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Bank Transfer

Limits and fees

  Deposits Withdrawals
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.
Processing time

  • Bank Transfer deposits are processed within 3-5 business days.
  • Bank Transfer withdrawals are processed within 5-10 business days. 


Fees

  • Deposits will not incur a fee.
  • Withdrawals by bank transfer will incur a £10 fee (or currency equivalent) unless transacted to mainland Europe in Euros.

 

Deposit eligibility

  • Smarkets will only accept deposits in the specific currency you have designated for your Smarkets account.
  • 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.

 

Withdrawal eligibility

  • 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.
  • 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.
  • Bank transfer withdrawals cannot be made to a Monzo bank account. For transactions to a Monzo account, please use Trustly instead.

 


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