Gift Cards

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How to Transfer a Gift Card to a Bank Account By Nicole Carlin, eHow Contributor

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Receiving a gift card for a special occasion allows you to use the gift card anywhere that you would shop with a credit card, including online purchases. A downfall of gift cards is that you can’t take money out of a gift card at an ATM or transfer the money into a bank account. By using Paypal, you can transfer the money to a Paypal account and then to your bank account for a small fee. Gift cards that are for stores (not Visa or Mastercard gift cards) cannot be transferred into a bank account or redeemed for cash.

Things You'll Need
  • Gift card
  • Paypal account
  • Bank account detail

Instructions

  • 1. Activate your gift card online. This allows you to purchase items online. You can activate your card by calling the number on the back of the card and following the instructions or visiting Giftcards.com to activate your card electronically.

  • 2. Sign up for a Paypal account. You will be asked to fill out your important details and add your bank account details. To verify that it is your bank account, Paypal will deposit a small amount of money into your bank account within a few days. You must check your bank account statement and return to the Paypal site to input the amount deposited into your account. This will verify your bank account.

  • 3. Add a credit card to your bank account by choosing “Add funds” at the top of the Paypal homepage once you are logged in. Add the amount that is on the gift card.

  • 4. Click on “Transfer Funds” at the top of the Paypal homepage and transfer the amount on the gift card into your bank account. It will take three to five days before the funds arrive in your bank account.

Tips & Warnings

  • Paypal will charge you a fee of 2.9 percent of the total transfer plus $.30 as a fee.

Nicole Carlin

Nicole Carlin is a yoga and dance teacher and founder of POP Fizz Academy in Philadelphia. She obtained a Bachelor of Arts in psychology from Temple University and a Master of Arts in gender and sexuality, politics from Birkbeck University, London. Carlin has written about dance, crafts, travel and alternative health for eHow, Trails.com and Demand Studios.

Via eHow.com

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