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How do I fund my Kraken account with EUR and GBP via Plaid?
Plaid is a data transfer network that allows you to securely connect your bank account to Kraken in order to make funding your account easier. Plaid is available to clients who reside and have a bank account in certain European countries and the United Kingdom.
Requirements
To use Plaid, your Kraken account must meet the following requirements:
  • Verification level: your Kraken account must be verified as an Intermediate or Pro level account.
  • Account ownership: ensure the name on the bank account you are funding from matches the name on your Kraken account.
  • Geographic restrictions: you must reside and have a bank account in a region that supports Plaid, such as certain European countries and the United Kingdom. 
  • Ensure your bank supports Plaid. You will have a list of banks supported by Plaid to select from. If your bank is not on the list, Plaid is not available to you as of yet. 
Funding instructions
Kraken currently only supports deposits through Plaid, withdrawals are not available.
  1. 1
    Sign in to your Kraken account and click the to Deposit button on home page.
    ConsumerWeb_HomePageDeposit.png
  2. 2
    The first dropdown will be pre populated with your available crypto or cash balance. To deposit GBP or EUR search for your preferred currency and click on it. 
  3. 3
    To fund with Plaid click Fund directly. If you wish to fund your account with another funding method, select Fund manually.
    blobid2.png
  4. 4
    Enter the amount you wish to fund your account with and click Continue. The minimum amount you can fund your account with is 1 EUR and 1 GBP.
    ConsumerWeb_DepositEUR.png
  5. 5
    Select your bank.
    SEPA Instant and SEPA transfers are available for EUR deposits. If you are funding your account with GBP, the transaction will be processed with FPS/BACS.
    ConsumerWeb.png
    Not all banks support SEPA Instant. If you don't see the option for SEPA Instant transfers your bank does not yet support this funding method. 
  6. 6
    After selecting your bank, click on the Deposit button. Carefully review your payment details and click Confirm
    ConsumerWeb_PaymentDetail.png
  7. 7
    Once you have successfully authenticated with your bank, your transfer will be initiated.
    Funding_PlaidConnect_10252021.png
  8. 8
    Once your transaction has been successfully processed the funds will appear in your account under the Transactions tab.
Funding instructions (using the Kraken app)
To fund your account with Plaid using the Kraken app:
  1. 1
    Open the app and tap the Action icon in the bottom of the navigation bar.
    KrakenApp_ActionButton.jpg
    Select Deposit.
    KrakenApp_DepositPlaid.png
  2. 2
    Search for the currency you wish to deposit (EUR or GBP).
    KrakenApp_SearchAsset.png
  3. 3
    To fund your account with Plaid click on Bank account.
    KrakenApp_DepositFrom.jpg
  4. 4
    Select your bank. You can scroll or search for your bank, then select it to send your funds with Plaid. If you do not see your bank listed you will need to deposit via a Wire Transfer by clicking Fund manually. The list of banks is restricted to only show banks that are available with Plaid and will only show banks in the country of the currency that you select. For example, UK banks will only be shown for GBP.
    KrakenApp_PlaidSelectBank.png
  5. 5
    Enter the amount you wish to deposit and click Review.
    KrakenApp_EnterAmount_Plaid_.png
    If you are depositing GBP you will not see the option to use the SEPA Instant deposit method.
  6. 6
    Review the details of your transaction and click Swipe to confirm.
    KrakenApp_SwipeToConfirmDeposit.png
    Once you have swiped to confirm you will be automatically taken to your banking application. On your banking app you will need to confirm or cancel the transaction you have initiated. Finally, after confirming your transaction you will be automatically sent back to the Kraken App.
  7. 7
    Under Transactions you will see your deposit listed as Initiated.
    KrakenApp_PlaidDepositInitiated.png
  8. 8
    That’s it! You have successfully funded your account through Plaid on the Kraken app.
    KrakenAppPlaid_Success.png
Funding instructions(using the Kraken Pro app)
To fund your Kraken account with Plaid on the Kraken Pro app: 
  1. 1
    Open the app and navigate to the bottom of the app selecting Portfolio and then select Deposit.
    KrakenProAPP_SelectDeposit.jpg
  2. 2
    This will take you to the Select a currency screen where you will select the currency you wish to fund your account with. 
    KrakenProApp_SelectCurrency.png
  3. 3
    To select a deposit method click on Fund directly to use the Plaid funding process. If you would like more information on Plaid select Learn more.
    KrakenProAPP_SelectAMethod.png
  4. 4
    You can scroll or search for your bank, then select it to send your funds with Plaid. The list of banks is restricted to only show banks that are available with Plaid and will only show banks in the country of the currency that you select. For example, UK banks will only be shown for GBP. 
    SelectBank_0401.png
  5. 5
    Enter the amount you wish to fund your account with and click Review.
    • The minimum amount you can fund your account with is 1 EUR and 1 GBP.
     
    InputAmount_0401.png
  6. 6
    Review the details of your transaction and click Swipe to confirm
    KrakenProAPPPlaid.jpg
  7. 7
    Once you have swiped to confirm you will be automatically taken to your banking application. On your banking app you will need to confirm or cancel the transaction you have initiated. Finally, after confirming your transaction you will be automatically sent back to the Pro App.
    Screenshot_2022-04-01_at_17.36.47.png
  8. 8
    You have successfully funded your account through Plaid on the Kraken Pro app!
Processing times
The following are the processing time estimates for funding your account with EUR and GBP:
  • EUR (SEPA, SEPA Instant) 0-3 business days or instant, excluding weekends and holidays.
  • GBP (FPS/BACS) 0-3 business days or instant, excluding weekends and holidays.
You will receive an automated email confirming your funds have been credited to your account. If you experience a delay or if your funds are either on hold or have not been credited to your account, please contact Support.
Common errors and troubleshooting
The below table displays common errors that may occur when using Plaid:
Error nameDescriptionResolution
Blocked
  • The transfer amount entered is higher than what your bank permits.
Enter a lower amount
Insufficient Funds
  • After authentication, the account selected has insufficient funds to complete the payment.
Enter a lower amount
Invalid Recipient (Payment failed)
  • Your name is too long or contains special characters.
  • Your address is too long or contains special characters.
  • The account number is invalid.
  • The reference is too long or contains special characters.
Contact Support
Your bank is down
  • Your bank is undergoing scheduled maintenance.
  • Your bank is experiencing temporary technical problems.
Log out of your account and try again in a few hours or the following day if the problem still persists. The error is on the bank's side and not Plaid or Kraken.
Link error
  • You have entered the wrong bank credentials (sign-in name, account number or password).
Review your credentials (sign-in name, account number and password), ensure Caps Lock is off and try again. It's likely that you have entered the wrong password for your bank account.
For more information on all of our available deposit methods, see: Cash deposit options (fees minimums and processing times).