You can deposit a gift card balance into your bank account, but the method depends on what kind of gift card you have

A Visa, Mastercard, or American Express gift card can go into your bank account because these cards work like regular debit cards. You can link them to a payment app, transfer the balance to a bank account through a third-party service, or spend down the balance and deposit cash. A store gift card — one that only works at Target or Starbucks — cannot go directly into a bank account, but you can spend it and deposit the cash, or sell it on a resale platform.

The fastest route is usually a payment app like PayPal or Square Cash if your gift card is a Visa or Mastercard. The slowest but most direct route is to spend the gift card down to zero and deposit the remaining cash. The middle ground is a gift card resale site, which buys your card for a percentage of its value and pays you by bank transfer.

Key Takeaways

  • Visa, Mastercard, and American Express gift cards can be moved into a bank account through payment apps, balance transfer services, or by spending them down and depositing cash.
  • Store-only gift cards cannot transfer directly to a bank account but can be spent and converted to cash, or sold on resale platforms for less than face value.
  • Payment apps like PayPal and Square Cash link to Visa gift cards and can send the balance to your bank, though some charge a fee or have daily limits.
  • Gift card resale sites like CardCash and Raise buy your card for 70 to 95 percent of face value and deposit the payment directly to your bank account.

Linking a Visa or Mastercard gift card to a payment app

PayPal, Square Cash, Venmo, and Google Pay all accept Visa and Mastercard gift cards as a funding source. You add the card to the app the same way you would add a regular debit card — enter the card number, expiration date, and CVV. Once linked, you can send money from that card to your bank account, though not all apps offer this feature directly.

PayPal lets you transfer a balance from a linked Visa or Mastercard to your PayPal balance, then withdraw that balance to your bank account. Square Cash does not offer a direct balance transfer, but you can use the card to send money to another person or to yourself if you have a second account. Venmo works the same way — the card is a funding source, not a balance you can move. Check the app's help section for your specific card type, because rules vary.

Most payment apps do not charge a fee to link a gift card, but some charge a small percentage (usually 1 to 3 percent) when you transfer money out. Daily transfer limits are common — PayPal may limit you to $5,000 per day, for example. If your gift card balance is under $100, a payment app is usually the fastest option.

Using a balance transfer service designed for gift cards

Balance transfer services like Raise, CardCash, and Giftly buy gift cards directly from you and deposit the money into your bank account. You photograph the back of the card or enter the card number and PIN, the service verifies the balance, and you receive an offer — usually 70 to 95 percent of the card's face value depending on the card type and current demand.

The process takes 1 to 3 business days from acceptance to bank deposit. Visa and Mastercard gift cards sell for closer to 95 percent because they are liquid — anyone can use them anywhere. Store gift cards sell for 70 to 85 percent because they are less useful. Restaurant and entertainment cards fall in between.

These services make money by reselling the cards to other buyers, so they discount the price. If you need the money when ready and do not mind losing 5 to 30 percent of the balance, this is the most straightforward route. If you can wait or want to keep the full value, spending the card down and depositing cash is better.

Spending the gift card and depositing cash

The simplest method that preserves the full value is to spend the gift card on something you would buy anyway, then deposit the cash you would have spent. This does not move the gift card balance into your account directly, but it frees up cash in your budget that you can deposit.

For example: you have a $50 Visa gift card and $200 in cash. You use the gift card to buy groceries. You then deposit the $200 cash into your bank account instead of spending it. The net effect is that the gift card value has moved into your account, though the mechanics are indirect.

This method works best for store gift cards, which cannot be transferred any other way. It takes longer than a balance transfer service but costs you nothing. The only catch is that you have to actually spend the card on something — you cannot straightforward convert it to cash at a register unless the store offers that option, which most do not.

Transferring a gift card balance through your bank's bill pay system

Some banks let you add a gift card as a bill pay recipient, which moves the balance from the card to your bank account by treating it as a payment. This is not common, and most banks do not support it, but it is worth asking your bank directly.

The process would work like this: you log into your bank's bill pay portal, add the gift card as a payee using the card number, and set up a one-time payment for the full balance. The bank sends the payment to the card's issuer, and the balance moves to your account. This only works if your bank has a relationship with the gift card issuer, which is rare for store cards and more common for Visa and Mastercard.

Call your bank's customer service line and ask whether they support bill pay transfers from gift cards. If they do, they will walk you through the steps. If they do not, you will need to use one of the other methods.

What to watch for when moving a gift card balance

Gift card balances under $5 are often not worth transferring because fees and discounts will eat the value. If you have a small balance, spend it on something small — a coffee, a snack — rather than paying to move it.

Visa and Mastercard gift cards sometimes have inactivity fees that kick in after 12 months of no use. If your card has been sitting unused, check the balance and the expiration date before you try to transfer it. An expired card cannot be transferred, and a card with a zero balance after fees is worthless.

Store gift cards do not have inactivity fees under federal law, but they can expire. Check the card's terms for an expiration date. If the card is expired, most stores will not honor it, and resale sites will not buy it.

Frequently Asked Questions

Can I deposit a gift card directly into my bank account like a check?

No. Banks do not have a process to deposit gift cards the way they do checks or cash. You have to move the balance through a payment app, a resale service, or by spending the card and depositing the cash separately. Some banks may offer bill pay transfers, but this is rare.

Will I lose money if I use a gift card resale site?

Yes, usually 5 to 30 percent depending on the card type. Visa and Mastercard gift cards sell for 90 to 95 percent of face value. Store gift cards sell for 70 to 85 percent. You lose money because the resale site buys the card at a discount and resells it for profit.

What happens if my gift card has a PIN and I forget it?

Most gift cards do not require a PIN for online or in-person purchases. If you are trying to use a resale service and the card requires a PIN, you will not be able to transfer it unless you remember the PIN. Contact the card issuer to see if they can reset it, though many will not.

Can I transfer a store gift card to my bank account?

Not directly. Store gift cards only work at that store, so no bank or payment service can move the balance. You can spend the card and deposit cash, or sell it on a resale site for 70 to 85 percent of its value.

How long does it take to get money from a gift card resale site?

Most resale sites deposit money within 1 to 3 business days after you accept their offer. Some offer faster payouts for a small fee. PayPal and other payment apps can be faster if you are transferring a Visa or Mastercard, sometimes within hours.