Best Ways to Transfer Visa Gift Card Balance to Bank Account
A Visa Gift Card is not the same as cash. Nevertheless, it can be used as a good alternative to paying with cash or with a credit card, especially when you need to save money on shopping. But in case you do not want to use your gift card, the next best option is to cash it out or transfer the balance to your bank account. How can you do that? We will show you the various ways to cash out or transfer your Visa Gift Card to your preferred bank account in this article.
What Is a Visa Gift Card?
A Visa Gift Card is a prepaid physical or virtual card that comes with a preloaded monetary value so that it can be used for shopping worldwide at various merchants that accept Visa debit cards. It has a 16-digit card number, a 3-digit security code, and an expiration date like regular payment cards.
Visa Gift Cards come in various denominations, which can be €10, €25, €50, €100, or more, but normally not more than €1,000. To get a Visa Gift Card, you need to contact one of its authorised card vendors. Its network includes some retail stores, financial institutions, and fintech companies.
To check the balance remaining on your gift card account, you need to visit the website of the issuer, which could be an e-commerce merchant like Amazon.com, and enter the card number and security code in the appropriate space provided. Alternatively, you can dial a phone number on the card to inquire about your balance. The call is usually toll-free.
Generally, you cannot spend more than the amount set on your gift card at the time it was purchased. Hence, your Visa Gift Card typically becomes useless when its balance is depleted. However, in a few cases, you may be able to reload your gift card. For example, Amazon.com has reloadable gift cards that even support automatic reload.
Ways to Get Money from your Visa Gift Card
Transferring funds from a Visa Gift Card to a bank account can be done in a number of ways. One simple method is to use the gift card's number and any other relevant information to link it to your digital account with an online payment system, such as Cash App or PayPal.
When you have successfully linked your gift card to your digital wallet or the app of your EMI, you can then transfer the funds to your checking or savings account. Next, you may want to leave the money in your bank account to earn interest on it or use your payment card to cash it out at the nearest ATM.
Now we will go into more detail about the ways to transfer money from a gift card. Without further ado, we recommend that you use any of the following options to financially get the most out of your Visa Gift Card:
Square is a good choice
Square is a leading digital service that enables millions of businesses to securely accept payments, efficiently manage their cash flows, grow their revenues, and strengthen their customer relationships. This payment processor provides several solutions, including POS terminals and links, that meet the needs of individuals and businesses in the fintech space.
Concerning cashing out gift cards, Square helps merchants create digital gift cards that they can sell online through its eGift Cards product. The gift cards do not expire. But since you are more interested in how you can transfer your Visa Gift Card balance to cash, we will not dwell on how the Square eGift Card works.
To get money from your Visa Gift Card using Square, you need to create a free account with it. Next, you should link your card to your account. After that, you will be able to transfer your Visa Gift Card balance to your bank account. The procedure is to log in to your Square account, go to the "Cash" tab, and click the "Withdraw" button. It will show you the available withdrawal options. The next thing to do is to select "Gift Card" and enter the amount of money you want to transfer from your card. When you have done that, click on "Withdraw," and the Gift Card balance will be sent to your bank account normally in no more than two business days.
PayPal comes in handy
PayPal is a global online payment service that makes sending and receiving money faster and more convenient for individuals and businesses. You can also use it to transfer your Visa Gift Card balance to your bank account. In fact, prepaid gift cards are accepted wherever PayPal is accepted.
The first step to cashing out your Visa Gift Card is to sign up for a free PayPal account. Since PayPal is a popular app, you probably already have an account with the service. So, you just need to login and add your Visa Gift Card to your wallet. You can then transfer the balance to your other linked bank account.
It is also worth mentioning that PayPal allows online shoppers to use their prepaid gift cards during checkout to make successful payments for whatever they want without having to create a PayPal account. This can be done by choosing PayPal as the payment method and entering your Visa Gift Card information on the payment page of the merchant. We guess you are familiar with the rest.
Venmo works too
Venmo is a subsidiary of PayPal. It similarly provides fast and safe payment services to individuals and businesses. One of the special features of Venmo that differentiates it from its parent brand is the social connectedness it creates for its users. To learn more about Venmo’s completeness and uniqueness, read our Venmo vs Paypal and Zelle vs Venmo comparisons. You may also be interested in knowing whether Venmo works internationally like PayPal.
Going back to the subject matter, you can add your Visa Gift Card to your Venmo account by following this simple procedure:
- Open a free account with Venmo.
- Log in to your account.
- Go to "Settings," tap "Preferences," and navigate to "Payment Methods."
- Scroll down and choose the "Add a Bank or Card" option.
- Select the "Card" option.
- Enter the required information on your Visa Gift Card.
