How to Transfer Money from a Prepaid Card to a Bank Account

Prepaid cards are a convenient way to pay money. You may fill your prepaid card with money instead of cash, which is safer and more convenient. When you get a prepaid card, there are situations when you would prefer to have the money in your account or in cash on hand rather than on the card.

Is it possible to transfer money from a prepaid card to a bank account? Yes, It is possible to transfer money from a prepaid card, we have listed a few methods below. 

3 Ways To Transfer Money from a Prepaid Card to a Bank Account

Using the online app or website for your prepaid card, you can transfer money from your prepaid card to your bank account. Below are some suggestions in case you are interested in learning about different ways to transfer money from a prepaid card to a bank.

Using MoneyGram

You can send money quickly, affordably, and securely to your bank account by using a payment service like MoneyGram. Since its founding in 1940, MoneyGram has grown to become the second-largest provider of money transfers worldwide. Remittance firm MoneyGram focuses on a wide range of financial activities. 

All you need is to create an account on the website and enroll to use it for prepaid card transfers. Enter your name, address, and the bank account you want for deposits. Choose the prepaid card, then enter the amount you want to transfer, after which choose the bank account. 

MoneyGram bases its transfer fee on the total value of the transaction. MoneyGram charges a fee for your transfer of at least $1.99.

Using PayPal

You can do this transfer also using Paypal. You can link the card to your PayPal account and send money from PayPal to the associated bank account. Although there is a small cost involved, using PayPal is simple and can be done online. There won’t be a charge for the transfer if you select the 1-3 day option.

First, you should have a prepaid card link with your Paypal account that is linked with your bank account. After this, you are all set. Now login to your PayPal account, then enter a Wallet, select “Add Money Online“, then add the amount, and enter “Send Money.” Don’t forget to select your link prepaid card as the funding source.

Your PayPal account would get instant credit. The money in your PayPal account can then be transferred to your bank account so you can withdraw it in cash.

Using Venmo

The card can be linked to Venmo, so this will help you to transfer money. If you do not choose the instant transfer option, Venmo would not charge you anything. Install the Venmo app and make an account if you do not already have one. 

You can add your card by selecting the Add Gift Card option. Enter your bank account and payment details and ask for the balance to be sent.

Conclusion

The kind of card you have will determine whether you can transfer money from it to your bank account. When you prefer not to use a prepaid card as a financial tool, transferring money from the card into your bank account can help you make the most of it.

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