Having a prepaid card is a convenient way to pay for products and services whether in-store or online. Instead of carrying cash around, you just load your money on your prepaid debit card, making it safer and more practical.
You can also get your paycheck and government benefits on your prepaid card. Even the U.S. government-issued prepaid cards to distribute coronavirus stimulus payments to citizens with no available banking information in 2020.
With many people now using prepaid cards, one commonly asked question is how to transfer money from a prepaid card to a savings or checking account?
Before we tell you how to do it, you must check if your card allows you to even transfer your funds to a bank account in the first place.
Can You Transfer Money From A Prepaid Card To A Bank Account?
Yes. You can usually transfer money from a prepaid card to a bank account. However, there are some cases where it cannot be done.
Here are three options that you might face depending on what card you have:
- Your prepaid card company provides for it. Transferring money to your bank account is a simple process of logging into the prepaid card company’s app or website.
- Your prepaid card provider does not clearly tell you if it is possible. No problem. You can still do the transfer by using a third-party money transfer service like MoneyGram.
- Your prepaid card is a gift card that is only limited to purchasing products and services from participating merchants. You can still get cash out of it to transfer to your bank account but the process will be more expensive.
So how do you find out which scenario you fall under? We’ll show you in the next section on how to transfer money from your prepaid card to your bank account.
How To Transfer Money From Prepaid Card To Bank Account (Step By Step)
The process is slightly different depending on each prepaid card but here’s a step by step guide that should apply to most cards:
Step One: Find Out If Your Prepaid Card Can Be Used Anywhere, Or Is Limited To Participating Merchants Only
Visit your prepaid card company’s website and look at the card’s features. Can it be used anywhere that regular debit cards are accepted?
For example, certain cards have the following features:
However, other cards are only limited to participating merchants:
Step Two: Visit Your Prepaid Card’s Website To See If They Offer Transfers To A Bank Account
Some prepaid card companies help you do transfers to your bank account through their website or app. So your first stop should be the website of your prepaid card provider.
Check Your Card Company’s FAQ Page
Here, they’ll usually have a FAQ (Frequently Asked Questions) page. If your card company allows transfers, they’ll state it very clearly.
For example, the Bank of America CashPay card says the following on their FAQ page:
Not in the FAQ? Check Your Card Company’s Features Page
If you don’t find it on your card provider’s FAQ page, check the features and benefits page of your prepaid card.
On the Netspend website, this information appears on the ‘Card Benefits’ page:
If your prepaid card company offers transfers to your bank account, then carry on to the next step. If it’s not clearly stated, then your best bet would be to try the MoneyGram method that we list below.
Step Three: Register Or Log-In To Your Prepaid Card Account
After finding out whether your prepaid card provider allows such a transaction, you can sign-up for an account or log in if you already have an account.
If you need to do registration, then you will need your prepaid card with you. After signing-up, you can use the log-in details for future transactions.
Step Four: Link Your Bank Account To The Prepaid Card By Providing The Routing Number And Account Number Of Your Bank Account
To perform the transfer, most prepaid card providers will ask you to link your bank account by entering your bank account’s routing number and account number.
Your routing number is a 9 digit number that tells you where your bank account was opened. One place to search for it is at the bottom of your checkbook. It’s also known as your ABA or RTN number.
Make sure you have this ready. If you don’t have the routing number of your bank account, check with your bank’s website. Most banks have a page where all their routing numbers are listed. Have a look at U.S. Bank’s website for example.
Step Five: Follow Additional Instructions From The Prepaid Card Company And Perform The Transfer Online To Your Bank Account
Every prepaid card provider will have a slightly different set of instructions so make sure to follow the instructions carefully.
At any point, if you’re unsure of what to do, your prepaid card provider should have a customer service hotline that you can call for help.
Here is an example of the detailed instructions provided by the Key2Benefits Prepaid Card website.
How Long Will It Take For The Money To Be Transferred To My Bank Account?
How long the transaction takes depends on your bank. Some transfers can be completed within a few hours or on the same business day.
For most banks though, it usually takes a few business days before you see the money in your account.
For example, if you have a Bank of America prepaid card and you are doing a transfer to your bank account for the first time, this could take up to 7 business days.
This is because you must create a new “transfer-to” account online, which can take up to 5 business days to authenticate.
After that, it can take another 2 business days to receive the money in your account.
If you use the MoneyGram method though, the money will arrive in your account within the same day. Even new accounts take less than a day to be verified.
The MoneyGram Method (Easy And Fastest Way)
If you don’t mind paying a couple of dollars to save yourself all the hassle, then the MoneyGram method is for you.
MoneyGram is a money transfer company that gives you a safe, fast, and cheap way to send money within the US (and overseas).
If you’re having a hard time transferring money from your prepaid card to your bank account, then MoneyGram is a nearly guaranteed way to do it.
Transferring Money From a Prepaid Card to Your Bank Account Using MoneyGram
Here are the steps to transfer money from your prepaid card to your bank account using MoneyGram:
- Go to the MoneyGram website and click sign-up to create an account using your email address.
- Log-in to your account and select the “Account Deposit” option
- Send to the bank account by entering the details required
- Pay the amount using your Visa or MasterCard prepaid card
- According to the MoneyGram website, many account deposits are completed within a few hours, subject to banking hours and systems availability.
How Much is the Fee When Transferring Money Using MoneyGram?
You’ll pay a fee based on the amount you are sending. For amounts less than $200, MoneyGram charges you a base fee of $1.99. For amounts above $200, it charges $1.99 + 1% of the transferred amount.
