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, you can turn the money on a gift card into funds that land in your bank account through a few different routes: spend it at the issuer's store or website and use the freed-up money elsewhere, transfer it to a payment app that connects to your bank, or sell the card to a reseller. The method that works depends on what kind of gift card you have and how much friction you are willing to accept.
The fastest and simplest route is usually to spend the gift card at the place that issued it, then deposit your own cash or paycheck into your bank account instead. That frees up money you would have spent anyway. If you need the actual card balance converted to a bank transfer, a payment app like PayPal or Square Cash can sometimes do this, though not all gift cards work with all apps.
Key Takeaways
- Banks do not accept gift cards as deposits; you must convert the balance to cash or a bank transfer first.
- Spending the gift card at its issuer and depositing your own money into your bank account is the simplest path and avoids fees.
- Payment apps like PayPal, Venmo, and Square Cash can transfer some gift card balances to your bank, though the card must be Visa, Mastercard, or American Express branded.
- Reseller websites and apps buy unused gift cards for cash, but they pay less than face value and may take several days to send money.
- Store gift cards (like Target or Walmart) cannot be transferred to a bank account directly and must be spent at that store or sold to a reseller.
Spending the gift card and depositing your own money instead
This is the path with no fees and no waiting. Use the gift card to buy something you would normally purchase with your own money—groceries, gas, clothing, or anything else. Then deposit the cash or paycheck you would have spent into your bank account. The net result is the same: the gift card balance is now in your bank account, just in a different form.
This works for any gift card, including store-specific ones like Target, Walmart, or Amazon. It also works if the card is partially spent or if you do not know the exact balance. The only downside is that it requires you to actually make a purchase, and it only works if you were going to spend that money anyway.
Transferring a Visa, Mastercard, or American Express gift card through a payment app
If your gift card is branded as Visa, Mastercard, or American Express (rather than a store-specific card), you can add it to a payment app and sometimes transfer the balance to your bank account. PayPal, Venmo, Square Cash, and Google Pay all allow you to link a gift card as a payment method. Once linked, some apps let you transfer the balance to a connected bank account, though this varies by app and by card.
To try this route, open the payment app, go to the section for adding payment methods or cards, and enter the gift card number, expiration date, and CVV (the three-digit code on the back). Then look for a "transfer to bank" or "cash out" option. If the app supports it, you can move the balance directly. If not, you can still use the card to make purchases through the app, which effectively converts it to a bank transfer when you pay your app balance from your bank account.
PayPal and Square Cash are the most reliable for this, but neither works with all gift cards. Some cards have restrictions that prevent transfers. If the app rejects the card, it means that particular card cannot be transferred through that app.
Selling the gift card to a reseller
Websites and apps like Raise, CardCash, and Decluttr buy unused gift cards and pay you cash. You list the card, set a price (usually below face value), and when someone buys it, the reseller sends you money via bank transfer, PayPal, or check. The process typically takes three to seven business days from sale to payment.
The catch is that resellers pay less than the card is worth—often 70 to 90 percent of face value, depending on the card type and current demand. A $100 gift card might sell for $75 to $90. Popular cards like Amazon and Visa gift cards sell faster and at higher percentages. Store-specific cards like Target or Bed Bath & Beyond sell for less because fewer people want them.
You will need the card number and PIN (if there is one) to sell it. Some resellers verify the balance before paying you, so have that information ready. This route makes sense if you have a card you will never use and need cash quickly, but the discount means you lose money compared to spending it.
Why store-specific gift cards cannot go directly to your bank
A Target gift card or Walmart gift card is not a payment card—it is a stored-value account that only works at that store. It has no routing number, no account number, and no connection to the banking system. Banks cannot accept it as a deposit because there is no mechanism to transfer the balance. The card issuer (Target, Walmart, etc.) is not a bank and does not participate in ACH transfers or wire transfers.
This is why store gift cards must either be spent at the store or sold to a reseller. There is no middle ground. Visa and Mastercard gift cards work differently because they are branded payment cards that connect to the Visa or Mastercard network, which banks recognize.
What happens if the gift card has a low balance
If the card has only a few dollars left, most resellers will not buy it because the transaction cost exceeds the value. Your best option is to spend it. Many stores let you combine a gift card with another payment method, so you can use the remaining balance and pay the rest with cash or a debit card.
If you want to check the balance before deciding what to do, visit the issuer's website or call the customer service number on the back of the card. Most issuers let you check online without creating an account.
Fees and timing for each method
| Method | Fee | Time to Bank Account | Works With |
|---|---|---|---|
| Spend and deposit own money | None | Same day (if depositing cash) | Any gift card |
| Payment app transfer | None (app-dependent) | 1–3 business days | Visa, Mastercard, Amex branded cards only |
| Reseller sale | 10–30% discount on face value | 3–7 business days | Any gift card |
Frequently Asked Questions
Can I deposit a gift card directly into my bank account online?
No. Banks do not have a way to accept gift cards as deposits. You must convert the balance to cash, a bank transfer, or spend it first. Some payment apps can transfer Visa or Mastercard branded gift cards to your bank, but store-specific cards cannot be transferred at all.
What if my gift card is from a store that closed?
If the store is still operating under a parent company (like Bed Bath & Beyond under Overstock), you may be able to spend it at a remaining location or online. If the store is completely closed, you can try selling it to a reseller, though the price will be very low or they may not buy it at all. Contact the card issuer's customer service to confirm whether the card is still valid.
Do payment apps charge a fee to transfer a gift card to my bank?
Most do not charge a fee to transfer the balance, but some apps charge a small fee for instant transfers (usually $0.25 to $1.50). Standard transfers to your bank account typically take one to three business days and have no fee. Check the app's fee schedule before transferring.
Is it safe to sell my gift card to a reseller?
Yes, if you use an established reseller like Raise, CardCash, or Decluttr. These sites are legitimate and have buyer protection policies. Never sell a gift card through a personal ad or to someone you do not know, as they can use the card and then claim it was fraudulent. Stick to resellers with a track record and customer reviews.
Can I transfer a gift card balance to someone else's bank account?
No. Gift cards are tied to the card itself, not to a person. You can give the physical card to someone else, or you can sell it to a reseller, but you cannot transfer the balance to another person's bank account directly. If you want to give money to someone, use a payment app like Venmo or PayPal instead.