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 crypto exchanges that convert GBP into USDC do provide Open Banking functionality, enabling rapid and cost-free deposits. This route—moving funds from GBP through USDC and then into Polymarket—proves substantially quicker and more economical compared to conventional wire transfers.
Exchanges Using Open Banking for GBP Deposits
- Coinbase UK: Offers Open Banking via Plaid, delivering zero-cost GBP deposits with immediate settlement
- Kraken: Integrates Open Banking for GBP across participating UK financial institutions
- Revolut: Provides near-instantaneous internal transfers; Open Banking integration is optional
How to Use Open Banking to Fund Polymarket
- Step 1: Within Coinbase UK, navigate to "Add funds" and select "Open Banking"
- Step 2: Verify your identity through your bank (Barclays, HSBC, Lloyds, Monzo, and others)
- Step 3: Initiate a GBP transfer—funds land in your Coinbase account within moments, usually 60 seconds or less
- Step 4: Acquire 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 transactions typically settle instantly (in contrast to the 2-hour window for standard Faster Payments), carry zero deposit charges, and eliminate the need to manually enter sort codes or account details—thereby minimising the likelihood of user error.
Which UK Banks Support Open Banking for Crypto?
The vast majority of UK's leading financial institutions comply with the FCA's PSD2 Open Banking mandate: Barclays, HSBC, Lloyds, NatWest, Santander, Monzo, Starling, and Revolut all enable Open Banking-based authentication.