Here’s how to transfer money from prepaid cards to a bank account

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Sometimes you have or receive a prepaid card and you would really like to have cash in hand or in your account rather than on the card. You can’t use the retailer the gift card came from, or you may just need the cash. Either way, there are cards you can make these money transfers to, and this article will look at the whys and hows of these transfers.

What prepaid cards allow to transfer money and get money

Generally, you have several options for transferring money from a prepaid card to a bank account. First, most cards allow you to do this from your card.

Netspend Visa Card

Netspend Visa Card

Netspend Visa, for example, lets you 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 the Netspend website to complete the transfer. Always check if your prepaid card issuer has a mobile app. Usually, if they do, you can transfer funds from the card to your bank account through this app.

When making these transfers, be sure to check for any fees. Sometimes transferring one way will be free, and another, like using a carrier on the phone, will have a charge.

Carillon

Carillon

The Chime prepaid card offers many advantages of a standard credit card. You can get early payroll deposits with a direct deposit of your paycheck. You get overdraft protection and no monthly fees. In addition, your excess funds are subject to a high yield savings account rate. Finally, Chime offers more than 50,000 free ATMs for cash withdrawals at places like Walgreens, 7-Eleven, and CVS.

Netspend Pink Visa Card

Netspend Pink Visa Card

This prepaid card offers many of these same benefits. You can withdraw cash, pay your bills or make a purchase wherever 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 select mobile devices and make online purchases 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 a fee.

How to transfer money from a prepaid card to your bank account

Most prepaid cards will allow you to sign in and transfer money from your prepaid card to your bank account using the card’s online app or website. If you want to know the different methods of transferring money from a prepaid card to a bank, you can see some options below.

moneygram-money-transfer

Transfer money from your prepaid card with MoneyGram

You can try using a third-party service like MoneyGram if your card doesn’t allow transfers to your bank account. Indeed, you will pay yourself an invoice by 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, then go to the website. Click the “Send Money” icon and fill in your prepaid card payment details. You will usually need to specify the amount you can get from a phone number on the back of the card and then select Debit or Credit, which should be on the front of the card. Finally, select Account Deposit or Debit Card Deposit, as appropriate. After that, you will be transferred to a page where you add the beneficiary information. This is where you add your name and account number as the recipient, your address, and the prepaid card information. After entering this information, click next and your transfer should be processed. MoneyGram charges a fee of at least $1.99 for your transfer and limits the transfer amount to $10,000.

paypal-money-transfer

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 be no charge for the transfer.

venmo-money transfer

Transfer money from your prepaid card to Venmo, then to your bank

Similarly, you can add the map to Venmo, tapping the Venmo account balance. 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 there. Enter your bank account and payment information and request to send the balance.

If your prepaid card isn’t working on Venmo or PayPal

To finish, if your card doesn’t allow you to do any of these things, use it to purchase other prepaid cards that will. Amazon, Walmart, and your grocery store are all great places to buy alternative gift cards. Then choose one of the options above.

How to get money with prepaid cards and gift cards

visa-gift-card

Get money with a prepaid Visa card

If you want to transfer money from a Visa gift card, you must first follow certain steps to ensure that the requested transfer will be completed. First, check that the card has not expired. If it has expired, the remaining funds on the card once again belong to the card issuer. Also check if the card is transferable. If so, you may not be able to transfer funds from it either. Then, if you’ve been using the card for an extended period of time, inactivity fees may apply. Check this to make sure you account for these charges, if any, when making a transfer from the card to your bank account. Finally, confirm the card balance. There’s usually a phone number or website URL in the fine print on the back that will let you know what’s left on the card. Then you can assess the transfer fees based on how much you can transfer and decide if it’s worth getting the money or if you just have to spend the card balance.

How to get money with a gift card

cashapp-money-transfer

Coinstar previously offered a gift card kiosk that would take your gift card and give you cash, but it no longer provides this service. There are alternatives to using your gift card money. You should know from the start that you won’t get your full balance, but you’re more likely to get something between 92% and 70%, depending on the type of card and the store, if any, it’s at. connected.

Apps that get money from gift cards

CardCash
CardCash

CardCash lets you redeem your gift card for a check, ACH transfer, or PayPal. 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(s) and then pay them to you. On the other hand, you can choose to redeem your gift card for a seller you prefer and get a higher return on your cards up to 11% more. CardCash earns a 3.21 star rating from consumers, with sellers generally being very happy with their transactions.

Raise
Raise

Raise also allows you to sell a card and receive your product via direct deposit or PayPal. You can set your own selling price for your card and receive money from Raise when it sells. Raise also offers a mobile app that offers members discounts on purchases and allows them to receive rewards.

GiftCardBin
GiftCardBin

GiftCardBin buys gift cards in person or online. If you want cash immediately from GiftCardBin, you can enter your zip code and receive a list of sites near you where you can get cash immediately for your cards. The author lives in a fairly rural area but found five locations within 50 miles or less in his search. Using a more urban Zip came up with several dozen locations within a radius of about ten miles or less. You can choose to go to one of the locations to get cash immediately or sell the card online for deposit to your checking account, Venmo, PayPal, or Cashapp. Note that the amounts for in-person purchases tend to be lower than those for online purchases.

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