Can You Transfer Money From Prepaid Card to Bank Account

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Visa gift cards are not cash, but information technology is possible to plow them into greenbacks using Foursquare, a card reader for small businesses to take credit bill of fare charges. Some articles suggest using PayPal, but PayPal doesn't always work since these gift cards can't be verified. Foursquare is another pick, but information technology will cost you a percentage of the corporeality transferred and the toll of the reader if you purchase i (details in "Tips" section). Please notation that some users study Foursquare has started to cake Visa gift cards for some users. There is a possible workaround, but there is no guarantee it will piece of work either.

1. ane

   Activate your Visa Gift Card online at the website provided on the bill of fare. Many cards come pre-activated, so y'all don't have to worry virtually this unless the card says that information technology has to be activated.

2. two

   Check your card residue if y'all exercise not know it. This can be done either by going to a website or calling a number (both will exist on the carte). Remember the balance and minimize the number of balance checks. Some issuers of Visa souvenir cards charge a fee to check the balance, speak with customers service and just most anything else.

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3. 3

   Transfer the money or spend information technology quickly. Visa gift cards, along with the similar card from American Limited, charge monthly fees merely for having a balance. If you plan on spending or trying to become information technology into your depository financial institution account, do it quickly.^[1]

4. 4

   Sign up for Square and enter your information. This can be done either via the app, which is available for both iOS (iPhones/iPads) and Android, or via the website, www.squareup.com. You will need to enter:

   • Your proper name and e-mail
   • The name of your business organisation
   • The type of business
   • How you plan to use Square
   • Estimated annual revenue.
   • If you are not a business, you volition still demand to enter information for these fields.
   • Confirm your email accost.

5. 5

   Link your bank account to Square. Foursquare will deposit the balance from your souvenir carte du jour or whatever other transactions into this bank account. This is not typically immediate, and it tin can have up to ii business concern days according to Square'due south FAQs. This arroyo may non piece of work if you need to make the transfer from the gift card quickly.^[2]

6. vi

   Decide if you will use a card reader or manual entry. Square charge unlike rates to users if y'all use the carte du jour reader or make a manual entry. A reader charges a lower fee of two.75% versus the 3.v%+$0.fifteen transaction fee for a manual entry.^[iii]

   • You tin buy Square readers at a shop like Best Buy, club one from Square for $29.00, or borrow 1 from a friend. Multiple accounts can share the same reader.

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1. 1

   Appear like a merchant. While Square indicates it accepts Visa gift cards, there are mixed reports that Square will decline a Visa souvenir card if it believes you are using the service in one case to transfer a balance. In order to avoid this, you lot need to convince Square that you are a regular merchant or find a friend that is an established merchant to make the transfer for y'all.

   • There is no guarantee this volition piece of work, but it will increase the likelihood of success.
   • You can skip this part and try to brand the gift card transfer following the steps in the next part. Only be aware that it may fail.

2. two

   Open the Square app and enter an corporeality for a transaction. This is a transaction that you create and pay with your own funds or credit menu. You are not really buying or selling anything. This creates a transaction record in Square before trying to transfer the Visa gift card balance. It is recommended that you enter an corporeality in Square that is non too large since information technology charges a transaction fee. You will get this money dorsum in the bank account that is linked to Square, it is not disappearing.

3. 3

   Input the credit card information for the accuse. You are not using the Visa gift card notwithstanding, so choose another menu for this transaction. It does not affair what kind of card you employ.

4. 4

   Carry a few more small transactions with your own funds. This will make you appear more like a merchant and also serve as a exam ahead of a the larger balance transfer.

5. v

   Check your bank account linked to Square. The transactions you accept made are credited to your banking company account within ii business days. Square will accuse transaction fees, so the amount transferred into your depository financial institution account volition be the amounts you entered less the fees.

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1. one

   Charge the souvenir carte du jour balance on Square. The gift carte du jour volition exist authorized, the card'south balance will fall to zero, and the funds will be deposited past Foursquare into your bank business relationship within one business day.

   • If Square does not permit the transfer, you will see a notation that it is against their policy to transfer a Visa gift card balance. They will still charge the three.5% or ii.75% fee to your banking concern account, and the remainder will get credited back to the Visa gift menu.

2. 2

   Check your bank business relationship for the money. It should take but one business organisation day for the money to testify up in your account. Allow an extra 24-hour interval if you made the charge afterward in the day, some banks too take time to process it. The transaction could testify upwardly as a awaiting deposit and may not accept immediate availability. Bank check your banking company's policies online or with your branch.

   • A bank'due south stated policy is typically the worst instance scenario for your fund availability. Information technology is often faster than the stated time frames.

3. 3

   Check the Visa gift card balance. The Visa souvenir card should have a nothing balance if you successfully transferred the funds. Yet, if Square rejected the transaction, you will need to check the balance and make sure the fund were returned to the Visa gift carte du jour.

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Add New Question

• Question

  How tin can I cheque on my souvenir card balance transfer?

  

  1.) Call the number on the dorsum of the Visa gift bill of fare and bank check the balance. 2.) If at that place is a website listed on the dorsum of the gift card, you lot can go there and check the residue online. three.) Check your bank account to encounter if the coin was deposited.

• Question

  Tin can I become greenbacks out of my gift menu?

  

  No. Like near other types of souvenir cards, you cannot extracted money from a Visa gift card.

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• If you utilize the Foursquare reader, you will be charged a flat rate of 2.75%. If you manually enter the card number, you will be charged iii.5% + fifteen¢.

• The very minor amount that you lose in processing fees is made up for in the assurance of knowing that you'll be able to use the funds, as Visa gift cards don't e'er go through when purchasing something.

• Individuals merely transferring gift card balances are unlikely to justify cost of reader.

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• By post-obit these steps, you may be circumventing the intended apply of the bill of fare.

• Square may reject the transaction citing that information technology does not permit you to use the service to just transfer a Visa souvenir card balance. In this case, you the transaction amount is credited back to the gift card, but Foursquare tin can even so charge you lot the normal transaction fee.

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Things Y'all'll Need

• Visa gift card
• Square account
• Banking company account
• Email address
• Square reader (optional)

About This Article

Commodity Summary 10

ane. Activate your Visa gift card online if it isn't pre-activated.
two. Sign up for Square.
three. Link your bank account.
4. Convince Square that yous are a regular merchant if necessary.
5. Enter an amount for a transaction and input the card information.

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Source: https://www.wikihow.com/Transfer-a-Visa-Gift-Card-Balance-to-Your-Bank-Account-with-Square

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