How to Transfer Money From Prepaid Card to Bank Account: 6 Steps

Transferring money from a prepaid card to a bank account is simple. All you have to do is know the bank account number and routing number where you want to transfer and follow the steps associated with your card and bank.

Keep in mind that isn’t always possible to transfer money from a gift card to a bank account, but with a prepaid debit card, you usually can. Just be mindful of any potential fees that could chip away from your funds when you make that transfer. 

We’re going over how to transfer money from a prepaid card to a bank account and answering top questions, especially for those wondering how to transfer a visa gift card to a bank account. 💳

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Table of contents

• What are prepaid cards?

• Can you transfer money from a prepaid card to a bank account?

• 5 steps to transfer money from a prepaid card to a bank account 

• How to transfer Visa gift card to a bank account

What are prepaid cards?

Prepaid cards, sometimes called prepaid debit cards, are issued by companies like American Express®, Visa®, Discover® and Mastercard®. Prepaid cards have a set amount of money and you can typically only spend your available balance. Most prepaid cards can be reloaded, helping people budget or give someone else specific amounts of money as a gift. 

Keep in mind that a prepaid card is different than a gift card. Unlike some gift cards, prepaid cards can be spent anywhere the brand is accepted and on anything, similar to a debit card. Another benefit is that, in some cases, the value on your card can be transferred to your bank account. 

Can you transfer money from a prepaid card to a bank account?

Typically, yes. Most companies that issue prepaid cards allow you to transfer money from the card to your bank account. If your prepaid card allows you to transfer money to your bank account, it will likely be outlined in the cardholder agreement.

You may also be able to withdraw money from prepaid cards at ATMs, get cash back during store purchases, or by visiting participating banks.

5 steps to transfer money from a prepaid card to a bank account 

Transferring money from your prepaid debit card to your bank account is a straightforward process that typically only takes a few steps. 

1. Check whether the prepaid card allows bank transfers

Although most prepaid cards allow you to transfer the balance into your bank, not all of them will. If you aren’t sure, you can check on the agreement that came with the prepaid card, or you can look at the company’s website online to find out. Look for a section labeled “transfer prepaid card to bank account” or something similar. 

2. Check for fees

Some prepaid cards may come with fees for use. Certain card programs may have a small fee for each transaction. And many will impose some sort of fee if you’re transferring money to your bank account rather than using the prepaid card directly to pay for something.

For example, if you have a Visa prepaid card, you can typically find transfer fees listed in the cardholder agreement or on the card issuer’s website under “Terms & Conditions. Transfer fees for prepaid cards like American Express®, Visa®, Discover® and Mastercard® can depend on the provider and may range anywhere from $0 to $5.00 or more.

3. Gather the required information

Before making the transfer, double-check to ensure you have the correct bank account number and routing number for the account that you’re transferring the money to. Your routing number is a 9-digit code that identifies your specific bank in the financial system, while your account number is your personal identifier at that bank, typically 10 to 12 digits long. You should also take note of the number on your prepaid card.

4. Follow the step-by-step instructions 

The process for transferring money from your prepaid card to your bank account depends on the terms of your prepaid card. Some cards must be activated before they can be used. The card should have come with a cardholder agreement, and instructions on how to activate it, and there should be a number on the card you can call if you need help.

Many prepaid cards have apps or online portals that allow you to manage your money and make transfers quickly. Depending on the card issuer, the money might hit your account anywhere from immediately to within a few business days.

5. Monitor the transfer process

Like other transfers to your bank, it may take as many as three to five days for the balance to show in your account. You should be able to check online or in your banking app to see when the funds are processed and when they’ve been successfully deposited.

How to transfer Visa gift card to a bank account

Transferring funds from a Visa gift card balance to a bank account isn’t always straightforward, but it can be possible. Although a direct transfer isn’t always readily available, you may be able to make a transfer indirectly through third-party apps like PayPal, Venmo, or Cash App.

For example, you may be able to link your prepaid Visa gift card to an app that allows you to do so, and from there transfer the balance to your own bank account. Keep in mind that you may be subject to fees or other restrictions imposed by a third-party financial app.

A Simple Process: Transferring a Gift Card Balance or Prepaid Card to Cash

Prepaid cards are extremely convenient. They can be helpful for budgeting or for gifting cash to a friend or family member. And if you want to access the money, the funds can typically be transferred to your bank account if allowed. Just make sure to follow the instructions from your card issuer to set up the transfer. 

If you do not have a bank account, research some online accounts or mobile finance apps. One option worth considering is MoneyLion.

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FAQs

 What does a prepaid card do?

A prepaid card is a payment card that is not linked to a bank account. Users load money onto the card before using it for purchases, and the amount loaded determines the spending limit. It can be used for online and in-person purchases, cash withdrawals, and bill payments.

Can you transfer a gift card to a bank account? 

Yes, you can move money from certain gift cards directly into your bank account, if allowed. Depending on the gift card terms, you will more than likely need to move the money from the gift card to a third-party service like PayPal or Venmo, which links to your bank account and can be transferred from there. 

Can you pull money out of a prepaid card?

Yes – though sometimes fees apply. You can typically pull cash out of prepaid cards at an ATM. You can also try to make a purchase at a store that will alow you to take cash back or at participating financial institutions.