Giving ‘Sadaqah’ (charity) instead of performing the 'Aqeeqah' does not fulfill the Sunnah of performing the ‘Aqeeqah’ and a person who does so will not receive the rewards associated with it. However, they will still receive the reward for giving 'Sadaqah' and maintaining family ties (صلة الرحم).
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دلائل:
بدائع الصنائع: (66/5)
ومنہا ان لا یقوم غیرہا مقامہا حتی لو تصدق بعین الشاۃ او قیمتہا فی الوقت لا یجزیہ عن الاضحیۃ لان الوجوب تعلق بالاراقۃ۔
Allah the Almighty knows best.
Darul ifta Al-Ikhlas, Karachi.