A gift card is a type of payment card you can exchange for a specified amount of money to buy goods or services from a specific business. The card is given as a gift, and that is why it is called a gift card. You can employ a few tactics and avail money in a gift card to your bank account. I will explain how to transfer money from a visa gift card to a bank account.
Visa is among the various service providers who work with businesses to offer gift cards. The others include American Express, MasterCard, and Discover. Usually, a gift card is a one-time card that once you use it, you are done. A few are reloadable, meaning that you can add funds to the gift card account to continue using them. Reloadable gift cards are almost the same as prepaid cards in that they do not require any bank account to operate.
One drawback of a gift card is that it is not that secure. If you ever lose a gift card while on your way to the shopping center, someone else can collect the card and use it for various transactions. Again, a gift card is not like a credit, debit, or prepaid card that you can use anywhere you want. Most of them are store-specific, meaning that you cannot use them anywhere else.
How do I get a gift card?
Gift cards are not difficult to get, just as you can get a prepaid card or debit card. However, gift cards are usually limited to buying goods and services. Contrary, you can use a prepaid card to buy goods and services and send money to others. You can also transfer money from a prepaid card to a bank account.
To get a gift card, you have to request it from the most appropriate gift card issuer around. The process below can help you when it comes to applying for a gift card.
- Visit an online or a physical store and request a gift card denomination amount.
- Present the payment of the card to the merchant, who then collects it for the next process.
- After that, the merchant selects the program on the terminal or POS system, inputs clerk ID, and then swipes the gift card through the terminal.
- Next, the merchant keys in the amount for the card.
- The terminal then processes the transaction to add the money to the card.
- The merchant then prints a receipt showing the card balance and hands it to the customer.
Where do I get a gift card?
If you want to give a person a gift card as their birthday present, various companies sell gift cards. For example, you can buy Visa gift cards from the Visa company itself or from other companies that also sell gift cards. Various companies sell Visa gift cards. They include the following.
i) United States Postal Service (USPS)
The United States Postal Service (USPS) sells gift cards that you can buy with various denominations. You can purchase it online or at any store near you. It would help if you had denominations of $20 to $500.
Walmart is one of the biggest online and physical stores in the US to purchase various goods. The company sells unique gift cards that you can give to your loved ones to buy whatever they want from Walmart. The card denominations range from $25 to $200. You can order the card online or from a physical store.
Walmart also issues prepaid debit cards that you can use for various kinds of transactions such as buying goods and services, transfering to a bank, or even sending to other cards. You can easily send money online using a debit card from Walmart.
Target is an online retail store where you can purchase goods and services. It is one of the best sites where you can get a gift card for your loved one. Target allows you to buy gift cards of various denominations, including $25, $50, and $100 in stores and up to $200 when you buy online.
Staples allow you to purchase gift cards online or at a physical store. Staples gift card denominations range from $25 to $300. You can find a store here or order online to receive at your location.
CVS sells gift cards of various denominations ranging from $25 – $500. You can buy the cards at any CVS store near you.
You can get various gift cards from the Albertsons company and give them to your friends and relatives. The company sells cards of various denominations ranging from $25 to $500. You can find an Albertson store location.
At Safeway, you can get cards of various denominations ranging from $25 to $500. The cards are available in-store whereby you can locate the nearest store.
How do gift cards work?
You can use a gift card at a store just like you can use a debit or credit card. You only need to swipe over the POS machine or use it with the traditional credit card terminals, and you are good to go. You will deduct the amount you spend from your overall balance to pay for purchasing a good or service.
Gift cards are specifically for buying goods and services, and it can be challenging to use them to transfer money, unlike debit and prepaid cards that you can transfer money from one card to another. Once the card balance is over, the card becomes useless, and you can destroy it.
Some gift cards are reloadable, and you can use them over and over again. Generally, the process below is helpful when redeeming a gift card. Have a look.
- You present the gift card for payment of goods or services.
- Merchant chooses a program on a terminal or POS system.
- Next, the merchant inputs the clerk ID and swipes the gift card through the terminal.
- After that, the merchant keys in the amount to redeem your card.
- The terminal processes the transaction and subtracts the amount from the card’s balance.
- With the help of a printer, the cashier prints you a receipt to show the customer the balance.
- The cashier hands the card back to the customer, and the transaction is complete.
Do gift cards have the routing and account numbers?
Gift cards do not have routing and account numbers. Therefore, you cannot transfer money into the card unless you recharge at the merchant location. The numbers are present in other cards such as debit and credit cards.
You can transfer money using the routing and account numbers from your card account to another card of a different issuer. Even the transfer of funds from one bank to the other requires you to have the routing number of the banking institution and the account number of the recipient.
How to transfer money from Visa gift card to bank account
You cannot directly transfer money from a gift card to a bank account. However, you can move money from your gift card to your bank account using indirect ways. They include the following.
1) Use a Square reader
Square is a payment platform that accepts POS payments. If you have a Square account that links to a bank account, then you can quickly swipe your card over the reader and allow a certain amount of money to go to your Square account. Afterward, you can move the funds to your bank account. Square charges 2.75 percent of the transaction amount for each swipe.
2) Link the gift card to PayPal
PayPal allows you to add your gift card details to your PayPal account, after which you can then move the money to your bank account. PayPal allows you to transfer money to a bank account in the following manner.
- Log into your PayPal account
- Navigate to My wallet
- Hit Transfer Money
- Select Transfer to your bank
- Select the bank account to deposit the amount withdrawn
- Click Continue
- Enter the amount to transfer and click Next
- Review your move details and click Transfer Now
3) Pay it yourself using your Visa gift card
There are merchants out there who can assist you in transferring money to your bank account. You only have to walk in their place with your Visa gift card and pay over the POS or any relevant machine.
After that, you can give them your bank account details to transfer money to your bank account for some fee. They may be having a debit card account whereby they can transfer money from the debit card to a bank account, in this case, your bank account.
4) Trade for cash using a gift exchange kiosk
Various gift card exchange kiosks are located in supermarkets and big shopping malls that allow you to exchange your gift card for cash. You can then deposit the given cash in your bank account at the nearest branch.
5) Sell your gift card
Various companies allow you to sell your gift cards online over their apps. They include Card Cash and Gift Card Granny. You can then deposit the given cash in your bank account.
Gift cards are payment cards you can apply for from a merchant and top with a certain amount of money to give someone special to you. You can apply for gift cards online or at a physical store.
The cards are usually used at a specific merchant. Some are reloadable, while others are only useful once. You cannot transfer money from a gift card to a bank account unless you use indirect means.