bill, if you itemize, and extend that holiday generosity even more.
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Buy Groceries With Ibotta
- Earning Potential: 4.0/5.0 stars
- Minimum to Cash Out: $20
If you like saving money with coupons but hate the idea of clipping them, carrying them around, and remembering to bring them with you, then the Ibotta app may be your perfect solution. Ibotta began as a cash-back app for grocery stores, but theyve added other retailers like Target, Macys, and Walmart.
In the app, youll find offers for cash back on various products. Select the ones you want, then claim the offers by completing a simple task .
Purchase the item and upload your receipt to the app to redeem your cash-back offer. If you link your store loyalty card, then you can skip the receipt upload and get paid automatically within 48 hours of your shopping trip.
Once you reach $20 in your Ibotta account, you can cash out through PayPal or select free gift cards from major retailers like Lowes, Home Depot, iTunes, Starbucks, and dozens more.
Something unique about this app is that you can participate as part of a team. Build up your network and earn rewards faster together than you would as an individual. You can also earn rewards by referring friends and taking advantage of bonus offers in the app.
- Earning Potential: 4.5/5.0 stars
- Minimum to Cash Out: $5
Drop is another rewards app thats 100% free to join and use. The iOS app currently has over 1 million downloads and 37,000 reviews averaging 4.5 stars. There are several ways to earn gift cards with Drop.
Can You Take Money Off A Gift Card
Sadly, probably not. You cant simply take a gift card to an ATM machine and get cash immediately.
Why? Just for the simple fact that it is a gift card. However, there are plenty of options that you can do to get money in exchange for the value of the gift card.
You can likely get money off of a reloadable prepaid card. But thats not the question. We are talking about gift cards. Based on our research, the best option to get cash in exchange for a gift card is to simply sell it for a discount instead.
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Resell Your Visa Gift Card
This is a pretty straightforward method of converting your Visa gift card to cash. You can list your Visa gift card on local selling apps and get cash right away if you can find an interested local buyer. Keep in mind that you will likely lose 5% face value of the value of your gift card by selling it here as many buyers will low-ball you with offers.
But you can increase your odds of selling it by listing it online on classified sites such as Craigslist or eBay to liquidate your Visa gift card. While selling it locally reduces the fees you pay, youll likely get a solid exchange rate by selling it online.
For example, on eBay, at times you can get the exact value on the Visa gift but just keep eBay fees in mind. They are known as selling fees and theyre a percentage of an items total sale price. For most sellers, its 10% or lower in 2020.
Overall, selling your gift card is a great choice if you wanted to get rid of it quickly and get straight cash.
Why Cant I Use My Visa Gift Card Online
Visa gift cards are linked to bank accounts that generally must be activated in order to receive transactions. Inactive cards will be declined if used for payment because the associated bank accounts are not ready to be used. The same is true for Visa gift cards, whether you buy them online or at the store.
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Why Are These Cards A Hassle
Prepaid cards arent part of our normal shopping routine, so just remembering to use them is the first challenge. Its also not easy to keep track of how much money remains on one of these cards, which is stressful when youre hurrying through a checkout line. These cards often have fees for everything , customer service can be annoying to deal with, and there are a few other nuisances I talk about below.
For all of these reasons, when you get a card, I encourage you to immediately make a plan to use it up and get it off your plate.
Final Thoughts On How To Get Cash From A Visa Gift Card
There you have it, some mind blowing tricks to transfer that Visa gift card into cold hard cash, right in your wallet or bank account. A few of these involve thinking slightly outside the box and may take some minimal effort, but youd definitely be laughing your way to the ATM once done.
Also, you can use readily available online resources to move the funds around until you get the cash that you want. The most important point to note when trying to select a method to convert a Visa gift card to cash is your particular need at that moment in time.
There is no best way to turn Visa gift cards into cash, just a preferred way depending on the situation!
Each person is different and if you need the cash right away, it might be worth it to pay the fees to get less than face value in exchange for your gift card. On the flip side, if you have some time on your hands and entrepreneurship in your blood, why not invest the card and make a profit instead?
Whichever way you choose to do it, its up to you. Go ahead and start converting some plastic to paper!
Are there any other ways to turn gift cards into cash, that you know of? Share with us in the comments below. Wed love to hear from you!
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