Question 1

Why hasn’t my exchange happened yet?

Accepted Answer

We endeavour to fulfil all orders and reconcile trades same-day. However, there may be some occasions where this doesn’t occur.

The exchange may have been booked after the cut-off time or the funds from the bank transfer have not been allocated to the exchange (the account number was used so the funds have been added to the balance but not the exchange reference number which is why the funds were not allocated to the exchange automatically).

For more information on our exchange and execution policy click here.

Question 2

What is a scheduled exchange?

Accepted Answer

Scheduled exchanges are the unique mechanism by which we are able to achieve mid-market rates of exchange. By using peer-to-peer technology and aggregating our client’s requirements into one exchange we can optimise the opportunity to match currency and deliver the best possible rate for all involved.

Here’s how we do it:

Step one: clients transfer funds into their segregated Freemarket escrow account

The nature of the scheduled exchange requires us to operate a pre-funded model, as this is how we are able to match our clients’ currencies – achieving mid-market rates. This means that client’s must transfer the required funds in their entirety prior to the scheduled exchange taking place.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/3junOv9K5E/Screenshot-2019-10-23-at-11.31.35.png (Customer transfer overview)

Step two: clients book their payment order via the platform

After the exchange procedure is complete, you let us know whether you want to buy or sell, the currencies you want to use for the transaction, and where you need the funds allocated. You will then be included to the following exchange that is scheduled.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/jzzkEQKGAE/Screenshot-2019-10-29-at-13.34.16.png (Booking exchange instruction overview)

Step three: The scheduled exchange takes place

Depending upon the currency pairing and demand we operate exchanges at periodic intervals throughout the day, with a minimum of one scheduled exchange at midday.

We aim to achieve mid-market rates as often as possible, for as many participants as possible. If your funds are wholly matched with other participants, you both achieve the mid-market rate. If an exchange is incompletely matched, you benefit from our market buying power. We pass on the institutional rate from our network of global banks onto all parties and provide a true banking as a service.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/pPLqgSm3BO/Screenshot-2019-11-14-at-10.15.00-1024x226.png (Step 3 overview)

Step four: we pay out to your nominated beneficiary

That's it; we transfer the transferred funds to your chosen bank account.

Question 3

How long does it take to get my currency once I have exchanged?

Accepted Answer

We make every effort to deliver the funds that you have exchanged on the same business day, so you can make frictionless payments in an instant. Nevertheless, on rare occasions, the exchange may take place at the close of business, in which case the funds may not arrive until the next business day. Of course, we will always keep you informed of any updates we may have. You can reach us by phone, email, and mail if you have any questions.

Phone: 020 3393 2709
Email: support@wearefreemarket.com
Mail: Metal Box Factory, 30 Great Guildford Street, London, SE1 0HS

Question 4

Is there a minimum or maximum amount that I can convert?

Accepted Answer

Whilst we do have a minimum in place for transactions with us, which is £5,000 (or currency equivalent), we don’t have a maximum that you can transfer or exchange. Most of our clients transact with us daily and their volumes alter month-by-month.

Question 5

How do I know if my exchange has been completed?

Accepted Answer

We will send you two emails detailing the exchange breakdown and when we start to process the payment order. The first email will inform you as we have started to process your instruction and you will receive another email when the exchange is complete. The second email from support@wearefreemarket.com will include a statement with the full transaction details, including a breakdown of the rate achieved for the transaction.

Question 6

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.