Consider the inconvenient truth that over $130 billion in gift cards has gone unspent since 2005, as reported by the Mercator Advisory Group. You likely have a gift card collecting dust somewhere, and its value might be better spent transferred to your Venmo account. You can breathe new life into that dormant gift card, but the transfer process might seem intimidating at first. By linking your gift card to a PayPal account and transferring the funds from there to Venmo, you can access its value – but maneuvering through these steps requires attention to detail.
Add Gift Card to Venmo
To add a gift card to Venmo, you'll need to link it as a payment method through the Venmo app. First, open the app and navigate to the 'Payment Methods' section. Tap on 'Add Payment Method' and select 'Gift Card' from the list of options. Enter the gift card information, including the card number, expiration date, and security code. Review the terms and conditions, then tap 'Add Gift Card' to complete the linking process. Verify you have a stable internet connection and keep your login credentials secure to protect your account. Once linked, you can use the gift card to fund your Venmo transactions. Note that some gift cards may not be eligible for use on Venmo, so check the card's terms before attempting to link it.
Use PayPal for Transfer
You can use PayPal to transfer funds from a gift card to Venmo by first adding the gift card to your PayPal account. This process is secure and generally takes a few minutes to complete.
| Process Step | Time to Complete | Security Level |
|---|---|---|
| Add gift card to PayPal | 5 minutes | High |
| Verify gift card balance | Instant | High |
| Confirm gift card addition | Instant | High |
| Transfer funds to PayPal | 3-5 minutes | High |
| Transfer funds from PayPal to Venmo | 3-5 minutes | High |
Once you've added the gift card to your PayPal account, you can transfer the funds to Venmo. Make sure you follow the on-screen instructions and review the terms and conditions.
Link Gift Card to Bank
Linking a gift card to your bank account provides an alternative method for transferring funds to Venmo, allowing the gift card balance to be deposited directly into your bank account. To link your gift card to your bank account, you'll typically need to access your bank's online portal or mobile app. Look for the 'add card' or 'link card' option and follow the prompts to enter your gift card details. Once linked, you can transfer the gift card balance to your bank account. From there, you can transfer the funds to Venmo. Note that some banks may not support gift card linking or may have specific requirements. Check with your bank for their policies and procedures to guarantee a smooth transfer process.
Utilize Money Transfer Services
Another option for transferring money from a gift card to Venmo involves using money transfer services, which can facilitate the process when direct linking to a bank account isn't possible. You can use services like PayPal or Square Cash to transfer funds from your gift card to your Venmo account. Here's a comparison of popular money transfer services:
| Service | Fees |
|---|---|
| PayPal | 2.9% + $0.30 per transaction |
| Square Cash | 3% per transaction |
| TransferWise | 1% + $0.20 per transaction |
| Google Pay | No fees for debit cards |
| Facebook Pay | No fees for debit cards |
You can link your gift card to one of these services and then transfer the funds to your Venmo account, ensuring a secure and efficient transaction.
Verify the Transfer Process
Verifying the transfer process is an essential step to guarantee that the funds from your gift card are successfully transferred to your Venmo account. You'll want to review the transaction details carefully to verify accuracy. Check the amount transferred, the recipient's information, and the transfer method. Also, confirm that the funds have been deducted from your gift card and credited to your Venmo account. If you encounter any discrepancies, contact the transfer service or Venmo's customer support immediately. Verification will also help you detect any potential errors or suspicious activity, safeguarding the security of your transaction. By double-checking the transfer process, you'll have peace of mind knowing that your funds are safe and have been transferred successfully.
