Updating your bank transfer deposit details

On 23 June 2025, we launched Payward Services Limited (PSL) as the UK provider for your cash balances. As part of that rollout, we improved the deposit experience by giving you named virtual IBANs — bank transfer details issued in your own name — which now appear in your account. You can read more about how your funds are held under PSL here.

At the same time, your older deposit details (not issued in your name) were hidden but kept working in the background. We're now retiring them: on and from 5 August 2026, deposits can only be made using your current, named details.

Named details help your bank recognise the transfer as coming from and going to you, making deposits smoother and less likely to be delayed or returned. Retiring the older details leaves you with one clear, up-to-date set - matching exactly what you see in the Kraken UI.

• Always deposit using the details shown in your Kraken account under Manual Bank Transfer details.
• If you've saved older details anywhere (e.g. a saved payee or standing order in your banking app), update them to your current details.
• If you already use the details shown in your account, no action is needed.
• On and from 5 August 2026, deposits sent to the older details will be returned by the sending bank.

This change does not affect your withdrawals. Your withdrawal details were migrated automatically and need no action from you - only the details used for future deposits are changing. Your balances and crypto are unaffected.