I'm sure everyone on who has at least a few only1 visa gift cards from woolworths.
I can deposit the money into paypal then withdraw but paypal charges a 2.7% fee.
My question is does anyone know any other way with lower fees to convert the visa card to cash?
I remember seeing a post about this once on ozbargain but can't seem to find it anymore.
Not sure why the neg, this is a perfectly valid way to cash out Only1 Visa cards with no cost. My friends and I have already cashed out ours and the money is already in our bank.
Each to their own I guess
Is there any implication for this? Someone suggested another way is to use Paypal and a donate button. Wouldn't both the Square method and Paypal seemingly flag suspected money laundering (which this isn't) to authorities?
Read the term and conditions of square it clearly states this is not allowed
Good idea, but the Square virtual terminal payment may look like you are selling something or providing a service.
If the ATO gets to know about that you may have to declare it as income and pay tax on it…
But surely when/if they decide to audit it, they would see that it's not income?
If it was deemed income then you could show the expense of puchasing the Only1 Visa cards as the corresponding expense. Would be minute chance of something like this happening.
Do not do this, square will terminate your account if you this.
You are warned
Yeah, but I didn't sign up with a business name anyway. I don't mind if they shut down my Square account. Come to think of it I might go shut it down myself now…
C'mon Turd, how else can we afford Sydney property?
@tomclancy: That's even worse! They will shut it down! And hold your money for 90+ days till you ask for it back!
@Turd: Already have my money :)
Besides, Square & Stripe aren't like PayPal (i.e. total jerks). They just want to get on with things. Give people their money and move on with business.
Valid yes and voids terms of service set out by square, which you agreed when signing up
Would it just be easier to spend it on car expenses -petrol, insurance, rego and food, drink & groceries?
Easier? Maybe.
Financially better? No. Cashing out at 100% face value allows you to then buy those other items you mention with credit cards in order to earn additional reward points, and in the case of petrol, food & groceries then missing out on an additional 5% discount (WISH cards for example).
No, as I have to carry the cards around and always check balance to ensure I have enough money inside. There's also the chance of losing the card.
pay off ultility bills is my preference method using these visa card. no hassle n legit
Pay them into a utility company then request a refund of overpayment.