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, zero-cost funding. This pathway—GBP → USDC → Polymarket—delivers superior speed and cost efficiency compared to conventional wire transfers.
Exchanges Using Open Banking for GBP Deposits
- Coinbase UK: Offers Open Banking through Plaid integration for immediate GBP deposits with zero charges
- Kraken: Integrated Open Banking for GBP transfers from participating UK financial institutions
- Revolut: In-app transfers settle nearly instantaneously; 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 bank (Barclays, HSBC, Lloyds, Monzo, and others)
- Step 3: Initiate a GBP transfer—funds arrive at Coinbase within moments (usually 60 seconds or less)
- Step 4: Exchange your GBP for USDC on the Polygon blockchain
- Step 5: Send USDC to your MetaMask wallet, then deposit into Polymarket
Benefits of Open Banking vs Traditional Bank Transfer
Open Banking transactions typically settle in real-time (rather than the 2-hour window for standard Faster Payments), carry no inbound deposit charges, and eliminate the need to manually input sort codes or account details—thereby lowering the likelihood of costly 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 regulatory framework: Barclays, HSBC, Lloyds, NatWest, Santander, Monzo, Starling, and Revolut all permit Open Banking authentication.