How to transfer money to your bank account from a Visa Gift Card
There's one huge problem with Visa Gift Cards: transferring the balance into a separate bank account. This How To explains a method of how to transfer money from a Visa Gift Card into your personal bank account using PayPal.
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Instructions
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Activate your Visa Gift Card to purchase items online. You will need to do this for online purchases and using your card on PayPal. https://www.giftcards.com/card_tools/activate.html offers Visa Gift Card activation.
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Create a PayPal account. This is fairly easy and can be done at http://www.paypal.com
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Connect your bank account with your PayPal account. Go to your "profile" on PayPal's homepage, select "bank accounts" and then "add". From there follow the instructions. It will take a few days to confirm your bank account, then you will be able to transfer funds between PayPal and your bank account. In the meantime, proceed to step 4.
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Send money from your Visa Gift Card to your bank account via PayPal. You can do this from accessing PayPal's homepage and then going to "Send Money". You will enter your email address of your newly created PayPal account and the balance on the Visa Gift Card. Your money will then be transferred to you PayPal account.
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Transfer PayPal balance into you bank account. On your PayPal account page goto "withdraw" then "transfer to bank account".
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Enjoy the money how you would like.
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Tips & Warnings
Don't try purchasing a cashier's check with your card.
Don't try buying an item and returning it for cash. The money is just transferred back to the card.
Don't try to sell it on Ebay. There are already hundreds for sale for less than the balance on the card. Using Ebay you will loose more money than using PayPal.
You will be charged 2.9% + 30 cents through PayPal.
Resources
- Photo Credit Creative Commons 2008
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Comments
View all 7 Comments-
Paypal no longer allows you to send money to yourself.
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doesn't work
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best way I find is to register the card on an online casino, then just withdraw it straight away into your bank account without playing any games (or maybe a fiver) you will have the money in your account in 2-3 days with no fees.
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Why should it cost to cash in a visa card. It's money, isn't it?
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This is not right. Why should I have to pay to have this money transferred to my bank account? Why can't Verizn just deduct the amount of the rebate from my Verizo bill?
