Direct transfers from gift card to bank account are not possible—gift cards and bank accounts operate on separate systems
A gift card is a prepaid card tied to a specific retailer or payment network. Your bank account is a deposit account held at a financial institution. The two do not connect directly. To move money from a gift card to a bank account, you must first convert the gift card balance into cash or a form your bank can receive, then deposit or transfer that money in.
The method you use depends on what kind of gift card you have. A Visa or Mastercard gift card (a network card) has different options than a store-specific card (like an Amazon or Target gift card). Some routes are faster and cost nothing. Others take longer or charge a fee.
Key Takeaways
- Visa, Mastercard, and American Express gift cards can be used to buy money orders or pay bills, which then reach your bank account.
- Store gift cards (Amazon, Target, Walmart) must be spent at that retailer or sold to a reseller; the money does not transfer directly to a bank.
- The fastest free method for network gift cards is to use them to pay a bill you already owe, which frees up money in your bank account to use elsewhere.
- Selling a gift card through a reseller like CardCash or Raise takes three to five business days and costs a small percentage of the balance.
- Using a gift card to buy a money order and depositing it takes one to three days and costs $1 to $3 per transaction.
Network gift cards (Visa, Mastercard, Amex) versus store cards
A network gift card carries the Visa, Mastercard, or American Express logo and works anywhere that logo is accepted—online, in stores, at gas pumps. These cards are more flexible and have more paths to your bank account.
A store gift card works only at that retailer or its partner locations. Target, Amazon, Walmart, and Best Buy cards are store cards. They cannot be used to pay bills or buy money orders. Your only options are to spend them at the retailer, sell them to a reseller, or in rare cases, contact the retailer to ask about a refund to a bank account (most will not do this).
If you have a store card and want the money in your bank account, selling it to a reseller is usually the fastest route. If you have a network card, you have more options and can often move the money without losing any to fees.
Using a network gift card to pay a bill you already owe
This is the fastest and cheapest way to move money from a network gift card to your bank account. You use the gift card to pay a bill—utilities, credit card, loan, insurance—that you would pay anyway. This does not put cash in your account, but it frees up money that is already there.
For example: you owe $200 on a credit card bill due next week. You have a $200 Visa gift card. Pay the credit card bill with the gift card. The $200 that would have left your bank account stays there instead. The effect is the same as depositing $200 cash.
Most utilities, credit card companies, and loan servicers accept Visa and Mastercard gift cards online or by phone. Call the biller or log into your account to see the payment options. This method costs nothing and takes one business day for the payment to post.
Buying a money order with a network gift card and depositing it
A money order is a paper payment instrument you can buy at a post office, grocery store, or Walmart. You can buy one with a Visa or Mastercard gift card, then deposit the money order into your bank account at an ATM or branch.
The steps are: (1) Go to a location that sells money orders—USPS, Walmart, grocery stores, or check-cashing services. (2) Tell the clerk you want a money order for the amount of your gift card balance. (3) Pay with the gift card. (4) The clerk gives you the money order. (5) Deposit it into your bank account using your bank's mobile app, an ATM, or by visiting a branch.
This method costs $1 to $3 per money order, depending on where you buy it. USPS money orders are usually the cheapest. The deposit takes one to three business days to clear. This works well if you need the money in your account quickly and do not have a bill to pay.
Selling a store gift card through a reseller
If you have a store gift card (Amazon, Target, Walmart, Best Buy, etc.), you can sell it to a reseller like CardCash, Raise, or Decluttr. These sites buy unused gift cards at a discount and pay you via bank transfer or check.
The process: (1) Go to the reseller's website. (2) Enter the card number, PIN, and balance. (3) The site tells you what it will pay—usually 80 to 95 percent of the card's face value. (4) Accept the offer. (5) The site transfers money to your bank account or mails a check, usually within three to five business days.
The discount varies by card type and current demand. Popular cards like Amazon and Target sell closer to full value. Niche or seasonal cards sell for less. You lose 5 to 20 percent of the balance, but the money reaches your bank account without you having to spend it at the retailer.
Check the reseller's fees before you sell. Some charge a small percentage; others do not. Read reviews to confirm the site pays on time. Avoid sites that ask you to mail the physical card—legitimate resellers work with card numbers only.
Using PayPal or Square Cash to convert a gift card
Some payment apps let you add a gift card as a payment method, then transfer the balance to a linked bank account. PayPal and Square Cash both support this for certain card types.
With PayPal: (1) Log into your account. (2) Go to Wallet or Payment Methods. (3) Add the gift card as a card on file. (4) Use the PayPal balance to send money to your bank account. This works for Visa and Mastercard gift cards but may not work for all store cards.
With Square Cash: (1) Open the app. (2) Add the gift card. (3) Send the balance to a linked bank account. The transfer takes one to three business days.
This method is free and fast, but it only works if the app accepts your card type. Try it first before using a money order or reseller.
What to do if the gift card has a small balance left
If your gift card has $5 or less remaining, the cost of converting it (money order fee, reseller discount, or time spent) may exceed the value. In this case, spend the remaining balance at the retailer or with the payment network.
For network cards, use the small balance to buy something online or in a store. For store cards, the same applies. If you truly cannot use it, contact the retailer's customer service to ask about a refund—most will not process one, but some will if the card is damaged or expired.
Frequently Asked Questions
Can I transfer a gift card balance directly to my bank account?
No. Gift cards and bank accounts are separate systems. You must convert the gift card into cash, a money order, or a payment that reaches your bank, then deposit or transfer that money. Network gift cards (Visa, Mastercard) have more conversion options than store cards.
What is the fastest way to get gift card money into my bank account?
If you have a bill to pay, use the gift card to pay it—this frees up money in your account instantly and costs nothing. If you do not have a bill, buy a money order with the card and deposit it; this takes one to three business days and costs $1 to $3.
Do I lose money when I convert a gift card to a bank transfer?
It depends on the method. Paying a bill or using PayPal costs nothing. A money order costs $1 to $3. Selling to a reseller costs 5 to 20 percent of the balance. Store cards have no free conversion option; you must either spend them or sell them at a discount.
Can I sell an Amazon or Target gift card?
Yes. Sites like CardCash and Raise buy store gift cards and pay you via bank transfer, usually within three to five business days. You receive 80 to 95 percent of the card's face value. Read the site's fees and reviews before you sell.
What if my gift card is expired or damaged?
Contact the card issuer or retailer's customer service. For network cards, call the number on the back. For store cards, contact the retailer directly. They may reissue the card or, rarely, refund the balance. Damaged cards are more likely to be replaced than expired ones.