Deposit British Pounds (GBP) into the Kinesis platform using fast and efficient cross-border IBAN transfers, with just your sort code and account number.
Who is this guide for? GBP deposits via IBAN are available to Individual Kinesis account holders residing in Great Britain, regardless of where their bank account is registered. These restrictions are in place to meet regional compliance standards.
Example: If your registered country of residence is England, you can deposit GBP from a bank account registered in Italy.
However, if your registered residence is Italy, you can't deposit GBP at all, even from a UK-registered bank account, due to regional regulatory restrictions.
Looking to deposit other currency?
Before you can deposit, you must first verify your identity, as outlined in this guide.
Note: GBP can be held in your Kinesis portfolio, but fiat currencies can't be traded, sent, or spent by card directly.
To use your funds, convert GBP into Currency One GBP (C1GBP) - a stablecoin pegged 1:1 to the British Pound - in a few clicks, free of charge. You can convert C1GBP back to GBP just as easily at any time. See the conversion guide here.
You can also set up auto-conversion, so any future GBP deposits are instantly and automatically converted to C1GBP at no charge - as described here.
Depositing GBP into Kinesis:
Users can deposit British Pounds (GBP) directly into their Kinesis accounts without the need for currency conversion, using IBAN cross-border transfer.
What are the fees for depositing GBP?
Kinesis fees for depositing GBP into the Kinesis platform are as below:
- GBP-to-GBP deposits transfer: 0.02% per transaction
- One-Time Initial Deposit Fee: 5 GBP - applied only to the first deposit
The external bank from which you are sending funds may apply its own charges, which vary by provider. These fees are not associated with Kinesis.
How to deposit GBP from account:
Step 1: Click on the Assets tab from the left-hand navigation panel and select GBP from the available currency list, then select the Deposit option.
Alternatively, you can also find the Deposit option in the drop-down menu, located in the top-right corner of your dashboard.
Step 2: As you click Deposit, a new preferred deposit location for British Pound should appear as the first option.
You will be asked to create your personal bank details to deposit GBP into your Kinesis GBP account.
Step 3: Click Create, and Kinesis will automatically create your Virtual Account with unique bank details. These new account details will include the recipient bank and account holder name (Kinesis Money), along with bank account details.
Note: In most cases, your GBP Virtual Account is created instantly; however, the verification process may take up to 24 hours.
Step 4: Your newly created Virtual Account is now ready to receive funds from an external bank account and the Kinesis platform. To start, minimise the Kinesis account tab in your browser and log into your external, European bank account from which you wish to send the funds to Kinesis, in another tab.
Note that users can only deposit GBP from an account held in their name.
Step 5: When setting up the transfer, carefully copy the details from your Kinesis Virtual Account into the Recipient fields of your external bank account, to ensure the successful receipt of your funds.
Allow 3-5 working days for funds to clear, though they often arrive sooner.
Once Kinesis confirms receipt, your GBP account will be credited and you'll receive a confirmation email.
What if my deposit is rejected?
If your payment doesn't come through, your funds will be returned to the account they were sent from. To avoid this, make sure funds are sent from an account held in the same name as your Kinesis account.
Deposits may also be rejected if your name or surname contains special characters or numerals, or if the registered address details don't match between the sending and receiving accounts.
Questions? Our customer support team is available 24/7 - start a chat or visit the Kinesis support page.