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 .

Question 1

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 2

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 3

Does it cost me to have an account at Freemarket?

Accepted Answer

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 it to its maximum. This means that we want to correctly set up your account with our partner banks and aggregate banking services that you receive.

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.

If you click here to contact a member of our team and start your adventure with B2B cross-border payments, and we'll email you a link to register for an account with us.

Question 4

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 5

How do I set up 2FA on my account?

Accepted Answer

Two-factor authentication (2FA) or multi-factor authentication adds an extra degree of protection, and all users have to provide this code in order to access their account and make cross-border payments.

A user is only permitted access to an application or website using the 2FA electronic authentication procedure after successfully showing two or more pieces of evidence, including knowledge, possession, and inherent characteristics. Here are a few examples of this:

Something you know - a password or a pin
Something you have - a smartphone
Something you are - a fingerprint or facial recognition

Each user must configure 2FA, you can't do this for others at your organisation.

With the two-factor authentication enabled on your account, you would require an additional 6-digit verification code for a successful sign in to Freemarket.

To create a time-based one-time password (TOTP) that will change each time you use it, we advise setting up two-factor authentication on an app. For this, we advise adopting a cloud-based application. The majority of applications available would support this. Below we've listed some of the options available to you.

You must enter a verification code if 2FA is enabled on your Freemarket account in order to sign in successfully.

After setting up 2FA, a 30-day window will open for your account. Otherwise, on the 30th day, you will be asked to perform 2FA during a period of activity. If you are unable to execute 2FA in order to pass the checkup, you must utilise the given shortcut to modify your 2FA settings and maintain platform access.

First time setup

Log into the platform here

2FA Screenshot 1

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/pXeX4Nv2Vt/2FA%20Screenshot%201.png (2FA Screenshot 1)

Once logged in, you will be presented with the page provided below. Please click on receive code to get the verification code depending on your current 2FA

2FA Screenshot 2

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/rrV9Wmzpr8/2FA%20Screenshot%202.png (2FA Screenshot 2)

If there is a phone number registered on the account, then a verification code will be sent to the registered mobile number as a primary option for 2FA
If there is no phone number registered on the account, the verification code will be sent to the registered email address as a primary option for 2FA

Type in the verification code you were supplied

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/Yx9AyMmDcs/New%20QR%20code.png (New QR code)

If you'd like not to be prompted for another 30 days, choose to remember the device
When you log in to your account, the next screen will appear
Download an authenticator app from the Google Play Store or the App Store that is compatible

Microsoft Authenticator for Android, iOS
Google Authenticator for Android, iOS

After downloading one of the authenticator applications, you have the option of manually entering the information or scanning a QR code
The authenticator app will display a 6-digit verification number after scanning the QR number; this code automatically refreshes every 30 seconds. You must enter this code in the verification code text box above and select verify
If everything goes smoothly the app's setup will be finished

Please note: If your current password does not meet the new complexity rules you will be prompted to change your password: once the password is updated, you will be sent back to the sign in page so you can log in with your updated credentials to sign in.

2FA Screenshot 4

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/frPNeQDAEc/2FA%20Screenshot%204.png (2FA Screenshot 4)

Signing into Freemarket using the authenticator app

Once you've successfully set up the authenticator app, subsequent logins will require the verification code it creates, so when you enter your credentials, the next screen you'll be provided with will ask you to input the verification code.

2FA Screenshot 5

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/kSw1rDStX8/2FA%20Screenshot%205.png (2FA Screenshot 5)

Open the authenticator app
Enter the the 6-digit verification code displayed on the authenticator app and click on sign in

Please email support@wearefreemarket.com to disable or resetting your authenticator app if you experience any difficulties logging in. This will enable you to install the authenticator app on either your current or new smartphone.

Question 6

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 7

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 8

How can I create a new payment order?

Accepted Answer

You will learn how to create a cross-border payment and receive instructions on how to add funds to your account in this section.

Step one: log into your account to create the order

Start by signing into your account here. If you don't currently have an account, you can create one here for free; registration typically is quick and easy, and after your application has been approved by compliance, your account can be switched to active.

