Are gift cards considered monetary instruments?

They definitely do not fall within the definition of a “monetary instrument.” Regulators refer to these as “stored value cards” and understand that these are a far more efficient and robust tool for the movement of funds than checks, they simply have yet to devise a BSA compliance requirement.

Can you send gift cards money?

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.

Is a gift card a financial product?

While some gift cards are regarded to be financial products, they are not investment products. Gift cards that are financial products are considered so because they are a non-cash payment facility. Gift card issuers are typically retailers that market and sell consumer goods or services.

Are gift cards assets?

Because a debit card transfers your existing financial assets—the financial assets that you may access with a debit card are included in the money supply. Gift cards, in contrast, aren’t generally considered to be part of the measured money supply, but they are in some sense also a form of money.

How can I send money to someone with a gift card?

Take the gift card to a cashier, customer service desk, or the equivalent. Have a form of payment (cash, credit card, etc.) ready for the amount that you would like added to the gift card. Give the gift card to the cashier or customer service agent and tell him or her that you would like to reload the card.

Are gift cards regulated by ASIC?

Many businesses do not realize that gift cards, vouchers and certificates (all ‘gift cards’) are generally considered ‘non-cash payment facilities’ and are regulated by ASIC.

What does non-cash payment?

Non-Cash Payment means support provided to a family in the nature of goods and/or services, rather than cash, but which, nonetheless, has a certain and specific dollar value.