How to get money off prepaid mastercard

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r/tmobile

I'm finally getting some cards this morning for switching from another carrier. What's the best way to convert this into cash with zero to minimal fees?

I have researched and it seems you can use them at certain ATMs without fees (not sure how valid that is). You can also get a money order at Walmart for only 70 cents.

Any other suggestions?

edit: Using Gmail or Google Wallet does not work. Says that you cannot use prepaid cards

MASTERCARD BENEFIT INQUIRIES

Your benefits may vary by card type and issuing bank or credit union. Refer to your issuing bank for complete benefit coverage terms and conditions or call Mastercard (0800-96-4767) for assistance. Certain terms, conditions and exclusions apply.

1. In your standard PayPal account, go to “Transfer money and payment requests”
2. Click on “Create invoice”
3. click on “+ Create”
4. Enter a personal email address in that not linked is to a PayPal account
5. Enter the amount you want to transfer from your prepaid gift card
6. Click on “Send”
7. Go to your email account and click on “View invoice and pay”
8. Click on “Pay XXX EUR” at the top left
9. Click on bottom gray bar – “Pay as guest” or “Pay with credit card”
10. Then fill in all the details, including the details of the gift card
11. Click on “Do you want to open a PayPal account?” to “No thanks” and agree to the terms
12. Choose is the “Select a conversion option” pop-up for “Pay in the merchant’s currency”
13. After payment, your money is equal to the PayPal account, after which you can transfer it to your payment account

NB. We would like to point out that PayPal minimum 3.4% fee + € 0.35 and possible exchange costs means the amount transferred. If you want to avoid the exchange rate, please call with PayPal to change the currency setting of the card.

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You’ve got money! And it just happens to be on a prepaid card. Companies such as Visa, Mastercard, Discover and American Express issue debit cards you can buy, load with funds and use almost anywhere. Retailers like Starbucks, Amazon, Macy’s and Best Buy offer prepaid gift cards you can use to make purchases at their stores. In either case, there may be a time when you want to extract the cash from the balance instead of using the cards to pay bills or buy products and services.

Here’s how you can transfer the money from a prepaid card to your bank account.

Transfer money using the card’s app

Almost all issuers of general-purpose prepaid cards allow you to withdraw money. To know if yours does, visit the company’s website. It should explain the various ways you can access the money, from making a cash withdrawal at an ATM to transferring the money from the card and directing it to your checking or savings account.

The process to transfer funds for most prepaid cards is basically the same from one company to the next. For example, with the Netspend® Visa® Prepaid Card, you would link your bank account by entering the routing and account numbers. After that you can initiate the transfer via the website.

Many prepaid card companies have apps you can download and use. These are best for maximum flexibility and convenience, so check to see if the card issuer has one. If it does, you can conduct many card functions on the go, including transferring the cash from the card and having it deposited into a designated bank account.

Depending on the prepaid card issuer, the money will be in your account almost immediately or within a few business days. However, the first transfer you make will likely take longer because the company will have to authenticate the bank account you linked.

There are a number of fees associated with prepaid cards, and many will assess a charge for you to shift a balance from the card. How much it might cost differs by issuer, as well as the way you instigate the action.

Netspend, for instance, does not charge a fee for mobile transfers into your bank account, but it will charge a $4.95 fee if you conduct the process over the phone with the assistance of a customer service representative. The Brink’s Prepaid Mastercard® tacks on a $3.00 fee when you transfer funds via ACH from your card to a bank account at another financial institution.

Always review the fee structure before getting the card so you know it’s the best for you and your needs. If you received the card as a gift and just want the money instead of using it for transactions at the store, check the fees a company may charge.

Cashing the card out is better than getting nothing, which happens frequently when there isn’t much money left on the card. According to a 2021 Bankrate.com poll, 51 percent of U.S. adults leave money on their gift cards, amounting to roughly $15.3 billion lost to consumers nationwide.

Use a third party service

Another way to cash out your card is to sign up for a third-party service. These separate companies allow you to shift the money you have in a prepaid card into a bank account of your choosing, or sell the card for a percentage of its value.

In fact, the best (and sometimes only) method to turn funds in a prepaid gift card into cash that you deposit into your checking or savings account is with a third-party service. Two of the most common companies that do this are:

MoneyGram

MoneyGram is a remittance company that specializes in many types of financial transactions. To use it for prepaid card transfers, enroll on the website by creating an account. Enter your personal identification information and the bank account you want listed for deposits. Input the amount you want to send from the selected prepaid card, then select the bank account for the transfer. The transfer fee for MoneyGram is calculated on the amount of the transaction. Transfers less than $200 cost a flat fee of $1.99. Any amount greater than $200 gets the $1.99 fee plus 1% of the transferred sum.

CardCash

CardCash allows you to sell a prepaid gift card with a balance remaining and get the cash in return. When you do, you can transfer the funds into a deposit account that you can spend on anything. To use CardCash, visit its website and enter the gift card and the amount on it. You will see a button to click labeled “get offer.” You will then be offered an amount for the card, which is based on the type of card you have. The amount will be up to 92% of the value.

If you agree to the sale, you will be instructed to enter your gift card number and your personal identification number. Then you can select ACH direct deposit to have the money go straight into your bank account or PayPal Express. In the latter case, the money will be deposited into your PayPal account. You can use the cash in that account for transactions or transfer those funds into your personal bank account.

Bottom line

Transferring cash from a prepaid card into your bank account can be a good way to ensure you get the most from the card when you’d rather not use it as a patent tool. Before you do, though, consider whether you can use the card for transactions instead, since that’s usually the least expensive option. If not, go ahead with the transfer.

When it’s a choice between paying a nominal fee or letting funds go unused, the decision should be easy. Take the money.

Editorial Disclaimer

The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.

Erica Sandberg is a prominent personal finance authority and author of "Expecting Money: The Essential Financial Plan for New and Growing Families." Her articles and insights are featured in such publications as The Wall Street Journal, Pregnancy, Babytalk, Redbook, Bank Investment Consultant, Prosper.com, MSN Money and Dow Jones MarketWatch. An active television and radio commentator, Sandberg is the credit and money management expert for San Francisco’s KRON-TV, a frequent guest on Forbes Video Network, Fox Business News, Bloomberg TV and all Bay Area networks. Prior to launching her own reporting and consulting business, she was affiliated with Consumer Credit Counseling Services of San Francisco where she counseled individuals, conducted educational workshops and led the media relations department. Sandberg is a member of the Society of American Business Editors and Writers and on the advisory committee for Project Money.

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