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Bank Transfers: Sending and Receiving
Last updated: 15 ліпеня 2026 г.
Please note
Bank transfers for sending and receiving is currently only available to those in the UK and EEA-based users.
Krak is a global money app that lets you send, save, and spend using 300+ assets - whether you’re paying a friend or sending money overseas. Using bank transfers allows eligible UK and EEA users to send and receive GBP (via FPS) or EUR (via SEPA) directly between their Krak account and external bank accounts, making it easy to move money between digital assets and traditional banking.
To complete bank transfers on Krak, please refer to this guide for detailed instructions.
- 1
Log into your Krak account.
- 2
Tap Send to a Bank Account.
- 3
Add in your recipient's details if they are a new contact (name, account number, sort code or IBAN) or select an existing recipient from your addresses.
- 4
Enter the amount you want to send.
- 5
Once you have reviewed, tap confirm and that's it!
Your payment goes out via the fastest available network.
-
GBP payments will be made via FPS - payments are usually instant, but may take up to 1 day.
-
EUR payments will be made via SEPA - payments are usually instant, but may take up to 3 days.
Make sure you have your recipient's correct bank details. Wrong details can delay your payment or send it to the wrong person.
You can receive domestic payments directly into your Krak account.
Find your Krak account details in the app:
- 1
Open the receive menu from home.
- 2
Tap on bank account.
You can share the following details with anyone who needs to pay you:
- •
IBAN (for EUR)
- •
BIC (for EUR)
- •
Account number (for GBP)
- •
Sort code (for GBP)
Bank transfers on Krak may incur a 3-day withdrawal hold.
Payment speed depends on which network is used.
Network | Speed | Availability |
|---|---|---|
FPS (Faster Payments Service) | Usually instant, but may be delayed by routine compliance checks | 24/7, including weekends and holidays |
SEPA (Single Euro Payments Area) | 0-3 business days, usually instant | Monday to Friday (excluding bank holidays) |
We'll notify you via email and in-app when money lands in your account.
What affects timing?
- •
Bank holidays and weekends may delay processing.
- •
First-time recipients might require additional verification checks.
- •
Large payments can take longer to clear.
- •
Recipient’s bank processing time may vary.
We keep our fees transparent and competitive.
Sending money:
Payment Method | Currency | Fee |
|---|---|---|
FPS (UK) | GBP | Free |
SEPA | EUR | Free |
Receiving money:
Payment Method | Currency | Fee |
|---|---|---|
FPS (UK) | GBP | Free |
SEPA | EUR | Free |
You can track any payment in real time directly in the Krak app.
To view your payment status:
- 1
Go to Activity in the Krak App.
- 2
Find your payment.
- 3
Tap to see full details.
Once you’ve sent your payment, it will move through a few stages. You’ll see these statuses in the tracker:
Status | What It Means |
|---|---|
Payment sent | Your transfer is being processed in our system. |
Transfer received by recipient | We’ve sent the money to your recipient’s bank. Their bank will process and deliver the payment, which may take a few business days. |
If your payment status hasn't been updated in the expected timeframe, contact our support team.
Users in the UK and EEA are able to send GBP and EUR payments to bank accounts. We're working on expanding this feature to include more countries and currencies soon.
Check before you send
When you enter your recipient’s details, you’ll see:
- •
Which network we'll use.
- •
Expected arrival time.
- •
Total fees.
Note: Not all currencies are available for all destinations.
If there are any restrictions, we’ll notify you in the app before you send your payment.
We set limits to help keep your account secure and ensure compliance with payment regulations.
Minimum Payment Amounts:
Type | Network | Minimum Amount |
|---|---|---|
Send | GBP (FPS) | £5 |
Receive | GBP (FPS) | £2 |
Send | EUR (SEPA) | €2 |
Receive | EUR (SEPA) | €1 |
Sending Limits
The total amount you can send depends on your account verification level.
Everyone makes mistakes. Once your payment status changes to "Transfer initiated", we can't cancel it. The money's already left your account and is moving through the payment network.
Some banks may reject the transfer back automatically if the name doesn't match with the account number, but this varies depending on the currency and bank that you sent to.
If you sent funds to a wrong account or you would like to receive the funds back, the easiest and fastest solution is to directly contact the beneficiary of your transfer, explain the mistake and ask them to return the money to your account. You may need to provide them the bank account details for receiving the funds back on your Krak account.
If for some reason this option is not available to you, contact our support team..
If you believe you’ve sent money to a scammer, act fast. What to do right away:
- 1
Stop contact with the person or company.
- 3
Contact your local police and provide full details.
If your payment was in GBP, you may be entitled to reimbursement under the UK’s APP (Authorised Push Payment) Fraud protections. Report it to us immediately so we can review your case.
If you see a payment you don’t recognise - whether sent or received - it could be a mistake or a sign of fraud.
- 1
Check the details: Sometimes a name or reference may look different (e.g. a merchant name).
- 2
Secure your account:
- Reset your password
- Enable two-factor authentication (2FA)
- Review connected devices and log out of any you don’t recognise
- 3
Report it to us immediately using Report it to us immediately so we can investigate.
- 4
If you received unexpected funds, don’t spend or move them. Contact us as we may need to return them.
To add a new payee:
- •
Go to Bank recipients within your Account detail page.
- •
Tap Add Recipient.
- •
Enter the recipient’s name and account details, and tap Continue.
- •
Once we’ve confirmed the payee’s details, you’ll be asked to complete 2-factor authentication to add them to your addresses.
To edit or delete a payee:
- •
Go to Bank recipients within your Account detail page.
- •
Select the payee.
- •
Choose Edit or Delete.