Deposit via Faster Payments
Send pounds from any UK bank. Free from Peanut, settled in seconds, 24/7/365.
How to Deposit via Faster Payments
Funding your Peanut account from a UK bank account is fast with Faster Payments. You send pounds from your bank to a sort code and account number that Peanut generates for you, and your balance updates as soon as the transfer is confirmed — typically within 15 seconds. Peanut charges no deposit fee, there are no business-day restrictions, and you can send any amount up to your bank's daily Faster Payments limit.
Faster Payments is operated by Pay.UK and is the backbone of UK domestic interbank transfers. Every major UK bank and authorised fintech — Barclays, HSBC, Lloyds, NatWest, Santander UK, Monzo, Starling, Revolut UK, Wise UK, and more — settles transfers through it. Once your deposit lands, your balance is held in digital dollars. From there you can pay in Argentina with Mercado Pago QR, send Pix in Brazil, transfer money to friends and family, or withdraw to any UK bank account via Faster Payments again.
Before You Start
Info
Make sure you have the following before initiating your deposit:
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A verified Peanut account. Bank deposits require identity verification — a photo ID (passport or national ID card) plus a selfie. Most users complete it in under 2 minutes. No National Insurance Number required. See the verification guide for details.
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A UK bank or fintech account. Any institution that participates in Faster Payments works: retail banks (Barclays, HSBC, Lloyds, NatWest, Santander UK), and digital banks and fintechs (Monzo, Starling, Revolut UK, Wise UK, Chase UK).
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Pounds sterling (GBP). Faster Payments only processes GBP transfers.
How to Deposit via Faster Payments
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Open the Peanut app
Tap "Deposit" from your home screen to reach the deposit options.
- 2
Select bank transfer (Faster Payments)
Choose the Faster Payments option. The app will display the deposit details: a unique sort code, account number, beneficiary name, and a unique reference tied to your account.
- 3
Copy the bank details and reference
The reference is what matches the incoming transfer to your Peanut account. Copy the sort code (6 digits), account number (8 digits), and the reference exactly as shown — do not retype them manually.
- 4
Log into your bank or fintech
Open your UK banking app and start a new payment.
- 5
Enter the payment details
Paste the sort code and account number. Enter the amount in GBP. Paste the reference into the reference field exactly as shown.
- 6
Confirm and send
Double-check the account details and the reference number before confirming. If your bank shows a Confirmation of Payee warning, verify the beneficiary name matches what Peanut displayed. Once you send, Faster Payments settles in seconds.
Your Peanut balance updates automatically once the receiving bank confirms the transfer. No action needed on your end after sending.
Confirmation Times
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Typical: under 15 seconds. Faster Payments is a real-time payment system. Most transfers clear within seconds.
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Scheme target: under 2 hours. A small minority of transfers — typically flagged ones — may take longer, but the vast majority arrive in seconds.
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24/7/365 — no business-day restrictions. Faster Payments runs continuously, including weekends and UK public holidays. There is no batching, no next-day queue, and no end-of-day cut-off.
If your deposit has not appeared after a few minutes, check the deposit troubleshooting guide for next steps.
Fees
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Peanut deposit fee: free. Peanut charges nothing to receive a Faster Payments transfer.
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Your bank's fee: typically free. Almost every UK retail bank and digital bank offers free Faster Payments transfers for personal accounts. Business accounts may pay a per-transaction or monthly fee.
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Currency conversion to digital dollars. Peanut converts your incoming pounds to digital dollars at the Bridge GBP→USDC rate. The cross-currency conversion carries Bridge's 50bps FX leg plus Peanut's 50bps developer fee — about 100bps total, embedded in the displayed rate. There is no separate Peanut fee line.
For a complete overview of fees across all deposit and withdrawal methods, visit the pricing page.
