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
Banks do not accept gift cards as deposits. A gift card is a prepaid card tied to a specific retailer or payment network, not a bank account or a check. However, you can move the money off a gift card in ways that end up in your bank account—some fast, some slower, and some that cost you a fee.
The method you choose depends on what type of gift card you have, whether you want the full balance or just part of it, and how quickly you need the money in your account. Some routes are free and take minutes. Others take days or charge a small percentage.
Key Takeaways
- Visa, Mastercard, and American Express gift cards can be transferred to a bank account through a money transfer app or by using them to pay a credit card bill, but Starbucks, Target, and store-specific cards cannot.
- The fastest free method is to use a money transfer app like PayPal or Square Cash if your gift card is a network card (Visa, Mastercard, Amex) and you have a linked bank account.
- You can also spend the gift card balance on something you would buy anyway, then deposit the cash you save into your bank account, though this does not move the money directly.
- Selling a gift card on a resale platform like Raise or CardCash converts it to cash, but you will receive less than the card's face value and may wait several days for payment.
- Some gift cards allow you to request a check or direct deposit of the remaining balance, but this is rare and usually only available after the card expires or the issuer closes the program.
Network gift cards (Visa, Mastercard, Amex) versus store cards
The type of gift card you have determines what you can do with it. A network gift card is issued by Visa, Mastercard, or American Express and works anywhere those cards are accepted. A store gift card is issued by a retailer like Target, Starbucks, or Best Buy and only works at that store or its partners.
Network gift cards are more flexible because they function like debit cards. You can use them to pay bills, transfer money, or make purchases anywhere. Store cards are locked to that retailer's ecosystem and cannot be moved to a bank account directly. If you have a store card, your only options are to spend it at that store, sell it on a resale platform, or contact the retailer to ask if they offer a cash-out option (most do not).
Using a money transfer app to move the balance
If you have a network gift card (Visa, Mastercard, or Amex), the fastest free way to move money to your bank account is through a money transfer app. Apps like PayPal, Square Cash, Venmo, and Google Pay let you add a prepaid card as a payment method, then transfer the balance to a linked bank account.
The process is simple: open the app, add your gift card as a payment method (you will need the card number, expiration date, and CVV), then initiate a transfer to your bank account. Some apps transfer the money within minutes; others take one to three business days. Check the app's help section to confirm the timeline and whether there is a fee—most do not charge for transfers from a prepaid card to a bank account, but policies vary.
One limitation: some apps have daily or monthly transfer limits, and some do not allow transfers from prepaid cards at all. Before you add your gift card, read the app's terms or contact support to confirm it accepts network gift cards and that your transfer amount is within the limit.
Paying a credit card bill with your gift card
Another free method is to use your gift card to pay down a credit card balance you already owe. This does not put cash in your bank account, but it frees up money in your checking account that you would have used to pay the credit card bill.
To do this, log into your credit card issuer's website or app, go to the payment section, and enter your gift card details as the payment method. The payment posts within one to three business days. The net effect is that your bank account balance stays higher because you paid the credit card with the gift card instead of with your checking account.
This method works only if you carry a credit card balance. If you pay your credit card in full each month, this approach does not help you move money to your bank account.
Selling your gift card on a resale platform
If you want to convert your gift card to cash quickly, you can sell it on a resale platform. Websites like Raise, CardCash, and Decluttr buy gift cards at a discount and pay you through bank transfer, PayPal, or check.
The trade-off is that you will receive less than the card's face value. Discounts typically range from 5 to 20 percent depending on the card type, the retailer, and current demand. A $100 Target card might sell for $85 to $95; a $100 Starbucks card might sell for $75 to $90. Network cards (Visa, Mastercard) usually sell closer to face value because they are more flexible.
The process takes three to seven business days from the time you list the card until the money reaches your bank account. You will need to provide the card number and balance, and the platform will verify it before paying you. Some platforms charge a small fee (usually 1 to 2 percent) or pay out through a gift card for their own service instead of cash, so read the terms before you list.
Spending the gift card and depositing the cash you save
This is not a direct transfer, but it is a practical option if you plan to spend the money anyway. Use the gift card to buy something you would purchase with your own money—groceries, gas, household items. Then deposit the cash you would have spent into your bank account instead.
This method works best if the gift card is for a store where you shop regularly. It does not move the money directly, but it achieves the same result: your bank account balance increases by the amount of the gift card. The downside is that it only works if you have cash on hand to deposit, and it requires you to make a purchase you might not have made otherwise.
Requesting a check or direct deposit from the issuer
Some gift card issuers allow you to request a payout of the remaining balance as a check or direct deposit, but this is uncommon and usually only available under specific conditions. Some retailers offer this option if the card has not been used in a set period (often one to three years), or if the card is expiring. A few network card issuers allow you to request a payout at any time, but most do not.
To learn about your card offers this option, contact the issuer directly. Look for customer service information on the back of the card or on the issuer's website. Be prepared to provide the card number and proof of ownership. If the option is available, the process usually takes two to four weeks, and you may be charged a small fee (typically $1 to $5).
Frequently Asked Questions
Can I deposit a Visa gift card directly into my bank account?
No, you cannot deposit it as a check or transfer. But you can move the balance to your bank account using a money transfer app like PayPal or Square Cash, or by using the card to pay a credit card bill. Both methods are free and take one to three business days.
What if my gift card is from a store like Target or Starbucks?
Store cards cannot be moved to a bank account. Your options are to spend the card at that store, sell it on a resale platform like Raise or CardCash for less than face value, or contact the store to ask if they offer a cash-out option (most do not). Resale platforms typically pay out within three to seven business days.
Will I lose money if I sell my gift card?
Yes, resale platforms pay less than the card's face value. Discounts range from 5 to 20 percent depending on the card type and retailer. Network cards like Visa or Mastercard usually sell closer to face value than store cards.
How long does it take to move money from a gift card to my bank account?
Money transfer apps typically transfer within minutes to three business days. Resale platforms take three to seven business days. Requesting a check or direct deposit from the issuer takes two to four weeks and is rarely available.
Are there fees to move money from a gift card to my bank account?
Most money transfer apps do not charge a fee to transfer from a prepaid card to a bank account, but some have limits on transfer amounts or do not accept prepaid cards at all. Resale platforms charge 1 to 2 percent or pay out in store credit instead of cash. Requesting a payout from the issuer may cost $1 to $5.