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 crypto platforms that convert GBP into USDC do integrate Open Banking, enabling rapid, cost-free deposits. This arrangement streamlines the GBP → USDC → Polymarket workflow, delivering both speed and cost advantages over conventional wire transfers.
Exchanges Using Open Banking for GBP Deposits
- Coinbase UK: Offers Open Banking via Plaid for immediate GBP deposits — zero cost
- Kraken: Integrated Open Banking for GBP (accessible to eligible UK financial institutions)
- Revolut: Transfers within the platform occur near-instantaneously; Open Banking is unnecessary
How to Use Open Banking to Fund Polymarket
- Step 1: Within Coinbase UK, choose "Add funds" → "Open Banking"
- Step 2: Log in through your bank (Barclays, HSBC, Lloyds, Monzo, and others)
- Step 3: Send GBP — funds land at Coinbase right away (usually within 60 seconds)
- Step 4: Acquire USDC via the Polygon blockchain
- Step 5: Move to MetaMask → transfer into Polymarket
Benefits of Open Banking vs Traditional Bank Transfer
Open Banking transactions are frequently immediate (compared to 2 hours for standard Faster Payments), carry zero deposit charges, and eliminate the need to manually input sort codes or account identifiers — thereby minimising potential mistakes.
Which UK Banks Support Open Banking for Crypto?
The vast majority of UK's leading financial institutions support Open Banking under the FCA's PSD2 mandate: Barclays, HSBC, Lloyds, NatWest, Santander, Monzo, Starling, and Revolut all facilitate Open Banking sign-in.