The primary dashboard, from which you can access the platform, is where you'll be when you log in. You can create new payment orders on the exchange page by clicking the New Exchange button, which will lead you there. Even though you may create a new exchange instruction without any funds in your account, we advise clients to make a transfer first. Payment orders won't be carried out until the necessary funds are available.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/kHjvyMYkYU/Creating-a-new-exchange-instruction-Screenshot-1.png (Create a new exchange instruction)

Step two: transferring funds to your Freemarket account

You must move funds to your Freemarket account by accessing the add funds page, which is situated beneath the user details in the upper right corner of the website. Select the currency of the funds you want to exchange from the add funds page, and the necessary bank information will then show up on the screen.

You'll get an email confirmation with a breakdown of the transaction as soon as the funds are in your Freemarket account. You can create an a cross-border payment at this point (via the main menu navigation time).

Step three: creating a new payment order

We should discuss two components of the order. Depending on your needs, you can buy or sell currencies here. An overview of how the Buy and Sell capabilities and procedures work may be seen below.

Then, you'll be prompted to pick the 'Transaction Type,' with the option of Buy or Sell shown to you on the screen. Choose Buy if you are buying (for example, I need to buy approximately $20,000 using the equivalent amount in GBP). Choose Sell if you want to sell (for instance, I have £15,000 and want to convert it to the equivalent in euros).

You'll then be asked to provide the amount you want to sell or buy as well as the two currencies you'll use. You can see the available funds in the selected currency instantly below after choosing the currencies you wish to trade. Here you’ll be able to see the current exchange rate for your chosen currencies.

Keep in mind that this exchange rate is indicative and not guaranteed. For additional details on this, please see our Scheduled Exchanges page.

You'll see the option to use your existing funds immediately after the "required funds" information, which indicates how much the exchange will cost you. If you sent funds before preparing your exchange instruction, as we advise, it will show up here. If you didn't, if you want your exchange to be successful, you will need to transfer funds after creating the payment order.

The "Transaction Summary" is located on the right and includes the amount you are buying or selling, the exchange rate, the processing fee, the potential gain (the amount you could save on this transaction, depending on exchange rate fluctuations), and the required transfer. Also, you can decide here whether or not you wish to use the amount you already have.

In light of the aforementioned details and in order to get ready for the trade, let's go through the process of creating and concluding an exchange.

Choose the two currencies that will be used in the exchange next.

If you wish to sell a certain currency, for example, "I have £4,500 and I want to convert it to euros," your instructions would be as follows:

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/XfeWhbsaDk/Creating-a-new-exchange-instruction-Screenshot-2.png (Creating a new exchange instruction)

If you are buying a certain amount, such as, "I need to purchase €50,000 using Sterling to settle a European invoice," your order would be formatted as follows:

Note: the minimum exchange cost is the equivalent of £5,000 in another currency.

Step four: creating a beneficiary

The beneficiary selection page will appear after you complete the next step.

From here, you can choose an existing beneficiary or add a new one to determine where the funds will go. You might be new to exchanges, so let's start by adding a new beneficiary:

Then select "Create new beneficiary."

Remember that you're able to easily click on the icons to the left of the page to return to the "Transaction" page.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/0J2HAltYaN/Creating-a-new-exchange-instruction-Screenshot-3.png (Creating a new exchange instruction)

In the field that appears, type the account name of the chosen beneficiary, then choose the beneficiary's nationality.

Further input fields that are specific to the chosen country and currency will show up once the country has been selected.

You may additionally supply a payment reference and/or a description (optional).

Finally, you should choose transaction's rationale from the drop-down menu.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/Npl2E9xGvw/Creating-a-new-exchange-instruction-Screenshot-4.png (Creating a new exchange instruction)

To carry out your exchange instruction, click "Continue" at the bottom of the page after you've completed out all the necessary fields.

You will be requested to choose your bank if you have insufficient funds to complete the exchange or haven't transferred any funds (where your funds are coming from). Choose "Other banks inc. International" if your bank is not listed.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/nFwaq3q3qf/Creating-a-new-exchange-instruction-Screenshot-6.png (Creating a new exchange instruction)

Following your selection on a bank, you will see some transfer instructions and a connection to that bank's website (if available).

