Who can use this feature?
UK-based customers with a verified GBP Virtual Account
Sending from a UK bank account in your own legal name
Overview
If you have a GBP Iron Virtual Account, you can fund it by UK bank transfer using Faster Payments or CHAPS. Iron auto-converts the incoming GBP into your chosen stablecoin and sends it to your wallet.
This article covers the supported transfer types, what to check before sending, processing times, and the most common reasons GBP deposits get rejected.
Supported transfer types
Faster Payments (FPS) — the standard for most UK bank transfers. Usually arrives within minutes to a few hours, and is free at most UK banks.
CHAPS — used for larger or same-day high-value transfers. Your bank may charge a fee.
Most UK banks route transfers via Faster Payments by default.
Before you deposit — checklist
To avoid the most common rejection reasons, confirm all of these before sending:
Your verification is complete — KYC approved and any required documents signed. See Verification requirements for Iron Virtual Accounts
Your Virtual Account is active — you should be able to view your sort code and account number in your partner app.
You're sending from your own UK bank account — not a friend's, family member's, joint account, or business account where you're not the named holder.
The name on your sending bank account matches your Virtual Account name exactly — partial matches (missing middle name, different spelling) can also be rejected.
You're using a bank, not a money-transfer service — even when sending from your own account, some money-transfer services don't include your name in the transfer details Iron receives. Without a clear sender match, your deposit can be flagged as third-party and refunded.
You're entering the sort code and account number exactly as shown
Important: The name match is strict. If your bank account is in "John A. Smith" and your Virtual Account is in "John Smith," that's a partial mismatch and the deposit can be rejected. If in doubt, contact support before sending a large amount.
Note: If you need to deposit from an account that isn't in your own name, ask your partner first — third-party payments are supported in some setups but aren't the default and depend on banking-partner configuration.
Note: Your bank may run a "Confirmation of Payee" check when you add the Virtual Account as a payee. If the name doesn't appear to match, your bank may show a warning — make sure the payee name matches your registered Virtual Account name.
Where to find your account details
Your GBP Virtual Account details appear in your partner app, usually in a "Top up Virtual Account" or "Add funds" section. You'll see:
Sort code — the 6-digit UK bank identifier
Account number — your unique 8-digit Virtual Account number
Beneficiary name — this should be your name as registered
Reference — some partners include a reference code; include this in your transfer if requested
Tip: Save your Virtual Account as a payee in your banking app for faster future top-ups. Double-check the saved name matches exactly — banks sometimes auto-shorten longer names.
Processing times
Transfer type | Typical processing time |
Faster Payments | Within minutes, up to 1 business day |
CHAPS | Same business day if sent before your bank's cut-off |
Allow up to 3 business days to be safe, particularly over weekends and bank holidays. Once received and cleared, the GBP is converted to your chosen stablecoin and sent to your destination wallet — usually within a few minutes of the deposit being credited.
What happens after your deposit arrives
The GBP transfer reaches Iron's banking partner
Iron verifies the sender details against your Virtual Account
If everything matches, the GBP is converted into your selected stablecoin at the current rate
The stablecoin is sent to your destination wallet on the chain you selected
You can usually track each step in your partner app.
Common rejection reasons
If your GBP deposit is rejected and refunded, the most likely causes are:
Name mismatch — the sender's name doesn't match the Virtual Account name exactly
Third-party payment — sent from an account that isn't in your name
Money-transfer service — some services don't include your name as the originator, so deposits from them can be flagged as third-party
Incorrect sort code or account number — wrong details mean the transfer can't be matched and is returned
Compliance hold — additional review required (often resolves within 24–48 hours without action)
Missing or expired proof of address — your address documentation needs to be current before deposits can be accepted
Below the minimum — very small amounts won't be processed; see Virtual Accounts: Processing times, fees, and limits
Tip: For more detail on what to do when a deposit doesn't arrive, see My Virtual Account deposit hasn't arrived.
FAQs
Will my bank charge me for a Faster Payments transfer?
Will my bank charge me for a Faster Payments transfer?
Most UK banks offer Faster Payments for free. CHAPS transfers usually carry a fee set by your bank. Iron doesn't add an additional rail fee on top.
My bank showed a "Confirmation of Payee" mismatch warning — what should I do?
My bank showed a "Confirmation of Payee" mismatch warning — what should I do?
This means the name you entered for the payee didn't match what your bank expects. Make sure the payee name matches your registered Virtual Account name exactly. If it still doesn't match and you're confident the details are right, contact support before proceeding.
Can I deposit GBP from a bank outside the UK?
Can I deposit GBP from a bank outside the UK?
Faster Payments and CHAPS are UK rails. If your bank is outside the UK, you'll need a different option (SWIFT support is coming soon). Check with your partner.
What's the maximum I can deposit?
What's the maximum I can deposit?
Iron doesn't impose a hard cap, but your verification tier sets your transaction limits. See Virtual Accounts: Processing times, fees, and limits for detail.
Can I deposit GBP if my Virtual Account is set up in USD or EUR?
Can I deposit GBP if my Virtual Account is set up in USD or EUR?
No — each Virtual Account is denominated in one specific currency. To receive GBP, you'll need a GBP Virtual Account.
My bank says the transfer was returned — what does that mean?
My bank says the transfer was returned — what does that mean?
This means the deposit reached Iron's banking partner but couldn't be accepted (usually for one of the reasons above) and was sent back. The funds should reappear in your sending account within about 1 business day. If they don't, contact support with your bank's reference number.