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 have integrated Open Banking, enabling rapid and costless transfers. This pathway—moving funds from GBP through USDC and into Polymarket—proves more efficient and economical compared to conventional wire transfers.
Exchanges Using Open Banking for GBP Deposits
- Coinbase UK: Integrates Open Banking through Plaid for immediate GBP transfers — zero charges
- Kraken: Offers Open Banking compatibility for GBP (accessible to select UK banking partners)
- Revolut: Transfers within the platform occur near-instantaneously; Open Banking is not necessary
How to Use Open Banking to Fund Polymarket
- Step 1: Within Coinbase UK, navigate to "Deposit funds" → "Open Banking"
- Step 2: Log in through your financial institution (Barclays, HSBC, Lloyds, Monzo, etc.)
- Step 3: Initiate a GBP transfer — funds land in your Coinbase account right away (usually within one minute)
- Step 4: Acquire USDC on the Polygon blockchain
- Step 5: Send to your MetaMask wallet → transfer into Polymarket
Benefits of Open Banking vs Traditional Bank Transfer
Open Banking transactions are typically settled immediately (in contrast to the 2-hour window for standard Faster Payments), carry no deposit fees, and eliminate the need to manually enter sort codes or account details—thereby minimising the chance of user error.
Which UK Banks Support Open Banking for Crypto?
The vast majority of UK's leading financial institutions comply with Open Banking standards under the FCA's PSD2 directive: Barclays, HSBC, Lloyds, NatWest, Santander, Monzo, Starling, and Revolut all facilitate Open Banking sign-in.