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 a linked account

A gift card is not a bank account and banks will not accept it as a deposit. However, you can transfer the money from a gift card to your bank account through a few concrete routes: spend the balance at the issuer's store or website and use the freed-up money elsewhere, transfer the balance to a payment app that links to your bank, sell the card to a reseller, or in some cases request a check from the card issuer. Which route works depends on the card type, the issuer's rules, and how much friction you are willing to accept.

The fastest and most direct method for most people is linking an open-loop card (Visa, Mastercard, or American Express) to a payment app like PayPal or Venmo, which can then send money to your bank account in one to three business days. Store-specific cards like Target or Amazon have no direct bank transfer option and require you to either spend the balance or sell the card to a reseller.

Key Takeaways

  • Most gift cards cannot be directly deposited into a bank account; you must first convert the balance to cash or move it to a payment app.
  • Visa, Mastercard, and American Express gift cards can often be linked to payment apps like PayPal or Venmo, which then transfer to your bank account.
  • Store-specific gift cards (Target, Amazon, Starbucks) have no direct bank transfer option and require you to spend the balance or sell the card.
  • Gift card resellers like CardCash and Raise will buy your card for 70 to 90 percent of its face value, with payment sent to your bank account within days.
  • Some card issuers will mail you a check for the remaining balance if it falls below a minimum threshold, though this varies by issuer.

Linking a Visa, Mastercard, or Amex gift card to a payment app

Open-loop gift cards—those branded Visa, Mastercard, or American Express—can be added to payment apps that connect to your bank account. The process is the same as adding a debit card: open PayPal, Venmo, Square Cash, or a similar app, select "Add a card," and enter the gift card number, expiration date, and CVV. The app treats the gift card as a payment method.

Once linked, you can transfer money from the gift card to your bank account by sending a payment to yourself (if the app allows it) or by making a purchase and using the card as the payment source, which frees up money in your actual bank account to move elsewhere. Some apps like PayPal let you request a transfer directly: link the gift card, add your bank account, and initiate a transfer. The money lands in your bank account in one to three business days, though fees may apply depending on the app and transfer speed you choose.

Check the app's terms before you start. Some charge a fee for linking a gift card, and others do not. PayPal, for example, does not charge to add a card, but may charge for expedited transfers. Venmo charges a small fee for instant transfers but not for standard transfers that take one to three business days.

Spending the gift card balance and redirecting the money

The simplest path for store-specific cards is to spend the balance at the issuer's store or website, then use the money you would have spent there for something else. If you have a $50 Target gift card and you were going to buy groceries anyway, use the card at Target and put the $50 you would have spent on groceries into your bank account instead. The net effect is the same as a transfer, but it requires you to shop at that retailer.

This works best if the card is for a store where you already spend money regularly. If the card is for a store you never visit, this route wastes time and may leave you buying things you do not need just to clear the balance. You lose nothing financially by spending the card this way, which makes it better than selling to a reseller if you have the time and the inclination to shop there.

Selling the gift card to a reseller

Gift card resellers like CardCash, Raise, and Decluttr buy unused or partially used cards at a discount and resell them. You list your card on their site, they verify the balance, and if a buyer purchases it, they send you cash to your bank account or PayPal.

The payout is typically 70 to 90 percent of the card's face value, depending on the card type and current demand. A $100 Amazon gift card might sell for $85 to $95; a $100 restaurant card might sell for $60 to $75. The reseller keeps the difference. Payment usually arrives within three to five business days after the sale, though some resellers offer faster payouts for a small fee.

The trade-off is that you lose money on the sale. If you have a $100 card and sell it for $80, you are giving up $20. This is worth it only if you have no use for the card and need cash urgently. If you can spend the card at the issuer, that is always better financially.

Requesting a check from the card issuer

Some gift card issuers will mail you a check for the remaining balance if it drops below a certain amount—often $5 or $10. This is not automatic; you have to contact the issuer and request it. Call the number on the back of the card or visit the issuer's website and look for a "cash out" or "check request" option.

The issuer will verify the balance and may require you to provide a mailing address. A check typically arrives in one to two weeks. This option is slow and only works if the balance is low enough that the issuer is willing to process it. Many issuers do not offer this at all, so call first to confirm whether your card issuer has this program.

What happens if you lose track of a gift card balance

If you have not used a gift card in years and do not remember the balance, you can still check it. Visit the issuer's website or call the number on the back of the card. You will need the card number and, usually, the PIN or the last four digits of the card. Once you know the balance, you can decide whether to spend it, transfer it, or sell it.

Some states have laws requiring gift card issuers to turn over unused balances to the state after a certain period of inactivity (usually three to five years). If your card has been inactive that long, the money may have already been transferred. Contact the issuer to find out, or search your state's unclaimed property database to see if the balance appears there.

Fees and timing to expect

The cost and speed of moving gift card money to your bank account vary by method. Linking to a payment app is free but may take one to three business days. Selling to a reseller costs 10 to 30 percent of the balance but pays out in three to five days. Requesting a check is free but takes one to two weeks. Spending the card at the issuer costs nothing and is instant, but only works if you shop there.

If you need the money quickly and the card is a Visa or Mastercard, linking to a payment app is fastest. If you have time and want to avoid losing money, spending the card is best. If you have no use for the card and need cash, a reseller is a middle ground. For very small balances under $5, contacting the issuer about a check request is often your only option besides spending the card.

Frequently Asked Questions

Can I transfer a gift card balance to another person'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 spend the balance and give them cash, but you cannot move the balance to their bank account directly. Some retailers let you transfer a gift card balance to another gift card in that retailer's system, but that is not a bank transfer.

What if the gift card has a very small balance left?

If the balance is under $5, most resellers will not buy it. Your best options are to spend it at the issuer or contact the issuer to ask if they will mail a check. Some issuers have a minimum balance requirement for check requests, so call first.

Do payment apps charge a fee to transfer gift card money to my bank account?

It depends on the app. PayPal does not charge to add a gift card or to transfer money to your bank account, but it may charge for expedited transfers. Venmo charges a small fee for instant transfers but not for standard transfers. Check the app's fee schedule before you link the card.

Can I use a gift card to open a bank account?

No. Banks require a deposit method like a debit card, check, or wire transfer to fund a new account. A gift card is not accepted as a deposit method. You would need to convert the gift card to cash or move it to a payment app first.

What if the gift card issuer is out of business?

If the retailer or card issuer has closed, you may not be able to spend the card or contact them directly. Check your state's unclaimed property office to see if the balance has been turned over there. Some states require issuers to transfer unused balances to the state, and you can search for and claim that money.