Q: What should I do if I've forgotten my password?

Go to the login screen and click forgot password , this will bring up the next screen for you to enter your email address. Enter your email address and click continue. You will receive an email with further instructions. Note that you may need to check your spam folder for this. If you do not receive an email and it’s not in your spam folder, then please contact Support .

Q: When is the business closed and are you open on public holidays?

Freemarket is closed on UK bank holidays . You can still access the platform, however, certain payments won’t be through until the next working day. Our FX and payments services won’t be available during these days. If you would like any assistance, call us on 020 3393 2709 or contact our Support team.

Question 1

Do you add fees for negative interest rates?

Accepted Answer

Custody Fee/Negative Interest

As of 1st October 2022, the applicable total negative interest ‎rate is 0.00% (0.75% ECB rate + -0.25% markup = 0.50%, however, as we are a Payment Institution, not a Bank, we are not permitted to pay interest on funds held on account with us, so the EUR custody fee is adjusted to 0.00%) per annum on the average daily balance in a calendar month on Account held in EUR. Freemarket reserves the right to charge custody/negative interest fees with respect to any other currencies which attract negative interest rate fees in the future.

Why do we charge custody/negative interest fee?

This fee is charged to recover our costs associated with holding funds in a particular currency. It includes negative interest reference rates, which are set by central banks, such as the ECB for funds held in EUR. In addition to the negative interest rates, our mark-up over the reference rate includes certain additional cost components we have to consider, including any other costs such as ECB deposit facility rates passed on to Freemarket by its banking partners.

Normally, banks do not pass their costs on to their customers as they can use the deposit base for lending activities, but due to regulatory restrictions all funds held for payment service providers like Freemarket must be 100% liquid, and so these additional costs are charged to clients like Freemarket.

Thus, as an example, the ECB base reference rate for EUR is currently +0.75% and mark-up is -0.25%, giving a total negative interest rate of +0.50% per annum for EUR balances held on account. However, as we are a Payment Institution, not a bank, we are not permitted to pay interest on funds held on account with us, so the EUR custody fee is adjusted to 0.00%.

Negative Interest Fee Illustration:

A transfer to your account of €100,000 was made on 1st April 2022 and you have given us instructions for an onward transfer of €50,000 on 16th April 2022. There have been no withdrawals from your Freemarket account since then. The remaining balance on your account on 30th April is €50,000. The average daily balance for the month is therefore €75,000 (€100,000 for 15 days and €50,000 for 15 days) The applicable total negative interest rate is 0.25% per annum based on the average daily balance in a calendar month on account held in EUR. Thus, you would be automatically charged €15.63 (€75,000 * 0.25% / 360 *30).

Effective Dates: the new rates as set out in the table below are effective as follows:

New Clients:

Corporate: 1st October 2022

Small Charity & Micro Enterprise: 1st October 2022

Existing Clients:

Corporate: 1st October 2022

Small Charity & Micro Enterprise: 1st October 2022

*As of the Effective Date and Subject to Change without notice.

**Total Interest Rate as of the Effective Date. The total interest rate is indicative only and subject to change without notice.

***Actual 360 is the method that calculates interest daily by counting the number of days in the calendar but uses a fixed 360 length.

****Adjusted to 0.00 as no custody fee is chargeable as total interest rate after applying Bank Mark-up is positive.

Question 2

Can I have a vIBAN for cross-border payments?

Accepted Answer

What is a vIBAN?

A virtual IBAN is an IBAN (International Bank Account Number) reference issued by a bank to allow incoming payments to be rerouted to a different, physical bank account.

Virtual IBAN accounts can be used to send and receive payments worldwide, allowing businesses to extend their value chain to provide settlement services to its global clients.

Freemarket and vIBAN accounts

Freemarket can request a vIBAN on the clients’s behalf to a bank for multiple currencies. This will allow the client to provide their own account number stating their own company name instead of Freemarket’s for B2B payments.

The request should be placed with a Relationship Manager. We will follow the internal compliance procedure to create the account on your behalf.

How does the vIBAN work?

From the client’s point of view, a virtual IBAN works in exactly the same way as a regular IBAN account – once they make a payment, their funds will end up in the physical bank account linked to the virtual IBAN.

The vIBAN account is made of:

Account owner name: the client’s name (to be provided by the client – must be the company registered company name or individual’s legal name).

BIC: A bank identifier code (BIC) is a unique identifier for a specific financial institution. This will be provided by the bank upon vIBAN creation.

In addition, the bank can provide:

Sort code: identifies both the bank (in the first digit or the first two digits) and the branch where the account is held.

Account number: the domestic bank account number.

Question 3

What should I do if I've forgotten my password?

Accepted Answer

Go to the login screen and click forgot password, this will bring up the next screen for you to enter your email address.

Enter your email address and click continue. You will receive an email with further instructions. Note that you may need to check your spam folder for this.

If you do not receive an email and it’s not in your spam folder, then please contact Support.

Question 4

How much do you charge?

Accepted Answer

Freemarket features variable pricing choices based on the volumes and currencies that you desire to deal. For deposits and FX, we are able to provide the best flat rate we can or tier our fees based on your volume projections.

The tiering will be based on the monthly values, and will encourage greater volume to be handled since the tiers will decrease proportionally. Each agreed-upon price is bespoke & tailored to each user, and factors risk and return into account. We aim to be able move funds all over the world cheaper, quicker and more secure.

Please email sales@wearefreemarket.com or support@wearefreemarket.com if you have any questions about our account or cost structure, and a member of our team will get back to you. If wish to register for an account with us, please do here.

Question 5

How can I change my name and password?

Accepted Answer

The platform allows you to change your name and password on the top right corner once you’ve logged in. Following this, your user details will appear on the screen, and you’ll be able to edit your username, email address and phone number. If you wish to amend your password, you’ll need to know the existing password in order to change it. If you don’t know your password, then you can receive an email link resetting your password to the registered email address. Once done, you’ll be ready to use the platform for all your payment solutions.

Question 6

How can I keep safe online?

Accepted Answer

Take Five is a national campaign offering straight-forward, impartial advice that helps prevent email, phone-based and online fraud – particularly where criminals impersonate trusted organisations. Led by UK Finance and backed by His Majesty’s Government, the initiative is supported by a range of partners such as; the payment industry, financial services firms, legal sector, telecommunications providers, and commercial, public, and third sector organisations.

Stop: Taking a moment to stop and think before parting with your money or information could keep you safe.
Challenge: Could it be fake? It’s ok to reject, refuse or ignore any requests. Only criminals will try to rush or panic you.
Protect: Contact your bank immediately if you think you’ve fallen for a scam and report it to Action Fraud.

Visit the Take Five website here for more information.

We utilise best-in-class services to enhance our compliance and risk policies, and we use real-time rules-based monitoring in our automated transaction monitoring tool. To further safeguard our clients we hold all funds in segregated accounts with our banking partners.

Question 7

When is the business closed and are you open on public holidays?

Accepted Answer

Freemarket is closed on UK bank holidays.

You can still access the platform, however, certain payments won’t be through until the next working day. Our FX and payments services won’t be available during these days.

If you would like any assistance, call us on 020 3393 2709 or contact our Support team.

Question 8

How does it work?

Accepted Answer

The Freemarket process flow broken down into four stages.

Question 9

How do I spot a fake, fraudulent or phishing email or website?

Accepted Answer

Phishing is a type of email attack in which a fraudster sends you an email while impersonating a person, business, or reliable website in order to obtain your passwords or other sensitive information or gain complete control of your computer.

The majority of phishing efforts take place via email, but fraudsters will use every method they can think of to get you to give them your information or money, including:

Fraudulent emails and other messages that look like they're from legitimate companies
Fake invoices saying you’ve missed a payment
Misleading pop-ups and ads that say your device has a security problem
Scam phone calls or voicemails that impersonate employees at companies
Fake promotions that offer free products and prizes

It’s best to be vigilant at all times, fraudsters want your personal details for a number of reasons. Freemarket will never ask you for any personal data. If you receive a message and are unsure it’s really from Freemarket, check to see if it does any of the following:

Uses generic, impersonal greetings like "Dear user" or "Dear [your email address]." We'll always refer to you in our correspondence by your first and last name or by your company name. Greetings like "Dear user" or "Hello Freemarket member" are never used by us.
Requests that you click on links that lead to phoney websites. Before clicking any links in emails, always double-check them. A link can have a secure appearance, such as www.wearefreemarket.com/SpecialOffers. To view the actual location, be sure to hover your cursor over the link. Don't click on the link if you aren't sure.
Has unidentified attachments. Open an attachment only if you are certain it is trustworthy and safe. Pay particular attention to invoices from businesses and contractors you are unfamiliar with. Some attachments contain viruses that install themselves when opened.
Projects a false feeling of urgency. Phishing emails frequently use alarmist language and urge you to update your account right away. They're hoping you'll be swayed by their haste and disregard red flags that the email is a scam. If there’s an urgent need for you to complete something on your account, you can find this information by logging into Freemarket directly.

You can find some more information, tips, how to spot phishing attempts and best practices from Apple, Santander, Microsoft, and Which.

Question 10

I am entering the correct OTP but it still says incorrect OTP?

Accepted Answer

Freemarket sends a one-time password (or OTP) to authenticate customers. You can receive OTP on mobile or email based on your preference. OTP is used to add extra layer of security during the sign in process or during delivery of certain orders. OTPs are unique and should not be shared with anyone.

If you have tried to access your login page multiple times, every new click on “Resend an OTP” will generate a new OTP. You should enter the latest OTP that you have received based on your preferences.

If you are still having trouble with the code, contact your Relationship Manager or email support@wearefreemarket.com.