✓ Why Wise (TransferWise) is one of the best ways to fund your Kraken account — lower fees, crypto-friendly, and easy to use.
✓ Step-by-step: how to find your Kraken SEPA deposit details (EUR).
✓ Step-by-step: how to send a SEPA transfer from Wise to Kraken.
✓ How to avoid currency conversion fees (send EUR from a EUR balance).
✓ Wise vs Revolut vs Traditional Banks: which is best for Kraken deposits?
✓ Common mistakes that delay or increase costs (and how to avoid them).
✓ Why traditional banks sometimes block crypto transactions — and why Wise doesn’t.
✓ Real example: depositing €1,000 from Wise to Kraken — total cost breakdown.
✓ Troubleshooting: what to do if your Wise transfer is delayed or rejected.
This guide is for educational purposes only. Cryptocurrency trading carries significant risk. Deposit methods, fees, and processing times are subject to change. Always verify current information on Kraken’s and Wise’s official websites. Wise is a money transfer service, not a bank. This is not financial advice.
1. 💡 Why Wise (TransferWise) + Kraken Is the Smart Choice for Euro Deposits
If you’re outside the US — especially in Europe, the UK, Australia, or Asia — getting money onto a crypto exchange can be challenging. Traditional banks often block SEPA transfers to crypto exchanges, citing “fraud prevention” or regulatory concerns. Wise (formerly TransferWise) solves this problem.
Wise is a global money transfer platform that operates like a borderless bank account. It allows you to hold, send, and receive money in over 50 currencies — including EUR. Wise has a much more progressive stance on crypto and rarely blocks transfers to regulated exchanges like Kraken.
✓ Kraken charges €0 for SEPA deposits — no deposit fee whatsoever.
✓ Wise offers low-cost SEPA transfers (€0.30-0.50, sometimes free for larger amounts).
✓ Wise uses the mid-market (interbank) exchange rate — no hidden markup (unlike traditional banks).
✓ Wise is crypto-friendly — they don’t automatically block transfers to Kraken.
✓ Kraken’s trading fees are among the lowest in the industry (0.16% maker / 0.26% taker for spot).
| Funding Method | Fee (on €1,000) | Speed | Crypto-Friendly? | Best For |
|---|---|---|---|---|
| Wise → Kraken SEPA | €0.30 – €0.50 | 1-2 business days | ✅ Yes | EUR deposits, global users |
| Traditional Bank SEPA | €0 – €5 | 1-3 business days | ⚠️ Often blocked
一道Users with crypto-friendly banks | |
| Revolut → Kraken SEPA | €0 (standard) | 1-2 business days | ✅ Yes | European users with Revolut |
| Debit/Credit Card | €15 – €25 (1.5-2.5%) | Instant | ✅ Yes (but expensive) | Small, urgent deposits |
2. ✅ Prerequisites: What You Need Before Starting
🟢 KRAKEN ACCOUNT
- Sign up at Kraken.com (email + password).
- Complete Intermediate verification (Tier 2) — required for SEPA deposits.
- Documents: Government ID (passport/driver’s license) + proof of address.
- Verification time: 10-30 minutes.
- Enable 2FA (Google Authenticator or hardware key).
🟢 WISE ACCOUNT
- Sign up at Wise.com or via mobile app.
- Complete identity verification (passport or national ID).
- Add funds to your Wise account (bank transfer, card, or Apple/Google Pay).
- Ensure you have a EUR balance (for SEPA to Kraken). If your base currency is GBP, USD, or other, exchange to EUR first.
- Wise personal account works fine — business accounts have additional verification steps.
Your full name on Wise must exactly match your full name on Kraken. If names don’t match (e.g., nicknames, shortened names, maiden names), Kraken will reject the deposit and may charge a return fee (€15-25). Use the exact legal name on both accounts.
3. 🔍 Step 1: Find Your Kraken SEPA Deposit Details
1 Log into your Kraken account (web browser recommended).
2 Go to “Funding” → “Deposit”.
3 Select “EUR” as the currency.
4 Select “SEPA (European Union)” as the deposit method.
5 Copy the following details (you’ll need them in Wise):
Beneficiary / Account Holder: Payward Ltd (or similar — check your Kraken page)
IBAN: (unique per user — starts with GB, LT, or other)
BIC / SWIFT: (bank identifier, e.g., DABAIE2D)
Bank Name: (e.g., Bank Frick, or DBS Bank)
Reference / Payment ID: [YOUR UNIQUE REFERENCE NUMBER — CRITICAL!]
Kraken identifies your deposit using the Reference Number (sometimes called “Payment ID” or “Transaction ID”). If you forget to include this reference, Kraken won’t know which account to credit. The funds may be returned (with €15-25 fees) or stuck for weeks. Never skip the reference number. Copy and paste it exactly as shown.
