How to Transfer Gift Card Balance to Bank Account: Gift cards are a popular choice for consumers wishing to buy a gift for someone, to spend at certain shops, or just to manage their budget. Keep reading!
Before purchasing a gift card, users should understand the many sorts of cards available and what they may be used for.
For example, some gift cards can only be used at certain merchants, but others may be used at nearly any shop.
Some individuals may question if it is feasible to transfer money from a gift card to a bank account in order to prevent a present from going unused.
This article will show you how to transfer a gift card to a bank account.
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What is a Gift Card?
Before we get into the specifics of transferring funds from a gift card to a bank account, it’s necessary to understand how gift cards operate.
A gift card is a prepaid card or digital code that may be used to make purchases in-store and online. The value of a gift card varies depending on how much has been deposited into the balance.
Gift cards may have fees and an expiration date.
Here are two common types of gift cards:
1. Closed-loop Cards
These sorts of gift cards are often exclusively redeemable at specified businesses, such as retail stores, grocery stores, and petrol stations.
2. Open-loop Cards
An open-loop gift card is one that is not attached to a single retailer. Open-loop gift cards can be used anywhere the business accepts the payment method.
However, not all gift cards are reloadable. The ability to reload a gift card varies depending on the card type and seller.
How to Transfer Money From A Gift Card
Most people have a few gift cards that they never use. Perhaps you received a gift card as a present but don’t know how to use it.
Did you know you could transfer funds from your gift card to your bank account?
If you have a gift card and want to use it to transfer money to your bank account, there are several options:
Via PayPal Wallet
If you have a gift card and want to transfer the cash to your bank account, you may do it effortlessly using PayPal Wallet. Simply follow these steps:
- Log into your PayPal account.
- Click the ‘Wallet’ button at the top of the page.
- Select ‘Link a card or bank account.
- Enter the gift card number, expiration date, and security code.
- Click on ‘Link Card.’
- After linking your bank account card, you can transfer visa gift card funds to your bank account by selecting ‘Withdraw’ and then ‘Transfer to a bank account.’
- Enter the amount you want to send, then click ‘Submit.
- That is it! You have successfully transferred the cash from your Gift Card to your bank account.
Via Cash App
If you have a gift card and wish to transfer the funds to your bank account, use the Cash App. To Begin:
- Open the Cash App and press the ‘+’ icon. From there, choose ‘Add Bank.’
- Enter your bank details, then click ‘Add Bank.’
- Tap the ‘Balance’ option on the visa gift card and then pick Cash Out. From there, you may choose how much money you wish to transfer from your Gift Card to your bank account.
This is all there is to it!
Via Venmo
Here’s how to do it:
- Go to the Venmo website and create an account.
- Once logged in, select the “Payments” option.
- Click the “Add Payment Method” button.
- Choose “Gift Card” as your payment option.
- Enter the amount you’d like to transfer from your gift card to your bank account.
- Enter the gift card number and PIN.
- Click the “Confirm” button.
- Your funds will be transferred from your gift card to your bank account within a few minutes!
Via Square
Square is a popular payment processing solution that lets you accept and process credit and debit card transactions. You may also use Square to transfer and receive money.
To use Square to transfer funds from your gift card to your bank account, you must first sign up for a free account. Once you’ve established an account, you may attach your credit or debit card.
- Log into your Square account.
- Click on the “Cash” tab.
- Click the “Withdraw” button.
- Select “Gift Card” as your withdrawal method.
- Enter the amount you’d want to withdraw from your gift card.
- Click the “Withdraw” button.
Your withdrawal will be completed, and the monies will be in your bank account within 1-2 business days.
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Via MoneyGram
If you have a gift card and want to send money to someone’s bank account, there are several options. One alternative is to use a service such as MoneyGram.
To transfer money from a gift card to a bank account using MoneyGram, follow these steps:
- Visit the MoneyGram website and establish an account.
- Enter the amount you wish to transfer from your gift card.
- Choose ‘gift card’ as the payment option.
- Enter the recipient’s bank account details.
- Send the money, and the receiver will receive it in their account within a few days.
This is all there is to it! You now know how to transfer money from your gift card to your bank account using several websites and platforms.
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