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/wvoa23CKmo/Creating-a-new-exchange-instruction-Screenshot-7.png (Creating a new exchange instruction)

Alternatively, a transaction confirmation screen should show in place of the transfer instructions if you already have enough money in your account.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/eia0SkeWv4/Screenshot-2019-10-29-at-13.04.19-1024x259.png (Exchange created)

Once the transaction has been completed, you will receive a confirmation email with an exchange summary file (typically within one day, based on the currency and time of transaction). The funds have been distributed and are now in your beneficiary's account after the trade was concluded.

Question 9

What are your unsupported jurisdictions?

Accepted Answer

Freemarket take a risk-based approach to managing transactional risk. Thus, as Freemarket is regulated by the Financial Conduct Authority (FCA), we take our regulatory responsibilities very seriously, and therefore, on certain occasions, we aren’t able to receive and/or send funds from certain jurisdictions, although this may be subject to change in the future.

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

Question 10

What is Freemarket's risk appetite?

Accepted Answer

Freemarket’s risk appetite is the aggregate level of risk that it is willing to assume within its risk capacity and in line with the business model, culture and ethics. Freemarket takes an appropriate risk-based approach to achieve its strategic and commercial objectives. The aim of this document is to provide guidelines on what types of business and associated risks the company would find acceptable and unacceptable.

Within the overall risk framework, Freemarket has robust systems and controls that are proportionate to the nature and scale of the business, and which continually evolve to mitigate financial crime. With these systems and controls, Freemarket aims to Deter, Detect and Disrupt financial crime. Maintaining these and treating customers fairly, is at the heart of Freemarket and such standards are expected from all stakeholders. Freemarket has stringent procedures regarding the governance of its risk framework and strict policies in relation to PEP’s, illegal activity, sanctioned counterparties, criminals, and individuals associated with terrorism. In recognition of the scale and extent of the business’s systems and policies, Freemarket prohibits payments from the following activities:

Understanding what’s prohibited

In recognition of the scale and extent of the business’s systems and policies, Freemarket prohibits engaging or pursuing clients that fall within the following set of criteria.

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.

You can view our unsupported jurisdictions list for a full list of countries we do not do business in or with.

Prohibited Businesses

The following list of categories of businesses and business practices are explicitly prohibited from using our services and platform:

Businesses operating or running Hawala (informal banking system)
Companies engaged in or providing illegal drugs and / or unlicensed drug related activity
Unregulated pharmaceuticals / food supplement companies (nutraceuticals)
Activities relating to defence and munitions, including dual use
Adult websites or services with prostitution, and the broadcasting/publication of pornography
Binary Options or unregulated investment and / or payment services activities
Companies formed of bearer shares
Company structures which include solely nominee directors; there must always be individual directors
Companies dealing in counterfeit goods
Cultural artefacts, ivory or other items related to protected species, or archaeological, historical, and religious significance, or of rare scientific value
Companies structured and operating on Piracy or illegal streaming
Political / religious organisations engaged in hate speech
Pyramid Schemes / multi-level marketing (MLM)
Companies dealing in non-electronic funds
Unregulated or Shell Banks
Shell companies (a company having no physical presence, no employees or no commercial activity in its registered jurisdiction)
‘Get rich quick’ schemes (proposal to pay high rates of return over a small period in return for a small investment)
Unregulated charities
Banks not located/domiciled onshore

Additional requirements for the following industries

Clients who fall into any one of the four verticals identified below must meet an initial set of criteria and further set of vertical specific criteria to onboard with Freemarket.

Initial risk assessment criteria

Must have no AML/CTF failings/fines that have not been sufficiently remediated
Must adhere to Freemarket’s Industry specific policies i.e. FI Control Framework, Gambling Policy, Crypto Policy
Must adhere to regulatory limitations applicable to the jurisdiction of their client-base

Further risk assessment criteria by vertical

The following are the additional risk assessment criteria to evaluate prospective clients by.