- 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 (GBP funding only).
- Your verified country of residence must be in the SEPA region (Euro funding only).
- 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 (GBP funding only).
- Depending on your chosen funding method, your bank (or financial institution) has to be able to send/receive CHAPS, FPS, BACS, SEPA or SCT Instant.
Faster Payments Service (FPS)
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 used to make a payment directly from one bank account to another which can take one to three 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.
Single Euro Payments Area (SEPA):
SEPA is a payment-integration initiative of the European Union, and is used for sending cross-border Euro deposits and withdrawals between banks that are part of the SEPA network.
SEPA Instant Credit Transfer (SCT Inst) was first launched in Nov 2017 across EU as an optional Payment scheme for banks to participate in. If your bank supports SCT Inst, you can send funds to and from your Kraken account within minutes.
These types of payments incur banking charges, so please contact your bank to enquire about fees, as well as their cut-off times.
Deposit and withdrawal instructions
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 GBP 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.