Third Party Payments FAQ

Last updated: Jan 30, 2026
Please note

Third Party Payments is currently only available to those in the UK and EEA-based users. EUR transfers are processed via the SEPA network and are only supported for recipient banks located in the EEA. Not all EUR IBANs are eligible.

Third Party Payments on Krak may occur a 3-day withdrawal hold.

To complete third-party payments on Krak, please refer to this guide for detailed instructions.

  1. 1

    Log into your Krak account.

  2. 2

    Tap Send to a Bank Account.

  3. 3

    Add in your recipient's details if they are a new contact (name, account number, sort code or IBAN) or select an existing recipient from your addresses.

  4. 4

    Enter the amount you want to send.

  5. 5

    Once you have reviewed, tap confirm and that's it!

Your payment goes out via the fastest available network.

  • For UK users, GBP payments will be made via FPS - payments are usually instant, but may take up to 1 day.

  • For EEA users, EUR payments will be made via SEPA - payments are usually instant, but may take up to 3 days.

Make sure you have your recipient's correct bank details. Wrong details can delay your payment or send it to the wrong person.

You can receive domestic payments directly into your Krak account.

Find your Krak account details in the app:

  1. 1

    Open the receive menu from home.

  2. 2

    Tap on bank account or open your everyday account and tap the details button.

  3. 3

    Select Receive money from others.

You can share the following details with anyone who needs to pay you:

  • •

    IBAN (for EUR)

  • •

    BIC (for EUR)

  • •

    Account number (for GBP)

  • •

    Sort code (for GBP)

When Will It Arrive?

For UK users, GBP payments are received via the Faster Payments Service (FPS). Payments are usually instant, but can take up to 1 day to arrive.

For EEA users, EUR payments will be received via SEPA - payments are usually instant, but may take up to 3 days to arrive.

We'll notify you via email and in-app when money lands in your account.

Payment speed depends on which network is used.

Network

For

Speed

Availability

FPS (Faster Payments Service)

UK domestic payments

Usually instant, but may be delayed by routine compliance checks

24/7, including weekends and holidays

SEPA (Single Euro Payments Area)

Payments within Europe

0-3 business days, usually instant

Monday to Friday (excluding bank holidays)

What affects timing?

  • •

    Bank holidays and weekends may delay processing.

  • •

    First-time recipients might require additional verification checks.

  • •

    Large payments can take longer to clear.

  • •

    Recipient’s bank processing time may vary.

We keep our fees transparent and competitive.

Sending money:

Payment Method

Currency

Fee

FPS (UK)

GBP

Free

SEPA

EUR

Free

Receiving money:

Payment Method

Currency

Fee

FPS (UK)

GBP

Free

SEPA

EUR

Free

You can track any payment in real time directly in the Krak app.

To view your payment status:

  1. 1

    Go to Activity in the Krak App.

  2. 2

    Find your payment.

  3. 3

    Tap to see full details.

Once you’ve sent your payment, it will move through a few stages. You’ll see these statuses in the tracker:

Status

What It Means

Payment sent

Your transfer is being processed in our system.

Transfer received by recipient

We’ve sent the money to your recipient’s bank. Their bank will process and deliver the payment, which may take a few business days.

If your payment status hasn't been updated in the expected timeframe, contact our support team.

Currently, users based in the UK can send GBP payments to other UK bank accounts and EEA users can send EUR payment. We’re working on expanding this feature to include more countries and currencies soon.

Check before you send

When you enter your recipient’s details, you’ll see:

  • •

    Which network we'll use.

  • •

    Expected arrival time.

  • •

    Total fees.

Note: Not all currencies are available for all destinations.

If there are any restrictions, we’ll notify you in the app before you send your payment.

We set limits to help keep your account secure and ensure compliance with payment regulations.

Minimum Payment Amounts:

Type

Network

Minimum Amount

Send

GBP (FPS)

£5

Receive

GBP (FPS)

£2

Send

EUR (SEPA)

€2

Recieve

EUR (SEPA)

€1

Sending and Receiving Limits

The total amount you can send or receive depends on your account verification level. For more information, please see here.

Understanding FPS Payments

Feature

Details

What it is

The UK’s instant payment system

Best for

UK domestic transfers in GBP

Speed

0–1 business days (usually instant)

Hours

24/7, including weekends

Everyone makes mistakes. Once your payment status changes to "Transfer initiated", we can't cancel it. The money's already left your account and is moving through the payment network.

Some banks may reject the transfer back automatically if the name doesn't match with the account number, but this varies depending on the currency and bank that you sent to.

If you sent funds to a wrong account or you would like to receive the funds back, the easiest and fastest solution is to directly contact the beneficiary of your transfer, explain the mistake and ask them to return the money to your account. You may need to provide them the bank account details for receiving the funds back on your Krak account.

If for some reason this option is not available to you, please contact support.

If you believe you’ve sent money to a scammer, act fast. What to do right away:

  1. 1

    Stop contact with the person or company.

  2. 2

    Report it to us immediately

  3. 3

    Contact your local police and provide full details.

If your payment was in GBP, you may be entitled to reimbursement under the UK’s APP (Authorised Push Payment) Fraud protections. Contact us so we can review your case.

 

If you see a payment you don’t recognise - whether sent or received - it could be a mistake or a sign of fraud.

  1. 1

    Check the details: Sometimes a name or reference may look different (e.g. a merchant name).

  2. 2

    Secure your account:

    • Reset your password
    • Enable two-factor authentication (2FA)
    • Review connected devices and log out of any you don’t recognise
  3. 3

    Report it to us immediately using this form so we can investigate.

  4. 4

    If you received unexpected funds, don’t spend or move them. Contact us as we may need to return them.

Several factors can cause a payment to take longer than usual.

Reason

Explanation

First-time recipient

We run extra security checks for new recipients, which can add a few hours.

Large payment amounts

Payments over certain thresholds may require additional verification.

Recipient’s bank

Some banks take longer to process incoming payments.

Incorrect details

If account information doesn’t match, the recipient’s bank may hold or return the payment.

What you can do:

  1. 1

    Check your payment status in Activity.

  2. 2

    Look for any notifications from us.

  3. 3

    Wait until the estimated arrival time passes.

  4. 4

    Contact us if it's been longer than expected.

To add a new payee:

  • •

    Go to Bank recipients within your Account detail page.

  • •

    Tap Add Recipient.

  • •

    Enter the recipient’s name and account details, and tap Continue.

  • •

    Once we’ve confirmed the payee’s details, you’ll be asked to complete 2-factor authentication to add them to your addresses.

To edit or delete a payee:

  • •

    Go to Bank recipients within your Account details page.

  • •

    Select the payee.

  • •

    Choose Edit or Delete.

Need more help?