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Bank Transfers: Sending and Receiving
Last updated: June 24, 2026 September 24, 2026
Please note
Bank transfers for sending and receiving are available to eligible users in the UK, the EEA, and the United States. The networks and features available to you depend on your region — see the sections below. US users: for full details, see Domestic Bank Transfers (USD).
Krak is a global money app from Kraken that lets you send, save, and spend using 600+ assets — whether you're paying a friend or sending money overseas. Bank transfers let eligible users move money directly between their Krak account and external bank accounts, making it easy to move between digital assets and traditional banking:
- UK users can send and receive GBP via FPS (Faster Payments).
- EEA users can send and receive EUR via SEPA.
- US users can send and receive USD via ACH, RTP, or FedNow. See Domestic Bank Transfers (USD) for full details.
How to send money
Follow these steps to send money to a bank account:
- 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, IBAN, or routing number, depending on the network) or select an existing recipient from your addresses.
- 4
Enter the amount you want to send.
- 5
Once you have reviewed, tap confirm.
Your payment goes out via the fastest available network:
- GBP payments are made via FPS — usually instant, but may take up to 1 day. (UK)
- EUR payments are made via SEPA — usually instant, but may take up to 3 days. (EEA)
- USD payments are made via ACH, RTP, or FedNow — can take up to 1–2 business days. (US) See Domestic Bank Transfers (USD) for details.
Make sure you have your recipient's correct bank details. Wrong details can delay your payment or send it to the wrong person.
How to receive money
You can receive 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:
UK (GBP)
- Account number
- Sort code
EEA (EUR)
- IBAN
- BIC
US (USD) — see Domestic Bank Transfers (USD) for your account and routing number.
How long will my payment take?
Payment speed depends on which network is used.
Bank transfers on Krak may be subject to a withdrawal or funding hold. UK, EEA and US transfers may incur a 3-day withdrawal hold. See more details here.
Network | Speed | Availability |
|---|---|---|
FPS (Faster Payments Service) — UK | Usually instant, but may be delayed by routine compliance checks | 24/7, including weekends and holidays |
SEPA (Single Euro Payments Area) — EEA | 0–3 business days, usually instant | Monday to Friday (excluding bank holidays) |
ACH (Automated Clearing House) — US | Usually 1–2 business days | Monday to Friday (excluding US federal holidays) |
RTP (Real-time payments) — US | Usually instant | 24/7, including weekends and holidays |
FedNow — US | Usually instant | 24/7, including weekends and 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.
For ACH-specific timing (US), see Domestic Bank Transfers (USD).
What are the fees?
There are no fees associated with sending or receiving bank transfers from a counterparty using the virtual account details.
Trading fees may apply if a balance other than the sending currency is used to send funds off platform.
We keep our fees transparent and competitive.
Payment Method | Currency | Fee |
|---|---|---|
FPS (UK) | GBP | Free |
SEPA | EUR | Free |
ACH (US) | USD | Free |
Receiving money:
Payment Method | Currency | Fee |
|---|---|---|
FPS (UK) | GBP | Free |
SEPA | EUR | Free |
ACH (US) | USD | Free |
How do I check my payment status?
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.
What currencies and countries can I send to?
UK and EEA users can send GBP and EUR payments to bank accounts. US users can send USD payments to US bank accounts. We're working on expanding this feature to include more countries and currencies soon. Eligibility and supported regions are shown in the app before you send.
Check before you send
When you enter your recipient's details, you'll see:
- Which network we'll use.
- Expected arrival time.
- Total fees.
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.
How much can I send and receive?
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 |
Send | USD (ACH, RTP, FedNow) | $5 |
Receive | USD (ACH, RTP, FedNow) | $1 |
Sending limits
The total amount you can send depends on your account verification level.
How do I cancel my payment?
Everyone makes mistakes. Once your payment status changes to "Transfer initiated", we can't cancel it. The money has 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 the account number, but this varies depending on the currency and bank 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, please contact support.
What should I do if I think I've been scammed?
If you believe you've sent money to a scammer, act fast. What to do right away:
- Stop contact with the person or company.
- Report it to us immediately.
- Contact your local police / law enforcement and provide full details.
UK: If your payment was in GBP, you may be entitled to reimbursement under the UK's APP (Authorised Push Payment) Fraud protections. Contact us so we can review your case.
See also: Protecting yourself from scams and Securing your Kraken account.
What should I do if I don't recognise a payment?
If you see a payment you don't recognise — whether sent or received — it could be a mistake or a sign of fraud.
- Check the details: Sometimes a name or reference may look different (e.g. a merchant name).
- Secure your account:
- Reset your password
- Enable two-factor authentication (2FA)
- Review connected devices and log out of any you don't recognise
- Report it to us immediately using this form so we can investigate.
If you received unexpected funds, don't spend or move them. Contact us as we may need to return them.
How do I manage my payees?
To add a new payee:
- 1
Go to Bank recipients within your Account detail page.
- 2
Tap Add Recipient.
- 3
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:
- 1
Go to Bank recipients within your Account details page.
- 2
Select the payee.
- 3
Choose Edit or Delete.