Many of us receive gift cards, debit cards, and check cards. These types of cards don’t allow us to withdraw cash on them and you can only make online or in-store purchases. In addition, because of money laundering, a gift card will decline if trying to make a payment on a loan or credit card bill.
If you have a PayPal account setup, you can transfer a gift card balance into a checking or savings account. You can send a request for money from your PayPal account to your email address for the amount of the valued gift card you want to use.
- Login to your PayPal account and select Tools -> Request Money
- Type in an email address you have access to (preferably an email not registered already with a PayPal account.
- Enter the full amount of the Gift Card balance.
- Submit the transaction.
- You can immediately withdraw the balance you just received from your PayPal account to your PayPal linked Banking Checking or Savings account.
PayPal will send an email to the recipient you specified. Open the email and pay the balance using Debit/Gift card. You will be able to complete the transaction without needing to create a new PayPal account as well.
Remember: PayPal will charge a 2.9% fee for a debit card and it will automatically be deducted from your PayPal transaction when you accept the money. Depending on how much your gift card balance is, this shouldn’t be an issue for most people.
And like that, you will have 98.1% (PayPal charges 2.9%) of your gift card balance directly deposited into your bank account.
Other options to receive a gift card value amount:
-Request a refund check from the Gift Card company. This could take up to 30 days to receive.
-Purchase something of equal value and return it – you could get cash depending on the transaction.
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