For example, if you’re going to send $500, the fee will be $1.99 + $5, for a total of $6.99.
You can estimate the fee before you send the money by using the fee calculator on the MoneyGram homepage.
How to Save on the Transfer Fee:
If you are going to use this service regularly, you can save on fees by enrolling in the MoneyGram Plus Rewards.
With this program, you will save 20% on fees on your second transfer and 40% OFF on fees every fifth transfer.
If you’re transferring a large amount, then taking advantage of the MoneyGram Plus Rewards program will save you lots of money!
Is There a Limit When Transferring Money Using MoneyGram?
The limit for sending money online is $10,000 per transaction and up to $10,000 every 30 calendar days.
If you need to send more funds, you’ll have to do it in person at one of the MoneyGram agent locations, however, according to the MoneyGram FAQ, most agent locations only accept cash.
How Long Does it Take to Transfer Money with MoneyGram?
All of MoneyGram’s transactions occur within the same day, including prepaid card transfers to your bank account.
Card Cash Method (For Gift Card Balances)
Yes, you can transfer money from most prepaid gift cards to your bank account using a service called CardCash.
Unlike most prepaid cards, gift cards are disposable and can only be used until the balance reaches zero while most prepaid cards are reloadable and can be used indefinitely.
Thankfully, we’ve found one proven method for transferring money from your gift card to your bank account.
How to Transfer Balance From a Gift Card to Your Bank Account Using CardCash
You can use mobile payment services like CardCash (by PayPal) to transfer your money from your gift card or prepaid to your bank account.
The catch? It’s more expensive than just using the gift card or prepaid card to buy items. So make sure that it’s really the cash value that you want from the gift card.
To transfer gift cards to your bank account using the CardCash Option:
- Go to this page on the CardCash website
- Enter the gift card you have Ex: Walmart
- Enter the amount on the gift card Ex: $100
- Click “GET OFFER” and an offer for how much they will pay you will appear Ex: $88.00
- If you accept the amount, click “Get $88.00 Cash”
- There will be a pop-up window asking how you will like to get paid and choose PayPal Express
- Enter your gift card number and PIN and continue to connect with your PayPal account
- Log-in to your PayPal account and fill the required fields
- Click “Get my PayPal Balance”
- Once the balance reaches your PayPal Wallet, you can now transfer the money to your bank account by following these steps on How to transfer from PayPal to my bank account?
Popular Prepaid Cards that allow Transfers to Bank Accounts (with instructions)
We get many queries about transferring funds from prepaid cards to bank accounts. So we’re able to see which cards most people need help with.
Here is a list of common prepaid cards in the United States and their exact instructions on how to transfer from the prepaid card to your bank account.
Go to the CashPay Customer Service website www.bankofamerica.com/cashpay.
Register a “transfer-to” account before performing your first transfer. You can only have up to two (2) “transfer-to” accounts in your profile.
After registration, you can sign in and select the “Transfer funds” link within your online Account Summary page.
It takes 5 business days for your new “transfer-to” account to be authenticated before the transfer will be made.
If you have the Bank of America EDD Prepaid Debit Card or the EDD Prepaid Digital Card, you can transfer money to your checking or savings account. You can also choose to perform a one-time transfer or a recurring direct deposit transfer to your bank account. The EDD Digital Card is actually designed for people who prefer to directly transfer the funds to their personal bank account.
Go to the Bank of America EDD Debit Card website http://www.bankofamerica.com/eddcard
Follow the instruction to set-up a one-time transfer or a recurring transfer for EDD Digital Cards
If you enroll in a recurring transfer, the funds will automatically transfer to your bank account within 1-2 business days after the EDD deposits the funds to your Digital Card.
Alternatively, you can also call Customer Service 1.866.692.9374.
If you have a Key2Benefits Prepaid Card, you can transfer some or all of your balance to your personal savings or checking account. You need to have the Routing Number and Account Number of the bank account you wish to transfer into for you to complete the transaction.
Log-in to Key2Benefits.com
Click on “Card to Account Transfer” in the left-hand menu.
The Card to Account Transfer screen will appear.
Type in the amount you wish to transfer.
Type in your Routing Number.
Type in your Account Number.
Choose the Account Type.
Enter the security code you see on your screen to verify this is a valid request.
Verify your information.
A Netspend Prepaid Card will allow you to move money to your bank account, as well as to other Netspend cardholders. To transfer funds to your bank account:
- Go to the Netspend Online Account Center
- Sign-up for an account and follow instructions to link your bank account.
- Fees for bank transfers will be determined by the bank.
Note that this service may not be available for some banks. You have to check with the bank if this is available if you run into any issues.
If you have a Visa Prepaid Card, the process on how to transfer money to your bank account will depend on the type of card you have.
To transfer a visa prepaid to a bank account, you have to check with your prepaid card provider if this service is available.
Go to this link to find your prepaid card and visit the corresponding website
At the time of writing, other Visa prepaid cards like smiONE, MyVanilla, US Money, and Green Dot do not provide clear information on their website whether this is possible. Therefore, you should use the MoneyGram method to transfer your money.
The ability to transfer money from your prepaid card to your bank account will depend on the type of card you have. The best way to check whether your card has this feature is to check the customer service section of your prepaid card or gift card provider.
If transferring money to your bank account from your prepaid card is not available, you can try the options listed above such as using a money transfer service or mobile payment apps to move your money.
Did any of these methods work for you? What worked, and what didn’t? Let us know in the comments below!