New options for GBP funding
Great news – we have added two new options for GBP deposits and withdrawals for your account.
This latest announcement further promotes our mission of delivering financial freedom by giving clients more choice when it comes to managing their assets.
For more on Kraken fiat funding options, please click here
What are the new options?
In collaboration with UK-based payments services firm Clear Junction, you can now fund your account using either the UK’s Faster Payments Service (FPS/BACS) or the CHAPS network.
What GBP trading pairs do you offer?
XBT/GBP and ETH/GBP
What are the differences between these two options?
- FPS is significantly cheaper than CHAPS (see fees below), and the CHAPS network is intended for large payments that need a guaranteed arrival.
- Transfers sent via UK’s Faster Payments Service (FPS/BACS) typically arrive on the same day, although this is not guaranteed.
- Payments issued over CHAPS are guaranteed to arrive on the same day if issued before the daily 14:00 UTC cutoff.
Do I need to switch to the new funding options?
- No – you can continue to use any of our existing GBP services.
- The new option is offered as part of our commitment to providing clients with redundant and alternative funding paths for optimal routing.
What are the funding limits?
Min. deposit/withdrawal (FPS/BACS): 100 GBP
Max. deposit/withdrawal (FPS/BACS): 200,000 GBP
Min. deposit/withdrawal (CHAPS): 10,000 GBP
Max. deposit/withdrawal (CHAPS): Kraken Account Limits
What are the fees?
Deposits (FPS/BACS): 1.95 GBP
Withdrawals (FPS/BACS): 1.95 GBP
Deposits (CHAPS): 21.00 GBP
Withdrawals (CHAPS): 21.00 GBP
Please note that your bank may also charge an additional fee on deposits and withdrawals for CHAPS payments.
How do I deposit funds?
Navigate to Funding > Tick “Show all assets” (or Search for GBP) > Click “Deposit” next to GBP > Select “Clear Junction” and follow the provided instructions.
How do I withdraw funds?
Navigate to Funding > Tick “Show all assets” (or Search for GBP) > Click “Withdraw” next to GBP > Select “Clear Junction” and follow the provided instructions. Click here for more information.
Can I deposit other currencies besides GBP?
No – deposits sent in any currency other than GBP will be converted to GBP, and are subject to additional banking fees.
Thank you for choosing Kraken, the trusted and secure digital asset exchange.
The Kraken Team
P.S. Have you tried the Kraken Pro mobile app yet?
Download the Kraken Pro App from the App Store or Google Play: