You cannot deposit a gift card directly into a bank account, but you can move the money off it
A gift card is not a bank account—it is a prepaid card issued by a retailer or payment network. Your bank will not accept a gift card number the way it accepts a check or wire transfer. But the money on the card is real, and there are several ways to get it into your checking or savings account, depending on what kind of gift card you have.
The method that works depends on whether the gift card is a closed-loop card (issued by a single retailer like Target or Starbucks) or an open-loop card (issued by Visa, Mastercard, or American Express and usable anywhere). Open-loop cards are easier to convert to bank funds. Closed-loop cards require you to spend the balance first, then deposit the proceeds, or use a third-party service.
Key Takeaways
- Open-loop gift cards (Visa, Mastercard, Amex) can sometimes be transferred to a bank account through the card issuer's app or website, though not all issuers offer this feature.
- Closed-loop gift cards (retailer-specific) cannot be moved to a bank account directly; you must spend the balance or sell the card to a reseller.
- You can withdraw cash from most gift cards at an ATM if the card is open-loop and the issuer supports cash withdrawal.
- Selling a gift card through a reseller like CardCash or Raise converts it to cash or bank transfer, though you will receive less than the card's face value.
- Spending the gift card and depositing the cash or refund is the slowest but most straightforward route for closed-loop cards.
Open-loop gift cards: Check the issuer's app first
If your gift card is branded Visa, Mastercard, or American Express, the issuer may allow you to transfer the balance to a linked bank account. Log into the card issuer's app or website and look for options like "transfer funds," "move money," or "cash out." Not all issuers offer this—it depends on the card type and the company that issued it.
Some issuers, like certain prepaid card companies, let you transfer to a bank account for free. Others charge a small fee (typically $1 to $3) or require you to verify your bank account first. The transfer usually takes one to three business days, the same timeline as a standard ACH transfer from one bank to another.
If the app does not show a transfer option, call the customer service number on the back of the card. The issuer can tell you whether the card supports bank transfers and what the process is.
Withdraw cash at an ATM if the card allows it
Most open-loop gift cards can be used to withdraw cash at an ATM, just like a debit card. Insert the card, enter the PIN (or the last four digits of your Social Security number if no PIN was set), and withdraw up to your available balance. The money goes directly into your hand, and you can then deposit it into your bank account at a branch, ATM, or through mobile deposit.
ATM withdrawals usually cost $2 to $3 per transaction, depending on the ATM operator and your card issuer. Some cards waive this fee at certain ATM networks. Check the card's terms or call the issuer to find out which ATMs are fee-free.
This method is slower than a direct transfer because you have to physically handle the cash, but it works for any open-loop card and gives you immediate access to the funds.
Sell the gift card through a reseller
If you have a closed-loop gift card (like Target, Amazon, or Starbucks) or an open-loop card you do not want to use, you can sell it to a gift card reseller. Sites like CardCash, Raise, and Decluttr buy gift cards at a discount and pay you via bank transfer, PayPal, or check.
The amount you receive is typically 70 to 95 percent of the card's face value, depending on the retailer and current demand. A $100 Target gift card might sell for $85 to $95, for example. The reseller then sells the card to another buyer at a markup.
The process is straightforward: list the card on the site, wait for a buyer, and provide the card number and PIN when instructed. Payment usually arrives within one to five business days. This is the fastest way to convert a closed-loop card to bank funds, but you lose money in the discount.
Spend the gift card and deposit the proceeds
For closed-loop cards, the most direct route is to spend the balance at the retailer, then deposit any cash change or refund into your bank account. If you buy something and pay with the gift card, any overage goes back to your original payment method—usually a debit card or credit card, not cash.
If you want actual cash, you can buy a money order or gift card at the retailer using your gift card balance, then cash it out elsewhere. This is inefficient and may incur fees, so it is not recommended unless you have no other option.
The simplest approach: use the gift card to buy something you would buy anyway, and use the cash you would have spent on that purchase to deposit into your bank account instead. This does not move the gift card money directly, but it frees up cash in your budget.
What happens if the gift card has a PIN or is locked
Some gift cards require a PIN to use. If you do not have the PIN, you can usually reset it through the issuer's website or app using the card number and your email address. For closed-loop cards, contact the retailer's customer service.
If the card is locked due to suspected fraud or inactivity, the issuer will ask you to verify your identity before unlocking it. This typically takes one business day. Once unlocked, you can proceed with any of the methods above.
Fees and timing to expect
| Method | Card Type | Typical Fee | Timeline |
|---|---|---|---|
| Direct bank transfer via app | Open-loop only | $0–$3 | 1–3 business days |
| ATM cash withdrawal | Open-loop only | $2–$3 per withdrawal | Immediate |
| Sell to reseller | Any | 5–30% discount on face value | 1–5 business days |
| Spend and deposit cash | Closed-loop | None | Depends on deposit method |
Frequently Asked Questions
Can I transfer a Visa gift card to my bank account?
It depends on the issuer. Some Visa gift card issuers allow transfers through their app or website; others do not. Check the card's issuer website or call the number on the back of the card to ask. If transfers are not available, you can withdraw cash at an ATM instead.
What if I lost the PIN for my gift card?
You can reset the PIN through the issuer's website or app using the card number and your email address. If you cannot reset it online, call the customer service number on the back of the card and they will help you regain access.
Will I owe taxes if I sell a gift card?
No. Selling a gift card is not a taxable event because you are not earning income—you are converting an asset you already own into cash. The discount you take is a loss, not income.
Can I deposit a gift card into someone else's bank account?
No. You cannot deposit a gift card itself into any bank account. You must first convert the balance to cash or a bank transfer using one of the methods above, then transfer that money to another person's account if you choose.
What if the gift card has expired?
Federal law prohibits gift cards from expiring for at least five years, but some states require longer periods. Check your card's terms. If it has expired, contact the issuer—many will reactivate expired cards if you request it, though some may charge a fee.