How To Transfer a Mastercard Gift Card to a Bank Account How To Transfer a Mastercard Gift Card to a Bank Account

How To Transfer a Mastercard Gift Card to a Bank Account

How To Transfer a Mastercard Gift Card to a Bank Account—Simplified

If you’re the lucky holder of a Mastercard gift card, you may be tempted to go out and spend for all you’re—and it’s—worth. Those of you that are more money-conscious may choose to save the money for later and use it to top up your bank balance.

Can you bank the money on a card for later use, though?

This article explains how to transfer a Mastercard gift card to a bank account—read on and get the best tips and workarounds! That’s not all! You will also learn how to get Mastercard and other gift cards for free using Mode Mobile products!

Transferring a Mastercard Gift Card to a Bank Account—Is There an Easy Way?

There is no straightforward way to transfer your balance directly from a Mastercard gift card into your bank account.

You can’t, unfortunately, insert your Mastercard gift card into an ATM, select an option, and watch your bank balance climb.

While a transfer into a bank account via an ATM is usually possible with a credit or debit card, the only way you can use a Mastercard gift card is to:

  1. Pay for goods or services in-store
  2. Buy items online
  3. Withdraw cash from an ATM

Pay for Goods or Services In-Store

Mastercard gift cards can be used in the same way as a debit card—whether you are at home or abroad, you can use your Mastercard gift card in any Mastercard-affiliated:

  • Store
  • Restaurant or bar
  • Leisure facility
  • Service provider

This being said, you can normally only use physical Mastercard gift cards in-store—eGift cards are not usually accepted in outlets.

Buy Items Online

Mastercard gift cards can also be used to pay for goods or services online—by using your Mastercard gift card as you would a regular debit card, you can shop online to your heart’s content.

The only limitations to the use of your Mastercard gift card may be a result of:

  • The vendor having specific limitations on gift card use—this can happen with some overseas websites
  • Your gift card balance not being sufficient to cover the item you want to purchase

Withdraw Cash From an ATM

Your Mastercard gift card works like a normal debit card if you want to withdraw cash from an ATM. By inserting the card and typing in your PIN, you can withdraw any amount of cash up to the preloaded value of the gift card.

This is only true of physical gift cards, though—you can’t use a virtual card to make ATM withdrawals.

Source: rupixen

How Can You Transfer a Mastercard Gift Card to Your Bank Account?

While Mastercard does not allow direct balance transfers from a gift card into a bank account, there are a couple of workarounds you can try to make the process manageable.

The easiest options are via:

  1. MoneyGram
  2. PayPal

Going With the MoneyGram Route

MoneyGram is a remittance provider that's been around for decades and has a great reputation for:

  • Reliability
  • Ease of service
  • Speed

To transfer a Mastercard gift card balance into your bank account, you need to send yourself money by following the steps presented in the table below:

Step

What To Do

Create a MoneyGram account

Create an account on the MoneyGram website by filling in all the details as instructed. Once your account is set up, you can proceed to the next step

Set up a “Send Money” transaction

Navigate to the “Send Money” page and follow the instructions to fill in your Mastercard gift card details, including:

  • 16-digit card number
  • Name that appears on the card
  • 3-digit CVC on the back of the card

Fill in your bank details

Specify details of the bank account where your money should be paid.

Most U.S. banks and credit unions are accepted as recipients, but you should double-check to make sure your account number is correct—money sent to the wrong account may not be recoverable

Once you complete these steps, your transaction should be finalized within a few minutes.

Note that there is a charge for the service, as follows:

  • You pay a flat fee of $1.99 for the amount up to $200
  • Amounts over $200 cost $1.99 plus 1% of the amount transferred

Using the PayPal Option

If you have a PayPal account, transferring a Mastercard gift card balance into your bank account is an option.

Even if you don’t have one, the set-up process is quick and easy and requires you to provide your:

  • Full name as it appears on your ID
  • Address as it appears on a utility bill
  • Email address
  • Phone number
  • A valid form of photo ID

Your account should be activated within minutes, at which point you can start transferring your Mastercard gift card balance into it.

Follow the steps below to do so:

  1. Link your bank account—Click on Wallet on your PayPal account, then Link a Bank Account. Enter your bank details, and PayPal will confirm that your account is linked
  2. Link your gift card—Click on Wallet again and hit Link a Bank Account again, but, this time, enter some random numbers. You will then be prompted to link manually, so you should enter your prepaid Mastercard details. When you’re done, hit Request Deposits. PayPal will send refundable test charges to your bank account and card and will confirm the link to both
  3. Transfer the funds from your card to your wallet—Press Send Money, then Add Money. Choose your card as the source of the funds, decide on the amount you want to transfer, and complete the transaction
  4. Transfer the funds from your wallet to your account—Follow further instructions to transfer the money from your wallet to your bank account

Typically the fees for this type of transaction are:

  • Zero if you choose a normal transfer
  • 1% of the total transfer amount for an instant transfer

Can You Cash Out a Mastercard Gift Card?

Depending on your location, the simplest way to transfer the funds from your Mastercard gift card to your bank account could be to make a cash transaction.

If you live or work near a branch of your bank, you may be able to draw cash from your Mastercard gift card at an ATM and deposit it physically in your bank account.

This is only possible, though, with a physical Mastercard gift card—virtual gift cards from Mastercard do not allow ATM withdrawals.

If you don’t live near a branch of your bank or if you have an eGift card, you will have to use one of the methods described above to transfer your gift card balance into your bank account and withdraw cash from there.

Getting a Mastercard Gift Card For Free

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Source: Mode Mobile

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Source: Mode Mobile

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Featured image source: PhotoMIX-Company