How to deposit money into Kraken?

Kraken offers multiple deposit methods, including free ACH transfers and faster but costlier wire transfers, each with varying processing times and fees.

Jul 09, 2025 at 05:42 pm

Understanding Kraken's Deposit Options

Kraken is one of the most trusted cryptocurrency exchanges in the world, offering users a secure and efficient way to buy, sell, and trade digital assets. Before engaging in any trading activity, users must first deposit funds into their Kraken accounts. Kraken supports multiple deposit methods, including bank transfers (ACH), wire transfers, and various fiat currencies such as USD, EUR, and CAD.

Each method comes with its own set of requirements, processing times, and fees. It’s essential to understand which option suits your needs best before initiating a deposit. For example, ACH transfers are typically free but may take 3–5 business days to clear, while wire transfers offer faster processing times but come with higher fees.

Setting Up Your Kraken Account for Deposits

Before you can deposit money into Kraken, you need to have a verified account. Account verification is mandatory for all depositing users, and the level of verification required depends on the deposit method you choose. To begin:

• Log in to your Kraken account or create one if you haven’t already.
• Navigate to the “Security” section and complete identity verification by uploading necessary documents like a government-issued ID and proof of address.
• Once verified, proceed to the “Funding” tab to access deposit options.

Ensure that your email and phone number are confirmed, as these are part of Kraken’s two-factor authentication system, which enhances security during transactions.

Depositing via ACH Bank Transfer

For U.S.-based users, ACH bank transfer is the most commonly used method due to its zero fee structure. Here’s how to do it:

• Go to the “Funding” page and select “Deposit.”
• Choose “USD” as your currency and click on “Bank account (ACH).”
• Link your bank account by entering your routing number and account number.
• Confirm the details and initiate the transfer.

It’s important to note that Kraken may place a small hold on your account for verification purposes, usually involving micro-deposits that take a few days to appear. You’ll need to log back in and enter the exact amounts to confirm ownership of the account.

Using Wire Transfers for Faster Deposits

If time is a concern, wire transfers offer quicker processing times, often completing within one business day. However, this speed comes at a cost—Kraken charges a fee for incoming wire transfers, and your bank might also impose additional charges.

To deposit using a wire transfer:

• Visit the “Funding” section and select “Wire transfer.”
• Choose “USD” or your preferred fiat currency.
• Copy the provided bank details carefully, including the recipient name, SWIFT/BIC code, and account number.
• Initiate the wire transfer from your bank’s online portal or mobile app, making sure all information matches exactly.

Double-checking the wire instructions is crucial because any mistake could result in permanent loss of funds. Always contact your bank before sending large sums to ensure compatibility and clarity.

Depositing Other Fiat Currencies

Besides USD, Kraken allows deposits in other major fiat currencies such as EUR and CAD, depending on your region. The process is similar to depositing USD but requires specific bank details tailored to the selected currency.

For example, if you’re depositing EUR:

• Select “EUR” under the deposit menu.
• Choose your preferred deposit method (ACH may not be available for all currencies).
• Follow the prompts to link your bank account or initiate a wire transfer with the correct IBAN or SWIFT/BIC codes.

Always verify the currency conversion rates and fees associated with cross-border transactions, as they may affect the final amount credited to your Kraken account.

Confirming and Managing Your Deposit

Once the transfer is initiated, monitor your Kraken account regularly to track the status of your deposit. You can view transaction details under the “History” tab. Depending on the method used, it may take some time for the funds to reflect in your wallet.

If there’s an issue with the deposit, such as a failed transaction or delayed arrival, contact Kraken support immediately with your transaction ID and bank confirmation details. Providing accurate documentation speeds up the resolution process.

Also, keep in mind that Kraken does not accept third-party deposits, meaning the name on the bank account must match your Kraken account. Sending funds from another person’s account will likely result in rejection or freezing of those funds.

Frequently Asked Questions

Q: Can I use a credit card to deposit funds into Kraken?

A: As of now, Kraken does not support direct credit card deposits for fiat currencies. Users must rely on bank transfers or partner services like PayPal through OTC desks for fiat funding.

Q: Are there minimum deposit amounts for ACH transfers?

A: Yes, Kraken enforces minimum deposit limits, which vary by currency and method. For USD ACH transfers, the minimum is typically $10. Always check the current thresholds in your Kraken dashboard before initiating a transfer.

Q: What should I do if my deposit doesn't show up after several days?

A: First, verify the transaction with your bank to ensure the funds were sent correctly. If everything checks out, submit a support ticket to Kraken with relevant bank confirmation details and transaction IDs.

Q: Can I cancel a deposit once initiated?

A: Deposits cannot be canceled once processed through the banking system. If the transaction was made in error, you’ll need to wait for the funds to arrive and then initiate a withdrawal back to the same source.