You cannot deposit a gift card directly into a 53 checking account
A gift card is not money — it is a prepaid voucher tied to a specific retailer or payment network. Your bank's deposit system (mobile app, ATM, or teller) accepts checks, cash, and transfers from other bank accounts, but not gift cards themselves. To move gift card value into your 53 account, you need an intermediate step.
The most common path is to use your gift card to make a purchase or withdraw cash, then deposit that cash or use a transfer service. Some gift cards can be converted to account credit through a third-party service, though fees often apply and the process takes a few days.
Key Takeaways
- Gift cards cannot be scanned or deposited like checks — they are prepaid vouchers, not bank instruments.
- You can use a gift card to buy something, then deposit the cash refund or use the card balance through a conversion service.
- Third-party gift card conversion platforms charge a percentage fee (typically 2–10%) to move the balance to your bank account.
- The fastest free method is to spend the gift card at the retailer and deposit any cash change into your 53 account.
Converting a gift card balance to cash or bank credit
If you want the full value of the gift card in your 53 account, you have three main routes. The first is to use the card to buy something, get cash back if the retailer offers it, and deposit that cash. The second is to sell the gift card on a resale platform like Raise or CardCash, which pays you via bank transfer — though you typically receive 70–90% of the card's face value. The third is to use a gift card-to-cash service, which converts the balance directly to your bank account for a fee.
Services like Raise, CardCash, and Giftly handle the conversion, but each charges differently. Raise takes a seller fee (usually 1%) when you list a card for sale. CardCash pays out via check or bank transfer but deducts a percentage of the balance. Giftly charges a flat fee or percentage depending on the card type and payout method. Read the terms for each service before you start, because fees can range from 2% to 10% of the card value.
Using a gift card to make a purchase and deposit the change
The simplest path with no fees is to spend the gift card at the retailer and deposit any cash change into your 53 account. If you have a $50 gift card and buy a $30 item, ask for the $20 difference in cash. You can then deposit that $20 at an ATM, through mobile deposit, or at a branch.
This method works best when the gift card is for a store where you shop regularly or where you can find something you actually want. If the card is for a retailer you do not use, or if the balance is small, the effort may not be worth it. In that case, a resale platform or conversion service is faster, even with the fee.
Selling the gift card on a resale platform
Gift card resale sites like Raise and CardCash let you list your card for sale to other buyers. You set a price (usually below face value), and once someone buys it, the platform pays you via bank transfer or check. The payout goes directly to your bank account, so you can then transfer it to your 53 account if needed.
The trade-off is that you will not receive the full face value. A $100 gift card might sell for $85–$95, depending on the retailer and current demand. Popular retailers (Amazon, Target, Starbucks) sell faster and at higher percentages. Less common cards may sit unsold or require a deeper discount. The process usually takes 1–3 days from sale to payout, though some platforms offer faster options for a higher fee.
What 53 does and does not accept as deposits
53 (the online banking service from Banco Latinoamericano de Exportaciones) accepts deposits through mobile check deposit, bank transfers, and ACH transfers from other accounts. You can also deposit cash at partner ATMs or branches, depending on your account type. What 53 does not accept: gift cards, prepaid cards (unless they are linked to your account as a transfer source), cryptocurrency, or payment app transfers from unverified sources.
If you have a prepaid card (like a Visa or Mastercard gift card), you can link it to your 53 account as an external account and transfer money from it, but this is different from depositing the card itself. The prepaid card acts as a source account, and you initiate a transfer just as you would from another bank.
Linking a prepaid or gift card to your 53 account
Some gift cards come as prepaid Visa or Mastercard cards, which can be linked to your 53 account as an external account. To do this, go to your 53 account settings, select "Add External Account," and enter the card number, expiration date, and CVV. Once verified (which may take 1–2 business days), you can transfer money from the prepaid card to your 53 checking account.
This method works if the prepaid card is a Visa or Mastercard branded card, not a retailer-specific gift card. Retailer gift cards (Amazon, Target, Starbucks) cannot be linked this way because they are not bank cards. If you have a prepaid card, linking it is the fastest way to move the balance into your 53 account without fees, though the transfer itself may take 1–3 business days to complete.
Fees and timing for each method
| Method | Fee | Timing | Best for |
|---|---|---|---|
| Spend and deposit cash | None | Same day (if you deposit immediately) | Small balances, retailers you use anyway |
| Resale platform (Raise, CardCash) | 5–15% of balance | 1–3 days | Cards you won't use, any retailer |
| Conversion service (Giftly, etc.) | 2–10% of balance | 1–5 business days | Quick conversion, any card type |
| Link prepaid card to 53 | None | 1–3 business days | Visa/Mastercard prepaid cards only |
Frequently Asked Questions
Can I deposit a Visa gift card directly into my 53 account?
No, you cannot scan or deposit a Visa gift card like a check. However, if it is a Visa prepaid card (not a retailer-specific card), you can link it to your 53 account as an external account and transfer the balance over 1–3 business days with no fee.
What if the gift card has a small balance left on it?
Small balances (under $10) are usually not worth converting through a service because fees will eat most of the value. Your best option is to spend it at the retailer or combine it with another card if the platform allows it. Some retailers let you use multiple gift cards in one transaction.
Do I lose money when I sell a gift card on Raise or CardCash?
Yes, you typically receive 70–90% of the card's face value, depending on the retailer and current demand. Popular cards sell closer to face value; less common ones sell at a steeper discount. The platform also takes a small fee from the sale price.
How long does it take to get money from a gift card conversion service?
Most conversion services deposit the funds into your bank account within 1–5 business days. Some offer expedited options for an extra fee. Check the service's terms before you start, because timing varies by platform and payout method (bank transfer vs. check).
Can I use a gift card to pay my 53 credit card bill?
No, 53 does not accept gift cards as a payment method for credit cards or loans. You would need to convert the gift card to cash or a bank transfer first, then pay your bill through your 53 account.