Q: What are your restricted jurisdictions?

Prohibited Locations Onboarding of a company with any UBO’s, Directors or Operations resident in or websites targeting the following sanctioned countries: Iran, North Korea, Syria, Cuba, Venezuela, Russia. We are regulated by the Financial Conduct Authority (FCA) take our regulatory responsibilities very seriously, taking a risk-based approach to managing transactional risk. Therefore, in line with our anti-money laundering policy and sanction screening requirements, we cannot receive funds from or send money to the following countries, although this may be subject to change. If you have any questions about making payments to restricted jurisdictions please contact your Relationship Manager, or contact us on support@wearefreemarket.com .

Question 1

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, which 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.

Question 2

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 3

What are approvals and roles on the platform & how to change them?

Accepted Answer

There are five main user roles on the platform; client admin, account user, read only, exchange approver and withdrawal approver – these are all permissions that a client can manage themselves.

Client Admin: being able to create payments, exchanges and manage users
Exchange Approver: this user will be able to approve an exchange before it is actioned and scheduled
Read Only: unable to make any changes, create payments or exchanges and only allowed to view features of the platform
Account User: able to create payments and exchanges on the platform
Withdrawal Approver: this permission setting will be able to approve a withdrawal before it is actioned and scheduled
Manage Users: this enables you to temporarily suspend or reinstate users, modify permissions, and add or delete people

Each of the user roles has different permissions, meaning they can access different parts of the platform. You can also disable email notifications for a particular user if preferable, and they don’t want to be notified via email. The overriding administrator of the account can set up the different permissions or contact support if you are unable to do this and require assistance.

Head to user management to change permissions and view your current status.

Question 4

What are the steps to register for an account with you?

Accepted Answer

Our registration process is straightforward, and we endeavour to complete all applications as soon as possible. Your account with us becomes active once we have concluded all required compliance checks, which we will notify you about.

In order to complete certain checks, we may first ask you for some basic information. You must provide information about the business you are applying for an account with in order to create an account. When registering for an account, it would be simpler and easier if you have all the information in one area since this would make the application process go more smoothly.

To expedite the process, we've given you the option and availability to search for registered firms. To activate this service, type two characters then it will appear. If you are fully regulated, submit your personal information together with any supporting documents so that our systems can cross-reference it.

You must then finish the "transaction profile" next. This aids our compliance team in understanding the nature and regularity of your company transactions for the purposes of KYC. Your assigned Relationship Manager is also given access to these insights, which enables them to provide you with the best possible support.

After completing the transaction profile, you will be prompted to provide the primary account user's personal information (this could be you or another individual at the company).

The next question will ask you to verify that you're the sole director of the company you are registering on behalf of, an authorised agent or employee, or a company director. If the director information you give does not match what is stated in the company's legal documents, the registration may be delayed, and your account may potentially be refused.

You must provide all the information about business owners or individuals who hold a controlling stake in the company in the section that follows. Please make sure that the information is accurate because you can add numerous owners or persons with control.

After providing the essential account information, you will be asked to submit additional documentation so that we can confirm your identity for AML and KYC purposes. Please be advised that expired or invalid forms of identification will be rejected, and your account won't be created until the proper documentation has been provided. The full passport number (with the chevrons) or the licence ID on the driver's licence must be uploaded after an image of your passport or driver's licence.

After you have accepted our terms and conditions and verified that the information you have supplied is accurate, you are complete. Your browser will send you to a confirmation page that includes our contact information in case you need to get in touch with us. If there are any problems or if we need further information, a Relationship Manager will reach out to you.

You will receive an email notifying you that your account has been created once our requirements have been satisfied and all required documentation has been submitted. At that point, you may begin to make instant payments.

Question 5

What are the withdrawal transaction charges?

Accepted Answer

The possibility to apply OUR and SHA fees to withdrawals has been made available by Freemarket.

SHA (Shared): The recipient will be charged fees from other banks handling the payment in addition to the payer paying the Freemarket fee for the withdrawal.
OUR: The payer will bear the Freemarket cost in addition to any additional fees incurred by other banks executing the payment.

The different cost charge categories will be provided for selection when making a withdrawal. The charge for the transaction will vary depending on the type selected.

Steps to be followed are outlined below:

Step one

Log into the platform.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/yQbK8TpEr5/Withdrawal-Transaction-Charges-image-1.jpeg (Withdrawal Transaction Charges)

Step two

Head to balances and select an account to withdraw funds.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/xvQcOhpwsJ/Withdrawal-Transaction-Charges-image-2.jpeg (Withdrawal Transaction Charges)

Step three

Beneficiary selection step will follow:

a. Depending on the payment destination country, transaction Charges option will or will not be displayed: i. Payment outside the European Economic Area (EEA)1 region: SHA/OUR option will be available:

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/BeyTFm0ato/Withdrawal-Transaction-Charges-image-3.jpeg (Withdrawal Transaction Charges)

An explanation of the different charges available will be shown when hovering over the (i) tooltip.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/LeE8eSDVAJ/Withdrawal-Transaction-Charges-image-4.jpeg (Withdrawal Transaction Charges)

ii. Payment within EEA region: SHA/OUR option will not be displayed as all payments within the EEA region will be defaulted to SHA.

Step four

After selecting the desired transaction charges, the payment will need to be confirmed and the details will be displayed. A breakdown of the service fee will be available, and the transaction charges selected.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/MWlQo1zVF3/Withdrawal-Transaction-Charges-image-5-2048x1476.jpeg (Withdrawal Transaction Charges)

(1) EEA countries: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden.

Question 6

What are your restricted jurisdictions?

Accepted Answer

Prohibited Locations

Onboarding of a company with any UBO’s, Directors or Operations resident in or websites targeting the following sanctioned countries: Iran, North Korea, Syria, Cuba, Venezuela, Russia.

We are regulated by the Financial Conduct Authority (FCA) take our regulatory responsibilities very seriously, taking a risk-based approach to managing transactional risk. Therefore, in line with our anti-money laundering policy and sanction screening requirements, we cannot receive funds from or send money to the following countries, although this may be subject to change.

If you have any questions about making payments to restricted jurisdictions please contact your Relationship Manager, or contact us on support@wearefreemarket.com.

Question 7

What are your support hours?

Accepted Answer

Our support team is on hand to answer any queries that might arise. The team is happy to assist you or point you in the right direction.

Monday: 8am – 17:30pm
Tuesday: 8am – 17:30pm
Wednesday: 8am – 17:30pm
Thursday: 8am – 17:30pm
Friday: 8am – 17:30pm

If your request is outside of those hours, we might ask that you send an email and we will respond as soon as possible.

Question 8

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 9

What is a foreign exchange spot transaction?

Accepted Answer

A spot FX trade is when the exchange or trade takes place at the same point the transaction is settled. You buy and sell the currency at the current market rate, also known as a spot price. Settlement usually occurs within the days preceding but due to our buying power, and us holding balances in different currencies, we can do this instantly.

Currency pairs may differ, you may trade, G10 currencies, minor pairs, emerging markets, or exotics. It’s worth noting that some currencies are less liquid than others, which might lead to a larger difference in the buy and sell price.

You can read more on FX trading from IG, CityIndex, Investopedia, CMC Markets & Refinitiv.

Question 10

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.