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 accept Open Banking payments, enabling rapid and cost-free deposits. This route—moving funds from GBP through USDC and into Polymarket—proves quicker and more economical than relying on conventional bank transfers.
Exchanges Using Open Banking for GBP Deposits
- Coinbase UK: Integrates Open Banking through Plaid, allowing instant GBP transfers at no cost
- Kraken: Provides Open Banking connectivity for GBP withdrawals (accessible to certain UK banking partners)
- Revolut: Transfers within the platform occur near-instantaneously; Open Banking integration is unnecessary
How to Use Open Banking to Fund Polymarket
- Step 1: Log into Coinbase UK and navigate to "Add funds" → "Open Banking"
- Step 2: Verify your identity through your financial institution (Barclays, HSBC, Lloyds, Monzo, and others)
- Step 3: Initiate a GBP transfer — funds land at Coinbase within moments (usually 60 seconds or less)
- Step 4: Convert your balance to USDC on the Polygon blockchain
- Step 5: Send USDC to your MetaMask wallet → complete your Polymarket deposit
Benefits of Open Banking vs Traditional Bank Transfer
Open Banking transactions typically settle instantly (compared with 2 hours for standard Faster Payments), carry zero deposit charges, and eliminate the need to manually input sort codes or account identifiers—thereby minimising the chance of entry mistakes.
Which UK Banks Support Open Banking for Crypto?
The vast majority of leading UK financial institutions comply with Open Banking standards under the FCA's PSD2 directive: Barclays, HSBC, Lloyds, NatWest, Santander, Monzo, Starling, and Revolut all permit Open Banking authorisation. You can access sports markets and other prediction opportunities once your funds arrive.