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

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 2

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 3

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 4

When will my account be account be approved, rejected or reviewed?

Accepted Answer

When you complete the registration process, the platform should display a notice informing you that your account has been successfully established and is now being assessed by our compliance team.

Although we make every attempt to render the registration process as simple as possible, it may take up to 60 days before your Freemarket account is completely operational and you are able to utilise us for payment services.

It costs nothing to open an account with us, but we reserve the right to do so in accordance with our terms and conditions, with a 60-day notice period for consumers and 30 days for businesses.

After registering, your account should be evaluated within 48 hours, however, occasionally it may take longer since our compliance staff is still examining your application. You will be informed by a Relationship Manager when your account is ready for B2B payments & currency exchange and if we require any additional documentation from you.

Question 5

Where can I view my SSI's on the platform?

Accepted Answer

Your account information is essentially included in an SSI, or Standard Settlement Instructions. This information may be seen on the homepage's right-hand side.

Your account information, the accounts you have, and the available currencies to which you have access are listed. There will also be an overview of your vIBAN details.

When you top up or transfer on the platform you'll also see your details shown.

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Question 6

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 7

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.

Question 8

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 and withdrawals. Freemarket’s own funds must be held in different operational bank accounts.

Similarly above, Freemarket Ireland under the PSR 2018 is obliged to safeguard “user’s funds” in the same way.

For more information on our safeguarding processes please see our other articles on the subject here.

Question 9

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 10

Why is the amount which reaches the beneficiary sometimes less than the amount sent?

Accepted Answer

Since you gave us the order to exchange the currency, the exchange rate may have fluctuated. We don't cover this then recoup since we don't grant you credit; instead, we ask that you have a 2% buffer in place.

Our global network of banks and NBFIs, with which Freemarket has partnered up, gives us access to mid-market rates in real-time. This enhances your options and enables us to join bigger trading pools, ensuring that you receive the best prices possible.

Before completing a transaction, you will always get an updated quote when you make an exchange.