Gift cards. Most of us have received one or two (or several) during our lives, as friends or family try to give you the option of purchasing something you’d like for yourself without being obvious and giving you the cash for it.
But sometimes, there’s just nothing you want to buy. Rather, you’d like to use the cash equivalent of your gift card to pay for bills and utilities, an urgent repair on your car or something else that’s more practical and not gift related.
It’s a simple question to ask: can you transfer a visa gift card to your bank account?
While in most cases, the answer is a “no” because the main purpose of the gift card is for its value to be spent at selected retailers, a deeper search reveals that you might be able to get the cash equivalent of your gift card into your account and convert it into cash at an ATM.
So if you’re wondering how to transfer a Visa gift card to your bank account, stick with us and find out as we have a solution for you!
Yes, it could take some time, and yes, it could mean paying some bank charges, but at the end of the day you can use your gifted card and convert it into cash.
At this stage, you’re probably wondering how? Especially since gift cards’ sole purpose is to not be turned into cash but rather used at selected retailers.
The answer is PayPal.
If you don’t have a PayPal account yet, now is the time to create it. Simply visit their website, choose the sign up button, enter your details and you’re one step closer.
If you do have a PayPal account, the last few steps can be skipped and you can proceed.
Now for the nitty gritty on how to transfer money from a Visa gift card to a bank account. First off, it’s good to be aware that PayPal uses a specific website to help individuals transfer gift cards to their PayPal balance. This website is called Card Cash.
Here’s how to do the transfer in 10 easy steps:
- Purchase a gift card that’s accepted by Card Cash – make sure that it is from one of their accepted merchants.
- Then, go to the Card Cash website and select the “Sell gift cards” option.
- You will next need to enter the merchant’s name and the balance on the gift card, followed by clicking on “Get Offer.”
- Wait for an offer to arise.
- You will then see the PayPal amount which you can exchange the gift card for on the site.
- Happy with the amount? Simply click “Get Cash” and indicate how you’d like to be paid. Here, you can get paid via PayPal Express.
- Next, enter your gift card number as well as your PIN.
- As the following step, you need to click on “Connect with PayPal” and log into your PayPal account.
- Fill out the necessary fields and click on “Get My PayPal Balance.”
When you see the balance in your PayPal account, you can easily transfer it to your bank account. This answers the question whether you can transfer money from a gift card to a debit card.
You’ll have the option to do so immediately or wait for a transfer that will take between three and five days. Also keep in mind that you will most likely be charged a fee for the transfer.
And there you have it! Now you know how to transfer a Visa gift card balance to your bank account.
Gift cards don’t have to be a challenge for you. Especially if you’re in need of the cash instead of buying something you don’t really need.
The steps above covered the question “can you transfer money from a VIsa gift card to a bank account?” and while it may involve some effort, a bit of waiting and some bank fees, you can still make the most of your cash by withdrawing it from an ATM when the PayPal balance arrives in your bank account.
Another plus here is that PayPal is highly secure and offers protection against any fraud or cybercriminals.