Kraken has announced the introduction of new international wire funding options, enabling users to deposit and withdraw in US dollars (USD), British pounds (GBP), and euros (EUR). This development enhances the platform’s accessibility for global users, offering greater flexibility in managing digital asset transactions.
Overview of New Funding Options
Kraken’s latest update allows users across most service areas to fund their accounts using global wire transfers. This move is designed to simplify the process of moving traditional currency onto the exchange, supporting a more seamless experience for international traders and investors.
The newly supported currencies include three of the world’s most widely used fiat currencies: USD, GBP, and EUR. Users can now initiate both deposits and withdrawals via the SWIFT network, a standard system for international monetary transfers.
Deposit Information
Availability
The new deposit options are available to users in all service regions except the United States. US-based clients already have access to domestic USD payment methods.
Supported Currencies
- US Dollars (USD)
- British Pounds (GBP)
- Euros (EUR)
Payment Method
Deposits are processed through international SWIFT wire transfers.
Account Requirements
To use this feature, users must have their accounts verified to either Tier 3 or Tier 4 level.
Fees
A flat fee is applied per deposit:
- 10 USD
- 10 GBP
- 10 EUR
Withdrawal Information
Availability
Withdrawals are available globally except in the US, effective from April 24th.
Supported Currencies
- USD
- GBP
- EUR
Payment Method
Withdrawals are also handled via the SWIFT network.
Account Requirements
A Tier 3 or Tier 4 verified account is required.
Fees
A fixed fee is charged for each withdrawal:
- 60 USD
- 60 GBP
- 60 EUR
How to Make a Deposit
To deposit funds using the new SWIFT option:
- Log in to your Kraken account.
- Navigate to Funding > Deposit.
- Select your preferred currency (USD, GBP, or EUR).
- Choose the SWIFT payment option from the list.
- Follow the detailed instructions provided.
It’s essential to ensure your account is verified to Tier 3 or Tier 4 before proceeding. To avoid delays or errors:
- Consult your bank to determine the most suitable correspondent bank for the transfer.
- Specify that no currency conversion should occur—the funds must arrive in the same currency as sent.
👉 Explore step-by-step deposit guides
How to Make a Withdrawal
To withdraw funds via SWIFT:
- Go to your account’s Funding section.
- Select Withdrawal.
- Pick the currency you wish to withdraw.
- Click on the SWIFT option.
- Complete the instructions shown on the screen.
Always double-check that your account meets the verification tier requirement to avoid processing issues.
Recommendations for SEPA-Based Users
Users located in Single Euro Payments Area (SEPA) countries are advised to continue using SEPA transfers for euro transactions. SEPA remains the fastest and most cost-effective method for EUR deposits and withdrawals within these regions.
That said, the new SWIFT-based funding options are ideal for SEPA-based users who wish to trade or hold USD or GBP.
Frequently Asked Questions
What account verification tier do I need for SWIFT transfers?
You need either Tier 3 or Tier 4 verification to deposit or withdraw via SWIFT on Kraken.
Are these new options available in the US?
No, users in the United States cannot use these specific SWIFT transfer options for USD, as domestic alternatives are already available.
What’s the main advantage of using SWIFT over SEPA?
SWIFT supports multiple currencies like USD and GBP, making it useful for users outside the eurozone. However, SEPA is more efficient and affordable for euro transfers within participating countries.
Why are withdrawal fees higher than deposit fees?
Withdrawal fees typically cover processing and intermediary bank charges, which are often higher than those for deposits due to the added steps in transferring funds out of the platform.
Can I use these methods for converting between fiat currencies?
No. These funding options are meant for depositing and withdrawing in the same currency. Kraken does not support currency conversion through wire transfers.
What should I do if my bank asks for a correspondent bank?
It’s recommended to ask your bank which correspondent bank they recommend to ensure a smooth and successful transfer.
Kraken’s introduction of USD, GBP, and EUR funding via SWIFT offers users more ways to engage with global markets. Whether you are depositing or withdrawing, these options provide added convenience for non-US users. Always confirm the details with your bank and ensure your account is fully verified to make the most of these services.