Question 1

How long does it take to get my currency once I have exchanged?

Accepted Answer

We make every effort to deliver the funds that you have exchanged on the same business day, so you can make frictionless payments in an instant. Nevertheless, on rare occasions, the exchange may take place at the close of business, in which case the funds may not arrive until the next business day. Of course, we will always keep you informed of any updates we may have. You can reach us by phone, email, and mail if you have any questions.

Phone: 020 3393 2709
Email: support@wearefreemarket.com
Mail: Metal Box Factory, 30 Great Guildford Street, London, SE1 0HS

Question 2

How can I make a withdrawal from my account?

Accepted Answer

Once you have funds on your account, you can withdraw them any time to a beneficiary of your choice. To do this, go to the ‘Balances’ page and select the currency sum you want to transfer.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/b3SzUfe2O2/How-to-make-a-withdrawal-Screenshot-1.png (How to make a withdrawal)

Performing a withdrawal is the next step after selecting the currency you want to withdraw from. To withdraw funds, select "withdraw funds" in the upper right corner of the Balances tab. From here you can either withdraw a specific amount or withdraw your full balance. Once you’ve selected the amount, click continue.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/XKRnSRq6Gl/How-to-make-a-withdrawal-Screenshot-2.png (How to make a withdrawal)

The beneficiary, or the individual who will receive the funds, must be chosen next. If you haven't already made a transfer, a new beneficiary must be created. Click "Add New Recipient" to get started.

Name the beneficiary account, then choose your location. There should be a collection of input fields for bank details. Click "Submit" after providing the beneficiary account details and the transaction's explanation.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/dVXjuDVlem/How-to-make-a-withdrawal-Screenshot-3.png (How to make a withdrawal)

A confirmation notification will be sent to you once your funds have been cleared.

Question 3

How does it work?

Accepted Answer

The Freemarket process flow broken down into four stages.

Question 4

Which currencies can I access with my account?

Accepted Answer

Depending on the agreements you have in place with us, you could be given access to additional currencies. We may alter our risk tolerance and profile depending on the client's needs. The prior transactions in any currency that has been paid in the past will be displayed on the platform's balances tab. Along with the prior transactions, it will also display the fees or charges associated with the payments.

For example; you may have access to AED, CAD, EUR, GBP, USD with Bank A, then CHF, HKD, THB, ZAR with Bank B, then BWP, CZK, HUF, INR, JPY, SEK with Bank C. By using Freemarket, we aggregate the service offered by our partner banks, so you can rest easy that your money is safe and secure. Once onboarded you gain access to all the currencies listed, on one platform & one contract instead of having multiple agreements in place with each different bank, and different commercials.

You can view our currency calendar here.

Question 5

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 6

I searched the exchange rate and the rate from Freemarket is not the same, why?

Accepted Answer

An exchange rate determines the price at which one currency will be exchanged for another and has an impact on international trade and international transfers. Depending on the supply and demand for the currency, the rate may increase or decrease.

Every transaction you make will be subject to a charge or spread added by each supplier. The rate you see online is the one that the market has decided is appropriate at the moment, taking into account a number of variables like economic data, the GDP, interest rates, unemployment rates, and political unpredictability.

Providers like Freemarket try to change this because we believe everyone deserves to be free from cost and pricing restrictions. Occasionally, only large businesses and institutions had access to the best rates.