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 zero-cost deposits. This route—moving funds through GBP → USDC → Polymarket—proves quicker and more economical than conventional wire transfers.
Exchanges Using Open Banking for GBP Deposits
- Coinbase UK: Integrates Open Banking through Plaid for immediate GBP deposits — zero charges
- Kraken: Open Banking connectivity available for GBP (accessible via certain UK financial institutions)
- Revolut: In-app transfers operate near-instantaneously; Open Banking integration unnecessary
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 bank provider (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: Exchange your funds for USDC on the Polygon blockchain
- Step 5: Send to your MetaMask wallet → transfer into your Polymarket account
Benefits of Open Banking vs Traditional Bank Transfer
Open Banking transactions typically settle instantly (compared to 2 hours for standard Faster Payments), incur zero deposit charges, and eliminate the need to manually input sort codes or account details—thereby minimising the chance of errors.
Which UK Banks Support Open Banking for Crypto?
The majority of leading UK financial institutions facilitate Open Banking under the FCA's PSD2 requirements: Barclays, HSBC, Lloyds, NatWest, Santander, Monzo, Starling, and Revolut all enable Open Banking sign-in.