In this guide
Does Polymarket Support Open Banking in the UK?
Polymarket itself does not offer native Open Banking functionality. That said, numerous UK-based cryptocurrency 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 wire transfers.
Exchanges Using Open Banking for GBP Deposits
- Coinbase UK: Offers Open Banking via Plaid for immediate GBP deposits — zero cost
- Kraken: Integrates Open Banking for GBP (available with participating UK financial institutions)
- Revolut: In-app transfers execute near-instantaneously; Open Banking not necessary
How to Use Open Banking to Fund Polymarket
- Step 1: Within Coinbase UK, navigate to "Add funds" → "Open Banking"
- Step 2: Log in via your bank credentials (Barclays, HSBC, Lloyds, Monzo, etc.)
- Step 3: Initiate a GBP deposit — funds land at Coinbase within moments (usually 60 seconds or less)
- Step 4: Convert to USDC on the Polygon blockchain
- Step 5: Send to your MetaMask wallet → complete your Polymarket deposit
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), carry no inbound deposit charges, and eliminate the need to manually input sort codes or account details—thereby minimising the chance of input mistakes.
Which UK Banks Support Open Banking for Crypto?
The vast majority of UK's leading financial institutions comply with Open Banking under the FCA's PSD2 directive: Barclays, HSBC, Lloyds, NatWest, Santander, Monzo, Starling, and Revolut all permit Open Banking authorisation. You can access prediction markets with funds sourced from any of these institutions.