How To Transfer Money From Prepaid Card To Bank Account

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You’ve got money! Locked on a prepaid debit card. Now what?

Companies like Visa, Discover, American Express, and Mastercard issue prepaid cards that work a lot like regular cards. They make popular gifts as well as a way to limit compulsive spending. 

But sometimes, you may need to move the money to pay for specific expenses or save for later. In those cases, you should know how to transfer money from a prepaid card to a bank account. 

Can I transfer money from a prepaid card to my bank account?

Yes, it’s usually possible to transfer from a prepaid card to a bank account. Almost all general-use prepaid card issuers, including big names like Visa and American Express, permit the practice. If you’re not sure about a specific card, the issuer’s website should provide more information about transferring and spending money.  

Is it possible to transfer money from my prepaid card to my bank account without fees?

It usually is possible to move money from a prepaid card to a bank account at no charge. However, expedited transfers may assess a small fee for faster funding.

How to transfer money from a prepaid card to your bank account

The process to move money from a prepaid card to a bank account is generally the same between companies. But there’s more than one way to complete the process.  

Go through the card company

Most prepaid cards have apps or online portals that let you manage your money and make transfers quickly. While exact details vary, the general process often remains the same. 

For many cards, the first step to transferring money to an external account starts by logging in. From there, you can follow the company’s directions to attach an external bank account. You’ll need the account number and routing number. 

If you’re not sure how to complete this step, you may need to contact the prepaid card issuer for clarification. It can walk you through the setup to attach the external account. 

Then, follow the card issuer’s directions to initiate the transfer. 

Depending on the card issuer, the money may hit your account anywhere from immediately to within a few business days. Bear in mind that the first transfer may take longer as the company authenticates your bank details.  

Get cash

Many card companies allow you to withdraw your balance for cash, which you can then deposit. You generally have one of two options to do so. 

The first is to withdraw money from an ATM. If you go this route, find an ATM and complete the process like with a regular debit card. Be sure to have your PIN on hand, just in case!

The second is to withdraw cash at a register — for instance, when you pay for groceries. Upon payment, you may see the option to get “Cash Back” or something similar. Choose that option, then follow the prompts to select the amount and enter your PIN, if applicable. 

Be advised that both withdrawal methods may assess a small fee. Some prepaid cards, but not all, may work with in-network ATMs to reduce or eliminate fees.   

MoneyGram

If your issuer doesn’t permit direct card-to-bank transfers, you may try a third-party service like MoneyGram International Inc. Essentially, you can use MoneyGram to pay a “bill” from your prepaid card to your bank account. 

To start, you’ll need to make or log into your MoneyGram account. Then, click the “Send Money” icon. The page will prompt you to fill in the payment details from your prepaid card, such as your card number and payment amount. 

Then, select “Account Deposit” or “Debit Card Deposit,” whichever is applicable. You’ll be directed to a page to add the receiver information — in this case, that’s your bank account. You’ll need your name, bank account number, and address. 

When you’ve finished this page, click “Next” to start your transfer. 

Remember that MoneyGram charges a minimum of $1.99 for each transfer. Amounts over $200 charge a fee of $1.99 plus 1% of the transferred sum. Per-transfer amounts are also limited to $10,000. 

PayPal

PayPal lets you add prepaid debit cards to your account to make payments or transfer money. 

Again, you’ll have to start by creating or logging into your PayPal account. Once you’re set up, it’s time to ensure your bank account is linked. If it’s not, click “Link a Bank” from your PayPal wallet and complete the process as directed. 

From there, it’s time to add your prepaid debit card. Click the button that says, “Add card or bank,” then “Link a debit or credit card.” Next, you’ll have to input the requested information, which includes the card number, card type, expiration date, and security code. 

After the payment method is authorized, you can spend the money through PayPal or send cash to your bank account. You can do an instant transfer for a small fee, or choose the one- to three-business-day option for free. 

Venmo

Venmo is a popular mobile payments app owned by PayPal that provides an alternative route to moving money. Start by creating or logging into your account online. 

From there, you’ll need to make sure you’ve attached your preferred bank account. If you haven’t, navigate to “Settings,” then “Preferences,” then “Payment Methods.” Start by clicking “Add bank or card” and input your bank account details. 

Once your bank account is signed up, follow the same directions. But this time, when you “Add bank or card,” you’ll add your prepaid debit card data instead. You can also click the camera icon to take a picture and let the app automatically fill out the form. 

When you’re finished, click “Add,” and you’re ready to go! You can now move money from your prepaid card to your bank account. Generally, transfers take three to five business days once initiated. 

It’s easy to move money from a prepaid card to a bank account

You probably already knew how to transfer money to a prepaid card. Now, you know how to do the reverse, too! Setting up these frameworks for the first time makes it easy to add prepaid cards to your financial management plan as needed.

FAQ

Can you pull money out of a prepaid card?

Yes, you can usually pull cash out of a prepaid card at an ATM, just like a regular debit card. 

How can I transfer money instantly to my bank account?

You may be able to transfer from a prepaid card to a bank account instantly via the prepaid card’s online or mobile portal. You can also use third-party services like PayPal, MoneyGram, or Venmo. Note that instant transfer services may assess an extra fee.

Can you transfer the balance of a prepaid Visa card?

Most of the time, the answer is yes. Prepaid Visa cards usually let you transfer your balance to a bank account or third-party services like PayPal or Venmo. All you need is your card information and/or your bank details to get started.

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