ClearJunction GBP Funding – Kraken

Clear Junction is a new GBP funding method that has been added for our UK clients. Clear Junction only works with Great British Pounds (GBP) and allows both deposits and withdrawals.

If you have a bank account in the UK and would like to make use of this funding service, please contact support about your enquiry.

Eligibility

Your Kraken account must be verified to Intermediate or Pro.
Your verified country of residence must be in the United Kingdom or Gibraltar, or by special request.
Your bank/financial institution must be under the same legal name as your Kraken account
Your bank/financial institution must be located in the United Kingdom or Gibraltar
Depending on your chosen funding method, your bank (or financial institution) has to be able to send/receive CHAPS, FPS, and/or BACS.

Available methods

Faster Payments Service (FPS)

FPS is a UK banking initiative to reduce payment times. It is focused on smaller payments, and is subject to limits that depend on the individual banks. Transfer time, while expected to be short, is not guaranteed, and will depend on the payment institutions and banks involved.

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

Bankers' Automated Clearing Services (BACS)

If your bank is unable to process FPS, the option to send the payment as BACS is chosen automatically. BACS is an electronic system to make payment directly from one bank account to another, and take 1 to 3 working days to process.

Please note that BACS cannot be used for withdrawals. If your bank does not support FPS, withdrawals will need to be requested via CHAPS.

Clearing House Automated Payment System (CHAPS)

CHAPS deposits are guaranteed same-day crediting if our bank receives the payment by 16:00 GMT. Deposits sent after the cut-off time; on a weekend; or on a public holiday are usually credited the next working day.

CHAPS withdrawals are guaranteed same-day processing if the payment is set up between 09:00 and 16:00 GMT. Withdrawals requested outside of these hours; on a weekend; or on a public holiday will fail, and will need to be requested again during operating hours.Clearing time for the withdrawal to be credited will depend on the receiving bank’s cut-off time.

These types of payments incur banking charges, so please contact your bank to enquire about fees, as well as their cut-off times.

Deposit Instructions

If your account is eligible, you'll be able to find instructions on the Funding page of your account.

Click the "Deposit" button next to Pound Sterling (GBP)
From the list of methods, select FPS/BACS or CHAPS
You will be shown our bank account details, a deposit reference, and other instructions. Follow them carefully.

Initiate the transaction from your bank's website using the given instructions. To help your deposit go smoothly, go through our deposit checklist before sending any funds.

Once you have completed the transfer with your bank, you will see the deposit captured on your account Funding page. The transaction will remain in Confirming status until ClearJunction releases the funds to us.

Withdrawal Instructions

If your account is eligible, you'll be able to find instructions on the Funding page of your account.

Click the "Withdrawal" button next to Pound Sterling (GBP)
From the list of methods, select FPS/BACS or CHAPS
Click “Add account”, fill in your bank account information, and click "Save Bank Account”

Once you have added your bank account, you can initiate a new withdrawal by:

Select a bank account to withdraw funds to from the drop-down menu
Enter the amount of GBP you wish to withdraw
Click "Review Withdrawal" and confirm the withdrawal
The withdrawal will remain in Sending status for 24 hours; which is purely a technical requirement and does not affect the processing time.

Brexit

As many of our UK based clients will be aware there is still some uncertainty around the outcome of a no-deal Brexit. Please be advised that ClearJunction funding is processed from your UK bank to our UK bank so there will be no impact to processing should any form of Brexit take place. Should there be any change to either processing or the service we will update this section.