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 transfers. This pathway—moving funds from GBP through USDC and then into Polymarket—proves substantially quicker and more economical than conventional wire transfers.
Exchanges Using Open Banking for GBP Deposits
- Coinbase UK: Integrates Open Banking through Plaid, allowing immediate GBP deposits with zero charges
- Kraken: Provides Open Banking connectivity for GBP across participating UK financial institutions
- Revolut: Offers 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 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 right away (usually within 60 seconds)
- Step 4: Exchange your GBP for USDC on the Polygon blockchain
- Step 5: Send the USDC to your MetaMask wallet and proceed to deposit on Polymarket
Benefits of Open Banking vs Traditional Bank Transfer
Open Banking transactions deliver near-instantaneous settlement (compared to the standard 2-hour window for Faster Payments), carry no deposit fees, and eliminate the need to manually input sort codes and account identifiers—thereby minimising the chance of input errors.
Which UK Banks Support Open Banking for Crypto?
The vast majority of UK's leading financial institutions comply with the FCA's PSD2 requirements and facilitate Open Banking: Barclays, HSBC, Lloyds, NatWest, Santander, Monzo, Starling, and Revolut all enable Open Banking-based authentication.