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, the money on the card is real, and you have options to get it into your checking or savings account. The method depends on what kind of gift card you have—a closed-loop card (Visa, Mastercard, or American Express) works differently than a store-specific card (Target, Amazon, Walmart).
The fastest routes are a peer-to-peer payment app, a cash withdrawal at a retailer, or transferring through the card issuer's own app. Each has different fees and speed, and some work only with certain card types. The wrong choice can cost you money or leave you waiting days.
Key Takeaways
- Closed-loop gift cards (Visa, Mastercard, Amex) can be linked to payment apps like PayPal or Venmo and transferred to your bank account, though some apps charge a fee.
- Store gift cards (Target, Walmart, Amazon) can be converted to cash at the retailer's customer service desk or through their mobile app if they offer that feature.
- Some retailers let you buy a money order or prepaid card with a gift card balance, which you can then deposit or cash.
- Peer-to-peer payment apps and digital wallets are the fastest method for closed-loop cards but may charge 1 to 3 percent for transfers to your bank.
How closed-loop gift cards (Visa, Mastercard, Amex) move to your bank
A closed-loop gift card is a prepaid card issued by a major payment network. It works like a debit card at any merchant that accepts that brand. To move the balance to your bank account, you link the card to a payment app or digital wallet, then transfer the money out.
PayPal is the most straightforward route. Add the gift card as a payment method in your PayPal account, then transfer the balance to your linked bank account. PayPal does not charge a fee for this transfer, but it may take one to three business days. Venmo works similarly if you add the card to your account, though Venmo charges a 1.75 percent fee for when ready transfers to your bank (standard transfers are free but take one to three days). Square Cash and Google Pay also accept closed-loop gift cards, though fees and speed vary by app.
Another option is to add the card to your bank's own app or website. Many banks let you link external cards for bill pay or transfers. Once linked, you can sometimes transfer the balance directly. Call your bank's customer service line to ask whether they support this—policies vary by institution.
How store-specific gift cards convert to cash or bank deposits
A store gift card (Target, Walmart, Amazon, Best Buy) is only good at that retailer. You cannot transfer the balance to your bank directly, but the store itself can convert it to cash or a form you can deposit.
At the customer service desk: Walk into the store with the card and ask to exchange it for cash. Most major retailers will do this, though some have limits (Walmart, for example, may cap cash-outs at a certain amount per transaction). You walk out with cash, which you can then deposit at your bank or ATM. This is free and when ready.
Through the retailer's app: Some stores let you check your balance and request a refund to your original payment method through their mobile app. Amazon, for instance, allows you to reload a gift card balance to your Amazon account, then request a refund to your bank account under certain conditions. Check the store's app or website for this option—it varies by retailer.
Buy a money order or prepaid card: Some retailers sell money orders or prepaid cards at their customer service desk. You can buy one with your gift card balance, then deposit the money order at your bank or use the prepaid card as a debit card. This adds a step and may incur a small fee from the retailer.
When you should use each method
| Card Type | Best Method | Speed | Cost |
|---|---|---|---|
| Visa, Mastercard, or Amex gift card | Link to PayPal, transfer to bank | 1–3 business days | Free |
| Visa, Mastercard, or Amex gift card | Link to Venmo, when ready transfer | Minutes to hours | 1.75% fee |
| Store gift card (Target, Walmart, etc.) | Customer service desk cash-out | when ready | Free |
| Store gift card | Retailer app refund to original payment method | 3–5 business days | Free |
| Any gift card | Buy money order, deposit at bank | 1–3 business days (after deposit) | $1–3 money order fee |
What happens if the gift card has a small balance left
If your gift card has only a few dollars remaining, the fees and effort may not be worth it. A Venmo when ready transfer on a $5 balance costs about 9 cents, which is reasonable. A money order fee on the same balance costs more than the money itself.
For small balances on closed-loop cards, PayPal is your best bet because it charges no fee. For small balances on store cards, ask the retailer whether they will cash out amounts under $5—many will, though some have minimums. If the balance is under $1, most retailers will not process it, and you may have to spend it in-store or let it sit.
Fees and timing you should know
PayPal transfers are free but take one to three business days. Venmo when ready transfers cost 1.75 percent and arrive within minutes to a few hours. Google Pay and Square Cash have their own fee structures—check the app before you transfer. Money orders cost $1 to $3 depending on where you buy them. Cash-outs at a retailer are free and when ready.
Bank transfers from closed-loop cards linked through your bank's app may be free or may carry a small fee depending on your institution. Call your bank to confirm before you try. Some banks treat gift card transfers as external transfers and charge accordingly.
What to do if the gift card issuer is unknown or the card is damaged
If you have a gift card with no visible issuer name, check the back or front for a logo or website. If it is a Visa, Mastercard, or Amex, you can call the number on the back to confirm the balance and get instructions for linking it to a payment app. If it is a store card and you do not know which store, search the card number online or ask a customer service representative at a major retailer.
If the card is damaged or the number is worn off, contact the issuer directly. Most issuers can look up the card by the last four digits and your name, then issue a replacement or transfer the balance to a new card. This takes a few business days but is free.
Frequently Asked Questions
Can I deposit a gift card directly into my bank account?
No. Banks do not accept gift cards as deposits. You must first convert the balance to cash, transfer it through a payment app, or exchange it at the retailer. Once you have the money in one of those forms, you can deposit it into your bank account.
Will PayPal charge me to transfer a gift card balance to my bank?
No. PayPal does not charge a fee to transfer a gift card balance to your linked bank account. The transfer takes one to three business days. Venmo charges 1.75 percent for when ready transfers but offers free standard transfers that take one to three days.
What if my store gift card has $2 left on it?
Ask the retailer's customer service desk to cash it out. Most will do this for free, even for small amounts. If they refuse, you can spend the balance in-store, or link it to a payment app if it is a closed-loop card and use it online.
How long does it take to move a gift card balance to my bank account?
It depends on the method. Cashing out at a retailer is when ready. PayPal transfers take one to three business days. Venmo when ready transfers take minutes to a few hours. Refunds through a retailer app take three to five business days.
Can I use a gift card to open a bank account?
No. Banks require a valid form of payment or an initial deposit from an existing bank account, not a gift card. You must convert the gift card to cash or move it to a bank account first, then use that to fund a new account.