Many people use Prezzy Card as its first intended purpose aka a gift, however the recipient may not be so thrilled even with this seemingly multiple option present. It is basically a prepaid gift voucher for the selected merchants and places that accept Visa transactions electronically. This payment option works in a lot of places, there are even NZ casinos that accept Prezzy Cards, but still not everywhere.
So, that is who many users are wondering – can you withdraw cash from Prezzy Card? Or can you transfer money from Prezzy Card to bank account?
Long story short, the answer is no, the card is not intended for cash outs. To understand the full picture we at Gamblorium offer the following article.
Can You Withdraw Cash from a Prezzy Card?
Many users receive Prezzy Cards as a gift from the place of work or loved ones, as its main intended purpose. And they wonder can you withdraw cash from a Prezzy Card? The answer is – no, unfortunately you cannot do that or in any way redeem it for cash through the official channels. It is one of the staples that is indicated in terms and conditions of Prezzy Card. The idea and marketing is so the card is a gift, and should be used for its intended purposes – an approved list of vendors and services (with Prezzy Card it is almost everywhere where the Visa is accepted).
However, the ‘real’ reason is money laundering legislation. Because you can activate and use the gift card anonymously, you cannot put more than NZ$1000 on a single card and can’t cash it out. These regulations are required to prevent money laundering schemes, but inconvenience honest Kiwi citizens.
Can You Transfer Money from a Prezzy Card to a Bank Account?
This option is also not available for Prezzy Cards or other types of Visa or Mastercard gift cards available nowadays. Direct transfer Prezzy Card to bank account is considered the same as cashing out. Any type of converging Prezzy Card into cash is not approved, as we explain above. These restrictions are worldwide.
However, people are inventive and try numerous ways to bypass these inconveniences like using a third-party service.
Using Third-Party Services for Cash Out
There are various types of websites available for selling or cashing out your Prezzy Card.
- Marketplace websites
- Allow you the platform to sell your gift or Prezzy Card for a fee at the moment of the sale.
- Buy-out websites
- Allow you the platform to sell your gift or Prezzy Card for a fee at the moment of the sale.
- Trade websites
- These will offer to trade your Prezzy Card for another gift card e.g Amazon gift cards is a popular option, but the value of the traded card will also be reduced.
Although these third-party services exist and many people use them, we at Gamblorium cannot recommend going this route. There can be some substantial risks for using them, like:
- Huge fees.
- Significant loss of value.
- Scams (complete loss of Prezzy Card and possibly leaked bank account information).
For more tips we recommend Kiwis checking an article on consumer protection and gift cards.
Can You Transfer Balance from One Prezzy Card to Another?
Technically, the money from a Prezzy Card may be transferred to another but only in case your card has been lost or stolen but was activated on the website.
We do recommend activating the card on the official website in case such a situation may occur. Therefore, in case of loss or theft you will be able to contact tech support, confirm your identity, block the card and recover your funds (they will transfer money from one Prezzy Card to another).
Options for Managing Multiple Prezzy Cards
If you have multiple Prezzy Cards, unfortunately you cannot transfer money from one to another and unite your Prezzy balance into one. We recommend a few tips for managing:
- Adding cards to your e-wallet (Apple Pay or Google Pay) so as not to get lost or forget about any of them;
- Clearly designating each card for separate part of the budget like one for food, one for petrol and one for entertainment like NZ online casinos;
- You can also use multiple cards to split the bill in-store and pay part of the sum with one card and another with a second card.
Pro tip: while shopping in-store you can use up all of your Prezzy Card balance and not worry about NZ$1-2-5 leftovers, ask the cashier to split the payment between two Prezzy Cards or some other card or cash.
We recommend regularly checking your balance to use this advantage, check out our comprehensive guide on Prezzy Card balance.
Alternative Uses and Cash-Out Options for Prezzy Card
The best case scenario for you will be to use the Prezzy Card as it was intended, in this way you will be able to redeem the full value without any risks and losses.
Using Prezzy Card for Everyday Purchases
We understand that while having Prezzy Card cash out might be preferable for some users, it is always a good option to use it for your everyday purchases and spendings, places where you will need to spend money anyway. And while converting a Prezzy Card to cash is not possible, you will be able to pay online and in store like with any other Visa card, therefore saving from other cards.
These may include petrol stations, homeware shops, supermarkets, places like: BP, Kmart, PAK’nSAVE, SuperValue, Life Pharmacy etc.
Buying Gift Cards or Making Online Purchases
Prezzy Card have many options on how to spend them, and online is a fast and convenient way. The only disadvantage of online shopping with Prezzy Card is that you are unable to split the bill and your purchase must be within limits. You can buy wherever you want as long as the website supports Prezzy Card, even other gift cards – like specific store ones for example.
But this is an especially good option if your Prezzy Card is about to expire and you need to spend it fast.
What to Do If You Need Cash Instead of Prezzy Card Balance
We understand that different situations arise and sometimes we all need to cash out a Prezzy Card for emergencies and not have just card balance.
The best advice we can give you is to:
- sell the card to friend or family member – there will be trust and option for cash or other type of money transfer that works for you;
- offer to buy something with your Prezzy Card for your close ones in exchange for cash.
These are limited but safest options.
Exchanging Goods Purchased with Prezzy Card for Cash
This is a tricky one. Many people online will say that buying something and after returning it can be an option, but there are nuances.
Stores know about these practices and carefully monitor it, money may be returned back to the Prezzy Card or exchanged for store credit.
Theoretically, it might work but everything will depend on the store’s policy.
Using Prezzy Card Funds to Pay Bills or Services
Prezzy Card is widely available, basically almost everywhere where the Visa works. Kiwis can easily use it to pay for the petrol and buy groceries. You can also pay most of the bills you pay online with the Prezzy Card. Note, the payment online cannot be split so the bill has to be within the amount on your card and you cannot use Prezzy for the subscriptions and recurring payment types.
What is a Prezzy Card?
Prezzy Card is a set prepaid Visa card that can be used for online and in-store purchases at selected merchants. Each card comes with a set sum ranging from NZ$25 to NZ$1000, the main functions of a Prezzy Card are as a prepaid card and a gift card, so topping it up and withdrawing cash funds, or making a Prezzy Card transfer balance to bank account from it – is not in its intended purposes, and cannot be achieved. So users who wonder can you get cash out with Prezzy Card may find this disappointing.
How Does a Prezzy Card Work?
Prezzy Card company offers a virtual and physical option for its users you can buy or receive either one of them. The card can be used online and in-stores, it also may be added to your e-wallet like Apple Pay or Google Pay for your convenience of contactless payments. There is no interest or fees on using it, there is only the loading cost for the person purchasing the card (NZ$5.95).
Each card can be used for 2 years and will have an expiration date on it to help you keep track. Note that when the card expires, the money cannot be recovered – it is lost and it is better to spend them rather then wonder can you withdraw money from a Prezzy Card.
Conclusion
Many people wonder can you withdraw money from Prezzy Card, but you know not that it is nor recommended. The card was created to be a gift and because of its purpose the law restricts money withdrawal. Prezzy Card will be better used for online or in-store purchases, in this way you will be able to use it to the fullest and not risk dealing with third parties. We recommend checking our NZ casino payment guide if you want to see other options.
