In this guide
Does Polymarket Support Open Banking in the UK?
Polymarket itself does not offer native Open Banking functionality. That said, many UK-based crypto platforms that convert GBP into USDC do integrate Open Banking, enabling rapid, zero-cost deposits. This pathway—GBP → USDC → Polymarket—delivers superior speed and cost efficiency compared to conventional bank wire transfers.
Exchanges Using Open Banking for GBP Deposits
- Coinbase UK: Integrates Open Banking through Plaid, allowing instant GBP deposits at no cost
- Kraken: Offers Open Banking connectivity for GBP transfers (available at select UK financial institutions)
- Revolut: Provides near-instantaneous internal transfers; Open Banking integration is not necessary
How to Use Open Banking to Fund Polymarket
- Step 1: Navigate to Coinbase UK, choose "Add funds" → "Open Banking"
- Step 2: Verify your identity with your bank (Barclays, HSBC, Lloyds, Monzo, and others)
- Step 3: Initiate a GBP transfer — funds appear in your Coinbase account within seconds (usually 60 seconds or less)
- Step 4: Exchange your funds for USDC on the Polygon blockchain
- Step 5: Send to your MetaMask wallet → complete your deposit on Polymarket
Benefits of Open Banking vs Traditional Bank Transfer
Open Banking transfers typically settle instantly (in contrast to the 2-hour window for standard Faster Payments), incur zero deposit charges, and eliminate the need to manually input sort codes or account numbers—thereby minimising the possibility of user error.
Which UK Banks Support Open Banking for Crypto?
The vast majority of prominent UK financial institutions comply with Open Banking standards under the FCA's PSD2 regulation: Barclays, HSBC, Lloyds, NatWest, Santander, Monzo, Starling, and Revolut all provide Open Banking authentication support.