Krak adds bank transfers for EEA users in push to become everyday money app

Krak has enabled bank transfers for users across the European Economic Area, allowing customers to send money to and receive funds from any individual or business bank account.

In a statement, the company said the upgrade turns Krak into a fully functional everyday financial account, expanding how users move money, who they can pay and how they get paid.

The feature allows users to send funds to any bank account, pay friends who are not Krak users, transfer money to family members, settle rent or pay businesses and suppliers.

Payments are made directly from a user’s Krak balance, the company said, with options to save recipients and track payments in real time. Built-in payee verification is designed to reduce fraud by helping users confirm they are sending money to the intended recipient.

For a lay reader, this means Krak can now be used much like a traditional bank account for common tasks such as paying bills or receiving income, rather than being limited to cards or in-app transfers.

The launch follows the recent introduction of the Krak Card and forms part of the company’s broader effort to evolve into what it describes as a full-stack global money app, supporting everyday spending, sending and longer-term wealth building.

Bank transfers are available now in the Krak app, although geographic restrictions apply. The company said that instant buy and sell fees may apply if users convert one asset or currency into another before making a transfer. Any applicable fees are shown before a transfer is completed, with further details set out in the company’s fee schedule.

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In the EEA, the Krak Card is issued by UAB Monavate, which is authorised by the Bank of Lithuania to carry out electronic money activities and related payment services. The e-money wallet linked to the Krak Card is provided by Payward Ireland Limited, trading as Kraken, and is regulated by the Central Bank of Ireland. The card operates on the Mastercard network.

The update positions Krak more directly against digital banking and payments apps already established in Europe. Whether users adopt it for routine payments will depend on reliability, fees and how seamlessly it fits into daily financial habits, but the addition of bank transfers marks a significant step beyond its earlier feature set.

The Recap

• Krak enables bank transfers for users in the EEA.
• Send and receive to any individual or business bank account.
• Direct Debit support is coming soon for recurring payments.