How to deposit fiat currency on Kraken

Kraken supports fiat deposits in USD, EUR, GBP, CAD, and JPY via bank transfers like ACH, SEPA, and wire, with verification required for higher limits.

Aug 13, 2025 at 02:08 am

Understanding Fiat Currency on Kraken

Kraken supports a variety of fiat currencies, including USD, EUR, GBP, CAD, and JPY, allowing users to deposit traditional money directly into their accounts. These funds can then be used to purchase cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and others. Before initiating a deposit, ensure your Kraken account is verified to the appropriate level. Basic verification may allow small deposits, but higher limits require Identity Verification (KYC). This process involves submitting government-issued ID, proof of address, and sometimes a selfie. Without proper verification, deposit limits will be restricted.

Supported Deposit Methods

Kraken offers several methods for depositing fiat, each with different processing times and fees. The available options depend on your country of residence. Common methods include:

• SEPA bank transfer for EUR deposits from European banks
• Fedwire or ACH transfer for USD deposits from U.S. banks
• Sort Code and BACS transfer for GBP deposits from UK banks
• Interac e-Transfer for CAD deposits from Canadian banks
• JPY deposits via domestic bank transfer in Japan
  

  Each method has specific requirements. For example, SEPA transfers require the sender’s full name to match the Kraken account holder’s name. Using third-party banks or mismatched names may result in funds being rejected or lost. Always double-check the banking details provided by Kraken before initiating a transfer.

  Step-by-Step Guide to Deposit USD via ACH

  
  To deposit U.S. dollars using the ACH network, follow these steps carefully:
• Log in to your Kraken account and navigate to the Funding tab
• Select Deposit and choose USD as the currency
• Choose ACH as the deposit method
• Link your U.S. bank account by entering your bank routing number and account number
• Confirm the bank details and initiate a small verification deposit (usually under $1)
• Wait 1–2 business days for two micro-deposits to appear in your bank account
• Return to Kraken and enter the exact amounts of the micro-deposits to verify ownership
• Once verified, you can initiate full deposits up to your limit
  

  ACH deposits are free of charge and typically take 1–3 business days to settle. The maximum daily deposit limit varies based on account tier and verification level.

  Depositing EUR via SEPA Transfer

  
  For users in the Eurozone, SEPA transfers are the most efficient way to deposit EUR. This method is fast, low-cost, and widely supported. To proceed:
• Go to the Funding section in your Kraken account
• Click Deposit and select EUR
• Choose SEPA as the method
• Copy the provided IBAN, BIC, and reference code
• Log in to your online banking platform
• Initiate a transfer using the copied details
• Crucially, include the reference code in the payment description field
• Confirm and send the transfer
  

  The reference code is essential. Kraken uses it to automatically credit your account. Omitting or misspelling the code may delay processing or require manual intervention. SEPA deposits usually arrive within 1 business day and incur no fees from Kraken. Your bank may charge a nominal outgoing transfer fee.

  Using Wire Transfers for Large Deposits

  
  For larger amounts or countries not supported by ACH/SEPA, wire transfers (Fedwire, SWIFT) are available. These are suitable for high-value deposits but may involve fees. To deposit via wire:
• Navigate to Funding > Deposit > Select currency (e.g., USD)
• Choose Wire transfer as the method
• Kraken will display bank name, address, account number, routing number (ABA), and a unique reference code
• Log in to your bank’s wire transfer portal
• Enter all Kraken-provided details exactly as shown
• Include the reference code in the memo or reason field
• Review all information and authorize the transfer
  

  Wire deposits are not instant. USD wires via Fedwire typically settle in 1 business day, while international SWIFT transfers may take 3–5 days. Fees vary: Kraken does not charge for incoming wires, but intermediary banks may deduct $10–$30. Always confirm with your bank whether the transfer is shared, beneficiary, or OUR to avoid unexpected deductions.

  Monitoring and Confirming Your Deposit

  
  After initiating a transfer, monitor both your bank account and Kraken funding history. In Kraken:
• Go to History > Deposit History
• Look for your transaction by amount and date
• Status will show as “Pending” until received
• Once processed, it will update to “Confirmed” and reflect in your wallet balance
  

  If a deposit doesn’t appear within the expected timeframe:

  • Verify the sender name matches your Kraken account name
  • Confirm the reference code was included
  • Check with your bank for transfer status
  • Contact Kraken Support with transaction ID, bank name, amount, and date

  Never initiate multiple deposits with the same reference code. Each transaction requires a unique identifier to prevent confusion in processing.

  Frequently Asked Questions

  
  Can I deposit fiat using a credit card on Kraken?
  No, Kraken does not accept credit card deposits for fiat currency. Users must use bank transfers such as ACH, SEPA, or wire. Credit and debit cards are only supported for purchasing cryptocurrency directly through third-party providers integrated with Kraken, but not for funding the account balance with fiat.
  

  What happens if I send money without including the reference code?
  
  If the reference code is missing or incorrect, Kraken may not be able to automatically credit your account. This can result in delays of several days while the team manually matches the deposit. In some cases, funds may be returned to the sender. Always ensure the code is included exactly as provided.

  Are there minimum deposit amounts on Kraken?
  
  Yes, minimums vary by method and currency. For example, ACH deposits require at least $1, while SEPA transfers typically have a €5 minimum. Wire transfers may have higher minimums, such as $50 or €50. These thresholds are enforced to reduce processing overhead for small transactions.

  Why is my bank asking for Kraken’s intermediary bank details?
  
  Some international wire transfers require intermediary bank information, especially for USD wires from non-U.S. banks. Kraken provides these details in the wire instructions under “Intermediary Bank”. If not provided by your bank, contact Kraken Support to obtain the full set of routing and account details needed for successful delivery.