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.

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 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 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.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. 

SCT Instant: SEPA Instant Credit Transfer (SCT Inst) was first launched in November 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. The current maximum limit for SCT Inst is €100,000.00 per transaction. This is a limit set by the SCT Instant network and is outside of Kraken's control.

For step-by-step instructions, see how to deposit to your Kraken account, or watch our instructional videos below:

For step-by-step instructions, see how to withdraw to your bank account, or watch our instructional videos below:

Please see our articles on deposit and withdrawal options for additional information on funding providers, fees, minimums and processing times.