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Banking Circle Funding Provider
Last updated: Dec 5, 2025
Banking Circle is a fully licensed bank that provides payment services to businesses and serves as one of Kraken’s funding providers. With Banking Circle, you can deposit and withdraw funds in EUR and GBP.
Currently, funding via Banking Circle is available to clients whose accounts are registered in the European Economic Area (EEA) — including all EU countries, Iceland, Liechtenstein, and Norway — as well as the United Kingdom.
Once you activate the Banking Circle funding method on your Kraken account, you will be assigned a unique bank account in your name, matching the name on your Kraken account. This allows you to deposit funds by making a manual bank transfer from your bank account to your assigned Banking Circle account — no deposit reference or payment purpose is required.
The unique personal account generated for EUR SEPA transfers have a DE format issued by the German branch of Banking Circle. GBP personal accounts for the processing of FPS transfers are issued by the UK branch of Banking Circle (SAPYGB2LXXX, sort code 60-83-82)
Withdrawals made using this funding method will also be processed directly from your assigned unique bank account.
Important: Banking Circle currently only supports EUR SEPA / SEPA Instant transfers and GBP FPS transfers. EUR or GBP SWIFT transfers or GBP CHAPS transfers are not supported and transfers sent via these methods to Banking Circle are likely to be rejected.
When you select the Banking Circle deposit method for the first time (GBP via Faster Payments or EUR via SEPA / SEPA Instant), you’ll be notified that a personal bank account number will be generated for your Kraken account.
To view the complete deposit instructions along with your personal account number, simply click Get deposit details.
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The method assigns to your Kraken account a unique bank account in your name, matching the name on your Kraken account.
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For EUR SEPA transfers, the account will be with the German branch of Banking Circle (SXPYDEHHXXX) and the IBAN will have a DE format.
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For GBP FPS transfers, the account will be with the UK branch of Banking Circle (SAPYGB2LXXX, sort code 60-83-82).
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No deposit reference or payment purpose is required for your transfer to be credited to your Kraken account.
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It may take a few seconds for your personal account to be created. During this time, you may see a prompt asking you to reload the page in a few moments to view the details.
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Withdrawals are going to be processed via the same personal named account.
Important:
- Your personal bank account number is for your use only — do not share it with third parties.
- Deposits from third-party accounts will be returned.
- The name on your depositing bank account must exactly match the name on your Kraken account.
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Your Kraken account must be verified.
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Your Kraken account must be registered with an address in a European Economic Area country or in the United Kingdom.
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For GBP funding, your bank or financial institution must be located in the United Kingdom.
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Your bank account must be registered under the same legal name as your Kraken account.
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Depending on your chosen funding method, your bank (or financial institution) has to be able to send & receive FPS , SEPA or SEPA Instant transfers.
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Banking Circle currently does not support SWIFT or GBP CHAPS transfers. If you send a deposit to our account with Banking Circle via SWIFT or GBP CHAPS, it will be rejected and returned to the sending bank account.
Faster Payments Service (FPS)
Launched in 2009 and administered by Pay.UK, FPS is the world’s first 365-day, 24/7, real-time payments system. Short delays due to checks and processing by the sending and receiving bank may sometime apply.
Faster Payments transfers are free (for personal clients), with account holders able to send up to £1 million pounds (although lower limits may be applied by your bank).
To find out which sort codes are able to receive Faster Payments, please input the details on this page: http://www.fasterpayments.org.uk/sort-code-checker
Single Euro Payments Area (SEPA):
The Single Euro Payments Area (SEPA) is an initiative of the European Union that allows for fast, reliable and cheap e-transfers between bank accounts in the SEPA-zone. For more details, see General Information about SEPA.
SEPA Instant:
SEPA Instant is a 24/7/365 payment scheme where transfers are settled in less than 10 seconds. If your bank supports SEPA Instant, you can send funds to and from your Kraken account in real time. Short delays due to checks and processing by the sending and receiving bank may sometime apply.
SEPA Instant Credit Transfers (SCT Ins) may incur banking charges, so please contact your bank to enquire about fees. The current maximum limit for SCT Instant is €100,000.00 per transaction. This is a limit set by the SCT Instant network and is outside of Kraken's control.
For step-by-step deposit instructions select the interface you are using below:
For step-by-step withdrawal instructions select the interface you are using below: