United States
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- Maker-taker
Krak
Krak is not a bank. The virtual IBAN starts with DE and sits on SEPA. The US Visa is issued by Lead Bank.
Legal entity: Payward (Kraken group). Krak is the app, not a licensed bank.
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6.4Mixed
AlternativesFive questions
At a glance
Is it a bank?
No. Krak is not a bank. The money sits with Lead Bank issues the US Visa. EUR SEPA details are a virtual DE IBAN at Banking Circle’s German branch (SXPYDEHHXXX), per Krak support..
If it fails?
Krak balances are not a bank deposit and are not covered by a deposit-guarantee scheme. The US Everyday balance is not FDIC. The virtual DE IBAN is a funding detail, not a German current account with statutory cover.
Salary?
A virtual DE IBAN can receive SEPA, including some payrolls. It is still not a bank salary account and not covered by a deposit-guarantee scheme.
Open from abroad?
The virtual IBAN is for eligible Krak customers. It is not a walk-in German current account.
Monthly fee
Confirm the live Krak fee schedule. Do not copy a directory tariff.
Account number
Virtual German (DE) IBAN on SEPA, issued for eligible Krak customers. Krak support: German branch of Banking Circle, BIC SXPYDEHHXXX. GBP funding uses Banking Circle’s UK branch. Krak is not the bank.
NeoBankDB Verdict
Licence first · score second
6.4
/10 · Mixed
Krak is not a bank. Payward’s money app sits next to Kraken. The virtual IBAN launched in 2026 starts with DE and runs on SEPA — Krak support says Banking Circle’s German branch issues that number. The US Visa is Lead Bank. Neither object is FDIC, FSCS or Einlagensicherung on Krak’s own name. Keep the salary at a bank. Use Krak as a crypto spend and funding rail.
What it is
Krak is Payward’s consumer money app, the same group as Kraken. US card copy from August 2026: Lead Bank issues the Visa; the Everyday balance is not a deposit. May 2026 Kraken blog: a virtual IBAN that starts with DE, on SEPA. Krak support: Banking Circle funds EUR SEPA and GBP FPS, with a DE-format IBAN at BIC SXPYDEHHXXX.
Best for: Kraken users who want a spend card or a virtual DE IBAN and already keep savings at a real bank.
Last checked 2026-09-17. Not advice.
What it does well
- +Official: Krak is not a bank
- +Virtual IBAN starts with DE, on SEPA
- +US Visa names Lead Bank
- +Krak support names Banking Circle for EUR/GBP
What to watch
- −Not a bank
- −No deposit-guarantee scheme on the Krak balance
- −Virtual IBAN is not a German salary bank
- −US card is a separate object from the IBAN
Legal entity, not the app icon
Who is behind it
- Legal name
- Payward (Kraken group). Krak is the app, not a licensed bank.
- Parent
- Payward / Kraken
Who holds the money
The account
- Platforms
- iOS, Android
- Partner bank
- Lead Bank (US card). Banking Circle S.A. (virtual DE IBAN / EUR-GBP funding).
- Availability
- US card and EEA/UK funding are different objects. IBAN eligibility is listed in Krak, not on this page as a global promise.
- IBAN country
- Virtual German (DE) IBAN on SEPA, issued for eligible Krak customers. Krak support: German branch of Banking Circle, BIC SXPYDEHHXXX. GBP funding uses Banking Circle’s UK branch. Krak is not the bank.
- Remote open
- The virtual IBAN is for eligible Krak customers. It is not a walk-in German current account.
- Onboarding
- Open Krak, pass KYC, then open the receive / bank details in the app if the IBAN is offered in your country.
- Salary / payroll
- A virtual DE IBAN can receive SEPA, including some payrolls. It is still not a bank salary account and not covered by a deposit-guarantee scheme.
- Local rails
- SEPA Instant / SEPA on the virtual DE IBAN. GBP Faster Payments on the Banking Circle UK details. US Visa on Lead Bank.
How money actually moves
- Who holds the cash
- Current account at a partner bank
- How money moves
- IBAN / SEPA · ACH / USD · Crypto on-ramp
- Built for
- Personal · Travel
- Settlement
- Card auth in seconds
- Freeze risk
- Compliance holds on fiat ramps are common
- Card
- Krak lists a physical card and a virtual card on visa, plus Apple Pay and Google Pay. Confirm the live product in the app — a card is not a current account.
Licence first
Safety
Krak balances are not a bank deposit and are not covered by a deposit-guarantee scheme. The US Everyday balance is not FDIC. The virtual DE IBAN is a funding detail, not a German current account with statutory cover.
Who holds the money: Lead Bank issues the US Visa. EUR SEPA details are a virtual DE IBAN at Banking Circle’s German branch (SXPYDEHHXXX), per Krak support.
- Partner bank / MTL stackFintech app — not a bank · United States / EEA
Fees
- Monthly
- Confirm the live Krak fee schedule. Do not copy a directory tariff.
- FX markup
- Crypto to spend conversion is the product. Confirm live pricing.
- ATM
- Card schedule in the app.
Features
- ✓IBAN
- ✓Fee-free core
- ✓Multi-currency
- ✓Apple Pay
- ✓Google Pay
- ✓Virtual card
- ✓Physical card
- –Metal card
- ✓Crypto
- –Stocks
- –Business
- –Kids
- –Halal
- Virtual DE IBAN on SEPA
- US Visa issued by Lead Bank
- EUR and GBP funding via Banking Circle
- Crypto spend
Before you tap Sign up
How to open
Step 1
Krak is not the bank
The app is Payward / Kraken. Lead Bank issues the US Visa. The DE IBAN is a virtual number at Banking Circle.
Step 2
Open the receive details in-app
Krak support: Receive → Bank. The IBAN starts with DE if it is offered to you. Eligibility is gated.
Step 3
Keep savings elsewhere
Krak copy says the e-money wallet is not a bank account and is not covered by a deposit-guarantee scheme.
Official help: support.krak.app/articles/banking-circle
Operator documents
Their own papers
These are the operator’s documents. They outrank this review if they disagree.
Score
- Safety25%
- 4.4
- Fees20%
- 7.0
- Features15%
- 7.8
- App15%
- 7.8
- Global15%
- 7.4
- Support10%
- 6.2
Change log
Full logProduct
US Visa launched, issued by Lead Bank
Payward / Kraken. Everyday balance is not FDIC. Not a bank.
Available in
Straight answers
FAQ
01Is Krak a bank?
No. Krak is Payward’s money app, in the same group as Kraken. It does not hold a banking licence. Partner banks issue the card and the virtual IBAN.
02What is the Krak virtual IBAN?
A virtual IBAN that starts with DE and sits on SEPA. Kraken’s May 2026 blog describes it as a dedicated virtual IBAN for eligible customers. It behaves like a number for send and receive, not like a German bank charter.
03Who issues the DE IBAN?
Krak support names Banking Circle. EUR SEPA details are a DE-format IBAN at Banking Circle’s German branch, BIC SXPYDEHHXXX. GBP uses the UK branch. Krak is not that bank.
04Is the Krak IBAN deposit-insured?
No. Krak’s own blog says the e-money wallet is not a bank account and is not covered by any deposit-guarantee scheme. Do not treat the virtual IBAN as Einlagensicherung.
05Can I receive salary on Krak?
Some employers will pay a DE IBAN. That is still a virtual funding detail, not a bank salary account. Keep the real salary home at a licensed bank.
06Krak vs Kraken?
Krak is the spend and money app. Kraken is the exchange. Same group, different file. This page is the IBAN and card object.
07Who issues the US card?
Lead Bank issues the US Visa, per Payward’s August 2026 card copy. The Everyday balance is not an FDIC deposit.
08What is the legal name?
Payward / Kraken group. Krak is a brand. Lead Bank and Banking Circle are the named institutions on the card and the IBAN.
Ratings and reviews
No published user reviews yet. The NeoBankDB score still comes from licence, fees, and the product — not from an empty star average.
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