Question 1

How can I add funds to my account?

Accepted Answer

The scheduled exchange allows us at Freemarket to operate a pre-funded model as this is how we are able to achieve mid-market rates and match funds for our clients. The pre-funded model means that all of clients that use the system must transfer the required funds in their entirety prior to the payment order occurring.

The platform allows you to transfer funds before or after booking a payment order with us, although we suggest that you do this beforehand, particularly if you have a sell payment order set up to happen with us. Please bear in mind that we will not proceed with the payment order until we have receipt of all the funds being on the account, once we receive the funds, we will execute the order.

If you require to make a transfer, you can do this on our platform by going to the add funds section on the top of the page by the main menu. From the add funds page, select the currency of the funds you wish to exchange, and the relevant bank details will appear. Once confirmed, you’ll receive an email confirmation once the funds have reached your account and are able to be allocated.

Question 2

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.

Question 3

Can I transfer between two accounts held at Freemarket?

Accepted Answer

Moving money across accounts allows for instantaneous settlement. This transfer within the account is quick and painless. The intra-account capability on the Freemarket platform can be advantageous when moving to another account since it allows for seamless money movement across accounts.

Be careful not to mix up inter account transfer with a intra-account transfer.

Inter account transfer – this allows you to move funds internally between accounts that you own. This type of transfer will go through our compliance checks before it settles.
Intra-account transfer – is when you can move money between accounts at the same financial institution or are keeping the funds within the same ecosystem, this allows us to instantly settle funds. A transfer of this kind we can operate straight-through reconciliation and doesn’t have to pass any additional compliance checks.

By keeping the funds within Freemarket we don’t have to use any payment schemes so it’s more cost-effective for the sender.

Question 4

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 5

Can I remove a beneficiary?

Accepted Answer

On the platform, you can suspend a beneficiary; however, all outstanding transactions to the beneficiary will be cancelled. To completely remove the beneficiary from your viewpoint, then please message us and we can get that sorted for you.

Question 6

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.