Find out how to deposit British Pounds (GBP) into the Kinesis platform using fast and efficient cross-border FPS transfers within the EEA zone, with just your sort code and account number.
Who is this guide for? This deposit method is only available to Individual Kinesis account holders residing in eligible EEA countries, regardless of where your bank account is registered. These restrictions are in place to meet regional compliance standards.
Example: If your country of residence registered with Kinesis is Poland, you can still deposit GBP from a British bank account using a standard sort code and account number (FPS).
However, if your country of residence is registered as Britain, you won't be able to deposit GBP from your British bank account due to regional regulatory restrictions.
Looking to deposit other currency? Kinesis offers a range of deposit options depending on your location and currency:
- To deposit Euro (EUR) from an EEA-based bank account, see our guide here.
- To deposit any other fiat currency or crypto globally, see our depositing guide here.
Before you can deposit funds into the Kinesis platform, you must first verify your identity, as outlined in this guide.
Note: Although you can deposit GBP and hold it in your Kinesis portfolio, fiat (cash) currencies cannot be used directly for trading, sending, or spending via card on the Kinesis platform. To do so, simply convert your GBP into Currency One GBP (C1GBP) - a stablecoin pegged 1:1 to the British Pound - in just a few clicks, free of charge. See the conversion guide here.
You can convert C1GBP back to GBP just as easily, at any time.
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 from Europe using FPS transfers:
EEA-based users can deposit their British Pounds (GBP) directly into their Kinesis accounts without the need for currency conversion, using a standard UK bank transfer (FPS).
See the full list of eligible European countries from which you can send GBP to Kinesis - here.
What are the fees for depositing GBP?
Kinesis fees for EEA residents depositing GBP into the Kinesis platform are as below:
- GBP-to-GBP deposits via FPS/CHAPS transfer: 0.02% per transaction
- One-Time Initial Deposit Fee: 5 GBP - applied only to the first deposit
Please note that the external bank from which you are sending funds might be subject to additional charges that might vary. These fees are not associated with Kinesis.
How to deposit GBP from an EEA-based 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 the Deposit function, a new preferred deposit location for British Pound should appear as the first option.
You will be asked to create your personal bank details in order to deposit GBP into your Kinesis GBP account.
Step 3: When you click Create, 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), along with your account number and the sort code.
Note: In most cases, your GBP Virtual Account is created instantly; however, the verification process may take up to 24 hours.
Step 4: You can now use your newly created Virtual Account to send 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.
Please note that users can only deposit GBP from another account held in their name.
Step 5: When you create a bank transfer, make sure to carefully copy the depositing details from your Kinesis Virtual account and paste them into the Recipient fields of your external bank account, to ensure the successful receipt of your funds.
Allow 3-5 working days for the funds to clear, although in most instances you might receive funds even under 24h.
Once Kinesis has confirmed receipt of your deposited funds, your Kinesis GBP account will be credited and you will receive an email confirming this transaction.
What if my deposit is rejected?
If your payment didn’t come through for any reason, your funds will be returned to the bank account they were originally sent from. To prevent your funds from being redirected, please ensure that they are being sent from an account held in the same name as your Kinesis account.
Your deposit might be rejected if there are special characters or numerals in your name or surname, or if your registered address details do not match between the sending and receiving accounts.
If you have any questions regarding depositing funds into Kinesis, remember that our customer support is available 24/7 and always happy to help. Start a chat anytime using this link or visit the dedicated Kinesis support page here.