You cannot deposit a gift card directly into a bank account, but you have several ways to convert the balance to cash or move it to your bank
A gift card is not a bank account and banks will not accept it as a deposit. However, the money on the card is real, and you can get it into your bank in a few concrete ways: transfer it to a digital wallet, use it to buy something you would buy anyway and redirect that cash, or in some cases move the balance to a prepaid card linked to your bank account.
The fastest route depends on what kind of gift card you have and whether you want to keep the full balance or spend it gradually. Some methods take minutes; others take a few business days. A few methods cost you a small fee or result in a lower amount hitting your account than the card's face value.
Key Takeaways
- Most major gift cards (Visa, Mastercard, Amazon) can be added to digital wallets like Apple Pay or Google Pay, then used to pay bills or transfer money to your bank through a peer-to-peer app.
- You can use a gift card to buy something you would purchase anyway, then deposit the cash you would have spent into your bank account instead.
- Some gift cards allow you to check your balance online and transfer remaining funds to a linked bank account, though this is less common and varies by issuer.
- Selling a gift card through a resale platform like CardCash or Raise will move money to your bank, but you typically receive 70 to 90 percent of the card's face value.
- Prepaid card gift cards sometimes allow direct transfers to a bank account, but read the card's terms first because fees and limits vary.
Adding a gift card to Apple Pay or Google Pay
If your gift card is a Visa, Mastercard, or American Express, you can add it to Apple Pay (on iPhone, iPad, or Apple Watch) or Google Pay (on Android phones). Open the wallet app, select "Add Card," and enter the card number, expiration date, and CVV from the back of the card. The process takes about two minutes.
Once the card is in your digital wallet, you can use it to pay for things online or in stores. More importantly, you can transfer the balance to your bank account through a peer-to-peer payment app like Venmo, PayPal, or Cash App. Send the money to a trusted friend or family member, have them send it back to your bank account, or use the app's own transfer-to-bank feature if available. This method works best if the gift card has a Visa or Mastercard logo; store-specific cards (Target, Best Buy, Amazon) cannot be added to digital wallets.
Using the gift card to buy something and redirecting your cash
If you need the money in your bank account and do not mind spending time, use the gift card to purchase something you were already planning to buy. This frees up cash from your own funds that you can then deposit into your bank. For example, if you have a $50 Amazon gift card and were going to buy groceries this week, use the card for groceries and deposit the $50 you would have spent into your bank account instead.
This method does not reduce the balance on the card—it simply redirects money that was already leaving your pocket. It works with any gift card, including store-specific ones, and there are no fees. The downside is that it requires you to spend the full balance on something, and it only works if you have cash on hand to deposit.
Checking whether your gift card issuer allows direct bank transfers
Some prepaid card gift cards and a few store-issued cards allow you to transfer your balance directly to a linked bank account. Visa and Mastercard gift cards sometimes offer this feature through their issuer's website or app. Log into your account on the card issuer's site, look for a "Transfer to Bank" or "Withdraw" option, and follow the prompts. If the option exists, the transfer usually takes one to three business days.
This method is the most direct, but it is not available on all cards. Store gift cards (Target, Walmart, Best Buy) rarely offer this feature. Prepaid card gift cards sometimes do, but the issuer may charge a fee—typically $1 to $3—or require a minimum balance. Check the card's terms or call the customer service number on the back before assuming this option is available.
Selling your gift card through a resale platform
Websites like CardCash, Raise, and Decluttr buy unused gift cards at a discount and pay you through bank transfer, PayPal, or check. You list your card, enter the balance and PIN, and the platform verifies it. Once verified, you receive payment, usually within one to five business days. The amount you receive is typically 70 to 90 percent of the card's face value, depending on the card type and current demand.
This method guarantees that the money reaches your bank account, but you lose 10 to 30 percent of the card's value in the transaction. It makes sense if you have a card you will not use and need the cash immediately. Read the platform's terms to confirm they accept your specific card type and that they transfer funds to your bank account rather than holding them in a platform wallet.
Using a gift card to load a prepaid debit card linked to your bank
Some prepaid debit cards allow you to load funds from a gift card and then transfer the balance to your linked bank account. The process varies by card, but generally you add your gift card as a funding source in the prepaid card's app, transfer the balance, and then initiate a bank transfer. This adds an extra step and may involve fees, so it is usually slower than the other methods.
This option is worth considering only if you already have a prepaid card account and the gift card cannot be added to a digital wallet. Check your prepaid card's app or website to see whether gift card loading is supported and what fees apply.
What to watch out for when moving gift card money
Not all gift cards can be added to digital wallets—store-specific cards like Amazon, Target, and Best Buy cannot. If you have one of these, your best options are to spend the balance on something you would buy anyway, check the store's website for a direct bank transfer option, or sell the card through a resale platform.
Peer-to-peer transfer apps like Venmo and PayPal may flag large transfers as suspicious activity, which can delay the money reaching your bank account. If you are moving a large balance, consider splitting it into smaller transfers or using the app's built-in bank transfer feature instead of sending money person-to-person.
Resale platforms take a cut of the card's value, so you will receive less than the face amount. If you have time and the card is usable, spending it or transferring it directly through the issuer costs you nothing.
Frequently Asked Questions
Can I deposit a gift card directly into my bank account?
No. Banks do not accept gift cards as deposits. You must first convert the card's balance to cash or move it to a digital wallet, then transfer it to your bank through another method like a peer-to-peer app or the card issuer's transfer feature.
What if my gift card is from a store like Target or Amazon?
Store-specific gift cards cannot be added to digital wallets. Your options are to spend the balance on items you would buy anyway, check the store's website for a direct bank transfer option (rare), or sell the card through a resale platform like CardCash or Raise.
How long does it take to get the money into my bank account?
It depends on the method. Digital wallet transfers through peer-to-peer apps take one to three business days. Direct issuer transfers take one to three business days. Resale platforms typically take one to five business days. Spending the card and depositing cash is immediate.
Will I lose money if I sell my gift card?
Yes, resale platforms typically pay 70 to 90 percent of the card's face value. Other methods—digital wallet transfers, direct issuer transfers, and spending the card—do not reduce the amount you receive.
Can I transfer a gift card balance to someone else's bank account?
Not directly. You would need to add the card to a digital wallet, transfer it to a peer-to-peer app, and have that person send it to their own bank account. Some resale platforms also allow you to transfer the proceeds to another person's account, but you will lose 10 to 30 percent of the value.