Sometimes you have or receive a prepaid card, and you'd really like to have the money as cash in hand or in your account rather than on the card. You may not use the retailer where the gift card is from, or you may simply need the cash. In either case, there are some cards where you can make those cash transfers, and this article will look at the which and how of these transfers.
What Prepaid Cards Allow to Transfer Money and Get Cash From
Generally, you have a few options for how to transfer money from prepaid card to bank account. First, most cards have an option for you to do that from your card.
What We'll Cover
- What Prepaid Cards Allow to Transfer Money and Get Cash From
- How to Transfer Money from a Prepaid Card to Your Bank Account
- Transfer Money From Your Prepaid Card Using MoneyGram
- Use Paypal to Transfer Money from your Prepaid Card to Your Bank Account
- Transfer Money From Your Prepaid Card To Venmo and Then to Your Bank
- If your prepaid card doesn't work on Venmo or PayPal
- How to Get Cash from Prepaid and Gift Cards
Netspend® Visa® Prepaid Card
Netspend® Visa® Prepaid Credit Card, for example, allows you to link your card to your bank account by providing its routing number and your account number. Once the link is set up, you can use Netspend's website to make the transfer. Always check to see if your prepaid card issuer has a mobile app. Usually, if they do, you can transfer funds from the card to your bank account via that app.
When making these transfers, be sure to check for any fees. Sometimes making the transfer one way will be free, and another, such as using an operator on the phone, will have a fee.
Chime Visa® Debit Card
The Chime Visa® Debit Card offers many of the advantages of a standard credit card. You can get early payroll deposits with a direct deposit of your paycheck. You have an overdraft protection feature and no monthly fees. In addition, your excess funds are subject to a high yield savings account rate. Finally, Chime provides more than 50,000 free ATMs for cash withdrawals at locations like Walgreens, 7-Eleven and CVS.
Pink Netspend® Visa® Prepaid Card
This Prepaid card offers many of these same benefits. You can withdraw cash, pay your bills, or make a purchase anywhere that a Visa Card is accepted. If you allow direct deposit of your paychecks, tax refunds, or government benefit checks, your funds will be available twice as soon as possible. You can also make mobile check deposits on certain mobile devices and can shop online with this card. You can get cash back by accepting the usually free cash back option at many retailers or by using an ATM, for which there will be fees.
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How to Transfer Money from a Prepaid Card to Your Bank Account
Most prepaid cards will allow you to log in and transfer money from your prepaid card to your bank account by using the card's online app or website. If you want to know various methods of transferring money from a prepaid card to a bank, you can see some options below.
Transfer Money From Your Prepaid Card Using MoneyGram
You can try using a third-party service like MoneyGram if your card doesn't allow a transfer to your bank account. In effect, you will be paying a bill to yourself using MoneyGram to pay it from the prepaid card to your bank account. You will need to have or create a MoneyGram account with your email address and a strong password. Check your email to make sure it's been set up, and then go to the website. Click on the "Send Money" icon and fill in the payment details from your prepaid card. You will need to specify the amount which you can get from a phone number on the back of the card usually, and then select Debit or Credit, which should be on the face of the card.
Finally, select Account Deposit or Debit Card Deposit, as applicable. After this, you will be transferred to a page where you add the payee information. This is where you add your name and account number as the Receiver, your address, and the prepaid card information. After entering this information, click next, and your transfer should be processed. MoneyGram does charge a fee of at least $1.99 for your transfer and limits the amount of the transfer to $10,000.
Use Paypal to Transfer Money from your Prepaid Card to Your Bank Account
You could do the same transaction with a PayPal account if your prepaid card is on your PayPal account. You can also add the card to your PayPal account and then send PayPal funds to your linked bank account. If you choose the 1-3 day option, there will not be a fee for the transfer.
Transfer Money From Your Prepaid Card To Venmo and Then to Your Bank
Similarly, you can add the card to Venmo, patting the balance in the Venmo Account. Venmo will not charge a fee unless you take the instant transfer option. If you don't have an account, download the Venmo app and create your account. An Add Gift Card option is available, and you can add your card to it. Put your bank account and payment information in and request to send the balance.
If your prepaid card doesn't work on Venmo or PayPal
Finally, if your card won't let you do any of these, use it to buy other prepaid cards that will permit it. Amazon, Walmart, and your grocery store are all great places to purchase alternative gift cards. Then take your choice of one of the options above.
How to Get Cash from Prepaid and Gift Cards
Getting Cash from a Prepaid Visa Card
If you want to transfer cash from a Visa gift card, there are steps you need to take first to be sure that your requested transfer will go through. First, check to make sure the card hasn't expired. If it has expired, any funds left on the card now belong to the card issuer again. Also, check to determine whether the card is transferrable. If it is, then you may not be able to transfer funds from it either. Next, if you have used the card for an extended time, there may be an inactivity fee. Check that out to make sure you account for that fee if any, when making a transfer from the card to your bank account.
Finally, confirm the balance on the card. There is usually a telephone number or website URL in the fine print on the back that will let you find out what is left on the card. Then, you can judge the fees for the transfer to the amount you can transfer and decide whether it's worth getting the cash or if you should just spend the balance of the card.
How to Get Cash from a Gift Card
Coinstar used to offer a gift card kiosk that would take your gift card and return cash to you, but it no longer provides that service. There are some alternatives for ways to use the money on your gift card. You should know upfront that you won't get the full amount of your balance but will more likely get something between 92% and 70%m, depending on the type of card and the store, if any, that it is connected to.
Apps that Allow to Get Cash from Gift Cards
CardCash allows you to exchange your gift card for a check, ACH, or PayPal transfer. You simply go to the site, select "Sell Gift Cards," and fill in your card information. CardCash will then make an offer for your card or cards and then pay you for them. On the other hand, you can choose to trade your gift card in for a seller you prefer and get a higher return on your cards of as much as 11% more. CardCash gets a consumer rating of 3.21 stars, with sellers generally being well satisfied with their transactions.
Raise also allows you to sell a card and receive your proceeds via direct deposit or PayPal. You can set your own selling price for your card and receive cash from Raise when it sells. Raise also offers a mobile app that gives members discounts on purchases and allows them to receive rewards.
GiftCardBin purchases gift cards either in person or online. If you want immediate cash from GiftCardBin, you can enter your ZIP Code and receive a list of sites near you where you can obtain immediate cash for your cards. The author lives in a fairly rural area but came up with five locations within 50 miles or less in her search. Using a more urban Zip came up with several dozen locations within about ten miles or less. You can choose to go to one of the locations for immediate cash or to sell the card online for a deposit to your checking account, Venmo, PayPal, or Cashapp. Note that in-person purchase amounts tend to be less than online purchases.
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