You cannot deposit a gift card directly into a bank account
Banks do not accept gift cards as deposits. A gift card is a prepaid card issued by a retailer or payment network—it holds a balance you can spend at specific stores or online, but it is not a bank product and cannot be transferred into a checking or savings account the way a check or direct deposit can.
What you can do instead is convert the gift card balance into money you control, then move that money to your bank account. The method depends on what kind of gift card you have and what the issuer allows. Some gift cards can be transferred to a digital wallet, others can be used to buy something you then resell, and a few can be cashed out directly.
Key Takeaways
- Gift cards cannot be deposited directly into a bank account because they are not bank products.
- Visa, Mastercard, and American Express gift cards can often be added to digital payment apps like PayPal or Square Cash, which then transfer money to your bank account.
- Retailer-specific gift cards (Target, Amazon, Walmart) can be used to buy items you resell or converted through the retailer's own app if that option exists.
- Some gift card resale platforms will buy your card for cash, though you typically receive less than the card's face value.
- The fastest route is usually a digital wallet app if your card is a Visa or Mastercard branded card.
How to move a Visa, Mastercard, or Amex gift card to your bank
If your gift card is branded with Visa, Mastercard, or American Express, you can add it to a digital payment app and then transfer the balance to a linked bank account. The process varies slightly by app, but the general steps are the same.
Open PayPal, Square Cash, Venmo, or another app that accepts prepaid cards. Go to the section where you add a payment method or card. Enter the gift card number, expiration date, and CVV (the three-digit code on the back). The app will treat it as a regular debit card. Once added, you can transfer money from the gift card to your bank account through the app's transfer feature. The transfer usually takes one to three business days, depending on your bank.
Not all apps support this equally. PayPal and Square Cash are the most reliable options. Venmo allows you to add the card but may not let you transfer the balance directly to a bank account—you may only be able to send it to another Venmo user. Check the app's help section before you add the card to confirm it supports bank transfers.
Converting retailer gift cards through resale platforms
If you have a gift card from a specific retailer like Target, Walmart, Amazon, or Best Buy, you can sell it on a gift card resale platform. Sites like Raise, CardCash, and Decluttr buy unused gift cards at a discount and pay you through bank transfer or PayPal.
The process is straightforward: list your card on the platform, enter the balance and card number, and wait for a buyer. Once sold, the platform pays you—usually within a few business days. The catch is that you will receive less than the card's face value. Discounts typically range from 5 to 25 percent depending on the retailer and current demand. A $100 Target card might sell for $85 to $95.
Some platforms pay directly to your bank account; others use PayPal or store credit. Read the payment options before you list the card. Also check whether the platform charges a fee—most do not, but some take a small percentage of the sale.
Using the retailer's own app or account
Some retailers let you add a gift card balance directly to your account within their app or website, then use that balance to buy items. This does not move money to your bank, but it does consolidate the balance in one place where you control it.
Amazon, for example, lets you add a gift card to your account balance. Target and Walmart allow you to link a gift card to your account. Once linked, the balance sits in your retailer account and you can spend it on purchases. If you then buy something and return it, the refund goes back to your account balance, not the original card.
This approach is useful if you plan to shop at that retailer anyway, but it does not move money to your bank account. It only consolidates the balance in one place.
Buying items and reselling them for cash
If the gift card is for a retailer that sells items with resale value, you can buy something and resell it elsewhere. This is slower and more work than other methods, but it works for any gift card.
Buy an item at the retailer using the gift card, then list it for sale on eBay, Facebook Marketplace, or a local resale app. Once sold, you receive cash or a payment transfer. The downside is that you may not recover the full value—resale prices are often lower than retail, and you lose time and effort in the process. This method makes sense only if you have a specific item in mind that you know will resell quickly.
What to do if your gift card issuer offers a cash-out option
A small number of gift card issuers allow you to cash out the remaining balance directly, though this is rare. Some Visa and Mastercard gift cards sold by banks or financial institutions have this feature built in. Check the back of your card or the issuer's website to see if a cash-out option exists.
If available, the process is usually simple: call the number on the back of the card or log into the issuer's website, request a cash-out, and the money is transferred to a linked bank account or mailed as a check. Some issuers charge a fee for this service, typically $5 to $15. Read the terms before you request the cash-out.
Timing and what to expect
The speed of getting money into your bank account depends on the method you choose. Digital wallet transfers (PayPal, Square Cash) usually take one to three business days. Gift card resale platforms typically process payment within three to five business days after the card sells. Direct cash-out from the issuer, if available, may take five to ten business days or longer if mailed as a check.
Keep the gift card until the transfer is complete. Do not spend the remaining balance or close the card until you confirm the money has arrived in your bank account. If something goes wrong during the transfer, you will need the card details to troubleshoot.
Frequently Asked Questions
Can I deposit a gift card at an ATM?
No. ATMs only accept checks, cash, and deposits from accounts held at that bank. A gift card is not a bank product and cannot be deposited at an ATM or through mobile check deposit.
What if my gift card has only a small balance left?
Resale platforms typically have a minimum balance requirement, often $5 to $10. If your card is below that, your best option is a digital wallet app like PayPal, which has no minimum. You can add the card and transfer whatever balance remains.
Do I lose money when I convert a gift card to cash?
It depends on the method. Digital wallet transfers and direct cash-outs preserve the full balance. Resale platforms pay less than face value—usually 75 to 95 cents per dollar. Reselling items may also result in a loss if the item does not sell quickly or at a good price.
Is it safe to add my gift card to a payment app?
Yes, if you use a reputable app like PayPal or Square Cash. These apps use the same encryption and fraud protection as banks. Treat the gift card number like you would a debit card number—do not share it with anyone else, and only add it to apps you trust.
What happens if the gift card issuer goes out of business?
If you have already transferred the balance to your bank account, the issuer's status does not matter—the money is yours. If the balance is still on the card when the issuer closes, you may lose access to it. This is rare, but it is another reason to convert the balance as soon as you know you will not use the card.