You cannot deposit a gift card directly into a bank account, but you can move the money off it in several ways
A gift card is not a bank account—it is a stored-value card issued by a retailer or payment network. Your bank will not accept a gift card number the way it accepts a routing number and account number. However, you can transfer the balance to your bank account through a few concrete routes: link a network gift card (Visa, Mastercard, American Express) to PayPal or Venmo and transfer from there, sell a retailer-specific card to a gift card marketplace, or spend the card at the retailer and deposit the cash you receive.
The method you choose depends on what kind of gift card you have, how much money is on it, and whether you want to keep the full balance or are willing to lose a percentage to fees. Network cards move money fastest and cost nothing. Retailer cards require either a marketplace sale (which takes a cut) or a store visit.
Key Takeaways
- Visa, Mastercard, and American Express gift cards can be linked to PayPal or Venmo, then transferred to your bank account within one to three business days at no cost.
- Retailer-specific gift cards (Target, Amazon, Starbucks) cannot go directly into a bank account; you must spend them at that retailer or sell them to a gift card marketplace.
- Gift card marketplaces like Raise and CardCash buy unused cards for 60 to 90 percent of face value, with payment sent to your bank account within three to seven business days.
- Spending the card at the retailer and depositing the cash you receive is the slowest method but costs you nothing in fees.
- You cannot enter a gift card number into your bank's transfer system or ask your bank to pull money from a gift card—banks do not recognize gift card numbers as valid accounts.
Network gift cards (Visa, Mastercard, American Express) versus retailer cards
The type of gift card you hold determines your options. A network gift card—issued by Visa, Mastercard, or American Express—works like a debit card and can be linked to digital payment services. A retailer gift card—from Target, Amazon, Starbucks, or another store—is locked to that business and cannot be transferred out as cash.
If your card has a Visa, Mastercard, or American Express logo, you can move money to your bank account through a digital wallet. If it is a store-branded card with no payment network logo, you will need to either spend it at that retailer or sell the card itself to a marketplace. Check the front of your card: if you see a payment network logo, you have a network card. If you see only the retailer's name and logo, you have a retailer card.
Moving a network gift card balance through PayPal or Venmo
If you have a Visa, Mastercard, or American Express gift card, you can link it to PayPal or Venmo and then transfer the balance to your bank account. Open PayPal or Venmo on your phone or computer, go to your wallet or payment method settings, and add the gift card using the card number, expiration date, and CVV printed on the back. The app will treat it like any other debit card.
Once linked, send yourself money from the gift card to your bank account. In PayPal, go to your wallet, select the gift card as the payment source, and transfer funds to your linked bank account. In Venmo, you can transfer money to your own account (listed under your profile) using the gift card as the source. Both services process transfers within one to three business days, and neither charges a fee for transferring your own money between your accounts.
This method works only if the gift card has enough balance to cover the transfer amount. Some gift cards have small balances (under $5) that are not worth the effort; in that case, spend the card at a retailer instead. You will need to have already linked a valid bank account to PayPal or Venmo before you can receive the transfer.
Selling a retailer gift card to a marketplace
If you have a store-specific gift card you do not plan to use, you can sell it to a gift card marketplace. Services like Raise, CardCash, and Decluttr buy unused cards and pay you cash. The amount you receive is typically 60 to 90 percent of the card's face value, depending on the retailer and current demand.
To sell, create an account on the marketplace, enter the card's details (number, expiration date, PIN if required), and list it for sale. Once a buyer purchases your card, the marketplace sends payment to your bank account within three to seven business days. Some marketplaces offer faster payment (within 24 hours) if you accept a lower percentage of face value.
The trade-off is clear: you lose 10 to 40 percent of the card's value but get cash in your bank account without having to spend it at the retailer. This makes sense if you have no use for the store or if you need cash quickly. Check the marketplace's minimum balance requirement before you list—most will not accept cards under $5 to $10.
Spending the card and depositing cash yourself
The simplest method—and the one that costs you nothing—is to spend the gift card at the retailer, withdraw cash from your purchase, and deposit it into your bank account. If you buy something and pay with the gift card, you can ask for cash back at the register (up to the amount of your purchase). Take that cash to your bank's ATM or branch and deposit it.
This approach takes longer than the other methods because it requires a trip to the store and then to your bank. It also only works if you have something you actually want to buy at that retailer. But if you were going to shop there anyway, this method is free and straightforward. You keep 100 percent of the balance and avoid any marketplace fees.
What does not work: direct deposit and bank transfers
You cannot enter a gift card number into your bank's online transfer system the way you would enter a routing number and account number. Banks do not recognize gift card numbers as valid bank accounts. Similarly, you cannot call your bank and ask them to pull money from a gift card—they have no way to access it.
Some people try to use a gift card to pay a credit card bill or loan payment, thinking the money will then be in their bank account. This does not work. The payment goes to the credit card company or lender, not to your bank account, and you still owe the balance on the card or loan. The gift card money is spent, but it does not end up in your checking or savings account.
Fees and timing across your options
| Method | Percent of Balance You Keep | Time to Bank Account | Effort Required |
|---|---|---|---|
| PayPal or Venmo transfer | 100% | 1–3 business days | Link card, initiate transfer |
| Gift card marketplace | 60–90% | 3–7 business days | List card, wait for buyer |
| Spend and deposit cash | 100% | 1–2 days | Shop, withdraw cash, deposit |
PayPal and Venmo are the fastest and cheapest option for network gift cards. Marketplaces are best if you have a retailer card you will not use and want cash immediately. Spending and depositing cash costs nothing but requires a store visit and works only if you have something to buy.
The choice also depends on how much is on the card. A $100 network gift card is worth the effort to transfer through PayPal or Venmo. A $3 retailer card is probably not worth listing on a marketplace, since the payout would be minimal after fees.
Frequently Asked Questions
Can I use a gift card to open a bank account?
No. Banks require a valid form of identification and proof of address to open an account. A gift card is neither. You can use a gift card to fund an account after it is open—by transferring money through PayPal or Venmo—but not to open one.
What if my gift card has a very small balance left on it?
Balances under $5 are usually not worth the effort to transfer. Spend the card at the retailer, use it to buy something small, or let it sit. Gift card marketplaces often have minimum balance requirements (usually $5 to $10) and will reject cards below that threshold.
Do I need to report gift card transfers to my bank?
No. Transferring money from a gift card to your bank account is a normal transaction and does not require any special reporting. Your bank will see it as a standard transfer from an external payment source.
Can I transfer a gift card balance to someone else's bank account?
Not directly. If you want to give someone the money, you can transfer it to your own bank account first, then send it to them via Venmo, bank transfer, or another payment method. Some gift card marketplaces allow you to transfer a card to another person's account, but you will still lose the marketplace fee.
What happens if my gift card expires before I transfer the money?
Once a gift card expires, you cannot use it to make purchases or transfer money. Federal law requires most gift cards to remain valid for at least five years, but some retailer cards have shorter expiration dates. Check your card's terms before the expiration date passes, and transfer or spend the balance beforehand.