Do you have some gift cards whose value you wish to transfer to your bank account? If you do, we’re glad to help. Here is how to transfer a visa gift card to your bank account.
As you read on, you’ll find the much-needed guide necessary for completing this task. We have to say that the process isn’t as complex as you think.
So, you should be through within a short time.
Transfer Visa Gift Card to Bank Account
A lot of times, completing certain financial transactions seems difficult due to a lack of basic understanding of what processes to follow. One of such transactions involves the transfer of a Visa gift card to a bank account.
You might ask if that is possible but it is! In this article, we take a detailed look at the processes involved.
Understanding How Gift Cards Work Matters
Easy transfer of your Visa gift card’s value to your bank account requires some level of understanding of how it works. These cards are non-reloadable one-time use prepaid debit cards.
It basically works like cash can be used to make one-time bill payments or used for shopping.
These cards are only valid for as long as the balance remains and also at locations that accept Visa cards. A clear advantage of these cards is that they’re sold at discounted rates which offer you better shopping deals.
Now, you might wish to have the cash value of your Visa gift card transferred to your bank account.
This is where our focus lies. Already, we’ve mentioned that it can be done but haven’t provided details on how it’s performed. All the juicy details on the processes have been provided below for your benefit.
Convert Visa Gift Card to Cash
Your Visa gift card value can easily be transferred into your bank account in a number of ways.
These include selling through an app or website, linking your card to your Venmo or PayPal, buying a money order with the card, and also getting money for a voucher issued by a gift card exchange kiosk.
i. Selling through an App or Website
There are lots of gift card exchange websites where you can sell your Visa gift card for the money.
Examples of these sites include Cardtonic, Cardcash, GiftCardZen Inc., and Gift Card Granny. Here, a wide variety of gift cards are accepted and exchanged for cash including Visa gift cards.
There are exciting deals when following this procedure including cashback of up to 90%. Choose your offer and the type of card (in this case Visa gift card) you have.
Having followed the steps involved, a short verification process takes place to authenticate the transaction.
Of course, you’ll need to provide your banking details to receive the Visa gift card funds directly into your account. This process is pretty much straightforward.
However, it must be said that not all visa gift card types will scale through the verification process.
ii. Linking your Card to Venmo or PayPal
Your PayPal wallet can come in handy when transferring gift cards to your bank account. You’ll need a PayPal address for this transaction.
For new users, simply create this account and link your bank account to it (PayPal). The benefit of this option is that you incur little to no transaction fees.
To transfer your Visa gift card balance to your PayPal, you only need to log into your PayPal account and click on the “wallet” option. This is usually found on the top menu.
Having clicked on the walled option, click on “link a card” to begin filling out the card details.
After carefully submitting the card, you only need to submit and you’re through. PayPal has its operational policies that may impact the waiting period for the Visa gift card balance to reflect in your PayPal account.
Here, you might have to wait up to 5 business days for the transaction to be complete.
We must say that the waiting period most times is significantly less than what’s stated. A lot of times, your gift card value might instantly reflect or take a few minutes to an hour.
If you get an error message after completing your transfer, it’s probably because the card hasn’t been registered by the issuer.
This isn’t a big problem as it can easily be registered using the listed website at the back of the card. Visit the website and complete the registration process before returning and repeating the transfer process.
Once the visa gift card balance reflects in your PayPal wallet, you can easily transfer the same to your bank account.
iii. Getting Money for a Voucher Issued by Gift Card Exchange Kiosk
Gift card exchange kiosks provide an option for exchanging Visa gift card balances to bank accounts.
These yellow kiosks are easy to find around grocery stores. All you have to do to get your cash is follow the simple instructions and prompts such as entering card details.
The option to get a cashback offer appears. Accept this and wait to print the voucher. This is what you’ll need to present to a nearby cashier in exchange for cash.
You’ll need to find a location with these kiosks for easy transactions. The good thing about this transfer process is that it’s completed in a breeze.
iv. Purchase Money Order
Another Visa gift card transfer method you can apply is the purchase of a money order.
Here, banks or specialty institutions may be involved in the process. Your nearest Walmart store may issue money orders. Having executed the money order, it gets transferred into your bank account.
v. Sell to Interested Persons
Another way to transfer the monetary value of Visa cards to a bank account includes selling them to another person.
However, the incentive for many such buyers is when you offer your gift cards at a discount. Here, all that’s needed is for the buyer to transfer the agreed-upon purchase value of the card to your account.
This is arguably one of the simplest ways to have your gift card transferred to your bank account. However, the downside is that you’re likely to sell for less than other methods due to the discount you’re likely to make.
Transferring Visa gift cards to bank accounts can be implemented using any of the above methods. Most of these aren’t as difficult as many will believe.