There are two different bank transfer methods available to Smarkets customers. You can either make a payment using Open Banking or initiate a manual payment. Open Banking is a secure, quick and easy way to make a bank transfer without having to access your online banking. You can compare the two methods below:
Open Banking limits and fees*
|Maximum||£100,000 per transaction**||£100,000 per transaction|
*Open Banking payments are currently available in GBP only.
**The amount you can deposit varies per bank. Please note that certain banks might impose lower transaction and overall daily limits.
- Open Banking deposits are processed instantly.
- Open Banking withdrawals are processed within 1-2 business days.
- For the best deposit experience we would recommend using a mobile device. This will allow you to experience a smooth redirection flow which should not involve some of the additional steps than would be the case when depositing on a desktop device.
- Open Banking deposits will not incur a fee.
- Open Banking withdrawals will not incur a fee
Manual bank transfer limits and fees
|Fee||Free||£10 / €12* / 100 SEK / 100 NOK|
|Minimum||£/€10||£20 / €20 / 250 SEK / 250 NOK|
|Maximum||£/€100,000 per day||N/A|
*Withdrawals transacted in Euros to mainland Europe will not incur a fee.
- Manual bank transfer deposits are processed within 3-5 business days.
- Manual bank transfer withdrawals are processed within 5-10 business days.
- Manual bank transfer deposits will not incur a fee.
- Manual bank transfer withdrawals by bank transfer will incur a £10 fee (or currency equivalent) unless transacted to mainland Europe in Euros.
- Smarkets will only accept deposits in the specific currency you have designated for your Smarkets account.
- Manual bank transfers should be completed through your online banking using the details and references provided on the Bank Transfer tab on the deposit page. You can also request for this information to be emailed to your account.
- Smarkets will only accept a deposit when the name of the bank account holder is the same as the name of the Smarkets account holder.
- All withdrawals from Smarkets are subject to our closed loop policy. Where multiple deposit methods have been used you will be limited to withdrawing up to the deposited amount until net deposits are satisfied across all methods.
- For manual bank transfers if your bank is in the Single Euro Payments Area (SEPA), you will need to provide your IBAN. If your bank is not in SEPA you will need to provide your account number. You can find out if your bank falls into the SEPA category here. The majority of countries in Europe, including the UK, fall into the SEPA category.
- Your Smarkets account must be verified. In this case this means you must have provided valid photo ID and your address must be verified either electronically or from a document you have provided Smarkets. You can find the list of accepted documents and find out how to upload documents here.
- Your Smarkets currency must match the currency of the bank account that you wish to withdraw to.