GBP Bank Transfers via FPS Network is a relatively inexpensive way to transfer GBP from your local bank account into the Crypto.com App. Faster Payments Service (FPS) is a UK banking initiative to reduce payment times.
How to set up my GBP currency wallet?
- Go to “Fiat Wallet” from Super App Menu Button or Home Screen
- Tap “Transfer” > “Deposit” > “Fiat”
- Tap on “+ Set Up New Currency” button
- Setup GBP
- Complete the GBP wallet set-up as per the FPS network instructions and T&C acceptance
- Use the bank account info provided to transfer directly through your bank via the UK FPS Network
- We will notify you once your bank transfer has been successfully deposited
Which countries would be able to access the UK Faster Payments Service (FPS)?
Users based in United Kingdom, Gibraltar, Guernsey, Isle of Man, Jersey would have access to FPS network with their bank accounts.
International users based out of the above countries might still be able to deposit GBP via 3rd party payments processing companies (e.g. Transferwise), however, please note that withdrawals back to these accounts are not guaranteed.
How to deposit GBP?
Upon successful setup of the GBP bank transfer account, you will see an information page with all the details necessary to transfer GBP from your bank account. This information can be also assessed via the “Deposit GBP” button in your GBP Fiat Wallet.
Please keep in mind that only UK FPS transfers from bank accounts bearing your name will be accepted. The information needed consists of:
- Beneficiary name - the legal name you used to register in our app (this is the person you’re sending the money to)
- Account number - this is the bank account number, to which you are sending the funds
- Sort code - this is the bank account location, some banks require it to transfer the money
- Bank name, address and country - not all banks require this info, but if they do, please use the details provided here
There may be slight differences in the details required by banks, but the information you have here will be sufficient for all of them.
There are a few things to remember when making a bank transfer to your Crypto.com App:
Only FPS transfers will be accepted. A GBP transfer initiated outside of UK FPS Network will not be successful, and substantial fees for international transfer may be imposed on your funds.
- Your Named Account:
We can only accept transfers from bank accounts opened under your own name. 3rd party transfers (e.g. payments from your customers, salary transferred by your employer, etc.) will not be accepted. Specifically, we will not accept transfers from crypto exchanges (e.g. Kraken, Bittrex, etc.).
- Processing Time:
Although FPS transfers are very fast (usually same or next-day), please allow 1-4 business days for the funds to arrive in your account, especially if you’re transferring money to your app for the first time. If you don’t see the funds in your app by that time, please email our support at [email protected] or use the in-app/website chat (you can find it in the Settings section).
- Common Issues:
The most common reasons for your transfer being on hold (i.e. not reaching your app within 1-4 business days), are:
- the name of your bank account does not fully match your name on our record
- you sent the funds from a joint account
- your transfer was not made from a bank, but a payments processing company (e.g. Stripe, Transferwise, etc.)
- your transfer was not a GBP FPS transfer or came from an unsupported institution (e.g. a crypto exchange)
When contacting our support, please be ready to provide us with supporting documents (e.g. a bank statement) showing your full name, bank account you made the transfer from, and - ideally - the transaction itself.
- Although FPS transfers are free, your bank may charge you fees, specifically if you’re initiating your FPS transfer from a non-GBP account. Please check with your bank, before proceeding.