4. 📱 Step 2: Send SEPA Transfer from Wise to Kraken
1 Log into your Wise account (web or mobile app).
2 Click “Send” or “Send money”.
3 Select your source currency (if you have GBP, USD, etc. — you’ll convert to EUR).
4 Select “EUR” as the target currency.
5 Enter the amount you want to send in EUR (minimum ~€10).
6 Click “Add recipient” or “Send to someone new”.
7 Select “Bank transfer” or “SEPA” as the transfer type.
8 Enter Kraken’s bank details from the previous step:
- Beneficiary name: Payward Ltd (copy exactly from Kraken)
- IBAN: Paste the IBAN from Kraken
- BIC/SWIFT: Paste the BIC from Kraken
9 In the “Reference” field, enter your unique Kraken reference number EXACTLY as shown (case-sensitive, no extra spaces).
10 Review the fee — Wise will show you the transfer fee (typically €0.30-0.50 for SEPA).
11 Confirm with 2FA or Face ID → Your transfer is submitted.
12 Funds will arrive in Kraken within 1-2 business days (often next day).
一道Your unique Kraken reference
一道Much cheaper than traditional bank wire transfers
5. 🏦 Wise vs Revolut vs Traditional Banks for Kraken SEPA Deposits
| Service | SEPA Fee | Currency Conversion Fee | Crypto-Friendly? | Best For |
|---|---|---|---|---|
| Wise | €0.30 – €0.50 | 0.5-1% (transparent, mid-market rate) | ✅ Yes (very crypto-friendly)
一道Global users, multi-currency, larger amounts | |
| Revolut | €0 (standard SEPA) | 0% weekdays (up to £1,000/month free) | ✅ Yes
一道European users, small to medium amounts | |
| Traditional Bank (e.g., Deutsche Bank, BNP, Santander) | €0 – €3 | 2-3% (poor rates for non-EUR) | ⚠️ Often blocks crypto transfers
一道EUR to EUR only; only if bank is crypto-friendly | |
| Traditional Bank (crypto-friendly, e.g., Fidor, Revolut Bank) | €0 – €2 | 1-2% | ✅ Yes (select banks)
一道Users with specific crypto-friendly banks |
Many traditional banks (especially in the UK, Germany, and Australia) have internal policies against cryptocurrency. They may block SEPA transfers to Kraken, Binance, or other exchanges, citing “fraud prevention” or “regulatory concerns.” Wise and Revolut have much more progressive policies and rarely block legitimate crypto transfers to regulated exchanges like Kraken.
6. 💰 How to Avoid Unnecessary Currency Conversion Fees on Wise
✅ DO THIS (LOWEST COST):
- Keep a EUR balance in Wise. Deposit EUR directly via bank transfer (free or low cost).
- If you need to convert GBP/USD/other to EUR: Convert within Wise BEFORE sending the SEPA. Wise uses the mid-market rate with a transparent fee (0.5-1%).
- Send SEPA from your EUR balance — no additional conversion at transfer time.
- Use Wise’s “Hold” feature to monitor exchange rates and convert at favorable times.
❌ AVOID THIS (EXPENSIVE):
- Sending SEPA from a non-EUR balance — Wise will convert at the time of transfer, which may be fine but you could time the market better.
- Using Wise’s “Instant” transfer for large amounts — instant conversions may have slightly worse rates than waiting for the best rate.
- Not comparing Wise’s rate to Revolut’s — for GBP→EUR, Revolut is free up to £1,000/month on weekdays.
For large deposits, Wise’s fee structure is transparent and generally cheaper than traditional banks. However, compare with Revolut if you’re in Europe — Revolut’s free SEPA (€0) may be cheaper for EUR→EUR transfers. For currency conversion (GBP→EUR, USD→EUR), Wise’s mid-market rate + transparent fee is often better than traditional banks by 1-2%.
7. 📋 Real Example: Depositing €1,000 from Wise to Kraken
💰 Step 1: You have £850 in your Wise (GBP) and want to deposit €1,000 to Kraken.
🔄 Step 2: Convert GBP → EUR in Wise.
Exchange rate: 1 GBP = 1.18 EUR (example).
You exchange £850 → €1,003.
Wise fee: ~0.5-0.8% = ~£4-6.
You receive ~€1,000 in your Wise EUR balance.
📤 Step 3: Send SEPA transfer from Wise EUR balance to Kraken.
Amount: €1,000.
Wise SEPA fee: ~€0.30 – €0.50.
Reference number: included (copied from Kraken).
⏰ Step 4: Funds arrive in Kraken after 1 business day.
Kraken deposit fee: €0.
Your Kraken EUR balance: €1,000.
📈 Step 5: Buy BTC on Kraken Pro with limit order.
Trading fee (0.16% maker): ~€1.60.
