Question 1

How are Freemarket regulated?

Accepted Answer

FreemarketFX Limited is an Authorised Payment Institution (API), authorised and regulated by the Financial Conduct Authority (FCA reference number is 585093). FreemarketFX Ireland Limited is a Payment Institution, authorised and regulated by the Central Bank of Ireland (Firm No. C456818).

APIs can provide customers with a range of regulated payment services. The activities which APIs can undertake are based on their FCA permissions (which can be found in the FCA’s Financial Services Register.)

The Central Bank of Ireland granted Freemarket a license as a Payment Institution pursuant to Regulation 18 of the European Union (Payment Services) Regulations 2018 (you can find more here).

Freemarket’s permissions enable it to carry on payment services activities; this includes receiving bank transfers, processing withdrawals and conducting foreign exchange.

Question 2

What is the difference between local and international payments?

Accepted Answer

Electronic instructions are used in both local and international transactions to transmit a secure message across a network and make funds available in the beneficiary's account. Their verification process and payment method they employ varies, which therefore has an impact on the transaction's length and cost.

For example, domestic wires in the US use the CHIPS of Fedwire systems, in the EU local payments use SEPA and in the UK local payments use CHAPS or Faster Payments. Most international wire transfers are communicated via SWIFT, a network of over 10,000 banks and financial institutions spread over 200 countries.

Question 3

Does the platform allow to settle funds globally?

Accepted Answer

The business is global in its reach, and we transfer money internationally. We can pay the designated beneficiary as long as the beneficiary information is accurate and authorised.

Once you have confirmed the transaction's value, provided the beneficiary information is accurate, the funds are available on the platform, and you are using a currency pair you have access to, the transaction information and beneficiary details might permit us to make a payment on your behalf.

It's important to keep in mind that the platform uses UTC time, thus the settlement timeframes may vary as a result. We enable you in optimising your funds across various markets, jurisdictions, and time zones.

Question 4

How long does it take to register?

Accepted Answer

The registration process can vary per account, after we will conduct our mandatory compliance checks, once satisfied, an account can be created on the platform for you to use.

Question 5

Can I register multiple accounts for one user?

Accepted Answer

We've created an easy-to-follow step-by-step guide on how a single user can register and access multiple accounts using the same login information.

STEP 1: We will email you a unique registration URL link for each and every company you are looking to register to your login email address and account. You will be prompted to log in once you click each link.

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STEP 2: ** You will be instantly taken to a 'Verify Account' screen where you will be asked to enter the company details and information needed in five easy steps for the new business registration.

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STEP 3: Once you've completed registering your companies, you can navigate to your main Dashboard on your account and select the 'Your Registrations' option where you can view the status of any outstanding registrations.

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STEP 4: Please click the 'Continue Registration' option if you haven't finished the registration process yet. You'll be able to pick up where you left off and continue the application. The registration will appear as pending if it is being reviewed.

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You will only be able to keep track of the progress of registrations that you made since registrations are connected to the person who began the process.

Contact support@wearefreemarket.com or your Relationship Manager if you require any more help or have any queries.

Question 6

How do I make payments from my account?

Accepted Answer

The option of creating a payment is straightforward when making a transaction from your account. If you have an account with us, you may transfer funds between accounts easily and at no extra charge. How you maintain funds to increase cashflow is a component of cash management.

You can use the platform at any time to make payments or transactions. However, because our banking partners don't work weekends and we don't make payments on the weekends, our settlement timeframes may be affected.

Question 7

What does a pending deposit mean?

Accepted Answer

A pending deposit represents a transaction in which our operations team has not yet allocated the funds. The reference that you have been given should be included in every bank transfer you make so that we can reconcile the funds when necessary.

A transfer won't be reconciled unless you give us confirmation of it. Our operations team may credit the account that you would like the funds to be added to by giving evidence, and this will be reflected up on your balances.

Question 8

How can I withdraw the balance from my account?

Accepted Answer

You might receive a notification via email requesting that you withdraw the funds in your account. There's a simple fix if you have no way of doing so.

We regularly require that each and every one of our clients through a re-verification process. Our compliance team will contact you if your account has been suspended or has entered the re-verification phase and ask you to submit certain evidence for them to assess so your account may be authorised and the option to withdraw funds made available once more.

Question 9

Which currencies does Freemarket support?

Accepted Answer

Freemarket offers our clients a B2B cross-border payments platform that allows them to send payments in 31 currencies to over 100 countries. Each currency that you request or do business in, we make sure one of our partners can cater to your needs.

Our collection capability and pay out options do differ – we evaluate this on a case-by-case basis.

We can collect: AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, ILS, JPY, MXN, NOK, NZD, PLN, RON, SAR, SEK, SGD, TRY, USD, ZAR.

We can pay out: AED, AUD, BHD, CAD, CHF, CNY, CZK, DKK, EUR, GBP, HKD, HUF, ILS, INR, JPY, KWD, MAD, MXN, NOK, NZD, OMR, PLN, QAR, RON, SAR, SEK, SGD, THB, TRY, USD, ZAR.

Question 10

Have you reconciled the funds that I sent to my Freemarket account?

Accepted Answer

Where funds have been transferred without including a reference, sometimes this may delay us automatically reconciling a payment to your account. Our operations team will have to manually find and reconcile the payment to credit your account. At this stage, please confirm which account the funds should be allocated to and provide evidence that the money should be allocated to that account.