Moving money across accounts allows for instantaneous settlement. This transfer within the account is quick and painless. The intra-account capability on the Freemarket platform can be advantageous when moving to another account since it allows for seamless money movement across accounts.
Be careful not to mix up inter account transfer with a intra-account transfer.
- Inter account transfer – this allows you to move funds internally between accounts that you own. This type of transfer will go through our compliance checks before it settles.
- Intra-account transfer – is when you can move money between accounts at the same financial institution or are keeping the funds within the same ecosystem, this allows us to instantly settle funds. A transfer of this kind we can operate straight-through reconciliation and doesn’t have to pass any additional compliance checks.
By keeping the funds within Freemarket we don’t have to use any payment schemes so it’s more cost-effective for the sender.