How to Use Faster Payments for Crypto in the UK
If you're based in the UK and looking to buy or sell crypto, you've probably come across the term 'Faster Payments'. But what is it, and how does it actually work when it comes to crypto? This guide explains what Faster Payments is, how to use it with a crypto exchange, and what to keep in mind before you hit ‘send’.
What is Faster Payments?
Faster Payments is a UK banking system that lets you move money between bank accounts quickly, usually within seconds, often at no cost. In the crypto world, it’s one of the most common ways to deposit and withdraw GBP on regulated UK exchanges.
How does Faster Payments work for crypto
When you use Faster Payments with a crypto exchange, you're essentially sending money the same way you would pay a bill or transfer funds to a friend, but instead of a person, you're transferring to the exchange’s UK banking partner.
Here's how it typically works:
You log in to your crypto exchange and select "deposit GBP".
The exchange provides you with its UK bank details and a unique reference code.
You go to your banking app or online banking and make a Faster Payment using those details.
If all goes well, the funds land in your crypto account within minutes to a couple of hours.
You’ll usually get an email or app notification when the deposit is complete.
Withdrawing is just as straightforward:
You sell your crypto for GBP on the exchange.
You choose "withdraw GBP" and enter your UK bank account details.
The money is sent via Faster Payments, often hitting your account same day.
What makes it useful is the speed, simplicity, and low (often zero) fees. It removes the friction of slower methods like SWIFT transfers, which can take days and involve extra costs.
Most FCA-registered crypto platforms like Kraken, Coinbase, Bitstamp, and Gemini now support Faster Payments as their primary method for GBP deposits and withdrawals. It’s also one of the easiest ways to ensure you’re moving money in a way that’s compliant with UK banking rules and crypto regulations.
Just remember:
Always use the correct reference code. Without it, your funds might be delayed or lost.
Some banks may flag or hold crypto-related payments for manual review, especially on first-time transfers.
Deposits from someone else’s bank account (not in your name) are usually rejected.
Read next: How to buy crypto in the UK
Which crypto platforms use Faster Payments?
Many FCA-registered UK crypto exchanges support Faster Payments, including:
Kraken
Coinbase
Crypto.com
Gemini
Bitstamp
CoinJar
Uphold
Revolut
How long do Faster Payments take for crypto?
In the crypto context, Faster Payments usually arrive within a few minutes, but most platforms say to allow up to 2 hours, just in case.
This applies to both GBP deposits (when funding your crypto account) and withdrawals (when cashing out to your bank).
That said, timing can depend on a few factors:
First-time transfers may take longer due to bank or exchange security checks
Large withdrawals might trigger a manual review by the platform
Weekend or evening transfers are usually still processed, but delays can happen
Missing reference codes can slow things down or cause rejections
If your bank has flagged crypto transactions in the past, it might hold or block transfers entirely
Generally, if your account is verified and everything's in order, your payment should show up in minutes, not hours, but it’s always smart to check the specific processing times with your chosen exchange.
Read next: What is KYC in crypto?
Are there limits?
Yes. Each crypto platform sets its own Faster Payments limits based on your account type or verification status. For example:
Kraken allows up to £80,000 per day for Intermediate users, and even higher for Pro accounts
CoinJar caps monthly deposits at £50,000 and withdrawals at £25,000
Bitstamp users on Tier 1 may have a £10,000 daily withdrawal cap, with higher limits for verified Tier 2 accounts
Uphold offers daily withdrawals up to £25,000, with weekly and monthly caps of £175,000 and £700,000 respectively
Crypto.com users can withdraw up to £100,000 per day, depending on account level
Read next: Compare the top FCA-Registered UK crypto exchanges
Is it safe?
Faster Payments is widely used across UK banks. As long as you're using a FCA-registered crypto exchange, it’s considered a secure way to move GBP in and out.
What about fees?
Most UK exchanges offer free GBP deposits via Faster Payments. Withdrawals are usually free too, but some may charge a small fee (e.g. £1–£2). Again, it depends on the platform.
A few quick tips
Use your own bank account. Transfers from third parties can get rejected
Avoid weekends for large withdrawals, banks and platforms may need business hours to review big transactions
Always check your exchange’s exact limits and instructions before transferring
Don’t forget your taxes
Funding your exchange with Faster Payments is simple, but keeping track of what happens after that can get messy fast. Every time you buy, sell, or withdraw crypto, there could be tax implications. HMRC expects you to report crypto gains, losses, and income like staking or airdrops.
Crypto platforms may report your activity, but it’s still your responsibility to get it right. That’s where Koinly comes in. It connects to your exchange accounts, tracks your transactions, and helps you generate HMRC-friendly tax reports — without spreadsheets or guesswork.
So while you're moving funds in and out with ease, don’t forget the backend. Stay compliant, stay organised, and give HMRC one less reason to chase you.
