Question 1

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.

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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:

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

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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 2

How can I conduct a batch payment?

Accepted Answer

Businesses may submit a single file and make numerous payments across a variety of currencies and payment types using Freemarket's batch payments capabilities at no extra cost. The transaction types of the payments might vary, and our clients are able to make cross-border payments effectively and efficiently.

Quickly; saving the time and cost of manually typing or pasting-in payments
Efficiently; using a format configurable from their ERP or treasury platform
Accurately; minimising the expensive mistakes associated with manual keying

Important information on batch transactions

The batch payment procedure from start to completion

To access the batch payments screen, log into your Freemarket account and select the batch option.

Choose the pre-formatted CSV file by selecting the file upload button. To ensure the accuracy of the information, many validations will be performed, including checks of the account balance in each currency, beneficiary information, ultimate originator, and the maximum withdrawal amount necessary to complete the file. If there is a mistake, the system will indicate the cause so that it may be fixed:

All cross-border transactions worth more than 100,000 GBP must be made individually, without using the bulk option. You will receive an email or text message telling you that all validations are completed using an OTP. The message will also provide the total number of transactions and a special batch number (identifier).

You will be prompted to confirm the beneficiaries every 30 days using the platform's 2FA function. This indicates that the user must approve the batch by verifying the specified code. The system will create beneficiaries with the status "unauthorised" if more beneficiaries are added to the batch payment. The recipients must be authorised to receive future payments. The other account user(s) will be alerted if the account is set up for approval workflow and asked to confirm authorisation and to approve the user.

Once the preceding steps are finished and you can see all the payments, a new transaction type will be generated. There is no ability to accept the individual transactions in the file; just to approve or reject the batch as a whole. Once the batch payment is accepted, the payment won't go through until the system has completed processing each transaction.

As soon as everything has been processed, the batch's status will change to complete. The entire batch will be accessible in finished transactions. In order to confirm that the batch has been processed and is therefore finished, an email or SMS will be issued to the user.

Appendix

1.0 Format Guide

Note: comma is not allowed on the provided CSV as it will cause an error in the file.

Important: all mandatory fields need to be populated and field format adhered to for the file to be processed with no errors. Non-mandatory fields will need to remain blank.

Question 3

Can I make a payment from my Freemarket account?

Accepted Answer

Your Freemarket account does allow you to send and receive money. This may be a pooled account or vIBAN account that accepts payments or makes payments to the beneficiaries. You may start to make payments right away by setting up an account and confirming payments on it.

A variety of online payments can be made using your Freemarket account, but they must be within our risk tolerance and not breach sending or receiving funds to or from countries where we do not have support. Being a regulated company, we take this seriously and update it frequently. Our operations team occasionally blocks specific payments that violate this.

How you want to send a payment may differ, by which scheme and channel, this could be SWIFT, SEPA, FPS and so on. Each payment has different costs, receipts (transaction message) and reporting.

SWIFT: this is used to send or receive international payments via the SWIFT payment network.
SEPA: SEPA stands for Single Euro Payments Area and it's a payment type used to transfer euro within the EEA.
SEPA Instant: allow you to send 100,000 per transaction, they are available 24/7, 365 days a year, and take no more than 10 seconds to reach payee’s account from the payer’s.
FasterPayments: for the majority of UK-based payments Faster Payments is in place for bank-to-bank payments and designed to speed up the process of sending money. It has a limit in place of £1m per transaction.
Target2: is the real-time gross settlement (RTGS) system with payment transactions being settled processing euro payments.

If more funds are required for the payment in the platform, add them to generate a new payment. By navigating to the add funds area towards the top of the page's main menu, you may add funds to your account. Choose the currency of the funds you want to use for the payment from the add funds page, and the necessary bank information will then show up. After the funds have arrived in your account and are available for allocation, you will get an email confirmation.

After you have the funds, establish a new payment to continue, go to the transactions page, choose the beneficiary of the money (the beneficiary information will appear if it has already been used), and authorise the payment.

Question 4

How can I view transactions on the platform?

Accepted Answer

To examine the prior transactions you've made, go to the transactions tab after logging into the platform. You will be able to view a comprehensive history of all scheduled, pending, and completed activities that have taken place for your transactions. You can see the sum of the balances in the various currencies you've transacted in on the left-hand side beside your planned and past trades; to view a breakdown of this information, click the "balances" tab.

Question 5

How do I make frictionless & instant payments from my account?

Accepted Answer

The option of creating a payment is straightforward when making a transaction from your account. If you have an account with us, you may transfer funds between accounts easily and at no extra charge. How you maintain funds to increase cashflow is a component of cash management.

With the aid of Freemarket, we are able to optimise cash flow and working capital across a number of markets and jurisdictions, with global, domestic and worldwide collection capability. One integration and connection can improve your treasury requirements and offer value for each of our clients and their underlying clients that serve them.

You can use the platform at any time to make payments or transactions. However, because our banking partners don't work weekends and we don't make payments on the weekends, our settlement timeframes may be affected.

Question 6

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 7

Can I cancel an order once it has been created?

Accepted Answer

All incomplete payment orders are able to be located in the platform under the transactions page. Select the exchange or withdrawal that you would like to cancel and proceed to view the details if the transaction is correct. Make sure you are under the scheduled tab on the platform to correctly cancel the exchange. To cancel the exchange, click on ‘Cancel Exchange’ at the top right of the page. If the transaction was funded, all the funds will be returned to your account.

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Note: all cancelled transactions appear in the ‘Cancelled’ tab in the transactions page.

Question 8

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 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 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.