UK instant payment system. Free, instant, and widely supported by exchanges.
Transfer speed: Instant
Available in: UK
Kraken supports GBP funding where transfers can be processed over Faster Payments, and Gemini also supports UK bank payment methods for GBP. Coinbase UK commonly supports GBP bank transfers, and Faster Payments is the typical method for instant GBP deposits.
Many Faster Payments deposits credit in minutes, then trading is available once credited. First-time payees or unusual patterns can still trigger a delay even if Faster Payments is instant on paper.
Limits depend on your verification level and the exchange's banking partner. Gemini documents different deposit limits by tier, and Kraken's limits can vary by funding method and account status.
The biggest issue is an incorrect payment reference, followed by bank confirmation prompts that you dismiss or fail. Some banks also apply extra checks on payments to financial platforms, which can delay the first successful transfer.
Faster Payments is best for day-to-day deposits because it is usually instant. Use BACS when you can wait a few days, and use CHAPS when you need same-day settlement for larger transfers.