In this guide
Does Polymarket Support Open Banking in the UK?
Polymarket itself does not offer native Open Banking connectivity. That said, numerous UK-based cryptocurrency platforms that convert GBP into USDC do integrate Open Banking, enabling rapid and cost-free deposits. This pathway—GBP → USDC → Polymarket—proves significantly more efficient and economical compared to conventional wire transfers.
Exchanges Using Open Banking for GBP Deposits
- Coinbase UK: Integrates Open Banking through Plaid, allowing immediate GBP transfers with zero charges
- Kraken: Offers Open Banking connectivity for GBP across participating UK financial institutions
- Revolut: Delivers near-instantaneous internal transfers; Open Banking integration is unnecessary
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 bank's authentication system (Barclays, HSBC, Lloyds, Monzo, among others)
- Step 3: Initiate a GBP transfer—funds appear in your Coinbase account almost instantaneously, usually within one minute
- Step 4: Acquire 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 transactions deliver near-instantaneous settlement (in contrast to the 2-hour window for 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 leading UK financial institutions comply with the FCA-regulated PSD2 standard and therefore support Open Banking: Barclays, HSBC, Lloyds, NatWest, Santander, Monzo, Starling, and Revolut all facilitate Open Banking verification.