Question 1

How can I add funds to my account?

Accepted Answer

The scheduled exchange allows us at Freemarket to operate a pre-funded model as this is how we are able to achieve mid-market rates and match funds for our clients. The pre-funded model means that all of clients that use the system must transfer the required funds in their entirety prior to the payment order occurring.

The platform allows you to transfer funds before or after booking a payment order with us, although we suggest that you do this beforehand, particularly if you have a sell payment order set up to happen with us. Please bear in mind that we will not proceed with the payment order until we have receipt of all the funds being on the account, once we receive the funds, we will execute the order.

If you require to make a transfer, you can do this on our platform by going to the add funds section on the top of the page by the main menu. From the add funds page, select the currency of the funds you wish to exchange, and the relevant bank details will appear. Once confirmed, you’ll receive an email confirmation once the funds have reached your account and are able to be allocated.

Question 2

Where do I transfer funds?

Accepted Answer

Once you have completed registration and our compliance team is happy to proceed with authorising your Freemarket account you will gain access to us committing to providing resilience, security and speed to our clients.

In the platform you’ll see the bank details of our client-segregated accounts where you can transfer or move funds to for the payment order to be processed and executed.

Question 3

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.

Question 4

Can I make a one time batch payment?

Accepted Answer

You can quickly, correctly, and effectively send payments to many recipients in different currencies by uploading a single file. Every 30 days, you will be prompted to authorise the beneficiaries using the platform's 2FA feature.

Each payment on the file must abide by the reachability, message content, and file rules. Payments that are halted during an investigation are removed from the file, and the remaining payments continue to be processed as usual.

Although uploaded files will be processed throughout the day, we advise using the standard FX procedure for one-time transactions that aren't multi-currency.

For more information of our batch payment process please click here.

Question 5

Can I get a MT103?

Accepted Answer

All banks and financial institutions utilise MT103, a SWIFT standard messaging protocol, as a globalised proof of payment document.

Although though it is no longer the quickest or cheapest means to transport money, SWIFT, which was first established in the 1970s, remains a trustworthy way to transfer funds between markets and jurisdictions. A bank or financial institution won't often provide you an MT103 receipt; if you do, it will likely cost you as the user. The MT103 provides you with a breakdown of the transaction, including information on the sender, the organisations handling the payment, the transaction's value, fees, and more.

Please contact Support for further information on this.

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 140 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, BBD, BGN, BHD, BWP, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, INR, JOD, JPY, KES, KWD, KZT, MAD, MUR, MXN, NOK, NZD, OMR, PLN, QAR, RMB, RON, SAR, SEK, SGD, THB, TND, TRY, TTD, TZS, UGX, USD, XCD, ZAR.

We are able to use a number of payment rails for your transaction, just instruct us how to proceed.

It’s best to discuss which countries, currencies, and payment rails with your Relationship Manager or reach out to our support team.

Question 7

What is the difference between local and international transfers?

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.

The best rates shouldn’t just be for big business and institutions. Freemarket aims to make international transfers less expensive and less time-consuming so that any company, regardless of size, may conduct business abroad.

Question 8

What security procedures will you require when I instruct you to send money from my account?

Accepted Answer

For each transaction we will ask you the destination of the funds i.e. where the funds are going, the beneficiary details, and to pass all the necessary compliance checks and transaction monitoring. Once approved, we will proceed with authorising your instruction and making the payment.

Question 9

Which types of transaction must be safeguarded?

Accepted Answer

In PSRs, safeguarding applies to what are described as ‘Relevant Funds’. These are defined as sums received:

from, or for the benefit of, the Payment Services User for the execution of a payment transaction, and
from another Payment Services Provider (either a bank or non-bank) for the execution of a payment transaction on behalf of a Payment Services User

Consequently, Freemarket is obliged to safeguard any monies you transact through us including bank transfers, withdrawals and foreign exchange. Freemarket’s own funds must be held in different bank accounts.

Question 10

Can I remove a beneficiary?

Accepted Answer

On the platform, you can suspend a beneficiary; however, all outstanding transactions to the beneficiary will be cancelled. To completely remove the beneficiary from your viewpoint, then please message us and we can get that sorted for you.