How To Get Money From A Prepaid Card To Bank Account

Download Commodity

Download Commodity

Visa gift cards are non cash, but it is possible to turn them into cash using Square, a card reader for small businesses to take credit card charges. Some articles suggest using PayPal, but PayPal doesn't always work since these souvenir cards tin can't exist verified. Foursquare is another option, only it will cost you a per centum of the amount transferred and the cost of the reader if you purchase one (details in "Tips" section). Please note that some users written report Foursquare has started to block Visa souvenir cards for some users. There is a possible workaround, but there is no guarantee information technology will work either.

1. ane

   Activate your Visa Souvenir Card online at the website provided on the bill of fare. Many cards come up pre-activated, and then you don't have to worry about this unless the card says that information technology has to be activated.

2. ii

   Cheque your card balance if you practice not know it. This can be done either by going to a website or calling a number (both will be on the carte). Retrieve the balance and minimize the number of rest checks. Some issuers of Visa gift cards charge a fee to check the balance, speak with customers service and just about annihilation else.

   Advertisement

3. 3

   Transfer the coin or spend information technology quickly. Visa gift cards, along with the similar card from American Limited, accuse monthly fees just for having a rest. If you plan on spending or trying to get it into your bank business relationship, exercise it quickly.^[one]

4. 4

   Sign up for Square and enter your data. 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. Yous will need to enter:

   • Your name and email
   • The name of your business organization
   • The type of business organisation
   • How you lot plan to use Square
   • Estimated annual acquirement.
   • If you are non a business concern, you volition even so need to enter information for these fields.
   • Ostend your email address.

5. 5

   Link your bank account to Square. Square will deposit the balance from your souvenir bill of fare or any other transactions into this bank account. This is not typically firsthand, and information technology can take up to 2 business concern days according to Square's FAQs. This arroyo may not piece of work if you need to make the transfer from the gift card rapidly.^[2]

6. 6

   Determine if you will utilise a card reader or manual entry. Foursquare charge different rates to users if y'all use the carte reader or make a manual entry. A reader charges a lower fee of 2.75% versus the 3.5%+$0.15 transaction fee for a manual entry.^[3]

   • You lot can buy Foursquare readers at a store similar All-time Purchase, social club one from Square for $29.00, or infringe one from a friend. Multiple accounts tin share the aforementioned reader.

   Advertisement

1. ane

   Appear similar a merchant. While Square indicates it accepts Visa souvenir cards, at that place are mixed reports that Square volition refuse a Visa gift carte du jour if it believes yous are using the service in one case to transfer a balance. In order to avert this, y'all need to convince Foursquare that you are a regular merchant or find a friend that is an established merchant to make the transfer for you lot.

   • There is no guarantee this volition work, but it will increase the likelihood of success.
   • You lot can skip this part and attempt to brand the gift menu transfer post-obit the steps in the next function. Simply be aware that information technology may fail.

2. 2

   Open the Square app and enter an amount for a transaction. This is a transaction that yous create and pay with your own funds or credit card. You are not actually buying or selling anything. This creates a transaction record in Square earlier trying to transfer the Visa gift card balance. It is recommended that you enter an corporeality in Square that is non likewise large since information technology charges a transaction fee. Y'all volition get this money back in the bank account that is linked to Square, information technology is not disappearing.

3. 3

   Input the credit card information for the accuse. Yous are not using the Visa gift menu all the same, so choose another card for this transaction. It does non thing what kind of card you use.

4. iv

   Conduct a few more than modest transactions with your own funds. This volition make you announced more than like a merchant and likewise serve as a examination ahead of a the larger residual transfer.

5. 5

   Cheque your banking company business relationship linked to Square. The transactions you have fabricated are credited to your bank account within two business days. Foursquare volition accuse transaction fees, then the amount transferred into your bank business relationship volition be the amounts you entered less the fees.

   Advertisement

1. ane

   Charge the gift carte du jour residue on Square. The gift carte will be authorized, the card's balance volition fall to cypher, and the funds volition be deposited by Square into your banking concern account within 1 business organisation twenty-four hours.

   • If Square does not allow the transfer, you lot will meet a annotation that it is confronting their policy to transfer a Visa gift card balance. They will nonetheless charge the 3.five% or 2.75% fee to your bank business relationship, and the remainder will get credited back to the Visa gift card.

2. 2

   Bank check your bank account for the money. It should take just one business organization day for the money to show up in your account. Allow an extra day if you lot fabricated the charge after in the twenty-four hour period, some banks also take time to process it. The transaction could bear witness upwardly equally a pending eolith and may not take firsthand availability. Cheque your bank's policies online or with your branch.

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

3. 3

   Check the Visa gift menu balance. The Visa gift carte du jour should have a zero balance if y'all successfully transferred the funds. However, if Square rejected the transaction, you will need to cheque the residual and make sure the fund were returned to the Visa gift card.

   Advertisement

Add New Question

• Question

  How can I check on my gift card remainder transfer?

  

  1.) Call the number on the dorsum of the Visa gift card and check the rest. 2.) If there is a website listed on the dorsum of the gift card, you can go there and cheque the remainder online. three.) Check your banking concern business relationship to run across if the money was deposited.

• Question

  Can I become cash out of my gift card?

  

  No. Similar almost other types of gift cards, you cannot extracted money from a Visa souvenir carte.

Ask a Question

200 characters left

Include your e-mail address to go a message when this question is answered.

Submit

Advertisement

• If you use the Square reader, you volition exist charged a flat rate of 2.75%. If you manually enter the carte du jour number, you lot will exist charged 3.5% + 15¢.

• The very small-scale amount that you lose in processing fees is made up for in the balls of knowing that you'll exist able to employ the funds, equally Visa gift cards don't always become through when purchasing something.

• Individuals simply transferring gift carte balances are unlikely to justify toll of reader.

Advertisement

• By following these steps, you may be circumventing the intended use of the card.

• Square may refuse the transaction citing that it does not let you to use the service to just transfer a Visa souvenir carte du jour balance. In this case, you the transaction amount is credited dorsum to the gift card, but Square tin still charge you the normal transaction fee.

Advertisement

Things You'll Need

• Visa gift carte du jour
• Square account
• Bank account
• Email address
• Square reader (optional)

About This Article

Article Summary X

i. Activate your Visa gift card online if it isn't pre-activated.
2. Sign up for Foursquare.
iii. Link your bank business relationship.
4. Convince Square that you are a regular merchant if necessary.
v. Enter an corporeality for a transaction and input the menu data.

Did this summary aid y'all?

Thanks to all authors for creating a page that has been read 626,419 times.

Is this article up to date?

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

Posted by: williamsbrat1966.blogspot.com

Share this post