Tips for a Smooth Deposit
Getting your deposit right the first time saves time. Here are the most common things to watch for:
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Copy-paste the reference. Faster Payments references are free-text and typically up to 18 characters at most UK banks. The reference is what matches the transfer to your Peanut account — a missing or incorrect reference is the leading cause of held-up deposits. Always copy directly from the app.
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Confirmation of Payee. Most UK banks now check the beneficiary name against the account holder. The name Peanut displays is the account holder for the deposit account — match it exactly when your bank asks. A name mismatch triggers a warning but does not block the transfer.
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Sort code and account number. Sort code is 6 digits, conventionally written
XX-XX-XX. Account number is 8 digits. Banks usually strip dashes automatically, but double-check before confirming. A wrong sort code or account number typically auto-returns within 1–3 business days. -
Name on your bank account must match Peanut. The sender name on the Faster Payments transfer must match the name on your verified Peanut account. Sending from a joint or business account with a different name may trigger a manual review.
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Send in GBP only. Faster Payments is a sterling rail. If you hold USD or EUR in a UK account, convert to GBP before initiating Faster Payments — or use a different rail (SEPA for EUR, wire for USD).
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Mind your bank's daily Faster Payments limits. Most UK retail banks default to per-day caps of GBP 25,000–100,000 for individuals — well below the GBP 1,000,000 scheme cap. You can usually raise the cap in the app or by contacting customer service. Peanut has no hard limit; transfers totalling above $100,000 USD equivalent may trigger Bridge's standard manual compliance review.
FAQ
How long does a Faster Payments deposit to Peanut take?+
Faster Payments typically settles in under 15 seconds. The scheme target is end-to-end settlement in under 2 hours, but in practice the vast majority arrive in seconds. Faster Payments runs 24/7/365, including weekends and UK bank holidays — there are no business-day restrictions and no cut-off times.
Are there fees for depositing via Faster Payments?+
Peanut charges no deposit fee. Almost every UK retail bank and digital bank offers free Faster Payments transfers for personal accounts — Barclays, HSBC, Lloyds, NatWest, Santander UK, Monzo, Starling, Revolut UK, Wise UK. Business accounts may charge a small fee. The cross-currency conversion from pounds to digital dollars carries about 100bps (Bridge FX 50bps + Peanut developer fee 50bps), embedded in the displayed rate.
What currencies can I send via Faster Payments?+
Faster Payments only processes pounds sterling (GBP). All transfers are denominated in pounds. Peanut converts your incoming pounds to digital dollars on arrival. For EUR deposits, use SEPA (UK banks retain SEPA membership).
My deposit has not arrived — what should I do?+
First, verify that you used the correct sort code and account number, and that you included the reference exactly as Peanut showed it. Confirm the sender name on the transfer matches your verified Peanut account name. Check your bank's transaction status. If your bank shows the transfer as completed but it has not appeared in Peanut after a few minutes, contact Peanut support with the Faster Payments transaction details so the deposit can be manually matched.
Is there a minimum or maximum deposit amount?+
Peanut has no hard minimum and no hard maximum. Transfers totalling above $100,000 USD equivalent may trigger Bridge's standard manual compliance review. Your own bank may impose per-transaction or daily Faster Payments limits — commonly GBP 25,000–100,000 per day for individuals, well below the GBP 1,000,000 scheme cap. You can usually raise your daily limit in the bank's app.
Do I need a National Insurance Number or UK residency to deposit via Faster Payments?+
No NIN and no UK residency required on Peanut's side. Peanut's KYC accepts a passport or national ID from any country. You do need a UK bank account that supports Faster Payments to initiate the transfer — that requirement is set by your bank, not by Peanut.
What about Confirmation of Payee?+
Most UK banks now check the beneficiary name against the account holder at the receiving bank via Confirmation of Payee (CoP). When you set up the transfer, your bank may show a warning if the name you entered does not match the account holder Peanut assigned. Enter the beneficiary name exactly as Peanut displays it. CoP does not block the transfer — if you proceed, it still goes through — but it is the primary defence against misdirected payments.
