How to Transfer Money From a Gift Card to a Bank Account?

Do you have a gift card that is collecting dust in your wallet, and you want to put it to good use? You can easily trade gift cards for cash or transfer the money from the gift card to your bank account. In this blog post, we will discuss the steps you need to take to transfer money from a gift card to a bank account.

Register your gift card

Before you can transfer money from a gift card to a bank account, you'll need to make sure your gift card is registered. You can typically do this through the issuer's website or by calling their customer service number. This will allow you to access your account information, as well as update personal details and trade gift cards if needed. When registering, you'll be asked to provide personal details such as your name, address, and date of birth. Make sure all this information is accurate so that any transactions you make with your gift card can go smoothly.

Find out if your gift card can be used to withdraw cash

Before you can use a gift card to withdraw cash, you need to make sure it is possible. First, determine the type of card you have and the issuer of the card. Depending on the issuer, some gift cards may not have cash access at all. You can usually find this information printed on the back of the card or by calling the customer service number listed on the back.

If you have a debit or credit card-style gift card, then you should be able to use it at an ATM to withdraw money. However, these types of cards usually come with a fee for using the ATM, so be sure to read the terms and conditions of your card before you attempt to withdraw cash.

Once you know if your gift card can be used for cash withdrawals, make sure to check with your bank to see if they accept your type of card. Many banks do not accept gift cards for cash withdrawals, but you may be able to use them at another financial institution. Be sure to check their terms and conditions as well before proceeding.

Finally, if you are able to use your gift card for cash withdrawals, always remember to keep your receipt in case there is an issue with your transaction. This way, you can easily dispute any charges or problems that may arise.

Use your gift card to purchase a money order

One way to transfer money from a gift card to your bank account is to purchase a money order with the balance of your gift card. Money orders are prepaid and can be cashed at a bank or by other financial institutions.

To purchase a money order with your gift card, you must first check to see if the issuer of your gift card allows it. For example, Visa gift cards can be used to purchase a money order at certain locations. Once you’ve found an approved location, take your gift card and the amount of money you want to transfer to the store. The cashier will be able to tell you how much the money order will cost, which may include a processing fee.

Deposit the money order into your bank account

The next step is to deposit the money order into your bank account. This can be done in a variety of ways, depending on your bank’s policies. You may be able to deposit the money order directly at the bank, through an ATM, or even through an online banking system.

If you’re depositing the money order in person at the bank, be sure to have proper identification with you, as well as your bank account number and routing number. Once you’ve provided this information, the bank teller will process the money order, and it should be deposited into your account in a few business days.

For those who prefer to use an ATM to deposit the money order, you’ll need to locate an ATM that accepts deposits. Many banks offer this service, and you can find out if yours does by checking their website or giving them a call. If you’re able to find one, simply insert your money order into the ATM and follow the on-screen instructions to complete your deposit.

Finally, if you have access to online banking, you may be able to make a deposit from the comfort of your own home. Most banks offer this service but be sure to check with your first before attempting to do so. You can usually deposit a money order in the same way that you would pay a bill or transfer funds between accounts. Simply enter the amount and confirm your deposit, and it should be processed within a few business days.