How To Transfer Gift Card Money To Bank Account

Introduction.

Gift cards are a popular way to give and receive money, whether it’s for birthdays, holidays, or special occasions. But let’s face it—sometimes, we’d rather have the cash.

Maybe the gift card is for a store you rarely shop at, or perhaps you’d prefer to use the money for something more urgent.

Whatever the reason, transferring the balance from a gift card to your bank account can be incredibly useful.

In this guide, I’ll walk you through the entire process, explain your options, and offer tips to make the transfer smooth and stress-free. By the end of this, you’ll know exactly what to do with that unused gift card.

Why Transfer Gift Card Money to Your Bank Account?

Gift cards are convenient, but they have limitations. You can only use them at specific retailers, and sometimes they come with expiration dates or fees.

Converting a gift card into cash gives you flexibility. You can use the money to pay bills, save it, or spend it however you like.

Statistics show that billions of dollars in gift cards go unused every year.

According to a 2022 survey by Bankrate, about 47% of Americans have unused gift cards, vouchers, or store credit, totalling an estimated $21 billion.

Don’t let your gift card balance contribute to that number.

Ways to Transfer Gift Card Money to a Bank Account

Here’s a step-by-step breakdown of the most common methods:

1. Sell the Gift Card Online

There are several websites where you can sell gift cards for cash. Platforms like CardCash, Raise, and Gift Card Granny allow you to sell your card at a slightly reduced value.

How it works:

Enter the gift card details (brand and balance).
Get an offer—typically 85% to 92% of the card’s value.
Accept the offer and choose how you’d like to be paid (PayPal, direct deposit, or check).

Pro Tip: Check multiple platforms to get the best deal.

2. Use a Peer-to-Peer Exchange

Apps like Venmo or Cash App allow you to sell your gift card directly to someone you know. You could post in community groups or ask friends if they’d like to buy it.

How to do it:

Agree on a price.
Transfer the gift card details.
Receive payment through the app, then transfer it to your bank account.

This method works best for popular gift cards like Amazon or Target.

3. Add the Gift Card to PayPal or Venmo

Some platforms allow you to link gift cards to your account. Once linked, you can transfer the balance to your bank.

Steps for PayPal:

Log into PayPal and select “Wallet.”
Add the gift card as a payment method.
Transfer the balance to your bank account.

Keep in mind this doesn’t work with every type of gift card, so double-check compatibility.

4. Convert the Card at a Kiosk

Many stores have kiosks (like Coinstar Gift Card Exchange) where you can exchange gift cards for cash or a prepaid debit card.

What to expect:

Enter your gift card information at the kiosk.
Receive an offer (often slightly below the card’s value).
If you accept, you’ll get a voucher or cash on the spot.

5. Buy Something You Can Resell

This option takes a little effort but works in a pinch. Use the gift card to buy items that are easy to sell, like electronics or popular gadgets. Once sold, deposit the cash into your bank account.

6. Ask the Retailer for Cash

Some states in the U.S., like California, require retailers to provide cash for gift cards with small remaining balances (usually under $10). If your card qualifies, you can request a cash payout directly from the store.

What to Watch Out For

Transferring gift card money to a bank account is straightforward, but there are a few things to keep in mind:

Fees and Commissions

Selling gift cards online often comes with fees. Expect to lose about 10-15% of the card’s value.

Scams

Be cautious when dealing with individuals or less-established platforms. Stick to trusted websites and verified buyers.

Card Restrictions

Some gift cards are non-transferable or can’t be used with third-party apps. Always check the terms and conditions.

FAQs

1. Can I transfer any gift card to my bank account?

Not all gift cards can be transferred directly. It depends on the card type, platform compatibility, and the method you choose. Store-specific gift cards may require additional steps compared to general-purpose cards like Visa or Mastercard.

2. Is there a way to avoid losing money during the transfer?

Selling directly to friends or family is the best way to get full value for your gift card. Online platforms and kiosks often deduct a small percentage as a fee.

3. Are there risks involved?

Yes, mainly with scams or fake buyers when using peer-to-peer methods. Stick to reputable websites and apps to minimize risk.

4. How long does it take to transfer the balance?

Online platforms: 1–5 business days.
PayPal or Venmo: Almost instant.
Kiosks: Immediate cash or voucher payout.

Wrapping It Up

Transferring gift card money to a bank account isn’t as tricky as it sounds. With a little research and effort, you can turn those unused balances into cash you can use.

Whether you’re selling the card online, using a payment app, or exchanging it at a kiosk, the key is to find a method that works best for you.

Now that you know the process, which method do you think you’ll try first?