- Enter the registered address on the gift card or your zip code. Now click on the "Add Card" button so that your balance can be added to your Venmo account.
Having successfully added your Visa Gift Card to your Venmo account, you can transfer the money to your linked bank account and use your debit or credit card to spend/cash it.
Purchase a Money Order
A money order is a paper-based payment request, like a cheque. It has a predetermined amount that is obtained through a secure payment system. You can easily convert your Visa Gift Card into cash by buying a money order.
Essentially, a money order enables the money on a gift card to be transferred into a bank account. So, it is possible to use your Visa Gift Card to make purchases once a seller supports the money order system.
Now, money orders are a relatively rare payment method, despite being an option at several e-commerce establishments, such as Walmart and some supermarkets. As a result, it's important to confirm that your merchant supports it before trying it. Meanwhile, keep in mind that eBay does not allow money orders for most purchases on its platform.
Furthermore, given that it is frowned upon by many financial institutions when misused, buying a money order as a method to convert Visa gift cards into cash must be taken with some caution. If in doubt, please speak with your lender or financial advisor before using it for many transactions.
Sell your Visa Gift Card online
There are websites dedicated to helping people trade gift cards for cash. As much as you can use such sites to buy different gift cards, you can also use them to sell your Visa Gift Cards. Although some of them charge a commission for their services, you will find others that are available for free. These websites include the likes of Raise, Cardyard, Gift Card Granny, CardCash, Jour Cards, and Prepaid2Cash. Some of them have mobile apps that you can download and use for a more convenient experience.
Alternatively, you can sell your Visa Gift Cards on social media platforms. While there are many of them, the best and easiest ones to use include Facebook, WhatsApp, Instagram, Telegram, TikTok, WeChat, Pinterest, and Twitter. You will be able to advertise them to your family, friends, and followers who may be interested in them. Don't forget to offer discounts to entice buyers.
Sell to others offline
One of the fastest ways to sell your gift cards and get the money paid into your bank account without using an online service is to sell them directly to people around you. For example, if you are a student or worker, your colleague might be interested in your Visa Gift Cards. So, instead of piling up different gift cards—physical or virtual—it is better to sell them off to those who might need them. However, be ready to exchange them for less than their face value to spur interest.
Use a gift card exchange kiosk
You can cash out your Visa Gift Card using a gift card exchange kiosk at a shopping mall or supermarket near your location. If you do not know how to find one, you can type "gift card exchange kiosk near me" in the search engine on your browser to see where they are located.
When at the kiosk, find out whether the service supports your Visa Gift Card and if you will have to pay a fee. If you are satisfied with your findings, then enter your gift card’s details on the screen and see whether you can find a series of online offers for it. In case you could not find one, then select the "cash offer" option so that the kiosk will issue a voucher to you, which you will use to redeem your money at the cashier.
A Visa Gift Card is a non-reloadable prepaid card that works anywhere Visa payment cards are accepted. When buying it, the owner sets the initial value and starts using it for shopping until the balance is depleted and the card becomes useless. Additional funds cannot be added to it.
There are basically two types of Visa Gift Cards: domestic and international. If “Valid only in France” is written on the front of your Visa Gift Card, it means you have a domestic card that cannot be used for payments outside France. Otherwise, it is an international gift card that you should be able to use anywhere in the world where Visa is accepted.
Yes, you can convert your Visa Gift Card into cash when you need to deposit the money in your account or spend it. There are various ways to do the conversion. Examples include selling your Visa Gift Cards on the website or app of an online gift card exchange (such as Gift Card Granny), advertising it on social media or by word-of-mouth in order to sell it to another person, using a gift card exchange kiosk to transfer the balance on the card and get cash in return, and using it to buy a money order.
Yes, you can. To put the balance on your Visa Gift Card in your bank account, you need to use its details to link it to a digital wallet and then “withdraw” the money to your account with a traditional bank or neobank.
It is not possible to add money to a Visa Gift Card. The reason for this is that Visa Gift Cards are prepaid cards that cannot be reloaded. Nevertheless, if you need a Visa card that can be replenished, then go for any of the best prepaid cards from Visa.
Visa Gift Cards can be redeemed at millions of merchants that accept Visa cards. However, if you would rather exchange them for cash, we have shown you various ways to do that in this post.
Selling your Visa gift cards to a private buyer or an online gift card exchange is the easiest method to turn them into money in hand or cash in the bank. Nevertheless, you might not always receive the entire value of the card that way; therefore, you should try other means, which include using digital wallets and various payment methods that support gift card sales.
Finally, there is no one best way to convert Visa Gift Cards into cash; rather, there is a most preferred option that is dependent on your circumstances. We wish you success in selling your Visa Gift Cards.