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 and costless deposits. This pathway—GBP → USDC → Polymarket—delivers superior speed and lower costs relative to conventional wire transfers.
Exchanges Using Open Banking for GBP Deposits
- Coinbase UK: Integrates Open Banking through Plaid to facilitate instant GBP deposits with zero charges
- Kraken: Offers Open Banking connectivity for GBP (available to qualifying UK banking partners)
- Revolut: Delivers near-instantaneous internal transfers; Open Banking is not a prerequisite
How to Use Open Banking to Fund Polymarket
- Step 1: Within Coinbase UK, navigate to "Add funds" and choose "Open Banking"
- Step 2: Log in through your financial institution (Barclays, HSBC, Lloyds, Monzo, and others)
- Step 3: Initiate a GBP transfer—funds land in your Coinbase account almost immediately (usually within 60 seconds)
- Step 4: Convert your balance to USDC using the Polygon blockchain
- Step 5: Send to your MetaMask wallet and proceed to fund your Polymarket account
Benefits of Open Banking vs Traditional Bank Transfer
Open Banking transactions settle in moments (compared with the 2-hour window typical of standard Faster Payments), carry zero deposit fees, and eliminate the need to manually input sort codes or account identifiers—thereby minimising the likelihood of input errors.
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 directive: Barclays, HSBC, Lloyds, NatWest, Santander, Monzo, Starling, and Revolut all provide Open Banking authentication capabilities.