Maybe you've received a Visa gift card from a boss, friend, or family member. You probably already know that you can use it to make purchases in-store and online, where Visa cards are accepted. It's a convenient way to buy things from groceries to gas, and these cards are very popular.
But what if you don't want to spend it? Is it possible to transfer the funds to a bank account?
In some cases, you can transfer the value, but the possibilities vary by card type and the services you want to use. Whether you want to transfer $50 or $500, we break down how to transfer a Visa gift card balance to help you decide if it's the right solution for you.
Is it possible to transfer Visa gift card balances to your bank account?
Transferring the funds from a gift card to a bank account usually requires moving the money to a third-party service before sending it to your bank account. These services include:
- PayPal
- Venmo
- CashApp
- Square
Each service has its own rules for which types of cards will work, and a fee may be charged for certain types of transfers.
Here's how it works:
First, set up an account with PayPal, Venmo, CashApp, or Square. Go to the wallet or payments section, and add your preferred checking or savings account. Then, add your Visa gift card as a payment method. You'll be asked to enter the card number and additional details just as you would a regular credit card.
Next, go to the "add money" feature and choose your Visa gift card. Type in the amount you want to transfer and complete the transaction. Finally, choose the transfer option and the checking or savings account you added, and move the preferred amount of money to that account.
Instant transfers may be subject to an additional fee. Read the terms and conditions to understand how long it may take for funds to become available, and note that transfer times vary by bank and can take several business days or longer.
Unfortunately, each money service has its own restrictions. For example, Venmo usually doesn't allow you to move the balance of the gift card directly to your Venmo account for easy transfer to your bank. Instead, you may need to send the payment to someone you trust, who can then pay you back. The paid-back funds can then be transferred to your bank account at your convenience. You can also use your Venmo account as a sort of bank account, paying people for things like dinner or rent using your Visa gift card balance instead of using cash.
Buying a money order
Another Visa gift card transfer option is to purchase a money order with the gift card and then deposit that money order into your checking account. There are usually fees associated with money orders, so plan for this ahead of time. Try shopping around for the best price on money orders first, which can even include online money order services.
One idea is to use a retailer like Walmart or Kroger to buy your money order since the United States Postal Service, a popular money order destination, doesn't accept gift cards as payment for money orders. If you show up at a post office and try to buy a money order with a Visa gift card, you'll be out of luck!
Getting cash from ATMs with Visa gift cards
Since Visa gift cards were designed for making purchases online and in-store, most Visa gift cards can't be used at ATMs for cash withdrawals. However, some Visa prepaid cards (which are different than gift cards) come with a PIN, and the PIN can be used to get cash back at ATMs and sometimes even at checkout when you purchase items at retailers. Note that there could be fees associated with ATM transactions.
Fees, costs, and expiration dates on Visa gift cards
Whether you use Visa gift cards to access cash or not, you'll want to be aware of some of the costs of using this type of payment tool. Typical fees for Visa gift cards include:
- Activation fees — To even use the card, you'll need to pay an activation fee, which is based on the card's value. Higher-value cards (like those over $200) can have fees as high as $5.
- Inactivity fees — If you don't use your card for a while (typically 12 months or longer), the card company may charge a fee. This fee can eat into the available balance of your gift card and leave you with less to spend.
- International transaction fees — Making purchases in your home country generally won't cost you more, but be prepared if you go overseas. Using your card while on an international vacation can cost you 2% of the purchase amount plus the difference in currency values.
- Replacement card fees — Losing your card may leave it vulnerable to someone using it without your permission, so report it right away. You may end up paying a fee of up to $15 to get a new card.
- U.S. Bank - "How do U.S. Bank Visa Gift Cards work and are there fees?" -
- Transfer fees — The card company itself won't charge transfer fees because it doesn't support the transfer of the value of your card to a bank account. However, third-party money services like PayPal or Venmo might be available, especially if you choose the instant transfer method. Expect to pay 1-3% of the transferred amount, leaving you less of your gift card to access as cash.
You'll also want to keep an eye on the period of time you have before an inactivity fee kicks in. For example, you can save money by using your card at least once during the initial 6-12 months you have the card. The expiration date is another important piece of information to know. Once the card expires, you won't be able to use the card at stores or online to purchase things.
If the card expires, the balance doesn't disappear. In these cases, you can usually contact the card issuer to get a new card to access those funds again (likely for a fee). Federal law also states that gift cards can't expire for at least five years after they are purchased and loaded.
Read the terms and conditions of any Visa gift card before buying to understand the fees and how long you have to use the card. This can help you decide if a particular gift card is right for you.
Converting Visa and other gift cards to cash
Another way to get the cash value of your gift card is to use a conversion, exchange, or selling platform. These services all charge a fee, but they may provide the simplest way to turn your gift card balance into cash.
Options include:
- CardCash — This company buys gift cards directly and gives customers up to 92% of the value of the card. Choose to have the money put into your bank or PayPal account, or select a paper check. CardCash requires you to provide a credit card as a verification method and to counter fraud.
- Raise — This company takes a set 15% fee from your earnings, but you can set the price for your gift card. It's a flexible way to get the value from your card on your terms. Raise pays customers via PayPal or direct deposit to a bank account.
- GiftCash — Get up to 93% of your card's value with this service, which offers instant quotes for over 150 kinds of gift cards. Cards must have a minimum balance of $25. When GiftCash buys your card, they pay you in cash as a bank direct deposit or with your choice of cryptocurrency. GiftCash supports the following cryptos: BTC, BCH, ETH, and USDT.
When you use these services, you're agreeing to give up a portion of the value of your card, and it may not work for all card types. For example, gift cards that aren't in as high demand may not sell easily (or at all). You might try comparing each site to see which will pay you the most for your particular card.
How to get the most from your Visa gift card
Visa gift cards can make a great gift, but if you're not sure when or if you'll get around to using it, you may want to transfer those funds to your bank account or to a third-party service for safe keeping, so you don't risk reducing the balance with inactivity fees.
You can transfer most of the value of your Visa gift cards to a PayPal or CashApp account and then use it to pay for things or even (in some cases) transfer it to your bank account.
Whether you spend, save, or transfer, it's always wise to know the terms and conditions of your specific Visa gift card so you use it wisely and according to the terms and conditions. These cards can be a great way to shop, and you'll want to enjoy the benefits!
