Visa gift cards, is there anyway of turning them into cash ?

[xr6er]

Anyone know any loopholes where you can convert money in a Visa Gift Card into cash or money into a bank account.
Could I be able to pay for something with the card and then ask for a refund in cash or bank deposit.
Book something using a flexi rate/fare and then cancelling.
Could I put money into a betting account that takes Visa GC as a deposit and then withdraw it back into my bank account, or would you have to turnover the money before being able to get to it.

Any ideas

 

[serfty]

It would be good to know how one might do this.

However, IME, if any easy/simple method were published on an open forum such as AFF, then that method would very quickly become non functional.

I suspect if anyone is successfully pursuing any method, you are not going to see the details here.

And, no, I personally do not know of any such method.

 

[theblank]

Could I put money into a betting account that takes Visa GC as a deposit and then withdraw it back into my bank account, or would you have to turnover the money before being able to get to it.

I am pretty sure gambling sites dont accept gift cards, and I think anti-money laundering legislation rules out any bright ideas you might have.

 

[maccaisking]

Anyone know any loopholes where you can convert money in a Visa Gift Card into cash or money into a bank account.

No

Could I be able to pay for something with the card and then ask for a refund in cash or bank deposit.

Only if the retailer isn't on the ball

Book something using a flexi rate/fare and then cancelling.

Most airlines only let you cancel into travel bank

Could I put money into a betting account that takes Visa GC as a deposit and then withdraw it back into my bank account, or would you have to turnover the money before being able to get to it.

Betting company deposits won't work with prepaid GCs (I have tried many different GC and companies for, uh, research!) If they did there is still the turnover issue you mention.

Any ideas

Sorry to be a downer but there are no simple tricks. The closest I found was using them to prepay high expenses, ie health insurance. In 2017 I paid all of my childcare fees for a year upfront with GCs, and claimed the 50% rebate back from the government to my bank account. The childcare centre were somewhat bemused at running hundreds of GCs through their EFTPOS terminal but were happy to do it when I explained why. Not sure if that can still be done after last year's reforms. If you find a way please feel free to PM me tho Good luck!

 

[burmans]

The answer is yes, and some ideas exist in some threads (check the ATO) but am sure noone wants to get too obvious. I've had a couple of organisations I've "accidentally" overpaid in the past.