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.

Eligibility

Your Kraken account must be verified to Intermediate or Pro.
Your verified country of residence must be in the United Kingdom.

Instructions

If your account is eligible, you'll be able to find instructions on the Funding page of your account. Click the "Deposit" or "Withdraw" button next to your GBP balance.

To help your deposit or withdrawal go smoothly, check the following:

Always remember to add your unique client reference when depositing.
Depending on your chosen funding method, your bank (or financial institution) has to be able to send/receive CHAPS 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 eligibility of 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

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.

Clearing House Automated Payment System (CHAPS)

CHAPS are payments to UK bank accounts that are guaranteed to arrive on the day you make them, as long as you set up the payment before the cut-off time of your bank. If you set up the payment after the cut-off time, on a weekend or on a public holiday, the payment is usually sent the next working day.

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

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.