Total cost to deposit and buy crypto: ~€2-7 depending on conversion fees. Compare to traditional bank (€15-30 + poor exchange rate) — you saved €10-25.
8. 🔧 Troubleshooting: Common Issues & Solutions
| Issue | Likely Cause | Solution |
|---|---|---|
| Wise transfer is taking longer than 3 days | Bank holiday, weekend, or Wise compliance check | Check Wise transaction status. Contact Wise support if >5 business days. SEPA standard is 1-2 days. |
| Kraken says “deposit pending” for days | Missing or incorrect reference number, or Kraken compliance hold for new accounts
一道Double-check reference number. For first deposit, wait up to 3 business days. Contact Kraken support with your Wise receipt. | |
| Wise asks for additional information about the recipient | Standard compliance check for transfers to financial institutions
一道Provide the information honestly. Kraken is a regulated exchange — this is normal. | |
| Kraken rejected the deposit | Name mismatch (Wise name ≠ Kraken name), or missing reference number
一道Ensure your Wise account name matches your Kraken legal name exactly. Include the reference number. Contact Kraken support. | |
| Wise says “We don’t support transfers to this recipient” | Temporary restriction or regional compliance issue
一道Contact Wise support. Some regions restrict transfers to crypto exchanges. Consider using Revolut or a traditional bank instead. |
9. 🏢 Special Note: Using Wise Business Account for Kraken
If you have a Wise Business account, the process is similar but with additional verification steps.
1 Ensure your Wise Business account is fully verified (company registration documents may be required).
2 Add Kraken as a recipient using the same SEPA details.
3 Wise may ask for proof of relationship — provide a screenshot of your Kraken account showing you are the account holder.
4 Send the SEPA transfer as usual — the recipient name should match your Kraken account name (which should match your business name if you’re trading as a business).
Kraken personal accounts require personal name verification. If you’re using a Wise Business account, ensure the beneficiary name on the transfer matches your Kraken account name exactly. For business trading, consider opening a Kraken Business account instead.
10. ❓ Frequently Asked Questions (Wise + Kraken SEPA)
| Question | Answer |
|---|---|
| Is Wise to Kraken SEPA really free? | Kraken charges €0 for SEPA deposits. Wise charges a small fee (€0.30-0.50) for SEPA transfers. This is much cheaper than traditional bank wire transfers ($15-30). |
| Can I send GBP or USD from Wise to Kraken via SEPA? | No — SEPA is for Euros only. To send GBP, use Kraken’s Faster Payments (UK) method. To send USD, use wire transfer (more expensive). Best to convert to EUR in Wise first. |
| How long does the first Wise deposit to Kraken take? | First deposit typically takes 1-2 business days. Wise may have additional compliance checks for new recipients. |
| What’s the minimum deposit from Wise to Kraken? | Kraken minimum SEPA deposit: €10 (or equivalent). Wise minimum transfer: usually €1 or equivalent. |
| Can I withdraw from Kraken to Wise? | Yes — Kraken supports SEPA withdrawals to Wise EUR accounts (€0 fee). Process: Kraken → Withdraw → EUR → SEPA → enter your Wise EUR account details (IBAN, BIC). Funds arrive in 1-2 days. |
✅ SHOULD YOU USE WISE TO FUND YOUR KRAKEN ACCOUNT?
YES — Wise is one of the best options for international users funding Kraken in EUR.
Use Wise if:
✓ Your traditional bank blocks crypto transfers (most common issue).
✓ You need to convert from GBP, USD, AUD, or other currencies to EUR.
✓ You want transparent, low-cost fees (mid-market rate + small fee).
✓ You’re outside Europe and need an easy way to get EUR to Kraken.
Use Revolut instead if:
✓ You’re in Europe and sending EUR → EUR (Revolut SEPA is free).
✓ You have a Revolut account and want zero transfer fees.
✓ You’re sending small amounts (under £1,000/month for free conversion).
✅ Complete Kraken Intermediate verification (Tier 2).
✅ Verify your Wise account (passport/ID).
✅ Add EUR balance to Wise (deposit or exchange from your local currency).
✅ Get your unique Kraken SEPA deposit details (IBAN, BIC, Reference Number).
✅ Send SEPA from Wise to Kraken — include the reference number!
✅ Wait 1-2 business days → Funds appear in your Kraken EUR balance.
✅ Use Kraken Pro to buy crypto with limit orders (0.16% maker fee).
✅ For withdrawals: Kraken → Wise SEPA (€0 fee) works the same way.
Congratulations — you now have a reliable, low-cost, crypto-friendly funding method for Kraken.
Cryptocurrency analyst with 7+ years of market experience. I write detailed, practical guides to help you navigate crypto with confidence. Follow me on LinkedIn — let’s grow together. 👇
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